<SUBMISSION>
<ACCESSION-NUMBER>0001193125-18-209772
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>8
<PERIOD>20180626
<ITEMS>1.01
<ITEMS>2.03
<ITEMS>3.02
<ITEMS>3.03
<ITEMS>5.03
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20180629
<DATE-OF-FILING-DATE-CHANGE>20180629
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>NuStar Energy L.P.
<CIK>0001110805
<ASSIGNED-SIC>4610
<IRS-NUMBER>742956831
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-16417
<FILM-NUMBER>18929751
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>19003 IH-10 WEST
<CITY>SAN ANTONIO
<STATE>TX
<ZIP>78257
<PHONE>(210) 918-2000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>19003 IH-10 WEST
<CITY>SAN ANTONIO
<STATE>TX
<ZIP>78257
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>VALERO L P
<DATE-CHANGED>20020110
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>SHAMROCK LOGISTICS LP
<DATE-CHANGED>20000331
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d641307d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
</HEAD>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): June&nbsp;26, 2018 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>NuStar Energy L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-16417</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">74-2956831</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>19003 <FONT STYLE="white-space:nowrap">IH-10</FONT> West </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>San Antonio, Texas 78257 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(210) <FONT STYLE="white-space:nowrap">918-2000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report.) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging growth company&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Series D Cumulative Convertible Preferred Unit
Purchase Agreement and Seventh Amended and Restated Agreement of Limited Partnership </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;26, 2018, NuStar Energy L.P.
(the &#147;Partnership&#148;) entered into a Series D Cumulative Convertible Preferred Unit Purchase Agreement (the &#147;Preferred Unit Purchase Agreement&#148;) with investment funds, accounts and entities (collectively, the
&#147;Purchasers&#148;) managed by EIG Management Company, LLC and FS/EIG Advisors, LLC (EIG Management Company, LLC and FS/EIG Advisors, LLC are referred to herein, collectively, as &#147;EIG&#148;) to issue and sell in a private placement
$590.0&nbsp;million of Series D Cumulative Convertible Preferred Units representing limited partner interests in the Partnership (the &#147;Preferred Units&#148;). The Partnership will issue 23,246,650 Preferred Units to the Purchasers at a price of
$25.38 per Preferred Unit (the &#147;Preferred Unit Purchase Price&#148;). At the initial closing on June&nbsp;29, 2018 (the &#147;Initial Closing&#148;), the Purchasers purchased $400.0&nbsp;million of Preferred Units. The Purchasers have agreed to
purchase the remaining $190.0&nbsp;million of Preferred Units at a second closing, scheduled to occur on July&nbsp;13, 2018. The Preferred Unit Purchase Agreement contains customary representations, warranties and covenants of the Partnership and
the Purchasers.&nbsp;Net proceeds to the Partnership from the sale of the Preferred Units, after deduction of fees and expenses, including a 3.5% transaction fee and reimbursement of expenses paid to the Purchasers, are expected to be approximately
$556.8&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the Initial Closing and pursuant to the Preferred Unit Purchase Agreement, the Partnership executed the Seventh
Amended and Restated Agreement of Limited Partnership of the Partnership (the &#147;Amended Partnership Agreement&#148;) to authorize and establish the rights, preferences and privileges of the Preferred Units. The Preferred Units are a new class of
partnership interests that rank senior to common units representing limited partner interests in the Partnership (&#147;Common Units&#148;) with respect to distributions. The Preferred Units generally will vote on an
<FONT STYLE="white-space:nowrap">as-converted</FONT> basis with the Common Units and will have certain class voting rights with respect to a limited number of matters, including (subject to certain exceptions) with respect to: (i)&nbsp;any amendment
to the Amended Partnership Agreement or the Partnership&#146;s certificate of limited partnership that would be materially adverse to any of the rights, preferences and privileges of the Preferred Units; (ii)&nbsp;the incurrence by the Partnership
of indebtedness such that the consolidated debt coverage ratio of the Partnership exceeds 6.00 to 1.00; (iii) the issuance of additional securities on parity with the Preferred Units; (iv)&nbsp;the issuance of any security senior to the Preferred
Units; (v)&nbsp;the issuance of any preferred equity interest by any subsidiary of the Partnership; (vi)&nbsp;the repurchase of any preferred equity interest in the Partnership; (vii)&nbsp;the payment of distributions from capital surplus; and
(viii)&nbsp;the liquidation or dissolution, or engagement in or consent to any reorganization in bankruptcy, voluntary petition for bankruptcy, receivership or similar transaction or proceeding of the Partnership or any of its material subsidiaries.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of the Preferred Units will receive cumulative distributions of 9.75% per annum for the first two years after issuance, 10.75%
per annum for years three through five and the greater of 13.75% per annum or the Common Unit distribution rate thereafter. While the Preferred Units are outstanding, the Partnership will be prohibited from paying distributions on any junior
securities, including the Common Units, unless full cumulative distributions on the Preferred Units (and any parity securities) have been, or contemporaneously are being, paid or set aside for payment through the most recent Preferred Unit
distribution payment date. For the four distribution periods beginning with the initial Preferred Unit distribution, the Preferred Unit distributions may be paid, in the Partnership&#146;s sole discretion, in (i)&nbsp;cash or (ii)&nbsp;a combination
of additional Preferred Units and cash, provided that up to 50% of the distribution amount may be paid in additional Preferred Units. Thereafter, any Preferred Unit distributions in excess of $0.635 may be paid, in the Partnership&#146;s sole
discretion, in additional Preferred Units, with the remainder paid in cash. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On and after the second anniversary of the Initial Closing,
each holder of Preferred Units may convert all or any portion of its Preferred Units into Common Units on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-for-one</FONT></FONT> basis, subject to anti-dilution adjustments, at
any time, but not more than once per quarter, so long as any conversion is for at least $50.0&nbsp;million based on the Preferred Unit Purchase Price (or such lesser amount representing all of a holder&#146;s Preferred Units). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon certain events involving a change of control, each holder of the Preferred Units may elect to: (i)&nbsp;convert its Preferred Units into
Common Units on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-for-one</FONT></FONT> basis, plus accrued and unpaid distributions; (ii)&nbsp;require the Partnership to redeem its Preferred Units for an amount equal to the
sum of (a) 117.5% of the Preferred Unit Purchase Price, plus accrued and unpaid distributions on the applicable Preferred Unit plus (b)&nbsp;the applicable distribution amount multiplied by the number of distribution periods ending after the change
of control event and prior to (but including) the fourth anniversary of the Initial Closing; (iii)&nbsp;if the Partnership is the surviving entity and its Common Units continue to be listed, continue to hold its Preferred Units; or (iv)&nbsp;if the
Partnership will not be the surviving entity, or it will be the surviving entity but its Common Units will cease to be listed, require the Partnership to use its commercially reasonable efforts to deliver a security in the surviving entity that has
substantially similar terms as the Preferred Units. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Partnership may redeem all or any portion of the Preferred Units, in an amount not less than
$50.0&nbsp;million, at any time on or after the fifth anniversary of the Initial Closing, for cash at the then applicable redemption price. Additionally, at any time on or after the tenth anniversary of the Initial Closing, each holder of Preferred
Units will have the right to require the Partnership to redeem all of the Preferred Units held by such holder. If a holder of Preferred Units exercises its redemption right, the Partnership may elect to pay up to 50% of such amount in Common Units
based on a 7% discount to the volume-weighted average trading price of the Common Units for the 30 trading days ending on the fourth trading day immediately prior to such redemption; provided that the Common Units to be issued do not equal more than
15% of the common equity market capitalization. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Preferred Unit Purchase Agreement, at the Initial Closing, the
Partnership entered into: (i)&nbsp;an Information Rights Agreement with EIG, pursuant to which the Partnership will provide certain information to EIG for so long as the Purchasers collectively hold at least a majority of the Preferred Units issued
at the Initial Closing; and (ii)&nbsp;a <FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> Letter Agreement with EIG and the Purchasers that provides that none of EIG, the Purchasers or their respective affiliates will solicit any
third-parties in connection with a proposal to acquire control of the Partnership or NuStar GP Holdings, LLC (&#147;NSH&#148;). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Registration Rights
Agreement </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;29, 2018, in connection with the Initial Closing and pursuant to the Preferred Unit Purchase Agreement, the
Partnership entered into a Registration Rights Agreement (the &#147;Registration Rights Agreement&#148;) with the Purchasers relating to the registration of the Preferred Units and Common Units issuable upon conversion of the Preferred Units (the
&#147;Common Unit Registrable Securities&#148; and, collectively with the Preferred Units, the &#147;Registrable Securities&#148;). Pursuant to the Registration Rights Agreement, the Partnership is required to use its commercially reasonable efforts
to file a registration statement and to cause such registration statement to become effective: (i)&nbsp;with respect to the Common Unit Registrable Securities, no later than one year after the Initial Closing; and (ii)&nbsp;with respect to the
Preferred Units, no later than one year following the receipt by the Partnership after the second anniversary of the Initial Closing of a written request from holders holding a majority of the Preferred Units to register the Preferred Units. If the
Partnership fails to cause such registration statements to become effective by such dates, the Partnership will be required to pay certain amounts to the holders of the Registrable Securities as liquidated damages. In certain circumstances, and
subject to customary qualifications and limitations, the holders of Common Unit Registrable Securities will have piggyback registration rights on offerings of Common Units initiated by the Partnership, and certain Purchasers will have rights to
request that the Partnership initiate up to three Underwritten Offerings (as defined in the Registration Rights Agreement) of Common Unit Registrable Securities. Generally, holders of Registrable Securities will cease to have rights under the
Registration Rights Agreement on the fourth anniversary of the date on which all Preferred Units have been converted into Common Units, unless such rights cease earlier pursuant to the terms of the Registration Rights Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Greehey Purchase Agreement </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
June&nbsp;26, 2018, the Partnership entered into a Purchase Agreement (the &#147;Greehey Purchase Agreement&#148;) with William E. Greehey, the Chairman of the Board of Directors (the &#147;Board&#148;) of NuStar GP, LLC, the general partner of the
Partnership&#146;s general partner, to issue and sell to Mr.&nbsp;Greehey in a private placement $10.0&nbsp;million of Common Units. Mr.&nbsp;Greehey acquired 413,736 Common Units at a price of $24.17 per Common Unit. The issuance and sale of the
Common Units pursuant to the Greehey Purchase Agreement closed on June&nbsp;29, 2018. The Greehey Purchase Agreement contains customary representations, warranties and covenants of the Partnership and Mr.&nbsp;Greehey. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Nomination/Governance&nbsp;&amp; Conflicts Committee of the Board approved the issuance and sale of the Common Units to Mr.&nbsp;Greehey.
As of June&nbsp;26, 2018, Mr.&nbsp;Greehey held 3,479,533 Common Units, representing a 3.7% limited partner interest in the Partnership, and held 9,178,320 NSH common units, representing a 21.4% interest in NSH. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Revolver Amendment </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
June&nbsp;29, 2018, the Partnership entered into the Fifth Amendment to Amended and Restated <FONT STYLE="white-space:nowrap">5-Year</FONT> Revolving Credit Agreement, dated as of June&nbsp;29, 2018, among NuStar Logistics, L.P.
(&#147;Logistics&#148;), as Borrower, the Partnership, NuStar Pipeline Operating Partnership L.P., JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders party thereto (the &#147;Revolver Amendment&#148;). The Revolver Amendment amends
the Amended and Restated <FONT STYLE="white-space:nowrap">5-Year</FONT> Revolving Credit Agreement, dated as of October&nbsp;29, 2014, among Logistics, the Partnership, JPMorgan Chase Bank, N.A., as Administrative Agent, SunTrust Bank and Mizuho
Bank, Ltd., as <FONT STYLE="white-space:nowrap">Co-Syndication</FONT> Agents, Wells Fargo Bank, National Association and PNC Bank, National Association, as <FONT STYLE="white-space:nowrap">Co-Documentation</FONT> Agents, and the lenders party
thereto, as amended (the &#147;Credit Agreement&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Revolver Amendment makes changes to permit the issuance of the Preferred Units by excluding
them from the definition of Indebtedness thereunder. The Revolver Amendment also: (i)&nbsp;amends the definition of Change in Control contained in the Credit Agreement such that a change of control under the terms of the Preferred Units will be a
Change in Control under the Credit Agreement; (ii)&nbsp;reduces the aggregate commitments thereunder from $1.75&nbsp;billion to $1.575&nbsp;billion upon the effectiveness of the Revolver Amendment and from $1.575&nbsp;billion to $1.4&nbsp;billion
six months after the effectiveness of the Revolver Amendment; (iii)&nbsp;adds a maintenance financial covenant, which requires that the Partnership&#146;s interest coverage ratio not be less than 1.75 to 1.00 as of the last day of any rolling four
quarter period, beginning with the rolling period ending June&nbsp;30, 2018; and (iv)&nbsp;limits the issuance of additional Preferred Units after the date of the Revolver Amendment to no more than $200.0&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing descriptions of the Preferred Unit Purchase Agreement, the Registration Rights Agreement, the Greehey Purchase Agreement and the
Revolver Amendment do not purport to be complete and are qualified in their entirety by reference to the complete text of the Preferred Unit Purchase Agreement, the Registration Rights Agreement, the Greehey Purchase Agreement and the Revolver
Amendment, which are filed herewith as Exhibits 10.1, 4.2, 10.2, and 10.3, respectively, to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and are incorporated herein by reference. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.03</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Creation of a Direct Financial Obligation or Obligation under an <FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangement of a Registrant. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth under Item 1.01 above with respect to the Revolver Amendment is incorporated by reference into this Item 2.03. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Unregistered Sales of Equity Securities. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information regarding the private
placement of Preferred Units and Common Units set forth in Item 1.01 and Item 5.03 of this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> is incorporated by reference into this Item 3.02. The private placement of the Preferred
Units pursuant to the Preferred Unit Purchase Agreement and the Common Units pursuant to the Greehey Purchase Agreement were undertaken in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended,
pursuant to Section&nbsp;4(a)(2) thereof. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.03</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Material Modification to Rights of Security Holders. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth under
Item 5.03 is incorporated by reference into this Item 3.03. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.03</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A summary of
the rights, preferences and privileges of the Preferred Units and other material terms and conditions of the Amended Partnership Agreement is set forth in Item 1.01 of this Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> and is
incorporated by reference into this Item 5.03. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Amended Partnership Agreement does not purport to be
complete and is qualified in its entirety by reference to the complete text of the Amended Partnership Agreement, which is filed herewith as Exhibit 3.1 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and is incorporated
herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Closing Press Release </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;29, 2018, the Partnership issued a press release announcing the Initial Closing of Preferred Units and the closing of the Common
Unit issuance and sale to Mr.&nbsp;Greehey.&nbsp;A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and is incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Supplement to Proxy Statement/Prospectus </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As previously disclosed, the Partnership and NSH have entered into an Agreement and Plan of Merger, pursuant to which, subject to the
satisfaction or waiver of certain conditions, NSH will be merged with and into a wholly owned subsidiary of the Partnership (the &#147;merger&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;25, 2018, the Partnership and NSH filed a definitive proxy statement/prospectus in connection with the merger with the Securities
and Exchange Commission (the &#147;SEC&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The proxy statement/prospectus is hereby amended to delete the words &#147;and on a combined
basis&#148; occurring on pages 6, 21 and 97 of the proxy statement/prospectus. Nothing in this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> shall be deemed an admission of the legal necessity or materiality of the revisions set
forth herein. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Important Information for Investors and Unitholders </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;7, 2018, the Partnership, Riverwalk Logistics, L.P., NuStar GP, LLC, Marshall Merger Sub LLC, a wholly owned subsidiary of the
Partnership (&#147;Merger Sub&#148;), Riverwalk Holdings, LLC and NSH entered into an Agreement and Plan of Merger pursuant to which Merger Sub will merge with and into NSH with NSH being the surviving entity, such that the Partnership will be the
sole member of NSH following the merger. In connection with the proposed merger, the Partnership has filed a registration statement (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-223671),</FONT> which includes its preliminary
prospectus, a preliminary proxy statement of NSH and other materials, with the SEC. The registration statement was declared effective by the SEC on June&nbsp;15, 2018 and the definitive proxy statement/prospectus has been mailed to NSH unitholders.
INVESTORS AND UNITHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT HAVE BEEN OR WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE
BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PARTNERSHIP, NSH AND THE PROPOSED TRANSACTION. The information in this communication is for informational purposes only and is neither an offer to purchase, nor an offer to sell,
subscribe for or buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any
jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section&nbsp;10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable
law. Investors and unitholders may obtain a free copy of the proxy statement/prospectus and other documents (when available) containing important information about the Partnership and NSH through the website maintained by the SEC at
http://www.sec.gov. Copies of the documents filed with the SEC by the Partnership will be available free of charge on the Partnership&#146;s website at www.nustarenergy.com under the tab &#147;Investors&#148; or by contacting the Partnership&#146;s
Investor Relations at investorrelations@nustarenergy.com. Copies of the documents filed with the SEC by NSH will be available free of charge on NSH&#146;s website at www.nustargpholdings.com under the tab &#147;Investors&#148; or by contacting
NSH&#146;s investor relations at investorrelations@nustarenergy.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Partnership and its general partner, the directors and certain
of the executive officers of NuStar GP, LLC and NSH and its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from the unitholders of NSH in connection with the proposed merger.
Information about the directors and executive officers of NuStar GP, LLC is set forth in the Partnership&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017 and subsequent statements of
changes in beneficial ownership on file with the SEC. Information about the directors and executive officers of NSH is set forth in NSH&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31,
2017 and subsequent statements of changes in beneficial ownership on file with the SEC. These documents can be obtained free of charge from the sources listed above. Other information regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed or to be filed with the SEC. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Forward-Looking Statements </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
communication includes &#147;forward-looking statements&#148; as defined by the SEC. All statements, other than statements of historical fact, included herein that address activities, events or developments that the Partnership or NSH expects,
believes or anticipates will or may occur in the future, including the expected second closing of the sale of the Preferred Units and anticipated benefits and other aspects of the proposed merger, are forward-looking statements. These
forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the possibility that the merger will not be completed prior to the August&nbsp;8, 2018 outside termination date, required
approvals by unitholders and regulatory agencies, the possibility that the anticipated benefits from the proposed mergers cannot be fully realized, the possibility that costs or difficulties related to integration of the two companies will be
greater than expected, the impact of competition and other risk factors included in the reports filed with the SEC by the Partnership or NSH. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as
of their dates. Except as required by law, neither the Partnership nor NSH intends to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(d) Exhibits. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:28.45pt; display:inline; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; display:inline; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d641307dex31.htm">Seventh Amended and Restated Agreement of Limited Partnership of NuStar Energy L.P. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d641307dex31.htm">Specimen Unit Certificate for the Series D Cumulative Convertible Preferred Units (attached as Exhibit E to the Seventh Amended and Restated Agreement of Limited Partnership of NuStar Energy L.P. filed as Exhibit
 3.1 hereto). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d641307dex42.htm">Registration Rights Agreement, dated as of June&nbsp;29, 2018, by and among NuStar Energy L.P. and the Purchasers party thereto. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d641307dex101.htm">Series D Cumulative Convertible Preferred Unit Purchase Agreement, dated as of June&nbsp;26, 2018, among NuStar Energy L.P. and the Purchasers party thereto. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d641307dex102.htm">Purchase Agreement, dated as of June&nbsp;26, 2018, by and between NuStar Energy L.P. and William E. Greehey. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d641307dex103.htm">Fifth Amendment to Amended and Restated <FONT STYLE="white-space:nowrap">5-Year</FONT> Revolving Credit Agreement, dated as of June&nbsp;
29, 2018, among NuStar Logistics, L.P., NuStar Energy L.P., NuStar Pipeline Operating Partnership L.P., JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders party thereto. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d641307dex991.htm">Press Release, dated as of June&nbsp;29, 2018 </A></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="43%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:10pt">NUSTAR ENERGY L.P.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Riverwalk Logistics, L.P.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">NuStar GP, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: June&nbsp;29, 2018</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Amy L. Perry<U> </U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Amy L. Perry</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President, General Counsel - Corporate&nbsp;&amp; Commercial Law and Corporate Secretary</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>d641307dex31.htm
<DESCRIPTION>EX-3.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><I></I><B><I>Execution Version</I></B><I></I><B> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SEVENTH AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT OF LIMITED PARTNERSHIP </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUSTAR ENERGY L.P.
</B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="81%"></TD>
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<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">ARTICLE I</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">DEFINITIONS</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 1.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Construction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">ARTICLE II</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">ORGANIZATION</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Formation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Registered Office; Registered Agent; Principal Office; Other Offices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Purpose and Business</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Powers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Power of Attorney</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Term</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title to Partnership Assets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">ARTICLE III</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">RIGHTS OF LIMITED PARTNERS</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Limitation of Liability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Management of Business</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Outside Activities of the Limited Partners</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Rights of Limited Partners</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">ARTICLE IV</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTIFICATES; RECORD HOLDERS; TRANSFER OF PARTNERSHIP
INTERESTS; REDEMPTION OF PARTNERSHIP INTERESTS</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Certificates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Mutilated, Destroyed, Lost or Stolen Certificates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Record Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Transfer Generally</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Registration and Transfer of Limited Partner Interests</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Transfer of the General Partner&#146;s General Partner Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Transfer of Incentive Distribution Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Restrictions on Transfers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Citizenship Certificates; Non-citizen Assignees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Redemption of Partnership Interests of Non-citizen Assignees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">ARTICLE V</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP
INTERESTS</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Contributions by the General Partner and its Affiliates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Contributions by Limited Partners</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Interest and Withdrawal</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Capital Accounts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Issuances of Additional Partnership Securities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-i- </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">No Fractional Units</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Limited Preemptive Right</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Splits and Combinations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Fully Paid and Non-Assessable Nature of Limited Partner Interests</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE VI</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ALLOCATIONS AND DISTRIBUTIONS</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Allocations for Capital Account Purposes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Allocations for Tax Purposes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Requirement and Characterization of Distributions; Distributions to Record Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Distributions of Available Cash from Operating Surplus</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Distributions of Available Cash from Capital Surplus</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Adjustment of Minimum Quarterly Distribution and Target Distribution Levels</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Reserved</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Special Provisions Relating to the Holders of Incentive Distribution Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Special Provisions Relating to Series D Conversion Common Units</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Entity-Level Taxation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE VII</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">MANAGEMENT AND OPERATION OF BUSINESS</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Management</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Certificate of Limited Partnership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Restrictions on General Partner&#146;s Authority</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Reimbursement of the General Partner</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Outside Activities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Indemnification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Liability of Indemnitees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Resolution of Conflicts of Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Other Matters Concerning the General Partner</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Purchase or Sale of Partnership Securities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Registration Rights of the General Partner and its Affiliates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Reliance by Third Parties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE VIII</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">BOOKS, RECORDS, ACCOUNTING AND REPORTS</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Records and Accounting</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Fiscal Year</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Reports</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-ii- </P>


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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IX</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TAX MATTERS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Tax Returns and Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Tax Elections</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Tax Controversies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Withholding</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">ARTICLE X</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">ADMISSION OF PARTNERS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Admission of Limited Partners</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Admission of Substituted Limited Partner</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Admission of Successor General Partner</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Admission of Additional Limited Partners</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Amendment of Agreement and Certificate of Limited Partnership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">ARTICLE XI</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">WITHDRAWAL OR REMOVAL OF PARTNERS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Withdrawal of the General Partner</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Removal of the General Partner</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Interest of Departing Partner and Successor General Partner</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Withdrawal of Limited Partners</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">ARTICLE XII</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">DISSOLUTION AND LIQUIDATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Dissolution</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Continuation of the Business of the Partnership After Dissolution</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Liquidator</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Liquidation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Cancellation of Certificate of Limited Partnership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Return of Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Waiver of Partition</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Capital Account Restoration</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">ARTICLE XIII</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Amendment to be Adopted Solely by the General Partner</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Amendment Procedures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Amendment Requirements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Special Meetings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Notice of a Meeting</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Record Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Adjournment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Waiver of Notice; Approval of Meeting; Approval of Minutes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Quorum</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Conduct of a Meeting</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Action Without a Meeting</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Voting and Other Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-iii- </P>


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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE XIV</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">MERGER</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;14.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authority</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;14.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Procedure for Merger or Consolidation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;14.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Approval by Limited Partners of Merger or Consolidation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;14.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Certificate of Merger</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;14.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Effect of Merger</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">ARTICLE XV</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">RIGHT TO ACQUIRE LIMITED PARTNER INTERESTS</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;15.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Right to Acquire Limited Partner Interests</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE XVI</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">SERIES A FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PERPETUAL</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">PREFERRED UNITS</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Designations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Series A Preferred Units</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Distributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Voting Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Optional Redemption; Series A Rating Event</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Rank</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">No Sinking Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Record Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Other Rights; Fiduciary Duties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Change of Control</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE XVII</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">SERIES B FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PERPETUAL</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">PREFERRED UNITS</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Designations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Series B Preferred Units</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Distributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Voting Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Optional Redemption; Series B Rating Event</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Rank</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">No Sinking Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Record Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Other Rights; Fiduciary Duties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Change of Control</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE XVIII</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">SERIES C FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PERPETUAL</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">PREFERRED UNITS</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Designations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">122</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Series C Preferred Units</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">122</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-iv- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 18.3</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Distributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">123</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 18.4</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Voting Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 18.5</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Optional Redemption; Series C Rating Event</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 18.6</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Rank</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 18.7</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">No Sinking Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 18.8</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Record Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 18.9</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 18.10</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Other Rights; Fiduciary Duties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 18.11</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Change of Control</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE XIX</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Designations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.2</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Series D Preferred Units</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.3</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Distributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.4</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Voting Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">138</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.5</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Certificates; Legends</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">140</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.6</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Conversion at the Option of the Series D Preferred Unitholders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">140</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.7</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Series D Change of Control</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">143</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.8</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Redemption</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.9</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Transfer Restrictions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">147</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.10</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Rank</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">148</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.11</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">No Sinking Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">148</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.12</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Record Holders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">148</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.13</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">148</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 19.14</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Other Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">148</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE XX</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">GENERAL PROVISIONS</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 20.1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Addresses and Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">149</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 20.2</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Further Action</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">149</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 20.3</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Binding Effect</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">149</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 20.4</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Integration</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 20.5</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Creditors</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 20.6</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 20.7</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 20.8</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Applicable Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 20.9</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Invalidity of Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">SECTION 20.10</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Consent of Partners</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-v- </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SEVENTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUSTAR ENERGY L.P.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS SEVENTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF NUSTAR ENERGY L.P. (the &#147;<I>Partnership</I>&#148;) dated
as of June&nbsp;29, 2018, is entered into by and among Riverwalk Logistics, L.P., a Delaware limited partnership, as the General Partner, the Limited Partners (as defined herein) as of the date hereof, together with any other Persons (as defined
herein) who become Partners (as defined herein) in the Partnership or parties hereto as provided herein and, solely for purposes of <U>Section</U><U></U><U>&nbsp;19.3</U> hereof, NuStar GP Holdings, LLC, a Delaware limited liability company. In
consideration of the covenants, conditions and agreements contained herein, the parties hereto hereby agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the
General Partner and the Limited Partners entered into that Sixth Amended and Restated Agreement of Limited Partnership of the Partnership dated as of November&nbsp;30, 2017 (the &#147;<I>Sixth Amended and Restated Agreement</I>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;5.5(a) of the Sixth Amended and Restated Agreement provides that the Partnership is authorized to issue additional
Partnership Securities for any Partnership purpose at any time and from time to time to such Persons for such consideration and on such terms and conditions as the General Partner shall determine, all without the approval of any Limited Partners;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;5.5(b) of the Sixth Amended and Restated Agreement provides that additional Partnership Securities (as defined
therein) authorized to be issued by the Partnership pursuant to Section&nbsp;5.5(a) of the Sixth Amended and Restated Agreement may be issued in one or more classes, or one or more series of any such classes, with such designations, preferences,
rights, powers and duties (which may be senior to existing classes and series of Partnership Securities), as shall be fixed by the General Partner in the exercise of its sole discretion, including (i)&nbsp;the right to share in Partnership profits
and losses or items thereof; (ii)&nbsp;the right to share in Partnership distributions; (iii)&nbsp;the rights upon dissolution and liquidation of the Partnership; (iv)&nbsp;whether, and the terms and conditions upon which, the Partnership may redeem
the Partnership Security; (v)&nbsp;whether such Partnership Security is issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion or exchange; (vi)&nbsp;the terms and conditions upon which each
Partnership Security will be issued, evidenced by certificates and assigned or transferred; and (vii)&nbsp;the right, if any, of each such Partnership Security to vote on Partnership matters, including matters relating to the relative rights,
preferences and privileges of such Partnership Security; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;5.5(c) of the Sixth Amended and Restated Agreement
provides that the General Partner is authorized and directed to take all actions that it determines necessary or appropriate in connection with each issuance of Partnership Securities pursuant to Section&nbsp;5.5 of the Sixth Amended and Restated
Agreement and shall do all things it determines necessary or advisable in connection with any future issuance of Partnership Securities pursuant to the Sixth Amended and Restated Agreement, including compliance with any statute, rule, regulation or
guideline of any federal, state or other governmental agency or any National Securities Exchange (as defined therein) on which the Units (as defined therein) or other Partnership Securities are listed or admitted to trading; </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;13.1(d)(i) of the Sixth Amended and Restated Agreement provides that,
subject to Section&nbsp;16.4, Section&nbsp;17.4 and Section&nbsp;18.4 of the Sixth Amended and Restated Agreement, the General Partner, without the approval of any Partner or Assignee (as defined therein), may amend any provision of the Sixth
Amended and Restated Agreement and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect a change that, in the discretion of the General Partner, does not adversely affect the
Limited Partners (including any particular class of Partnership Interests (as defined in the Sixth Amended and Restated Agreement) as compared to other classes of Partnership Interests) in any material respect; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;13.1(g) of the Sixth Amended and Restated Agreement provides that, subject to the terms of Section&nbsp;16.4,
Section&nbsp;17.4, Section&nbsp;18.4 and Section&nbsp;5.6 of the Sixth Amended and Restated Agreement, the General Partner, without the approval of any Partner or Assignee, may amend any provision of the Sixth Amended and Restated Agreement to
reflect an amendment that, in the discretion of the General Partner, is necessary or advisable in connection with the authorization of issuance of any class or series of Partnership Securities pursuant to Section&nbsp;5.5 of the Sixth Amended and
Restated Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;16.4(b), Section&nbsp;17.4(b) and Section&nbsp;18.4(b) of the Sixth Amended and Restated
Agreement provide that the affirmative vote or consent of the holders of at least 66<SUP STYLE="vertical-align:top">&nbsp;2</SUP>&#8260;<SUB STYLE="vertical-align:bottom">3</SUB>% of the Outstanding Series&nbsp;A Preferred Units (as defined
therein), Outstanding Series&nbsp;B Preferred Units (as defined therein) or Outstanding Series&nbsp;C Preferred Units (as defined therein), as applicable, voting as a separate class, is required for the General Partner to adopt any amendment to the
Sixth Amended and Restated Agreement that would have a material adverse effect on the powers, preferences, duties or special rights of the Series&nbsp;A Preferred Units, the Series&nbsp;B Preferred Units or the Series&nbsp;C Preferred Units, as
applicable; <I>provided, however</I>, that so long as cumulative distributions on Series&nbsp;A Preferred Units, the Series&nbsp;B Preferred Units or the Series&nbsp;C Preferred Units, as applicable, are not in arrears and such amendment does not
create or issue any Senior Securities (as defined in the Sixth Amended and Restated Agreement), the issuance of additional Partnership Securities (as defined in the Sixth Amended and Restated Agreement) is not deemed to constitute a material adverse
effect; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the General Partner has determined that the amendments to the Sixth Amended and Restated Agreement contemplated hereby
(i)&nbsp;are necessary or appropriate in connection with the authorization of issuance of the Series&nbsp;D Preferred Units (as defined herein) and (ii)&nbsp;do not adversely affect the Limited Partners (including any particular class of Partnership
Interests as compared to other classes of Partnership Interests) in any material respect; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, cumulative distributions payable
on each of the Series&nbsp;A Preferred Units, the Series&nbsp;B Preferred Units and the Series&nbsp;C Preferred Units are not in arrears and the amendments to the Sixth Amended and Restated Agreement contemplated hereby do not result in the issuance
of any Senior Securities; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, the General Partner does hereby amend and restate the Sixth Amended and Restated
Agreement to provide, in its entirety, as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;I </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DEFINITIONS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.1 <I>Definitions.</I>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in
this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Acquisition</I>&#148; means any transaction in which any Group Member acquires (through an asset
acquisition, merger, stock acquisition or other form of investment) control over all or a portion of the assets, properties or business of another Person for the purpose of increasing the operating capacity or revenues of the Partnership Group from
the operating capacity or revenues of the Partnership Group existing immediately prior to such transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Acquisition Waiver Period</I>&#148; means the period of ten consecutive Quarters that commences with the Quarter with
respect to which the first Record Date for the payment of the distributions in accordance with <U>Section</U><U></U><U>&nbsp;6.4</U> occurs after the Navigator Acquisition Closing;<I> provided</I> that the Acquisition Waiver Period shall not
commence earlier than the day immediately preceding the Record Date for the payment of distributions in accordance with <U>Section</U><U></U><U>&nbsp;6.4</U> with respect to the Quarter ending June&nbsp;30, 2017. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Additional Book Basis</I>&#148; means the portion of any remaining Carrying Value of an Adjusted Property that is
attributable to positive adjustments made to such Carrying Value as a result of <FONT STYLE="white-space:nowrap">Book-Up</FONT> Events. For purposes of determining the extent that Carrying Value constitutes Additional Book Basis: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Any negative adjustment made to the Carrying Value of an Adjusted Property as a result of either a Book-Down Event or a <FONT
STYLE="white-space:nowrap">Book-Up</FONT> Event shall first be deemed to offset or decrease that portion of the Carrying Value of such Adjusted Property that is attributable to any prior positive adjustments made thereto pursuant to a <FONT
STYLE="white-space:nowrap">Book-Up</FONT> Event or Book-Down Event. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If Carrying Value that constitutes Additional
Book Basis is reduced as a result of a Book-Down Event and the Carrying Value of other property is increased as a result of such Book-Down Event, an allocable portion of any such increase in Carrying Value shall be treated as Additional Book Basis;
<I>provided</I> that the amount treated as Additional Book Basis pursuant hereto as a result of such Book-Down Event shall not exceed the amount by which the Aggregate Remaining Net Positive Adjustments after such Book-Down Event exceeds the
remaining Additional Book Basis attributable to all of the Partnership&#146;s Adjusted Property after such Book-Down Event (determined without regard to the application of this clause (ii)&nbsp;to such Book-Down Event). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Additional Book Basis Derivative Items</I>&#148; means any Book Basis
Derivative Items that are computed with reference to Additional Book Basis. To the extent that the Additional Book Basis attributable to all of the Partnership&#146;s Adjusted Property as of the beginning of any taxable period exceeds the Aggregate
Remaining Net Positive Adjustments as of the beginning of such period (the &#147;<I>Excess Additional Book Basis</I>&#148;), the Additional Book Basis Derivative Items for such period shall be reduced by the amount that bears the same ratio to the
amount of Additional Book Basis Derivative Items determined without regard to this sentence as the Excess Additional Book Basis bears to the Additional Book Basis as of the beginning of such period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Additional Limited Partner</I>&#148; means a Person admitted to the Partnership as a Limited Partner pursuant to
<U>Section</U><U></U><U>&nbsp;10.4</U> and who is shown as such on the books and records of the Partnership. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Adjusted Capital Account</I>&#148; means the Capital Account maintained for each Partner as of the end of each fiscal
year of the Partnership, (a)&nbsp;increased by any amounts that such Partner is obligated to restore under the standards set by Treasury Regulation Section&nbsp;1.704-1(b)(2)(ii)(c) (or is deemed obligated to restore under Treasury Regulation
Sections 1.704-2(g) and 1.704-2(i)(5)) and (b)&nbsp;decreased by (i)&nbsp;the amount of all losses and deductions that, as of the end of such fiscal year, are reasonably expected to be allocated to such Partner in subsequent years under Sections
704(e)(2) and 706(d) of the Code and Treasury Regulation Section&nbsp;1.751-1(b)(2)(ii), and (ii)&nbsp;the amount of all distributions that, as of the end of such fiscal year, are reasonably expected to be made to such Partner in subsequent years in
accordance with the terms of this Agreement or otherwise to the extent they exceed offsetting increases to such Partner&#146;s Capital Account that are reasonably expected to occur during (or prior to) the year in which such distributions are
reasonably expected to be made (other than increases as a result of a minimum gain chargeback pursuant to <U>Section</U><U></U><U>&nbsp;6.1(d)(i)</U> or <U>6.1(d)(ii)</U>). The foregoing definition of Adjusted Capital Account is intended to comply
with the provisions of Treasury Regulation Section&nbsp;1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. The &#147;<I>Adjusted Capital Account</I>&#148; of a Partner in respect of a General Partner Interest, a Common Unit, an
Incentive Distribution Right or any other specified Partnership Interest shall be the amount which such Adjusted Capital Account would be if such General Partner Interest, Common Unit, Incentive Distribution Right or other Partnership Interest were
the only Partnership Interest held by a Partner from and after the date on which such General Partner Interest, Common Unit, Incentive Distribution Right or other Partnership Interest was first issued. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Adjusted Property</I>&#148; means any property the Carrying Value of which has been adjusted pursuant to
<U>Section</U><U></U><U>&nbsp;5.4(d)(i)</U> or <U>5.4(d)(ii)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Affiliate</I>&#148; means, with respect to any
Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question (provided that no portfolio company of a Series D Preferred Unitholder, a
Series D Converting Unitholder or any of their respective investment advisors shall be considered an Affiliate of such Person); <I>provided, however</I> that no Series D Preferred Unitholder, solely in its capacity as such or as a result of the
exercise of its rights with respect thereto, shall be considered an Affiliate of the General Partner for </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
purposes of <U>Section</U><U></U><U>&nbsp;7.12</U>. As used herein, the term &#147;<I>control</I>&#148; means the possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. For the avoidance of doubt, for purposes of this Agreement, with respect to EIG, a Series D Purchaser and a Permitted Transferee that
is an investment fund, investment account or investment company, any other investment fund, investment account or investment company that is managed, advised or <FONT STYLE="white-space:nowrap">sub-advised</FONT> by the same investment advisor as
such Person or by an Affiliate of such investment advisor, shall be considered controlled by, and an Affiliate of, such first Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Aggregate Remaining Net Positive Adjustments</I>&#148; means, as of the end of any taxable period, the sum of the
Remaining Net Positive Adjustments of all the Partners. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Agreed Allocation</I>&#148; means any allocation, other
than a Required Allocation, of an item of income, gain, loss or deduction pursuant to the provisions of <U>Section</U><U></U><U>&nbsp;6.1</U>, including, without limitation, a Curative Allocation (if appropriate to the context in which the term
&#147;<I>Agreed Allocation</I>&#148; is used). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Agreed Value</I>&#148; of any Contributed Property means the fair
market value of such property or other consideration at the time of contribution as determined by the General Partner using such reasonable method of valuation as it may adopt. The General Partner shall, in its discretion, use such method as it
deems reasonable and appropriate to allocate the aggregate Agreed Value of Contributed Properties contributed to the Partnership in a single or integrated transaction among each separate property on a basis proportional to the fair market value of
each Contributed Property. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Agreement</I>&#148; means this Seventh Amended and Restated Agreement of Limited
Partnership of NuStar Energy L.P., as it may be amended, supplemented or restated from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Antitrust
Authority</I>&#148; means any governmental authority charged with enforcing, applying, administering, or investigating any Antitrust Law, including any attorney general of any state of the United States, the European Commission, the Bureau of
Competition in Canada or any other competition authority of any jurisdiction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Antitrust Law</I>&#148; means any
law designed to prohibit, restrict or regulate actions for the purpose or effect of monopolization, restraining trade or creating or abusing a dominant position or any law requiring the making of any filing to an Antitrust Authority relating to any
transaction including a merger, acquisition or joint venture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Arrears</I>&#148; means, with respect to Preferred
Distributions on any series of Preferred Units for any Preferred Distribution Period (or, with respect to the initial Preferred Distribution, for the initial Preferred Distribution Period with respect to such series), that the full cumulative
Preferred Distributions through the most recent Preferred Distribution Payment Date have not been paid on all Outstanding Preferred Units of such series. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-5- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Assignee</I>&#148; means a
<FONT STYLE="white-space:nowrap">Non-citizen</FONT> Assignee or a Person to whom one or more Limited Partner Interests have been transferred in a manner permitted under this Agreement and who has executed and delivered a Transfer Application as
required by this Agreement, but who has not been admitted as a Substituted Limited Partner. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Associate</I>&#148;
means, when used to indicate a relationship with any Person, (a)&nbsp;any corporation or organization of which such Person is a director, officer or partner or is, directly or indirectly, the owner of 20% or more of any class of voting stock or
other voting interest; (b)&nbsp;any trust or other estate in which such Person has at least a 20% beneficial interest or as to which such Person serves as trustee or in a similar fiduciary capacity; and (c)&nbsp;any relative or spouse of such
Person, or any relative of such spouse, who has the same principal residence as such Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Available
Cash</I>&#148; means, with respect to any Quarter ending prior to the Liquidation Date, and without duplication: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the
sum of (i)&nbsp;all cash and cash equivalents of the Partnership Group on hand at the end of such Quarter, and (ii)&nbsp;all additional cash and cash equivalents of the Partnership Group on hand on the date of determination of Available Cash with
respect to such Quarter resulting from Working Capital Borrowings made subsequent to the end of such Quarter, less </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the
amount of any cash reserves that are necessary or appropriate in the reasonable discretion of the General Partner to (i)&nbsp;provide for the proper conduct of the business of the Partnership Group (including reserves for future capital expenditures
and for anticipated future credit needs of the Partnership Group) subsequent to such Quarter, (ii)&nbsp;comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which any
Group Member is a party or by which it is bound or its assets are subject, (iii)&nbsp;provide funds for Series&nbsp;A Payments, Series&nbsp;B Payments, Series&nbsp;C Payments or Series&nbsp;D Payments, or (iv)&nbsp;provide funds for distributions
under <U>Section</U><U></U><U>&nbsp;6.4</U> or <U>6.5</U> in respect of any one or more of the next four Quarters; <I>provided</I>, <I>however</I>, that the General Partner may not establish cash reserves pursuant to (iv)&nbsp;above if the effect of
such reserves would be that the Partnership is unable to distribute the Minimum Quarterly Distribution on all Common Units with respect to such Quarter; and, <I>provided</I> <I>further</I>, that disbursements made by a Group Member or cash reserves
established, increased or reduced after the end of such Quarter but on or before the date of determination of Available Cash with respect to such Quarter shall be deemed to have been made, established, increased or reduced, for purposes of
determining Available Cash, within such Quarter if the General Partner so determines. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing,
&#147;<I>Available Cash</I>&#148; with respect to the Quarter in which the Liquidation Date occurs and any subsequent Quarter shall equal zero. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Average VWAP</I>&#148; per Common Unit over a certain period shall mean the arithmetic average of the VWAP per Common
Unit for each Trading Day in such period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-6- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Beneficial Owner</I>&#148; has the meaning assigned to such term in Rule
<FONT STYLE="white-space:nowrap">13d-3</FONT> and Rule <FONT STYLE="white-space:nowrap">13d-5</FONT> under the Exchange Act, except that, in calculating the beneficial ownership of any particular &#147;person&#148; (as that term is used in
Section&nbsp;13(d)(3) of the Exchange Act), such &#147;person&#148; will be deemed to have beneficial ownership of all securities that such &#147;person&#148; has the right to acquire by conversion or exercise of other securities, whether such right
is currently exercisable or is exercisable only after the passage of time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Board of Directors</I>&#148; means,
with respect to the General Partner, its board of directors or board of managers, as applicable, or, if there is none, the board of directors or board of managers of the general partner of the General Partner or equivalent governing body. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Book Basis Derivative Items</I>&#148; means any item of income, deduction, gain or loss included in the determination
of Net Income or Net Loss that is computed with reference to the Carrying Value of an Adjusted Property (e.g., depreciation, depletion, or gain or loss with respect to an Adjusted Property). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Book-Down Event</I>&#148; means a Revaluation Event that triggers a negative adjustment to the Capital Accounts of the
Partners pursuant to <U>Section</U><U></U><U>&nbsp;5.4(d)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I><FONT STYLE="white-space:nowrap">Book-Tax</FONT>
Disparity</I>&#148; means with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination, the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis
thereof for federal income tax purposes as of such date. A Partner&#146;s share of the Partnership&#146;s <FONT STYLE="white-space:nowrap">Book-Tax</FONT> Disparities in all of its Contributed Property and Adjusted Property will be reflected by the
difference between such Partner&#146;s Capital Account balance as maintained pursuant to <U>Section</U><U></U><U>&nbsp;5.4</U> and the hypothetical balance of such Partner&#146;s Capital Account computed as if it had been maintained strictly in
accordance with federal income tax accounting principles. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I><FONT STYLE="white-space:nowrap">Book-Up</FONT>
Event</I>&#148; means a Revaluation Event that triggers a positive adjustment to the Capital Accounts of the Partners pursuant to <U>Section</U><U></U><U>&nbsp;5.4(d)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Business Day</I>&#148; means Monday through Friday of each week, except that a legal holiday recognized as such by the
government of the United States of America or the states of New York or Texas shall not be regarded as a Business Day. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Calculation Agent</I>&#148; means, in the case of the Series&nbsp;A Preferred Units and Series&nbsp;B Preferred Units,
Wells Fargo Bank, National Association, acting in its capacity as calculation agent for the Series&nbsp;A Preferred Units and Series&nbsp;B Preferred Units, and its successors and assigns or any other calculation agent appointed by the General
Partner, and in the case of the Series&nbsp;C Preferred Units, the Person appointed by the General Partner prior to the commencement of the Series&nbsp;C Floating Rate Period, acting in its capacity as calculation agent for the Series&nbsp;C
Preferred Units, and its successors and assigns or any other calculation agent appointed by the General Partner. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-7- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Capital Account</I>&#148; means the capital account maintained for a
Partner pursuant to <U>Section</U><U></U><U>&nbsp;5.4</U>. The &#147;<I>Capital Account</I>&#148; of a Partner in respect of a General Partner Interest, a Common Unit, an Incentive Distribution Right or any other Partnership Interest shall be the
amount which such Capital Account would be if such General Partner Interest, Common Unit, Incentive Distribution Right or other Partnership Interest were the only interest in the Partnership held by a Partner from and after the date on which such
General Partner Interest, Common Unit, Incentive Distribution Right or other Partnership Interest was first issued. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Capital Contribution</I>&#148; means any cash, cash equivalents or the Net Agreed Value of Contributed Property that a
Partner has contributed or contributes to the Partnership pursuant to this Agreement or the Contribution Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Capital Improvement</I>&#148; means any (a)&nbsp;addition or improvement to the capital assets owned by any Group
Member or (b)&nbsp;acquisition of existing, or the construction of new, capital assets (including, without limitation, pipeline systems, terminalling and storage facilities and related assets), in each case made to increase the operating capacity or
revenues of the Partnership Group from the operating capacity or revenues of the Partnership Group existing immediately prior to such addition, improvement, acquisition or construction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Capital Surplus</I>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;6.3(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Carrying Value</I>&#148; means (a)&nbsp;with respect to a Contributed Property, the Agreed Value of such property
reduced (but not below zero) by all depreciation, amortization and cost recovery deductions charged to the Partners&#146; and Assignees&#146; Capital Accounts in respect of such Contributed Property, and (b)&nbsp;with respect to any other
Partnership property, the adjusted basis of such property for federal income tax purposes, all as of the time of determination. The Carrying Value of any property shall be adjusted from time to time in accordance with <U>Sections 5.4(d)(i)</U> and
<U>5.4(d)(ii)</U> and to reflect changes, additions or other adjustments to the Carrying Value for dispositions and acquisitions of Partnership properties, as deemed appropriate by the General Partner. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Cause</I>&#148; means a court of competent jurisdiction has entered a final,
<FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment finding the General Partner liable for actual fraud, gross negligence or willful or wanton misconduct in its capacity as general partner of the Partnership. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Certificate</I>&#148; means a certificate (i)&nbsp;substantially in the form of <U>EXHIBIT A</U> to this Agreement
with respect to the Common Units, <U>EXHIBIT B</U> to this Agreement with respect to the Series&nbsp;A Preferred Units, <U>EXHIBIT C</U> to this Agreement with respect to the Series&nbsp;B Preferred Units, <U>EXHIBIT D</U> to this Agreement with
respect to the Series&nbsp;C Preferred Units, or <U>EXHIBIT E</U> to this Agreement with respect to the Series&nbsp;D Preferred Units, (ii)&nbsp;issued in global form in accordance with the rules and regulations of the Depositary or (iii)&nbsp;in
such other form as may be adopted by the General Partner in its discretion, issued by the Partnership evidencing ownership of one or more Common Units or a certificate, in such form as may be adopted by the General Partner in its discretion, issued
by the Partnership evidencing ownership of one or more other Partnership Securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-8- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Certificate of Limited Partnership</I>&#148; means the Certificate of
Limited Partnership of the Partnership filed with the Secretary of State of the State of Delaware, as such Certificate of Limited Partnership has previously been amended and may further be amended, supplemented or restated from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Change of Control</I>&#148; means the occurrence of either of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger, consolidation
or business combination), in one or a series of related transactions, of all or substantially all of the properties or assets of the Partnership and its subsidiaries taken as a whole to any &#147;person&#148; (as that term is used in
Section&nbsp;13(d)(3) of the Exchange Act) and following such occurrence neither the Partnership nor such person has a class of common equity securities listed or admitted to trading on any National Securities Exchange; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the consummation of any transaction (including, without limitation, any merger, consolidation or business combination), the
result of which is that any person (as defined above), other than NuStar GP Holdings and its subsidiaries, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the voting interests in the General Partner, measured by voting
power rather than percentage of interests, and following such occurrence neither the Partnership nor such person has a class of common equity securities listed or admitted to trading on any National Securities Exchange. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Citizenship Certification</I>&#148; means a properly completed certificate in such form as may be specified by the
General Partner by which an Assignee or a Limited Partner certifies that he (and if he is a nominee holding for the account of another Person, that to the best of his knowledge such other Person) is an Eligible Citizen. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Claim</I>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;7.12(c)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Closing Date</I>&#148; means the first date on which Common Units were sold by the Partnership to the Underwriters
pursuant to the provisions of the Underwriting Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Closing Price</I>&#148; has the meaning assigned to
such term in <U>Section</U><U></U><U>&nbsp;15.1(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Code</I>&#148; means the Internal Revenue Code of 1986,
as amended and in effect from time to time. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of successor law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Combined Interest</I>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;11.3(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Commission</I>&#148; means the United States Securities and Exchange Commission. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Common Equity Market Capitalization</I>&#148; means an amount equal to the product of the number of issued and
outstanding Common Units and the average high and low sales price of the Common Units for the Trading Day immediately preceding the applicable determination date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-9- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Common Unit</I>&#148; means a Partnership Security representing a
fractional part of the Partnership Interests of all Limited Partners and Assignees and of the General Partner and having the rights and obligations specified with respect to Common Units in this Agreement. The term &#147;<I>Common Unit</I>&#148;
does not refer to or include a Preferred Unit prior to its conversion into a Common Unit pursuant to the terms hereof; <I>provided</I> that the Series D Preferred Units shall be entitled to vote together with Outstanding Common Units as a single
class, on an <FONT STYLE="white-space:nowrap">&#147;as-if&#148;</FONT> converted basis, as further described in <U>Section</U><U></U><U>&nbsp;19.4</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Common Unit Price</I>&#148; means (i)&nbsp;the amount of cash consideration per Common Unit, if the consideration to
be received in the Change of Control by the holders of Common Units is solely cash; and (ii)&nbsp;the average of the closing prices for Common Units on the NYSE (or other National Securities Exchange on which the Common Units are then trading) for
the ten consecutive trading days immediately preceding, but not including, the Series&nbsp;A Change of Control Conversion Date, the Series&nbsp;B Change of Control Conversion Date or the Series&nbsp;C Change of Control Conversion Date, as
applicable, if the consideration to be received in the Change of Control by the holders of Common Units is other than solely cash. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Competitor</I>&#148; means any competitor of the Partnership, a substantial portion of whose business involves the
transportation of petroleum products or anhydrous ammonia and/or the terminalling, storage and/or marketing of petroleum products (and, for the avoidance of doubt, excluding any entity that is an investment fund, investment account, investment
company or other financial sponsor whose primary business involves equity or debt investing) that is included in the list provided to EIG on the date of execution of this Agreement, as such list may be supplemented from time to time by the General
Partner acting in good faith to include additional such competitors; <I>provided</I> that any such supplement is delivered in writing to the holders of the Series D Preferred Units. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Conflicts Committee</I>&#148; means a committee of the board of directors of NuStar GP composed entirely of three or
more directors who are not (i)&nbsp;security holders, officers or employees of the General Partner, (ii)&nbsp;officers or employees of any Affiliate of the General Partner, (iii)&nbsp;directors of any Affiliate (other than NuStar GP) of the General
Partner or (iv)&nbsp;holders of any ownership interest in the Partnership or any of its Affiliates other than Common Units or Preferred Units who also meet the independence standards required to serve on an audit committee of a board of directors by
the National Securities Exchange on which the Common Units are listed for trading. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Contributed Property</I>&#148;
means each property or other asset, in such form as may be permitted by the Delaware Act, but excluding cash, contributed to the Partnership. Once the Carrying Value of a Contributed Property is adjusted pursuant to
<U>Section</U><U></U><U>&nbsp;5.4(d)</U>, such property shall no longer constitute a Contributed Property, but shall be deemed an Adjusted Property. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Contribution Agreement</I>&#148; means that certain Contribution Agreement, dated as of the Closing Date, among the
General Partner, the Partnership, the Operating Partnership and certain other parties, together with the additional conveyance documents and instruments contemplated or referenced thereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-10- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Credit Facility</I>&#148; means one or more revolving credit facilities
(including, without limitation, the Amended and Restated <FONT STYLE="white-space:nowrap">5-Year</FONT> Revolving Credit Agreement, dated as of October&nbsp;29, 2014, among NuStar Logistics, L.P., the Partnership, the lenders party thereto and
JPMorgan Chase Bank, N.A., as Administrative Agent, SunTrust Bank and Mizuho Bank, Ltd., as <FONT STYLE="white-space:nowrap">Co-Syndication</FONT> Agents, Wells Fargo Bank, National Association and PNC Bank, National Association, as <FONT
STYLE="white-space:nowrap">Co-Documentation</FONT> Agents, and J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc., Mizuho Bank, Ltd., Wells Fargo Securities, LLC and PNC Capital Markets LLC, as Joint Bookrunners and Joint Lead Arrangers)
providing for revolving credit loans and/or letters of credit, in each case, as amended, restated, modified, renewed, extended, increased, refunded, replaced (whether upon or after termination or otherwise) or refinanced, in whole or in part, from
time to time; <I>provided</I>, that at least $500&nbsp;million of the commitments under the Credit Facility are represented by traditional commercial banks. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Curative Allocation</I>&#148; means any allocation of an item of income, gain, deduction, loss or credit pursuant to
the provisions of <U>Section</U><U></U><U>&nbsp;6.1(d)(x)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Current Market Price</I>&#148; has the meaning
assigned to such term in <U>Section</U><U></U><U>&nbsp;15.1(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Delaware Act</I>&#148; means the Delaware
Revised Uniform Limited Partnership Act, 6&nbsp;Del. C. &#167;17-101, et seq., as amended, supplemented or restated from time to time, and any successor to such statute. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Departing Partner</I>&#148; means a former General Partner from and after the effective date of any withdrawal or
removal of such former General Partner pursuant to <U>Section</U><U></U><U>&nbsp;11.1</U> or <U>11.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Depositary</I>&#148; means, with respect to any Partnership Securities issued in global form, The Depository Trust
Company and its successors and permitted assigns. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Disposed of Adjusted Property</I>&#148; has the meaning
assigned to such term in <U>Section</U><U></U><U>&nbsp;6.1(d)(xi)(B)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Economic Risk of Loss</I>&#148; has the
meaning set forth in Treasury Regulation Section&nbsp;1.752-2(a). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>EIG</I>&#148; means, collectively, EIG
Management Company, LLC and FS/EIG Advisor, LLC. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Eligible Citizen</I>&#148; means a Person qualified to own
interests in real property in jurisdictions in which any Group Member does business or proposes to do business from time to time, and whose status as a Limited Partner or Assignee does not or would not subject such Group Member to a significant risk
of cancellation or forfeiture of any of its properties or any interest therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Exchange Act</I>&#148; means the
Securities Exchange Act of 1934, as amended, supplemented or restated from time to time, and any successor to such statute. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-11- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Event of Withdrawal</I>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;11.1(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>First Liquidation Target Amount</I>&#148; has the meaning assigned to
such term in <U>Section</U><U></U><U>&nbsp;6.1(c)(i)(D)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>First Target Distribution</I>&#148; means $0.66 per
Unit per Quarter, subject to adjustment in accordance with <U>Sections 6.6</U> and <U>6.10</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>General
Partner</I>&#148; means Riverwalk Logistics, L.P. and its successors and permitted assigns as general partner of the Partnership. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>General Partner Interest</I>&#148; means the ownership interest of the General Partner in the Partnership (in its
capacity as a general partner without reference to any Limited Partner Interest held by it) which may be evidenced by Partnership Securities or a combination thereof or interest therein, and includes any and all benefits to which the General Partner
is entitled as provided in this Agreement, together with all obligations of the General Partner to comply with the terms and provisions of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Group</I>&#148; means a Person that with or through any of its Affiliates or Associates has any agreement, arrangement
or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent given to such Person in response to a proxy or consent solicitation made to 10 or more Persons) or disposing of any Partnership
Securities with any other Person that beneficially owns, or whose Affiliates or Associates beneficially own, directly or indirectly, Partnership Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Group Member</I>&#148; means a member of the Partnership Group. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Holder</I>&#148; as used in <U>Section</U><U></U><U>&nbsp;7.12</U>, has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;7.12(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Incentive Distribution Right</I>&#148; means a <FONT
STYLE="white-space:nowrap">non-voting</FONT> Limited Partner Interest issued to the General Partner in connection with the transfer of substantially all of its general partner interest in the Operating Partnership to the Partnership, which
Partnership Interest confers upon the holder thereof only the rights and obligations specifically provided in this Agreement with respect to Incentive Distribution Rights (and no other rights otherwise available to or other obligations of a holder
of a Partnership Interest). Notwithstanding anything in this Agreement to the contrary, the holder of an Incentive Distribution Right shall not be entitled to vote such Incentive Distribution Right on any Partnership matter except as may otherwise
be required by law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Incentive Distributions</I>&#148; means any amount of cash distributed to the holders of the
Incentive Distribution Rights pursuant to <U>Section</U><U></U><U>&nbsp;6.4</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Indemnified Persons</I>&#148;
has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;7.12(c)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Indemnitee</I>&#148; means
(a)&nbsp;the General Partner, (b)&nbsp;any Departing Partner, (c)&nbsp;any Person who is or was an Affiliate of the General Partner or any Departing Partner, (d)&nbsp;any Person who is or was a member, partner, officer, director, employee, agent or
trustee of </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
any Group Member, the General Partner or any Departing Partner or any Affiliate of any Group Member, the General Partner or any Departing Partner, and (e)&nbsp;any Person who is or was serving at
the request of the General Partner or any Departing Partner or any Affiliate of the General Partner or any Departing Partner as an officer, director, employee, member, partner, agent, fiduciary or trustee of another Person; <I>provided</I>, that a
Person shall not be an Indemnitee by reason of providing, on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fee-for-services</FONT></FONT> basis, trustee, fiduciary or custodial services. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Initial Common Units</I>&#148; means the Common Units sold in the Initial Offering. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Initial Offering</I>&#148; means the initial offering and sale of Common Units to the public, as described in the
Registration Statement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Initial Unit Price</I>&#148; means (a)&nbsp;with respect to the Common Units, the initial
public offering price per Common Unit at which the Underwriters offered the Common Units to the public for sale as set forth on the cover page of the prospectus included as part of the Registration Statement and first issued at or after the time the
Registration Statement first became effective or (b)&nbsp;with respect to any other class or series of Units, the price per Unit at which such class or series of Units is initially sold by the Partnership, as determined by the General Partner, in
each case adjusted as the General Partner determines to be appropriate to give effect to any distribution, subdivision or combination of Units. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Interim Capital Transactions</I>&#148; means the following transactions if they occur prior to the Liquidation Date:
(a)&nbsp;borrowings, refinancings or refundings of indebtedness and sales of debt securities (other than Working Capital Borrowings and other than for items purchased on open account in the ordinary course of business) by any Group Member;
(b)&nbsp;sales of equity interests by any Group Member (including the Common Units sold to the Underwriters pursuant to the exercise of their over-allotment option); and (c)&nbsp;sales or other voluntary or involuntary dispositions of any assets of
any Group Member other than (i)&nbsp;sales or other dispositions of inventory, accounts receivable and other assets in the ordinary course of business, and (ii)&nbsp;sales or other dispositions of assets as part of normal retirements or
replacements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Junior Securities</I>&#148; means (i)&nbsp;the Common Units and (ii)&nbsp;any other class or series
of Partnership Interests established after November&nbsp;25, 2016 by the General Partner, the terms of which class or series do not expressly provide that it is made senior to or on parity with the Series&nbsp;A Preferred Units, Series&nbsp;B
Preferred Units, Series&nbsp;C Preferred Units and Series&nbsp;D Preferred Units as to the right to distributions of cash or property or distributions upon any dissolution or liquidation pursuant to <U>Article</U><U></U><U>&nbsp;XII</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Limited Partner</I>&#148; means, unless the context otherwise requires, (a)&nbsp;each Person that is or becomes a
Limited Partner pursuant to the terms of this Agreement, including each Substituted Limited Partner, each Additional Limited Partner and any Partner upon the change of its status from General Partner to Limited Partner pursuant to
<U>Section</U><U></U><U>&nbsp;11.3</U> or (b)&nbsp;solely for purposes of <U>Articles V</U>, <U>VI</U>, <U>VII</U> and <U>IX</U> and <U>Sections 12.3</U> and <U>12.4</U>, each Assignee; <I>provided, however</I>, that when the term &#147;<I>Limited
Partner</I>&#148; is (i)&nbsp;used herein in </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
the context of <U>Section</U><U></U><U>&nbsp;5.1(b)</U>, such term shall not, solely for such purpose, include any Preferred Holder with respect to a Preferred Unit, (ii)&nbsp;used herein in the
context of any vote or other approval, including without limitation <U>Article</U><U></U><U>&nbsp;XIII</U> and <U>XIV</U>, such term shall not, solely for such purpose, include any holder of an Incentive Distribution Right with respect to such
Incentive Distribution Right except as may otherwise be required by law and (iii)&nbsp;used herein in the context of any vote or other approval, including without limitation <U>Articles XIII</U> (other than <U>Sections 13.3(c)</U>, <U>13.4</U>,
<U>13.5</U>, <U>13.6</U>, <U>13.8</U>, <U>13.9</U>, <U>13.10</U>, <U>13.11</U>, <U>13.12(b)</U>, <U>13.12(c)</U>, <U>13.12(d)</U>, <U>13.12(e)</U> and <U>Section</U><U></U><U>&nbsp;13.12(f)</U>) and <U>XIV</U>, such term shall not, solely for such
purpose, include a Series A Holder, Series B Holder or Series C Holder with respect to its Series A Preferred Units, Series B Preferred Units or Series C Preferred Units, as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Limited Partner Interest</I>&#148; means the ownership interest of a Limited Partner or Assignee in the Partnership,
which may be evidenced by Common Units, Preferred Units, Incentive Distribution Rights or other Partnership Securities or a combination thereof or interest therein, and includes any and all benefits to which such Limited Partner or Assignee is
entitled as provided in this Agreement, together with all obligations of such Limited Partner or Assignee to comply with the terms and provisions of this Agreement; <I>provided</I>, <I>however</I>, that when the term &#147;<I>Limited Partner
Interest</I>&#148; is (i)&nbsp;used herein in the context of <U>Section</U><U></U><U>&nbsp;5.1(b)</U>, such term shall not, solely for such purpose, include any Preferred Unit, (ii)&nbsp;used herein in the context of any vote or other approval,
including without limitation <U>Articles XIII</U> and <U>XIV</U>, such term shall not, solely for such purpose, include any Incentive Distribution Right except as may otherwise be required by law and (iii)<I></I>&nbsp;used herein in the context of
any vote or other approval, including without limitation <U>Articles XIII</U> (other than <U>Sections 13.3(c)</U>, <U>13.4</U>, <U>13.5</U>, <U>13.6</U>, <U>13.8</U>, <U>13.9</U>, <U>13.10</U>, <U>13.11</U>, <U>13.12(b)</U>, <U>13.12(c)</U>,
<U>13.12(d)</U>, <U>13.12(e)</U> and <U>Section</U><U></U><U>&nbsp;13.12(f)</U>) and <U>XIV</U>, such term shall not, solely for such purpose, include Series A Preferred Units, Series B Preferred Units or Series C Preferred Units. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Liquidation Date</I>&#148; means (a)&nbsp;in the case of an event giving rise to the dissolution of the Partnership of
the type described in clauses (a)&nbsp;and (b) of the first sentence of <U>Section</U><U></U><U>&nbsp;12.2</U>, the date on which the applicable time period during which the holders of Outstanding Units have the right to elect to reconstitute the
Partnership and continue its business has expired without such an election being made, and (b)&nbsp;in the case of any other event giving rise to the dissolution of the Partnership, the date on which such event occurs. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Liquidator</I>&#148; means one or more Persons selected by the General Partner to perform the functions described in
<U>Section</U><U></U><U>&nbsp;12.3</U> as liquidating trustee of the Partnership within the meaning of the Delaware Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>London Business Day</I>&#148; means any day on which dealings in deposits in U.S. dollars are transacted in the London
interbank market. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Material Subsidiaries</I>&#148; means each of the Partnership&#146;s &#147;significant
subsidiaries,&#148; as defined in Rule <FONT STYLE="white-space:nowrap">1-02(w)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> under the Exchange Act. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Merger Agreement</I>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;14.1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Minimum Quarterly Distribution</I>&#148; means $0.60 per Unit per
Quarter, subject to adjustment in accordance with <U>Sections 6.6</U> and <U>6.10</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Navigator Acquisition
Closing</I>&#148; means the consummation of the acquisition contemplated by the Navigator Agreement by the Operating Partnership or one of its Affiliates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Navigator Agreement</I>&#148; means that Membership Interest Purchase and Sale Agreement, dated as of April 11, 2017,
between the Partnership, the Operating Partnership and FR Navigator Holdings LLC, as the same may be amended in accordance with its terms. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>National Securities Exchange</I>&#148; means an exchange registered with the Commission under Section&nbsp;6(a) of the
Securities Exchange Act of 1934, as amended, supplemented or restated from time to time, and any successor to such statute. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Net Agreed Value</I>&#148; means, (a)&nbsp;in the case of any Contributed Property, the Agreed Value of such property
reduced by any liabilities either assumed by the Partnership upon such contribution or to which such property is subject when contributed, and (b)&nbsp;in the case of any property distributed to a Partner or Assignee by the Partnership, the
Partnership&#146;s Carrying Value of such property (as adjusted pursuant to <U>Section</U><U></U><U>&nbsp;5.4(d)(ii)</U>) at the time such property is distributed, reduced by any indebtedness either assumed by such Partner or Assignee upon such
distribution or to which such property is subject at the time of distribution, in either case, as determined under Section&nbsp;752 of the Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Net Income</I>&#148; means, for any taxable year, the excess, if any, of the Partnership&#146;s items of income and
gain (other than those items taken into account in the computation of Net Termination Gain or Net Termination Loss) for such taxable year over the Partnership&#146;s items of loss and deduction (other than those items taken into account in the
computation of Net Termination Gain or Net Termination Loss) for such taxable year. The items included in the calculation of Net Income shall be determined in accordance with <U>Section</U><U></U><U>&nbsp;5.4(b)</U> and shall not include any items
specially allocated under <U>Section</U><U></U><U>&nbsp;6.1(d)</U>; <I>provided</I> that the determination of the items that have been specially allocated under <U>Section</U><U></U><U>&nbsp;6.1(d)</U> shall be made as if
<U>Section</U><U></U><U>&nbsp;6.1(d)(xi)</U> were not in this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Net Loss</I>&#148; means, for any
taxable year, the excess, if any, of the Partnership&#146;s items of loss and deduction (other than those items taken into account in the computation of Net Termination Gain or Net Termination Loss) for such taxable year over the Partnership&#146;s
items of income and gain (other than those items taken into account in the computation of Net Termination Gain or Net Termination Loss) for such taxable year. The items included in the calculation of Net Loss shall be determined in accordance with
<U>Section</U><U></U><U>&nbsp;5.4(b)</U> and shall not include any items specially allocated under <U>Section</U><U></U><U>&nbsp;6.1(d)</U>; <I>provided</I> that the determination of the items that have been specially allocated under
<U>Section</U><U></U><U>&nbsp;6.1(d)</U> shall be made as if <U>Section</U><U></U><U>&nbsp;6.1(d)(xi)</U> were not in this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-15- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Net Positive Adjustments</I>&#148; means, with respect to any Partner,
the excess, if any, of the total positive adjustments over the total negative adjustments made to the Capital Account of such Partner pursuant to <FONT STYLE="white-space:nowrap">Book-Up</FONT> Events and Book-Down Events. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Net Termination Gain</I>&#148; means, for any taxable year, the sum, if positive, of all items of income, gain, loss
or deduction recognized by the Partnership (a)&nbsp;after the Liquidation Date or (b)&nbsp;upon the sale, exchange or other disposition of all or substantially all of the assets of the Partnership Group, taken as a whole, in a single transaction or
a series of related transactions (excluding any disposition to a member of the Partnership Group). The items included in the determination of Net Termination Gain shall be determined in accordance with <U>Section</U><U></U><U>&nbsp;5.4(b)</U> and
shall not include any items of income, gain or loss specially allocated under <U>Section</U><U></U><U>&nbsp;6.1(d)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Net Termination Loss</I>&#148; means, for any taxable year, the sum, if negative, of all items of income, gain, loss
or deduction recognized by the Partnership (a)&nbsp;after the Liquidation Date or (b)&nbsp;upon the sale, exchange or other disposition of all or substantially all of the assets of the Partnership Group, taken as a whole, in a single transaction or
a series of related transactions (excluding any disposition to a member of the Partnership Group). The items included in the determination of Net Termination Loss shall be determined in accordance with <U>Section</U><U></U><U>&nbsp;5.4(b)</U> and
shall not include any items of income, gain or loss specially allocated under <U>Section</U><U></U><U>&nbsp;6.1(d)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I><FONT STYLE="white-space:nowrap">Non-citizen</FONT> Assignee</I>&#148; means a Person whom the General Partner has
determined in its discretion does not constitute an Eligible Citizen and as to whose Partnership Interest the General Partner has become the Substituted Limited Partner, pursuant to <U>Section</U><U></U><U>&nbsp;4.9</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Noncompensatory Option</I>&#148; has the meaning set forth in Treasury Regulation
<FONT STYLE="white-space:nowrap">Section&nbsp;1.721-2(f).</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Nonrecourse
<FONT STYLE="white-space:nowrap">Built-in</FONT> Gain</I>&#148; means with respect to any Contributed Properties or Adjusted Properties that are subject to a mortgage or pledge securing a Nonrecourse Liability, the amount of any taxable gain that
would be allocated to the Partners pursuant to <U>Sections 6.2(b)(i)(A)</U>, <U>6.2(b)(ii)(A)</U> and <U>6.2(b)(iii)</U> if such properties were disposed of in a taxable transaction in full satisfaction of such liabilities and for no other
consideration. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Nonrecourse Deductions</I>&#148; means any and all items of loss, deduction or expenditures
(including, without limitation, any expenditures described in Section&nbsp;705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section&nbsp;1.704-2(b), are attributable to a Nonrecourse Liability. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Nonrecourse Liability</I>&#148; has the meaning set forth in Treasury Regulation Section&nbsp;1.752-1(a)(2). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-16- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Notice of Election to Purchase</I>&#148; has the meaning assigned to
such term in <U>Section</U><U></U><U>&nbsp;15.1(b)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>NuStar GP</I>&#148; means NuStar GP, LLC, a Delaware
limited liability company and the general partner of the General Partner. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>NuStar GP Holdings</I>&#148; means
NuStar GP Holdings, LLC and its successors and permitted assigns as sole or managing member of NuStar GP. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>NYSE</I>&#148; means the New York Stock Exchange. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Operating Expenditures</I>&#148; means all Partnership Group expenditures, including, but not limited to, taxes,
reimbursements of the General Partner, repayment of Working Capital Borrowings, debt service payments, and capital expenditures, subject to the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Payments (including prepayments) of principal and premium on indebtedness other than Working Capital Borrowings shall not
constitute Operating Expenditures; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Operating Expenditures shall not include (i)&nbsp;capital expenditures made for
Acquisitions or Capital Improvements, (ii)&nbsp;payment of transaction expenses relating to Interim Capital Transactions, (iii)&nbsp;Series&nbsp;A Redemption Payments, (iv)&nbsp;Series&nbsp;B Redemption Payments, (v)&nbsp;Series&nbsp;C Redemption
Payments, (vi)&nbsp;Series D Redemption Payments, (vii)&nbsp;payments made to Preferred Holders to purchase or otherwise acquire Preferred Units, and (viii)&nbsp;distributions to Partners. Where capital expenditures are made in part for Acquisitions
or for Capital Improvements and in part for other purposes, the General Partner&#146;s good faith allocation between the amounts paid for each shall be conclusive. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Operating General Partner</I>&#148; means NuStar GP, Inc., a Delaware corporation and wholly owned subsidiary of the
Partnership, and any successors and permitted assigns as the general partner of NuStar Logistics, L.P. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Operating
Partnership</I>&#148; means NuStar Logistics, L.P., a Delaware limited partnership, and such other Persons that are treated as partnerships for federal income tax purposes that are majority-owned by the Partnership and controlled by the Partnership
(whether by direct or indirect ownership of the general partner of such Person or otherwise) and established or acquired for the purpose of conducting the business of the Partnership. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Operating Partnership Agreement</I>&#148; means the agreement of limited partnership of any Operating Partnership that
is a limited partnership, or any limited liability company agreement of any Operating Partnership that is a limited liability company that is treated as a partnership for federal income tax purposes, as such may be amended, supplemented or restated
from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-17- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Operating Surplus</I>&#148; means, with respect to any period ending
prior to the Liquidation Date, on a cumulative basis and without duplication, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the sum of (i) $10&nbsp;million plus all
cash and cash equivalents of the Partnership Group on hand as of the close of business on the Closing Date, (ii)&nbsp;all cash receipts of the Partnership Group for the period beginning on the Closing Date and ending with the last day of such
period, other than cash receipts from Interim Capital Transactions (except to the extent specified in <U>Section</U><U></U><U>&nbsp;6.5</U>) and (iii)&nbsp;all cash receipts of the Partnership Group after the end of such period but on or before the
date of determination of Operating Surplus with respect to such period resulting from Working Capital Borrowings, less </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
the sum of (i)&nbsp;Operating Expenditures for the period beginning on the Closing Date and ending with the last day of such period and (ii)&nbsp;the amount of cash reserves that is necessary or advisable in the reasonable discretion of the General
Partner to provide funds for future Operating Expenditures; <I>provided</I>, <I>however</I>, that disbursements made (including contributions to a Group Member or disbursements on behalf of a Group Member) or cash reserves established, increased or
reduced after the end of such period but on or before the date of determination of Available Cash with respect to such period shall be deemed to have been made, established, increased or reduced, for purposes of determining Operating Surplus, within
such period if the General Partner so determines. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, &#147;<I>Operating Surplus</I>&#148; with
respect to the Quarter in which the Liquidation Date occurs and any subsequent Quarter shall equal zero. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Opinion
of Counsel</I>&#148; means a written opinion of counsel (who may be regular counsel to the Partnership or the General Partner or any of its Affiliates) acceptable to the General Partner in its reasonable discretion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Outstanding</I>&#148; means, with respect to Partnership Securities, all Partnership Securities that are issued by the
Partnership and reflected as outstanding on the Partnership&#146;s books and records as of the date of determination; <I>provided</I>, <I>however</I>, that if at any time any Person or Group (other than the General Partner or its Affiliates)
beneficially owns 20% or more of any Outstanding Partnership Securities of any class then Outstanding, all Partnership Securities owned by such Person or Group shall not be voted on any matter and shall not be considered to be Outstanding when
sending notices of a meeting of Limited Partners to vote on any matter (unless otherwise required by law), calculating required votes, determining the presence of a quorum or for other similar purposes under this Agreement; <I>provided</I>,
<I>further</I>, that the foregoing limitation shall not apply (i)&nbsp;subject to the provisions of (iii)&nbsp;below, to any Person or Group who acquired 20% or more of any Outstanding Partnership Securities of any class then Outstanding directly
from the General Partner or its Affiliates, (ii)&nbsp;to any Person or Group who acquired 20% or more of any Outstanding Partnership Securities of any class then Outstanding directly or indirectly from a Person or Group described in clause (i),
<I>provided</I> that the General Partner shall have notified such Person or Group in writing that such limitation shall not apply, or (iii)&nbsp;with respect to the Series D Subject Units, so long </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-18- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
as such Series D Subject Units are held by the Series&nbsp;D Purchasers or Affiliates of the Series D Purchasers, <I>provided </I>that if EIG, the Series D Purchasers or any of their respective
Affiliates has or acquires beneficial ownership of any additional Partnership Securities or becomes part of a Group that beneficially owns additional Partnership Securities, all of such additional Partnership Securities (but not the Series D Subject
Units), collectively, will be subject to the foregoing limitation, taking into account all Partnership Securities (including the Series D Subject Units), collectively, beneficially owned by such Persons or Group, <I>provided further </I>that any
transferee that receives from EIG, the Series D Purchasers or any of their respective Affiliates any Series D Subject Units shall be subject to the foregoing limitation with respect to such Series D Subject Units and any additional Partnership
Securities held or acquired by such transferee. For the avoidance of doubt and notwithstanding anything in this Agreement to the contrary, for purposes of clause (i)&nbsp;above, none of EIG, the Series D Purchasers or any of their respective
Affiliates or any such transferee of the Series D Subject Units shall be considered an Affiliate of the General Partner. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Over-Allotment Option</I>&#148; means the over-allotment option granted to the Underwriters by the Partnership
pursuant to the Underwriting Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Parity Securities</I>&#148; means the Series&nbsp;A Preferred Units, the
Series&nbsp;B Preferred Units, the Series&nbsp;C Preferred Units, the Series&nbsp;D Preferred Units and any other class or series of Partnership Interests established after November&nbsp;25, 2016 by the General Partner, the terms of which class or
series expressly provide that it ranks on parity with the Series&nbsp;A Preferred Units, the Series&nbsp;B Preferred Units, the Series&nbsp;C Preferred Units and the Series&nbsp;D Preferred Units as to distributions and amounts payable upon a
dissolution or liquidation pursuant to <U>Article</U><U></U><U>&nbsp;XII</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Parity Units</I>&#148; means Common
Units and all other Units of any other class or series that have the right to (i)&nbsp;receive distributions of Available Cash from Operating Surplus pro rata with distributions of the Minimum Quarterly Distribution on the Common Units and
(ii)&nbsp;receive allocations of Net Termination Gain pro rata with allocations of Net Termination Gain to the Common Units pursuant to <U>Section</U><U></U><U>&nbsp;6.1(c)(i)(B)</U>, in each case regardless of whether the amounts or value so
distributed or allocated on each Parity Unit equals the amount or value so distributed or allocated on each Common Unit. Units whose participation in such (i)&nbsp;distributions of Available Cash from Operating Surplus and (ii)&nbsp;allocations of
Net Termination Gain are subordinate in order of priority to such distributions and allocations on Common Units shall not constitute Parity Units even if such Units are convertible under certain circumstances into Common Units or Parity Units. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Partner Nonrecourse Debt</I>&#148; has the meaning set forth in Treasury Regulation Section&nbsp;1.704-2(b)(4). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Partner Nonrecourse Debt Minimum Gain</I>&#148; has the meaning set forth in Treasury Regulation
Section&nbsp;1.704-2(i)(2). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-19- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Partner Nonrecourse Deductions</I>&#148; means any and all items of
loss, deduction or expenditure (including, without limitation, any expenditure described in Section&nbsp;705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section&nbsp;1.704-2(i), are attributable to a Partner
Nonrecourse Debt. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Partners</I>&#148; means the General Partner and the Limited Partners. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Partnership</I>&#148; means NuStar Energy L.P., a Delaware limited partnership, and any successors thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Partnership Group</I>&#148; means the Partnership, the Operating Partnership and any Subsidiary of any such entity,
treated as a single consolidated entity. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Partnership Interest</I>&#148; means an interest in the Partnership,
which shall include the General Partner Interest and Limited Partner Interests. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Partnership Minimum
Gain</I>&#148; means that amount determined in accordance with the principles of Treasury Regulation Section&nbsp;1.704-2(d). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Partnership Security</I>&#148; means any class or series of equity interest in the Partnership (but excluding any
options, rights, warrants and appreciation rights relating to an equity interest in the Partnership), including without limitation, Common Units, Incentive Distribution Rights and Preferred Units. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Paying Agent</I>&#148; means the Transfer Agent, acting in its capacity as paying agent for the Preferred Units, and
its respective successors and assigns or any other paying agent appointed by the General Partner; <I>provided, however</I>, that if no Paying Agent is specifically designated for any series of Preferred Units, the General Partner shall act in such
capacity. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Percentage Interest</I>&#148; means as of any date of determination (a)&nbsp;as to the General Partner
(with respect to its General Partner Interest), 2% and (b)&nbsp;as to any Unitholder or Assignee holding Units, the product obtained by multiplying (i) 98% less the percentage applicable to paragraph (c)&nbsp;by (ii) the quotient obtained by
dividing (A)&nbsp;the number of Units held by such Unitholder or Assignee by (B)&nbsp;the total number of all Outstanding Units, and (c)&nbsp;as to holders of additional Partnership Securities issued by the Partnership in accordance with
<U>Section</U><U></U><U>&nbsp;5.5</U>, the percentage established as a part of such issuance. The Percentage Interest with respect to an Incentive Distribution Right, a Series&nbsp;A Preferred Unit, a Series&nbsp;B Preferred Unit, a Series&nbsp;C
Preferred Unit and a Series&nbsp;D Preferred Unit shall at all times be zero. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Permitted Transferee</I>&#148;
means those Persons set forth on Schedule C to the Series D Purchase Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Person</I>&#148; means an
individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association, government agency or political subdivision thereof or other entity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-20- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Preferred Holder</I>&#148; means, with respect to a series of Preferred
Units, a Record Holder of such series of Preferred Units. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Preferred Distributions</I>&#148; means Series&nbsp;A
Distributions, Series&nbsp;B Distributions, Series&nbsp;C Distributions or Series&nbsp;D Distributions, as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Preferred Distribution Payment Date</I>&#148; means the Series&nbsp;A Distribution Payment Date, Series&nbsp;B
Distribution Payment Date, Series&nbsp;C Distribution Payment Date or Series&nbsp;D Distribution Payment Date, as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Preferred Distribution Period</I>&#148; means the Series&nbsp;A Distribution Period, Series&nbsp;B Distribution
Period, Series&nbsp;C Distribution Period or Series D Distribution Period, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Preferred
Units</I>&#148; means a Partnership Interest designated as a &#147;Preferred Unit,&#148; including the Series&nbsp;A Preferred Units, Series&nbsp;B Preferred Units, Series&nbsp;C Preferred Units and Series&nbsp;D Preferred Units, which entitles the
holder thereof to a preference with respect to distributions over Junior Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Pro Rata</I>&#148; means
(a)&nbsp;when modifying Units or any class thereof, apportioned equally among all designated Units in accordance with their relative Percentage Interests, (b)&nbsp;when modifying Partners and Assignees, apportioned among all Partners and Assignees
in accordance with their relative Percentage Interests, (c)&nbsp;when modifying holders of Incentive Distribution Rights, apportioned equally among all holders of Incentive Distribution Rights in accordance with the relative number of Incentive
Distribution Rights held by each such holder, and (d)&nbsp;when used with respect to Preferred Units or any class or series thereof, apportioned among all such Preferred Units in accordance with the relative number or percentage of such Preferred
Units. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Purchase Date</I>&#148; means the date determined by the General Partner as the date for purchase of all
Outstanding Units of a certain class (other than Units owned by the General Partner and its Affiliates) pursuant to <U>Article</U><U></U><U>&nbsp;XV</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Quarter</I>&#148; means, unless the context requires otherwise, a fiscal quarter of the Partnership. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Recapture Income</I>&#148; means any gain recognized by the Partnership (computed without regard to any adjustment
required by Section&nbsp;734 or Section&nbsp;743 of the Code) upon the disposition of any property or asset of the Partnership, which gain is characterized as ordinary income because it represents the recapture of deductions previously taken with
respect to such property or asset. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Rating Agency</I>&#148; means any nationally recognized statistical rating
organization (within the meaning of Section&nbsp;3(a)(62) of the Exchange Act) that publishes a rating for the Partnership. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-21- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Record Date</I>&#148; means the date established by the General Partner
for determining (a)&nbsp;the identity of the Record Holders entitled to notice of, or to vote at, any meeting of Limited Partners or entitled to vote by ballot or give approval of Partnership action in writing without a meeting or entitled to
exercise rights in respect of any lawful action of Limited Partners or (b)&nbsp;the identity of Record Holders entitled to receive any report or distribution or to participate in any offer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Record Holder</I>&#148; means the Person in whose name a Common Unit is registered on the books of the Transfer Agent
as of the opening of business on a particular Business Day, or with respect to other Partnership Securities, the Person in whose name any such other Partnership Security is registered on the books which the Transfer Agent or the General Partner, as
applicable, has caused to be kept as of the opening of business on such Business Day. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Redeemable
Interests</I>&#148; means any Partnership Interests for which a redemption notice has been given, and has not been withdrawn, pursuant to <U>Section</U><U></U><U>&nbsp;4.10</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Registration Statement</I>&#148; means the Registration Statement on Form S-1 (Registration <FONT
STYLE="white-space:nowrap">No.&nbsp;333-43668)</FONT> as it has been or as it may be amended or supplemented from time to time, filed by the Partnership with the Commission under the Securities Act to register the offering and sale of the Common
Units in the Initial Offering. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Remaining Net Positive Adjustments</I>&#148; means as of the end of any taxable
period, (i)&nbsp;with respect to the Unitholders holding Common Units, the excess of (a)&nbsp;the Net Positive Adjustments of the Unitholders holding Common Units as of the end of such period over (b)&nbsp;the sum of those Partners&#146; Share of
Additional Book Basis Derivative Items for each prior taxable period, (ii)&nbsp;with respect to the General Partner (as holder of the General Partner Interest), the excess of (a)&nbsp;the Net Positive Adjustments of the General Partner as of the end
of such period over (b)&nbsp;the sum of the General Partner&#146;s Share of Additional Book Basis Derivative Items with respect to the General Partner Interest for each prior taxable period, and (iii)&nbsp;with respect to the holders of Incentive
Distribution Rights, the excess of (a)&nbsp;the Net Positive Adjustments of the holders of Incentive Distribution Rights as of the end of such period over (b)&nbsp;the sum of the Share of Additional Book Basis Derivative Items of the holders of the
Incentive Distribution Rights for each prior taxable period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Required Allocations</I>&#148; means (a)&nbsp;any
limitation imposed on any allocation of Net Losses or Net Termination Losses under <U>Section</U><U></U><U>&nbsp;6.1(b)</U> or <U>6.1(c)(ii)</U> and (b)&nbsp;any allocation of an item of income, gain, loss or deduction pursuant to
<U>Section</U><U></U><U>&nbsp;6.1(d)(i)</U>, <U>6.1(d)(ii)</U>, <U>6.1(d)(iv)</U>, <U>6.1(d)(vii)</U> or <U>6.1(d)(ix)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Residual Gain</I>&#148; or &#147;<I>Residual Loss</I>&#148; means any item of gain or loss, as the case may be, of the
Partnership recognized for federal income tax purposes resulting from a sale, exchange or other disposition of a Contributed Property or Adjusted Property, to the extent such item of gain or loss is not allocated pursuant to
<U>Section</U><U></U><U>&nbsp;6.2(b)(i)(A)</U> or <U>Section</U><U></U><U>&nbsp;6.2(b)(ii)(A)</U> respectively, to eliminate <FONT STYLE="white-space:nowrap">Book-Tax</FONT> Disparities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-22- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Reuters Page LIBOR01</I>&#148; means the display so designated on the
Reuters 3000 Xtra (or such other page as may replace the LIBOR01 page on that service, or such other service as may be nominated by the British Bankers&#146; Association for the purpose of displaying London interbank offered rates for U.S. dollar
deposits). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Revaluation Event</I>&#148; means an event that results in adjustment of the Carrying Value of each
Partnership property pursuant to <U>Section</U><U></U><U>&nbsp;5.4(d)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Securities Act</I>&#148; means the
Securities Act of 1933, as amended, supplemented or restated from time to time and any successor to such statute. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Senior Securities</I>&#148; means any class or series of Partnership Interests established after November&nbsp;25,
2016 by the General Partner, the terms of which class or series expressly provide that it ranks senior to the Series&nbsp;A Preferred Units, Series&nbsp;B Preferred Units, Series&nbsp;C Preferred Units and Series&nbsp;D Preferred Units as to the
right to distributions of cash or property or distributions upon any dissolution or liquidation pursuant to <U>Article</U><U></U><U>&nbsp;XII</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Alternative Conversion Consideration</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;16.11(d)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A</I> <I>Change of Control Conversion
Date</I>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;16.11(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Change of Control Conversion Right</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;16.11(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A</I> <I>Common Unit Conversion
Consideration</I>&#148; has the meaning given such term in <U>Section</U><U></U><U>&nbsp;16.11(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A</I> <I>Conversion Common Units</I>&#148; means Common Units issued upon conversion of the
Series&nbsp;A Preferred Units pursuant to <U>Section</U><U></U><U>&nbsp;16.11(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A
Conversion Ratio</I>&#148; has the meaning given such term in <U>Section</U><U></U><U>&nbsp;16.11(c)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Current Criteria</I>&#148; means the equity credit criteria of a Rating Agency for
securities such as the Series&nbsp;A Preferred Units, as such criteria are in effect as of the Series&nbsp;A Original Issue Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Distribution Payment Date</I>&#148; means the 15th day of March, June, September and
December of each year, commencing on March&nbsp;15, 2017; <I>provided, however,</I> that if any Series&nbsp;A Distribution Payment Date would otherwise occur on a day that is not a Business Day, such Series&nbsp;A Distribution Payment Date shall
instead be on the immediately succeeding Business Day. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Distribution Period</I>&#148;
means a period of time from and including the preceding Series&nbsp;A Distribution Payment Date (other than the initial Series&nbsp;A Distribution Period, which shall commence on and include the Series&nbsp;A Original Issue Date), to but excluding
the next Series&nbsp;A Distribution Payment Date for such Series&nbsp;A Distribution Period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-23- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Distribution Rate</I>&#148; means an annual
rate equal to (i)&nbsp;during the Series&nbsp;A Fixed Rate Period, 8.50% of the Series&nbsp;A Liquidation Preference and (ii)&nbsp;during the Series&nbsp;A Floating Rate Period, a percentage of the Series&nbsp;A Liquidation Preference equal to the
sum of (a)&nbsp;the Series&nbsp;A Three-Month LIBOR, as calculated on each applicable Series&nbsp;A LIBOR Determination Date, and (b) 6.766%. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Distribution Record Date</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;16.3(b)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Distributions</I>&#148; means
distributions with respect to Series&nbsp;A Preferred Units pursuant to <U>Section</U><U></U><U>&nbsp;16.3</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Fixed Rate Period</I>&#148; means the period from and including the Series&nbsp;A Original
Issue Date to, but not including, December&nbsp;15, 2021. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Floating Rate
Period</I>&#148; means the period from and including December&nbsp;15, 2021 and thereafter until such time as all of the Outstanding Series&nbsp;A Preferred Units are redeemed in accordance with <U>Section</U><U></U><U>&nbsp;16.5</U> or are
converted in accordance with <U>Section</U><U></U><U>&nbsp;16.11</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A
Holder</I>&#148; means a Record Holder of Series&nbsp;A Preferred Units. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A LIBOR
Determination Date</I>&#148; means the London Business Day immediately preceding the first date of each relevant Series&nbsp;A Distribution Period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Liquidation Preference</I>&#148; means a liquidation preference for each Series&nbsp;A
Preferred Unit initially equal to $25.00 per unit, which liquidation preference shall be subject to increase by the per Series&nbsp;A Preferred Unit amount of any accumulated and unpaid Series&nbsp;A Distributions (whether or not such distributions
shall have been declared). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Original Issue Date</I>&#148; means November&nbsp;25,
2016. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Payments</I>&#148; means, collectively, Series&nbsp;A Distributions and
Series&nbsp;A Redemption Payments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Preferred Unit</I>&#148; means a Preferred Unit
having the designations, preferences, rights, powers and duties set forth in <U>Article</U><U></U><U>&nbsp;XVI</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Rating Event</I>&#148; means a change by any Rating Agency to the Series&nbsp;A Current
Criteria, which change results in (i)&nbsp;any shortening of the length of time for which the Series&nbsp;A Current Criteria are scheduled to be in effect with respect to the Series&nbsp;A Preferred Units, or (ii)&nbsp;a lower equity credit being
given to the Series&nbsp;A Preferred Units than the equity credit that would have been assigned to the Series&nbsp;A Preferred Units by such Rating Agency pursuant to its Series&nbsp;A Current Criteria. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Redemption Date</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;16.5(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-24- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Redemption Notice</I>&#148; has the meaning
given such term in <U>Section</U><U></U><U>&nbsp;16.5(b)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Redemption
Payments</I>&#148; means payments to be made to the holders of Series&nbsp;A Preferred Units to redeem Series&nbsp;A Preferred Units in accordance with <U>Section</U><U></U><U>&nbsp;16.5</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Redemption Price</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;16.5(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A Three-Month LIBOR</I>&#148; has the
meaning set forth in <U>Section</U><U></U><U>&nbsp;16.3(c)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;A</I> <I>Unit
Cap</I>&#148; has the meaning given such term in <U>Section</U><U></U><U>&nbsp;16.11(c)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Alternative Conversion Consideration</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;17.11(d)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B</I> <I>Change of Control Conversion
Date</I>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;17.11(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Change of Control Conversion Right</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;17.11(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B</I> <I>Common Unit Conversion
Consideration</I>&#148; has the meaning given such term in <U>Section</U><U></U><U>&nbsp;17.11(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B</I> <I>Conversion Common Units</I>&#148; means Common Units issued upon conversion of the
Series&nbsp;B Preferred Units pursuant to <U>Section</U><U></U><U>&nbsp;17.11(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B
Conversion Ratio</I>&#148; has the meaning given such term in <U>Section</U><U></U><U>&nbsp;17.11(c)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Current Criteria</I>&#148; means the equity credit criteria of a Rating Agency for
securities such as the Series&nbsp;B Preferred Units, as such criteria are in effect as of the Series&nbsp;B Original Issue Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Distribution Payment Date</I>&#148; means the 15th day of March, June, September and
December of each year, commencing on September&nbsp;15, 2017; <I>provided, however,</I> that if any Series&nbsp;B Distribution Payment Date would otherwise occur on a day that is not a Business Day, such Series&nbsp;B Distribution Payment Date shall
instead be on the immediately succeeding Business Day. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Distribution Period</I>&#148;
means a period of time from and including the preceding Series&nbsp;B Distribution Payment Date (other than the initial Series&nbsp;B Distribution Period, which shall commence on and include the Series&nbsp;B Original Issue Date), to but excluding
the next Series&nbsp;B Distribution Payment Date for such Series&nbsp;B Distribution Period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-25- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Distribution Rate</I>&#148; means an annual
rate equal to (i)&nbsp;during the Series&nbsp;B Fixed Rate Period, 7.625% of the Series&nbsp;B Liquidation Preference and (ii)&nbsp;during the Series&nbsp;B Floating Rate Period, a percentage of the Series&nbsp;B Liquidation Preference equal to the
sum of (a)&nbsp;the Series&nbsp;B Three-Month LIBOR, as calculated on each applicable Series&nbsp;B LIBOR Determination Date, and (b) 5.643%. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Distribution Record Date</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;17.3(b)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Distributions</I>&#148; means
distributions with respect to Series&nbsp;B Preferred Units pursuant to <U>Section</U><U></U><U>&nbsp;17.3</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Fixed Rate Period</I>&#148; means the period from and including the Series&nbsp;B Original
Issue Date to, but not including, June&nbsp;15, 2022. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Floating Rate Period</I>&#148;
means the period from and including June&nbsp;15, 2022 and thereafter until such time as all of the Outstanding Series&nbsp;B Preferred Units are redeemed in accordance with <U>Section</U><U></U><U>&nbsp;17.5</U> or are converted in accordance with
<U>Section</U><U></U><U>&nbsp;17.11</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Holder</I>&#148; means a Record Holder of
Series&nbsp;B Preferred Units. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B LIBOR Determination Date</I>&#148; means the London
Business Day immediately preceding the first date of each relevant Series&nbsp;B Distribution Period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Liquidation Preference</I>&#148; means a liquidation preference for each Series&nbsp;B
Preferred Unit initially equal to $25.00 per unit, which liquidation preference shall be subject to increase by the per Series&nbsp;B Preferred Unit amount of any accumulated and unpaid Series&nbsp;B Distributions (whether or not such distributions
shall have been declared). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Original Issue Date</I>&#148; means April&nbsp;28, 2017.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Payments</I>&#148; means, collectively, Series&nbsp;B Distributions and Series&nbsp;B
Redemption Payments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Preferred Unit</I>&#148; means a Preferred Unit having the
designations, preferences, rights, powers and duties set forth in <U>Article</U><U></U><U>&nbsp;XVII</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Rating Event</I>&#148; means a change by any Rating Agency to the Series&nbsp;B Current
Criteria, which change results in (i)&nbsp;any shortening of the length of time for which the Series&nbsp;B Current Criteria are scheduled to be in effect with respect to the Series&nbsp;B Preferred Units, or (ii)&nbsp;a lower equity credit being
given to the Series&nbsp;B Preferred Units than the equity credit that would have been assigned to the Series&nbsp;B Preferred Units by such Rating Agency pursuant to its Series&nbsp;B Current Criteria. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Redemption Date</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;17.5(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-26- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Redemption Notice</I>&#148; has the meaning
given such term in <U>Section</U><U></U><U>&nbsp;17.5(b)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Redemption
Payments</I>&#148; means payments to be made to the holders of Series&nbsp;B Preferred Units to redeem Series&nbsp;B Preferred Units in accordance with <U>Section</U><U></U><U>&nbsp;17.5</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Redemption Price</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;17.5(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B Three-Month LIBOR</I>&#148; has the
meaning set forth in <U>Section</U><U></U><U>&nbsp;17.3(c)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;B</I> <I>Unit
Cap</I>&#148; has the meaning given such term in <U>Section</U><U></U><U>&nbsp;17.11(c)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Alternative Conversion Consideration</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;18.11(d)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C</I> <I>Change of Control Conversion
Date</I>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;18.11(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Change of Control Conversion Right</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;18.11(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C</I> <I>Common Unit Conversion
Consideration</I>&#148; has the meaning given such term in <U>Section</U><U></U><U>&nbsp;18.11(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C</I> <I>Conversion Common Units</I>&#148; means Common Units issued upon conversion of the
Series&nbsp;C Preferred Units pursuant to <U>Section</U><U></U><U>&nbsp;18.11(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C
Conversion Ratio</I>&#148; has the meaning given such term in <U>Section</U><U></U><U>&nbsp;18.11(c)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Current Criteria</I>&#148; means the equity credit criteria of a Rating Agency for
securities such as the Series&nbsp;C Preferred Units, as such criteria are in effect as of the Series&nbsp;C Original Issue Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Distribution Payment Date</I>&#148; means the 15th day of March, June, September and
December of each year, commencing on March&nbsp;15, 2018; <I>provided, however,</I> that if any Series&nbsp;C Distribution Payment Date would otherwise occur on a day that is not a Business Day, such Series&nbsp;C Distribution Payment Date shall
instead be on the immediately succeeding Business Day. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Distribution Period</I>&#148;
means a period of time from and including the preceding Series&nbsp;C Distribution Payment Date (other than the initial Series&nbsp;C Distribution Period, which shall commence on and include the Series&nbsp;C Original Issue Date), to but excluding
the next Series&nbsp;C Distribution Payment Date for such Series&nbsp;C Distribution Period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-27- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Distribution Rate</I>&#148; means an annual
rate equal to (i)&nbsp;during the Series&nbsp;C Fixed Rate Period, 9.00% of the Series&nbsp;C Liquidation Preference and (ii)&nbsp;during the Series&nbsp;C Floating Rate Period, a percentage of the Series&nbsp;C Liquidation Preference equal to the
sum of (a)&nbsp;the Series&nbsp;C Three-Month LIBOR, as calculated on each applicable Series&nbsp;C LIBOR Determination Date, and (b) 6.88%. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Distribution Record Date</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;18.3(b)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Distributions</I>&#148; means
distributions with respect to Series&nbsp;C Preferred Units pursuant to <U>Section</U><U></U><U>&nbsp;18.3</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Fixed Rate Period</I>&#148; means the period from and including the Series&nbsp;C Original
Issue Date to, but not including, December&nbsp;15, 2022. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Floating Rate
Period</I>&#148; means the period from and including December&nbsp;15, 2022 and thereafter until such time as all of the Outstanding Series&nbsp;C Preferred Units are redeemed in accordance with <U>Section</U><U></U><U>&nbsp;18.5</U> or are
converted in accordance with <U>Section</U><U></U><U>&nbsp;18.11</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C
Holder</I>&#148; means a Record Holder of Series&nbsp;C Preferred Units. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C LIBOR
Determination Date</I>&#148; means the London Business Day immediately preceding the first date of each relevant Series&nbsp;C Distribution Period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Liquidation Preference</I>&#148; means a liquidation preference for each Series&nbsp;C
Preferred Unit initially equal to $25.00 per unit, which liquidation preference shall be subject to increase by the per Series&nbsp;C Preferred Unit amount of any accumulated and unpaid Series&nbsp;C Distributions (whether or not such distributions
shall have been declared). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Original Issue Date</I>&#148; means November&nbsp;30,
2017. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Payments</I>&#148; means, collectively, Series&nbsp;C Distributions and
Series&nbsp;C Redemption Payments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Preferred Unit</I>&#148; means a Preferred Unit
having the designations, preferences, rights, powers and duties set forth in <U>Article</U><U></U><U>&nbsp;XVIII</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Rating Event</I>&#148; means a change by any Rating Agency to the Series&nbsp;C Current
Criteria, which change results in (i)&nbsp;any shortening of the length of time for which the Series&nbsp;C Current Criteria are scheduled to be in effect with respect to the Series&nbsp;C Preferred Units, or (ii)&nbsp;a lower equity credit being
given to the Series&nbsp;C Preferred Units than the equity credit that would have been assigned to the Series&nbsp;C Preferred Units by such Rating Agency pursuant to its Series&nbsp;C Current Criteria. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Redemption Date</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;18.5(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-28- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Redemption Notice</I>&#148; has the meaning
given such term in <U>Section</U><U></U><U>&nbsp;18.5(b)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Redemption
Payments</I>&#148; means payments to be made to the holders of Series&nbsp;C Preferred Units to redeem Series&nbsp;C Preferred Units in accordance with <U>Section</U><U></U><U>&nbsp;18.5</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Redemption Price</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;18.5(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C Three-Month LIBOR</I>&#148; has the
meaning set forth in <U>Section</U><U></U><U>&nbsp;18.3(c)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;C</I> <I>Unit
Cap</I>&#148; has the meaning given such term in <U>Section</U><U></U><U>&nbsp;18.11(c)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Change of
Control</I>&#148; means the occurrence of any of the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">an acquisition (including by merger), the result of which is that any &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act) or Group that is not an Affiliate of the Partnership as of the
Series D Initial Closing Date becomes the Beneficial Owner, directly or indirectly, of 50% or more of the voting interests of the General Partner or, if the Limited Partners are entitled to vote in the election of the Board of Directors, 50% or more
of the Outstanding Limited Partner Interests (in each case, as measured by voting power rather than the number of interests, units or the like, but taking into account the limitations contained in the definition of &#147;<I>Outstanding</I>&#148;) if
such acquisition gives such person (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act) or Group, directly or indirectly, the right to elect more than half of the members of the Board of Directors; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">any sale, lease, exchange, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the assets of the Partnership and its subsidiaries, taken as a whole, to
any other person (as defined in clause (a)&nbsp;of this definition), other than a direct or indirect Subsidiary of the Partnership; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">the Common Units cease to be listed for, or admitted to, trading on a National Securities Exchange; </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided, however,</I> that the acquisition by the Partnership of NuStar GP Holdings shall not constitute a Series D Change of Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D COC Conversion Ratio</I>&#148; means, as adjusted pursuant to <U>Section</U><U></U><U>&nbsp;19.6(d), </U>the number of
Common Units issuable upon the conversion of each Series D Preferred Unit pursuant to <U>Section</U><U></U><U>&nbsp;19.7</U>, which shall be equal to (a)&nbsp;the Series D Unit Purchase Price <I>plus</I> Series D Unpaid Distributions in respect of
such Series D Preferred Unit <I>plus</I> Series D Partial Period Distributions in respect of such Series D Preferred Unit <I>divided by</I> (b)&nbsp;the Series D Unit Purchase Price. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-29- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D COC Redemption Price</I>&#148; means a price per Series D
Preferred Unit equal to the sum of (a) $29.82 <I>plus</I> (b)&nbsp;the Series D Unpaid Distributions on the applicable Series D Preferred Unit <I>plus</I> (c)&nbsp;Series D Partial Period Distributions on the applicable Series D Preferred Unit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Conversion Common Unit</I>&#148; means a Common Unit issued upon conversion of a Series D Preferred Unit
pursuant to <U>Section</U><U></U><U>&nbsp;19.3(c)(ii)(A)</U> or <U>Section</U><U></U><U>&nbsp;19.6(c)</U>; <I>provided </I>that, following their sale or transfer in an open market transaction, any such Common Units will no longer be considered
&#147;Series D Conversion Common Units&#148; for purposes of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Conversion Notice</I>&#148;
has the meaning assigned such term in <U>Section</U><U></U><U>&nbsp;19.6(b)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Conversion Notice
Date</I>&#148; has the meaning assigned such term in <U>Section</U><U></U><U>&nbsp;19.6(b)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D
Conversion Date</I>&#148; has the meaning assigned such term in Section&nbsp;19.6(c)(i). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Conversion
Ratio</I>&#148; means, as adjusted pursuant to <U>Section</U><U></U><U>&nbsp;19.6(d)</U>, the number of Common Units issuable upon the conversion of each Series D Preferred Unit pursuant to <U>Section</U><U></U><U>&nbsp;19.3</U> or
<U>Section</U><U></U><U>&nbsp;19.6</U>, which shall be equal to (a)&nbsp;the Series D Unit Purchase Price <I>plus</I> Series D Unpaid Distributions in respect of such Series D Preferred Unit <I>divided by</I> (b)&nbsp;the Series D Unit Purchase
Price. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Converting Unitholder</I>&#148; means a Person entitled to receive Common Units upon conversion
of any Series D Preferred Units. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Designated Director</I>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;19.3(c)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Designation Right Termination Event</I>&#148; has the meaning
assigned to such term in <U>Section</U><U></U><U>&nbsp;19.3(c)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Distribution</I>&#148; has the
meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;19.3(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Distribution
Amount</I>&#148; means, as adjusted pursuant to <U>Section</U><U></U><U>&nbsp;19.3(c)</U>: (a) for the first eight Series D Distribution Periods, an amount per Series D Distribution Period equal to $0.619 per Series D Preferred Unit, <I>provided</I>
that the Series D Initial Distribution made on the Series D Initial Distribution Date shall be prorated for the number of days, commencing (i)&nbsp;with respect to the Series D Preferred Initial Closing Units (as such term is defined in the Series D
Purchase Agreement), on and including the Series D Initial Closing Date, and (ii)&nbsp;with respect to the Series D Second Closing Units, on and including the Second Funding Closing Date (as such term is defined in the Series D Purchase Agreement),
in each case to, but excluding, the Series D Initial Distribution Date; (b)&nbsp;for the twelve Series D Distribution Periods beginning with the initial Series D Distribution Period following the eight Series D Distribution Periods referred to in
clause </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-30- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
(a) of this definition, an amount per Series D Distribution Period equal to $0.682 per Series D Preferred Unit; and (c)&nbsp;beginning with the initial Series D Distribution Period following the
twelve Series D Distribution Periods referred to in clause (b)&nbsp;of this definition and continuing thereafter, (A)&nbsp;for all purposes other than <U>Section</U><U></U><U>&nbsp;19.7(b)(B)(x)</U>, the greater of: (i)&nbsp;an amount per Series D
Distribution Period equal to $0.872 per Series D Preferred Unit or (ii)&nbsp;the amount of the quarterly distribution that would be payable in respect of a Series D Preferred Unit in respect of the most recent completed Quarter if such Series D
Preferred Unit had converted immediately prior to the Record Date with respect of which distributions are being paid on the Common Units for such Quarter into the number of Common Unit(s) into which such Series D Preferred Unit would be convertible
at the then-applicable Series D Conversion Ratio (regardless of whether the Series D Preferred Units are then convertible) and (B)&nbsp;solely for purposes of <U>Section</U><U></U><U>&nbsp;19.7(b)(B)(x)</U>, $0.872 per Series D Preferred Unit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series</I><I></I><I>&nbsp;D Distribution Payment Date</I>&#148; means the 15th day of March, June, September and
December of each year, commencing on September&nbsp;15, 2018; <I>provided, however,</I> that if any Series&nbsp;D Distribution Payment Date would otherwise occur on a day that is not a Business Day, such Series&nbsp;D Distribution Payment Date shall
instead be on the immediately succeeding Business Day without the accumulation of additional distributions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Distribution Period</I>&#148; means a period of time from and including the preceding Series D Distribution
Payment Date (other than the initial Series D Distribution Period, which shall commence on and include the Series D Initial Closing Date), to but excluding the next Series D Distribution Payment Date for such Series D Distribution Period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Series</I><I></I><I>&nbsp;D Distribution Record Date</I>&#148; has the meaning given such term in
<U>Section</U><U></U><U>&nbsp;19.3(b)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Holder Redemption Price</I>&#148; means a price per Series D
Preferred Unit equal to $29.19 <I>plus</I> the Series D Unpaid Distributions on the applicable Series D Preferred Unit <I>plus</I> the Series D Partial Period Distributions on the applicable Series D Preferred Unit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Initial Closing Date</I>&#148; shall mean June&nbsp;29, 2018. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Initial Distribution</I>&#148; means the first distribution payable on the Series D Preferred Units. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Initial Distribution Date</I>&#148; means the date of payment of the Series D Initial Distribution, which
shall be September&nbsp;15, 2018. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Initial PIK Date</I>&#148; has the meaning assigned such term in
<U>Section</U><U></U><U>&nbsp;19.3(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-31- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Partial Period Distributions</I>&#148; means, with respect to a
conversion or redemption of Series D Preferred Units pursuant to <U>Article</U><U></U><U>&nbsp;XIX</U> or a liquidation of the Partnership, an amount equal to the applicable Series D Distribution Amount multiplied by a fraction, the numerator of
which is the number of days (not to exceed 90) elapsed in the Series D Distribution Period in which such conversion, redemption or liquidation occurs and the denominator of which is 90. All dollar amounts used in or resulting from such calculations
will be rounded to the nearest cent (with <FONT STYLE="white-space:nowrap">one-half</FONT> cent being rounded upwards). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Partnership Redemption</I>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;19.8(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Partnership Redemption Notice</I>&#148; has the meaning
assigned to such term in <U>Section</U><U></U><U>&nbsp;19.8(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Partnership Redemption
Price</I>&#148; means, (a)&nbsp;at any time on or after June&nbsp;29, 2023 but prior to June&nbsp;29, 2024, a price per Series D Preferred Unit equal to $31.73, (b) at any time on or after June&nbsp;29, 2024 but prior to June&nbsp;29, 2025, a price
per Series D Preferred Unit equal to $30.46 and (c)&nbsp;at any time on or after June&nbsp;29, 2025, a price per Series D Preferred Unit equal to $29.19 <I>plus</I>, in each case, the sum of (x)&nbsp;Series D Unpaid Distributions on the applicable
Series D Preferred Unit <I>plus</I> (y)&nbsp;Series D Partial Period Distributions on the applicable Series D Preferred Unit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Payments</I>&#148; means, collectively, Series D Distributions and Series D Redemption Payments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D PIK Distribution Amount</I>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;19.3(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D PIK Units</I>&#148; means any Series D Preferred Units issued
pursuant to a Series D Distribution in accordance with <U>Section</U><U></U><U>&nbsp;19.3(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D
Preferred Unitholder</I>&#148; means a holder of Series D Preferred Units. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Preferred Unitholder
Redemption</I>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;19.8(b)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D
Preferred Unitholder Redemption Notice</I>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;19.8(b)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Preferred Units</I>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;19.1</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Purchase Agreement</I>&#148; means the Series D Preferred Unit Purchase Agreement, dated as of June 26,
2018, by and among the Partnership and the Series D Purchasers, as may be amended from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D
Purchasers</I>&#148; means those Persons set forth on Schedule A to the Series D Purchase Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-32- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Series D Redemption Date</I>&#148; has the meaning assigned to such term
in <U>Section</U><U></U><U>&nbsp;19.8(a)(ii)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Redemption Payments</I>&#148; means payments to be
made to the holders of Series D Preferred Units to redeem Series D Preferred Units in accordance with <U>Section</U><U></U><U>&nbsp;19.7(b)</U> or <U>Section</U><U></U><U>&nbsp;19.8</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Second Closing Units</I>&#148; means the Series D Preferred Second Closing Units (as such term is defined in
the Series D Purchase Agreement). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Subject Units</I>&#148; means the Series D Preferred Units and, after
the conversion of any Series D Preferred Units, the Series D Conversion Common Units issued upon such conversion and the Series D Preferred Units. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Substantially Equivalent Unit</I>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;19.7(d)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Trigger Event</I>&#148; has the meaning assigned to such term
in <U>Section</U><U></U><U>&nbsp;19.3(c)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Series D Trigger Event Conversion Notice&#148;</I> has the meaning
assigned to such term in <U>Section</U><U></U><U>&nbsp;19.3(c)(ii)(A)(II)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Series D Trigger Event Conversion
Notice Date&#148;</I> has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;19.3(c)(ii)(A)(II)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Unit Purchase Price</I>&#148; means $25.38. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series D Unpaid Distributions</I>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;19.3(c)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Services Agreement</I>&#148; means that Amended and Restated Services
Agreement, effective as of March&nbsp;1, 2016 by and between the Partnership, NuStar GP Holdings, NuStar GP and NuStar Services Company LLC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Share of Additional Book Basis Derivative Items</I>&#148; means in connection with any allocation of Additional Book
Basis Derivative Items for any taxable period, (i)&nbsp;with respect to the Unitholders holding Common Units, the amount that bears the same ratio to such Additional Book Basis Derivative Items as the Unitholders&#146; Remaining Net Positive
Adjustments as of the end of such period bears to the Aggregate Remaining Net Positive Adjustments as of that time, (ii)&nbsp;with respect to the General Partner (as holder of the General Partner Interest), the amount that bears the same ratio to
such additional Book Basis Derivative Items as the General Partner&#146;s Remaining Net Positive Adjustments as of the end of such period bears to the Aggregate Remaining Net Positive Adjustment as of that time, and (iii)&nbsp;with respect to the
Partners holding Incentive Distribution Rights, the amount that bears the same ratio to such Additional Book Basis Derivative Items as the Remaining Net Positive Adjustments of the Partners holding the Incentive Distribution Rights as of the end of
such period bears to the Aggregate Remaining Net Positive Adjustments as of that time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-33- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Special Approval</I>&#148; means approval by a majority of the members
of the Conflicts Committee, <I>provided</I> that at the time of such approval all of the material facts known to the General Partner or any of its Affiliates regarding the proposed transaction in respect of which such approval is given were fully
disclosed to or otherwise known by the Conflicts Committee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Stated Liquidation Preference</I>&#148; means the
Stated Series&nbsp;A Liquidation Preference, the Stated Series&nbsp;B Liquidation Preference, the Stated Series&nbsp;C Liquidation Preference or the Stated Series D Liquidation Preference, as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Stated Series</I><I></I><I>&nbsp;A Liquidation Preference</I>&#148; means an amount equal to $25.00 per Series&nbsp;A
Preferred Unit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Stated Series</I><I></I><I>&nbsp;B Liquidation Preference</I>&#148; means an amount equal to
$25.00 per Series&nbsp;B Preferred Unit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Stated Series</I><I></I><I>&nbsp;C Liquidation Preference</I>&#148;
means an amount equal to $25.00 per Series&nbsp;C Preferred Unit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Stated Series</I><I></I><I>&nbsp;D Liquidation
Preference</I>&#148; means an amount equal to $25.38 per Series&nbsp;D Preferred Unit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Subsidiary</I>&#148;
means, with respect to any Person, (a)&nbsp;a corporation of which more than 50% of the voting power of shares entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such
corporation is owned, directly or indirectly, at the date of determination, by such Person, by one or more Subsidiaries of such Person or a combination thereof, (b)&nbsp;a partnership (whether general or limited) in which such Person or a Subsidiary
of such Person is, at the date of determination, a general or limited partner of such partnership, but only if more than 50% of the partnership interests of such partnership (considering all of the partnership interests of the partnership as a
single class) is owned, directly or indirectly, at the date of determination, by such Person, by one or more Subsidiaries of such Person, or a combination thereof, or (c)&nbsp;any other Person (other than a corporation or a partnership) in which
such Person, one or more Subsidiaries of such Person, or a combination thereof, directly or indirectly, at the date of determination, has (i)&nbsp;at least a majority ownership interest or (ii)&nbsp;the power to elect or direct the election of a
majority of the directors or other governing body of such Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Substituted Limited Partner</I>&#148; means a
Person who is admitted as a Limited Partner to the Partnership pursuant to <U>Section</U><U></U><U>&nbsp;10.2</U> in place of and with all the rights of a Limited Partner and who is shown as a Limited Partner on the books and records of the
Partnership. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Surviving Business Entity</I>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;14.2(b)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-34- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Trading Day</I>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;15.1(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Transfer</I>&#148; has the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;4.4(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Transfer Agent</I>&#148; means such bank, trust company or other Person
(including the General Partner or one of its Affiliates) as shall be appointed from time to time by the Partnership to act as registrar and transfer agent for the Common Units or other Partnership Securities; <I>provided</I> that if no Transfer
Agent is specifically designated for any other Partnership Securities, the General Partner shall act in such capacity. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Transfer Application</I>&#148; means an application and agreement for transfer of Units in the form set forth on the
back of a Certificate or in a form substantially to the same effect in a separate instrument. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Underwriter</I>&#148; means each Person named as an underwriter in Schedule I to the Underwriting Agreement who
purchased Common Units pursuant thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Underwriting Agreement</I>&#148; means the Underwriting Agreement dated
April&nbsp;9, 2001 among the Underwriters, the Partnership and certain other parties, providing for the purchase of Common Units by such Underwriters. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Unit</I>&#148; means a Partnership Security that is designated as a &#147;<I>Unit</I>&#148; and shall include Common
Units, but shall not include (i)&nbsp;a General Partner Interest, (ii)&nbsp;Incentive Distribution Rights or (iii)&nbsp;Preferred Units (other than Series D Preferred Units as provided in <U>Section</U><U></U><U>&nbsp;19.4)</U>.<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Unitholders</I>&#148; means the holders of Common Units and, as provided in <U>Section</U><U></U><U>&nbsp;19.4</U>,
Series D Preferred Units. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Unit Majority</I>&#148; means at least a majority of the Outstanding Common Units. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Unpaid MQD</I>&#148; has the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;6.1(c)(i)(B)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Unrealized Gain</I>&#148; attributable to any item of Partnership property means, as of any date of determination, the
excess, if any, of (a)&nbsp;the fair market value of such property as of such date (as determined under <U>Section</U><U></U><U>&nbsp;5.4(d)</U>) over (b)&nbsp;the Carrying Value of such property as of such date (prior to any adjustment to be made
pursuant to <U>Section</U><U></U><U>&nbsp;5.4(d)</U> as of such date). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Unrealized Loss</I>&#148; attributable to
any item of Partnership property means, as of any date of determination, the excess, if any, of (a)&nbsp;the Carrying Value of such property as of such date (prior to any adjustment to be made pursuant to <U>Section</U><U></U><U>&nbsp;5.4(d)</U> as
of such date) over (b)&nbsp;the fair market value of such property as of such date (as determined under <U>Section</U><U></U><U>&nbsp;5.4(d)</U>). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Unrecovered Capital</I>&#148; means at any time, with respect to a Unit, the Initial Unit Price less the sum of all
distributions constituting Capital Surplus theretofore made in respect of an Initial Common Unit and any distributions of cash (or the Net Agreed Value </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-35- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
of any distributions in kind) in connection with the dissolution and liquidation of the Partnership theretofore made in respect of an Initial Common Unit, adjusted as the General Partner
determines to be appropriate to give effect to any distribution, subdivision or combination of such Units. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>U.S.
GAAP</I>&#148; means United States Generally Accepted Accounting Principles consistently applied. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>VWAP</I>&#148;
means, per Common Unit on any Trading Day, the per Common Unit volume-weighted average price as displayed under the heading &#147;Bloomberg VWAP&#148; on Bloomberg page &#147;NS &lt;equity&gt; AQR&#148; (or its equivalent successor if such page is
not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the closing price of one
Common Unit on such Trading Day as reported on the New York Stock Exchange&#146;s website or the website of the National Securities Exchange upon which the Common Units are listed). If the VWAP&nbsp;cannot be calculated for the Common Units on a
particular date on any of the foregoing bases, the&nbsp;VWAP&nbsp;of the Common Units on such date shall be the fair market value as determined in good faith by the General Partner in a commercially reasonable manner. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Waiver Period Units</I>&#148; means, collectively, any Common Units issued by the Partnership for cash from the date
of the Navigator Agreement through the end of the Acquisition Waiver Period other than Common Units issued under any long-term incentive plan, equity compensation plan or similar plan implemented by the Partnership, NuStar GP Holdings or their
respective Affiliates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Withdrawal Opinion of Counsel</I>&#148; means an Opinion of Counsel that the withdrawal of
the General Partner in accordance with the terms of this Agreement (following the selection of the successor General Partner) would not result in the loss of the limited liability of any Limited Partner or of a limited partner of the Operating
Partnership or cause the Partnership or the Operating Partnership to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for federal income tax purposes (to the extent not previously treated as such). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Working Capital Borrowings</I>&#148; means borrowings used solely for working capital purposes or to pay distributions
to partners made pursuant to a credit facility or other arrangement requiring all such borrowings thereunder to be reduced to a relatively small amount each year for an economically meaningful period of time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.2 <I>Construction.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless
the context requires otherwise: (a)&nbsp;any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa;
(b)&nbsp;references to Articles and Sections refer to Articles and Sections of this Agreement; and (c)&nbsp;the term &#147;<I>include</I>&#148; or &#147;<I>includes</I>&#148; means includes, without limitation, and &#147;<I>including</I>&#148; means
including, without limitation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;II </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ORGANIZATION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.1 <I>Formation.</I>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Partnership had been previously formed as a limited partnership pursuant to the provisions of the Delaware Act. The General Partner
and the other Partners hereby amend and restate the Sixth Amended and Restated Agreement in its entirety. Except as expressly provided to the contrary in this Agreement, the rights, duties (including fiduciary duties), liabilities and obligations of
the Partners and the administration, dissolution and termination of the Partnership shall be governed by the Delaware Act. All Partnership Interests shall constitute personal property of the owner thereof for all purposes and a Partner has no
interest in specific Partnership property. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.2 <I>Name.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The name of the Partnership shall be &#147;<I>NuStar Energy L.P.</I>&#148; The Partnership&#146;s business may be conducted under any other
name or names deemed necessary or appropriate by the General Partner in its sole discretion, including the name of the General Partner. The words &#147;<I>Limited Partnership</I>,&#148; &#147;<I>L.P.</I>,&#148; &#147;<I>Ltd</I>.&#148; or similar
words or letters shall be included in the Partnership&#146;s name where necessary for the purpose of complying with the laws of any jurisdiction that so requires. The General Partner in its discretion may change the name of the Partnership at any
time and from time to time and shall notify the Limited Partners of such change in the next regular communication to the Limited Partners. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.3 <I>Registered Office; Registered Agent; Principal Office; Other Offices.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless and until changed by the General Partner, the registered office of the Partnership in the State of Delaware shall be located at
Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, and the registered agent for service of process on the Partnership in the State of Delaware at such registered office shall be The Corporation Trust Company. The principal office of
the Partnership shall be located at 19003 <FONT STYLE="white-space:nowrap">IH-10</FONT> West, San Antonio, Texas 78257 or such other place as the General Partner may from time to time designate by notice to the Limited Partners. The Partnership may
maintain offices at such other place or places within or outside the State of Delaware as the General Partner deems necessary or appropriate. The address of the General Partner shall be 19003 <FONT STYLE="white-space:nowrap">IH-10</FONT> West, San
Antonio, Texas 78257 or such other place as the General Partner may from time to time designate by notice to the Limited Partners. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.4
<I>Purpose and Business.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The purpose and nature of the business to be conducted by the Partnership shall be to (a)&nbsp;serve as a
partner of the Operating Partnership and, in connection therewith, to exercise all the rights and powers conferred upon the Partnership as a partner of an Operating Partnership pursuant to the Operating Partnership Agreement for such Operating
Partnership or otherwise, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-37- </P>


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(b) engage directly in, or enter into or form any corporation, partnership, joint venture, limited liability company or other arrangement to engage indirectly in, any business activity that the
Operating Partnership is permitted to engage in by the Operating Partnership Agreement and, in connection therewith, to exercise all of the rights and powers conferred upon the Partnership pursuant to the agreements relating to such business
activity, (c)&nbsp;engage directly in, or enter into or form any corporation, partnership, joint venture, limited liability company or other arrangement to engage indirectly in, any business activity that is approved by the General Partner and which
lawfully may be conducted by a limited partnership organized pursuant to the Delaware Act and, in connection therewith, to exercise all of the rights and powers conferred upon the Partnership pursuant to the agreements relating to such business
activity; <I>provided</I>, <I>however</I>, that the General Partner reasonably determines, as of the date of the acquisition or commencement of such activity, that such activity (i)&nbsp;generates &#147;<I>qualifying income</I>&#148; (as such term
is defined pursuant to Section&nbsp;7704 of the Code) or (ii)&nbsp;enhances the operations of an activity of the Operating Partnership or a Partnership activity that generates qualifying income, and (d)&nbsp;do anything necessary or appropriate to
the foregoing, including the making of capital contributions or loans to a Group Member. The General Partner has no obligation or duty to the Partnership, the Limited Partners or the Assignees to propose or approve, and in its discretion may decline
to propose or approve, the conduct by the Partnership of any business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.5 <I>Powers.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Partnership shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for
the furtherance and accomplishment of the purposes and business described in <U>Section</U><U></U><U>&nbsp;2.4</U> and for the protection and benefit of the Partnership. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.6 <I>Power of Attorney.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
Each Limited Partner and each Assignee hereby constitutes and appoints the General Partner and, if a Liquidator shall have been selected pursuant to <U>Section</U><U></U><U>&nbsp;12.3</U>, the Liquidator (and any successor to the Liquidator by
merger, transfer, assignment, election or otherwise) and each of their authorized officers and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact,</FONT></FONT> as the case may be, with full power of substitution, as
his true and lawful agent and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact,</FONT></FONT> with full power and authority in his name, place and stead, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (A)&nbsp;all certificates,
documents and other instruments (including this Agreement and the Certificate of Limited Partnership and all amendments or restatements hereof or thereof) that the General Partner or the Liquidator deems necessary or appropriate to form, qualify or
continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) in the State of Delaware and in all other jurisdictions in which the Partnership may conduct
business or own property; (B)&nbsp;all certificates, documents and other instruments that the General Partner or the Liquidator deems necessary or appropriate to reflect, in accordance with its terms, any amendment, change, modification or
restatement of this Agreement; (C)&nbsp;all certificates, documents and other instruments (including conveyances and a certificate of cancellation) that the General Partner or the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-38- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Liquidator deems necessary or appropriate to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement; (D)&nbsp;all certificates, documents and other
instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in, <U>Article</U><U></U><U>&nbsp;IV</U>, <U>X</U>, <U>XI</U> or <U>XII</U>; (E)&nbsp;all certificates, documents and
other instruments relating to the determination of the rights, preferences and privileges of any class or series of Partnership Securities issued pursuant to <U>Section</U><U></U><U>&nbsp;5.5</U>; and (F)&nbsp;all certificates, documents and other
instruments (including agreements and a certificate of merger) relating to a merger or consolidation of the Partnership pursuant to <U>Article</U><U></U><U>&nbsp;XIV</U>; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) execute, swear to, acknowledge, deliver, file and record all ballots, consents, approvals, waivers, certificates,
documents and other instruments necessary or appropriate, in the discretion of the General Partner or the Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the
Partners hereunder or is consistent with the terms of this Agreement or is necessary or appropriate, in the discretion of the General Partner or the Liquidator, to effectuate the terms or intent of this Agreement; <I>provided</I>, that when required
by <U>Section</U><U></U><U>&nbsp;13.3</U> or any other provision of this Agreement that establishes a percentage of the Limited Partners or of the Limited Partners of any class or series required to take any action, the General Partner and the
Liquidator may exercise the power of attorney made in this <U>Section</U><U></U><U>&nbsp;2.6(a)(ii)</U> only after the necessary vote, consent or approval of the Limited Partners or of the Limited Partners of such class or series, as applicable.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Nothing contained in this <U>Section</U><U></U><U>&nbsp;2.6(a)</U> shall be construed as authorizing the General Partner to amend this
Agreement except in accordance with <U>Article</U><U></U><U>&nbsp;XIII</U>, <U>Article</U><U></U><U>&nbsp;XVI</U>, <U>Article</U><U></U><U>&nbsp;XVII</U>, <U>Article</U><U></U><U>&nbsp;XVIII</U> and <U>Article</U><U></U><U>&nbsp;XIX</U> or as may be
otherwise expressly provided for in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The foregoing power of attorney is hereby declared to be irrevocable and a power
coupled with an interest, and it shall survive and, to the maximum extent permitted by law, not be affected by the subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Limited Partner or Assignee and
the transfer of all or any portion of such Limited Partner&#146;s or Assignee&#146;s Partnership Interest and shall extend to such Limited Partner&#146;s or Assignee&#146;s heirs, successors, assigns and personal representatives. Each such Limited
Partner or Assignee hereby agrees to be bound by any representation made by the General Partner or the Liquidator acting in good faith pursuant to such power of attorney; and each such Limited Partner or Assignee, to the maximum extent permitted by
law, hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the General Partner or the Liquidator taken in good faith under such power of attorney. Each Limited Partner or Assignee shall execute and
deliver to the General Partner or the Liquidator, within 15 days after receipt of the request therefor, such further designation, powers of attorney and other instruments as the General Partner or the Liquidator deems necessary to effectuate this
Agreement and the purposes of the Partnership. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-39- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.7 <I>Term.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term of the Partnership commenced upon the filing of the initial Certificate of Limited Partnership in accordance with the Delaware Act and
shall be perpetual unless the Partnership is dissolved in accordance with the provisions of <U>Article</U><U></U><U>&nbsp;XII</U>. The existence of the Partnership as a separate legal entity shall continue until the cancellation of the Certificate
of Limited Partnership as provided in the Delaware Act. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.8 <I>Title to Partnership Assets.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership
as an entity, and no Partner or Assignee, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership,
the General Partner, one or more of its Affiliates or one or more nominees, as the General Partner may determine. The General Partner hereby declares and warrants that any Partnership assets for which record title is held in the name of the General
Partner or one or more of its Affiliates or one or more nominees shall be held by the General Partner or such Affiliate or nominee for the use and benefit of the Partnership in accordance with the provisions of this Agreement; <I>provided</I>,
<I>however</I>, that the General Partner shall use reasonable efforts to cause record title to such assets (other than those assets in respect of which the General Partner determines that the expense and difficulty of conveyancing makes transfer of
record title to the Partnership impracticable) to be vested in the Partnership as soon as reasonably practicable; <I>provided</I>, <I>further</I>, that, prior to the withdrawal or removal of the General Partner or as soon thereafter as practicable,
the General Partner shall use reasonable efforts to effect the transfer of record title to the Partnership and, prior to any such transfer, will provide for the use of such assets in a manner satisfactory to the General Partner. All Partnership
assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which record title to such Partnership assets is held. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;III </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RIGHTS OF
LIMITED PARTNERS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.1 <I>Limitation of Liability.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Limited Partners and the Assignees shall have no liability under this Agreement except as expressly provided in this Agreement or the
Delaware Act. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.2 <I>Management of Business.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No Limited Partner or Assignee, in its capacity as such, shall participate in the operation, management or control (within the meaning of the
Delaware Act) of the Partnership&#146;s business, transact any business in the Partnership&#146;s name or have the power to sign documents for or otherwise bind the Partnership. Any action taken by any Affiliate of the General Partner or any
officer, director, employee, member, general partner, agent or trustee of the General Partner or any of its Affiliates, or any officer, director, employee, member, general partner, agent or trustee of a Group Member, in its capacity as such, shall
not be deemed to be participation in the control of the business of the Partnership by a limited partner of the Partnership (within the meaning of Section&nbsp;17-303(a) of the Delaware Act) and shall not affect, impair or eliminate the limitations
on the liability of the Limited Partners or Assignees under this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-40- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.3 <I>Outside Activities of the Limited Partners.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions of <U>Section</U><U></U><U>&nbsp;7.5</U>, which shall continue to be applicable to the Persons referred to therein,
regardless of whether such Persons shall also be Limited Partners or Assignees, any Limited Partner or Assignee shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership,
including business interests and activities in direct competition with the Partnership Group. Neither the Partnership nor any of the other Partners or Assignees shall have any rights by virtue of this Agreement in any business ventures of any
Limited Partner or Assignee. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.4 <I>Rights of Limited Partners.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) In addition to other rights provided by this Agreement or by applicable law, and except as limited by
<U>Section</U><U></U><U>&nbsp;3.4(b)</U>, each Limited Partner shall have the right, for a purpose reasonably related to such Limited Partner&#146;s interest as a limited partner in the Partnership, upon reasonable written demand and at such Limited
Partner&#146;s own expense: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to obtain true and full information regarding the status of the business and financial
condition of the Partnership; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) promptly after becoming available, to obtain a copy of the Partnership&#146;s federal,
state and local income tax returns for each year; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) to have furnished to him a current list of the name and last known
business, residence or mailing address of each Partner; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) to have furnished to him a copy of this Agreement and the
Certificate of Limited Partnership and all amendments thereto, together with a copy of the executed copies of all powers of attorney pursuant to which this Agreement, the Certificate of Limited Partnership and all amendments thereto have been
executed; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) to obtain true and full information regarding the amount of cash and a description and statement of the Net
Agreed Value of any other Capital Contribution by each Partner and which each Partner has agreed to contribute in the future, and the date on which each became a Partner; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) to obtain such other information regarding the affairs of the Partnership as is just and reasonable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The General Partner may keep confidential from the Limited Partners and Assignees, for such period of time as the General Partner deems
reasonable, (i)&nbsp;any information that the General Partner reasonably believes to be in the nature of trade secrets or (ii)&nbsp;other information the disclosure of which the General Partner in good faith believes (A)&nbsp;is not in the best
interests of the Partnership Group, (B)&nbsp;could damage the Partnership Group or (C)&nbsp;that any Group Member is required by law or by agreement with any third party to keep confidential (other than agreements with Affiliates of the Partnership
the primary purpose of which is to circumvent the obligations set forth in this <U>Section</U><U></U><U>&nbsp;3.4</U>). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;IV </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTIFICATES; RECORD HOLDERS; TRANSFER OF PARTNERSHIP INTERESTS; REDEMPTION OF PARTNERSHIP INTERESTS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.1 <I>Certificates.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject
in each case to <U>Section</U><U></U><U>&nbsp;16.2(b)</U> with respect to Series&nbsp;A Preferred Units, <U>Section</U><U></U><U>&nbsp;17.2(b)</U> with respect to Series&nbsp;B Preferred Units, <U>Section</U><U></U><U>&nbsp;18.2(b)</U> with respect
to Series&nbsp;C Preferred Units and <U>Section</U><U></U><U>&nbsp;19.5</U> and <U>Section</U><U></U><U>&nbsp;19.2(b)</U> with respect to Series&nbsp;D Preferred Units, upon the Partnership&#146;s issuance of Partnership Securities to any Person,
the Partnership shall issue one or more Certificates in the name of such Person evidencing the number of such Partnership Securities being so issued. In addition, upon the General Partner&#146;s request, the Partnership shall issue to it one or more
Certificates in the name of the General Partner evidencing its interests in the Partnership. Certificates shall be executed on behalf of the Partnership by the Chairman of the Board, President or any Executive Vice President or Vice President and
the Secretary or any Assistant Secretary of NuStar GP. No Certificate shall be valid for any purpose until it has been countersigned by the Transfer Agent; <I>provided</I>, <I>however</I>, that if the General Partner elects to issue Partnership
Securities in global form, the Certificates shall be valid upon receipt of a certificate from the Transfer Agent certifying that such Partnership Securities have been duly registered in accordance with the directions of the Partnership. Partners
holding Certificates evidencing Series&nbsp;A Preferred Units may exchange such Certificates for Certificates evidencing Common Units on or after the date on which such Series&nbsp;A Preferred Units are converted into Common Units pursuant to the
terms of <U>Section</U><U></U><U>&nbsp;16.11</U>. Partners holding Certificates evidencing Series&nbsp;B Preferred Units may exchange such Certificates for Certificates evidencing Common Units on or after the date on which such Series&nbsp;B
Preferred Units are converted into Common Units pursuant to the terms of <U>Section</U><U></U><U>&nbsp;17.11</U>. Partners holding Certificates evidencing Series&nbsp;C Preferred Units may exchange such Certificates for Certificates evidencing
Common Units on or after the date on which such Series&nbsp;C Preferred Units are converted into Common Units pursuant to the terms of <U>Section</U><U></U><U>&nbsp;18.11</U>. Partners holding Certificates evidencing Series&nbsp;D Preferred Units
may exchange such Certificates for Certificates evidencing Common Units on or after the date on which such Series&nbsp;D Preferred Units are converted into Common Units pursuant to the terms of <U>Section</U><U></U><U>&nbsp;19.3(c)(ii)(A)</U>,
<U>Section</U><U></U><U>&nbsp;19.6</U> or <U>Section</U><U></U><U>&nbsp;19.7(a)</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.2 <I>Mutilated, Destroyed, Lost or Stolen
Certificates.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If any mutilated Certificate is surrendered to the Transfer Agent, the appropriate officers of NuStar GP on behalf
of the Partnership shall execute, and the Transfer Agent shall countersign and deliver in exchange therefor, a new Certificate evidencing the same number and type of Partnership Securities as the Certificate so surrendered. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-42- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The appropriate officers of NuStar GP on behalf of the Partnership shall execute and deliver,
and the Transfer Agent shall countersign a new Certificate in place of any Certificate previously issued if the Record Holder of the Certificate: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) makes proof by affidavit, in form and substance satisfactory to the Partnership, that a previously issued Certificate has
been lost, destroyed or stolen; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) requests the issuance of a new Certificate before the Partnership has notice that the
Certificate has been acquired by a purchaser for value in good faith and without notice of an adverse claim; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) if
requested by the Partnership, delivers to the Partnership a bond, in form and substance satisfactory to the Partnership, with surety or sureties and with fixed or open penalty as the Partnership may reasonably direct, in its sole discretion, to
indemnify the Partnership, the Partners, the General Partner and the Transfer Agent against any claim that may be made on account of the alleged loss, destruction or theft of the Certificate; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) satisfies any other reasonable requirements imposed by the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">If a Limited Partner or Assignee fails to notify the Partnership within a reasonable time after he has notice of the loss, destruction or
theft of a Certificate, and a transfer of the Limited Partner Interests represented by the Certificate is registered before the Partnership, the General Partner or the Transfer Agent receives such notification, the Limited Partner or Assignee shall
be precluded from making any claim against the Partnership, the General Partner or the Transfer Agent for such transfer or for a new Certificate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) As a condition to the issuance of any new Certificate under this <U>Section</U><U></U><U>&nbsp;4.2</U>, the Partnership may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Transfer Agent) reasonably connected therewith. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.3 <I>Record Holders.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Partnership shall be entitled to recognize the Record Holder as the Partner or Assignee with respect to any Partnership Interest and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Partnership
Interest on the part of any other Person, regardless of whether the Partnership shall have actual or other notice thereof, except as otherwise provided by law or any applicable rule, regulation, guideline or requirement of any National Securities
Exchange on which such Partnership Interests are listed for trading. Without limiting the foregoing, when a Person (such as a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing) is acting as nominee,
agent or in some other representative capacity for another Person in acquiring and/or holding Partnership Interests, as between the Partnership on the one hand, and such other Persons on the other, such representative Person (a)&nbsp;shall be the
Partner or Assignee (as the case may be) of record and beneficially, (b)&nbsp;must execute and deliver a Transfer Application and (c)&nbsp;shall be bound by this Agreement and shall have the rights and obligations of a Partner or Assignee (as the
case may be) hereunder and as, and to the extent, provided for herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-43- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.4 <I>Transfer Generally.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The term &#147;<I>transfer</I>,&#148; when used in this Agreement with respect to a Partnership Interest, shall be deemed to refer to a
transaction by which the General Partner assigns its General Partner Interest to another Person who becomes the General Partner, by which the holder of a Limited Partner Interest assigns such Limited Partner Interest to another Person who is or
becomes a Limited Partner or an Assignee, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) No Partnership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth in this
<U>Article</U><U></U><U>&nbsp;IV</U> and <U>Section</U><U></U><U>&nbsp;19.9</U>. Any transfer or purported transfer of a Partnership Interest not made in accordance with this <U>Article</U><U></U><U>&nbsp;IV</U> and
<U>Section</U><U></U><U>&nbsp;19.9</U> shall be null and void. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Nothing contained in this Agreement shall be construed to prevent
(i)&nbsp;a disposition by any limited partner of the General Partner of any or all of the issued and outstanding limited partner interests of the General Partner or (ii)&nbsp;a disposition by any general partner of the General Partner of any or all
of the issued and outstanding capital stock or other equity interests of such general partner. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.5 <I>Registration and Transfer of Limited
Partner Interests.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Partnership shall keep or cause to be kept on behalf of the Partnership a register in which, subject to
such reasonable regulations as it may prescribe and subject to the provisions of <U>Section</U><U></U><U>&nbsp;4.5(b)</U>, the Partnership will provide for the registration and transfer of Partnership Securities. The Transfer Agent is hereby
appointed registrar and transfer agent for the purpose of registering Partnership Securities and transfers of such Partnership Securities as herein provided. The Partnership shall not recognize transfers of Certificates evidencing Limited Partner
Interests unless such transfers are effected in the manner described in this <U>Section</U><U></U><U>&nbsp;4.5</U>. Upon surrender of a Certificate for registration of transfer of any Limited Partner Interests evidenced by a Certificate, and subject
to the provisions of <U>Section</U><U></U><U>&nbsp;4.5(b)</U>, the appropriate officers of NuStar GP on behalf of the Partnership shall execute and deliver, and in the case of Common Units and Preferred Units, the Transfer Agent shall countersign
and deliver, in the name of the holder or the designated transferee or transferees, as required pursuant to the holder&#146;s instructions and <U>Section</U><U></U><U>&nbsp;4.1</U>, one or more new Certificates evidencing the same aggregate number
and type of Limited Partner Interests as was evidenced by the Certificate so surrendered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except as otherwise provided in
<U>Section</U><U></U><U>&nbsp;4.9</U>, the Partnership shall not recognize any transfer of Limited Partner Interests until the Certificates evidencing such Limited Partner Interests are surrendered for registration of transfer and such Certificates
are accompanied by a Transfer Application duly executed by the transferee (or the transferee&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> duly authorized in writing). No charge shall be
imposed by the Partnership for such transfer; <I>provided</I>, that as a condition to the issuance of any new Certificate under this <U>Section</U><U></U><U>&nbsp;4.5</U>, the Partnership may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed with respect thereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-44- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Limited Partner Interests may be transferred only in the manner described in this
<U>Section</U><U></U><U>&nbsp;4.5</U>. The transfer of any Limited Partner Interests and the admission of any new Limited Partner shall not constitute an amendment to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Until admitted as a Substituted Limited Partner pursuant to <U>Section</U><U></U><U>&nbsp;10.2</U>, the Record Holder of a Limited Partner
Interest shall be an Assignee in respect of such Limited Partner Interest. Limited Partners may include custodians, nominees or any other individual or entity in its own or any representative capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) A transferee of a Limited Partner Interest who has completed and delivered a Transfer Application shall be deemed to have
(i)&nbsp;requested admission as a Substituted Limited Partner, (ii)&nbsp;agreed to comply with and be bound by and to have executed this Agreement, (iii)&nbsp;represented and warranted that such transferee has the right, power and authority and, if
an individual, the capacity to enter into this Agreement, (iv)&nbsp;granted the powers of attorney set forth in this Agreement and (v)&nbsp;given the consents and approvals and made the waivers contained in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) The General Partner and its Affiliates shall have the right at any time to transfer their Common Units to one or more Persons. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.6 <I>Transfer of the General Partner</I><I>&#146;</I><I>s General Partner Interest.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Subject to <U>Section</U><U></U><U>&nbsp;4.6(b)</U> below, the General Partner may transfer all or any of its General Partner Interest
without Unitholder approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything herein to the contrary, no transfer by the General Partner of all or any part
of its General Partner Interest to another Person shall be permitted unless (i)&nbsp;the transferee agrees to assume the rights and duties of the General Partner under this Agreement and to be bound by the provisions of this Agreement, (ii)&nbsp;the
Partnership receives an Opinion of Counsel that such transfer would not result in the loss of limited liability of any Limited Partner or of any limited partner of the Operating Partnership or cause the Partnership or the Operating Partnership to be
treated as an association taxable as a corporation or otherwise to be taxed as an entity for federal income tax purposes (to the extent not already so treated or taxed) and (iii)&nbsp;such transferee also agrees to purchase all (or the appropriate
portion thereof, if applicable) of the partnership interest of the General Partner as the general partner of each other Group Member. In the case of a transfer pursuant to and in compliance with this <U>Section</U><U></U><U>&nbsp;4.6</U>, the
transferee or successor (as the case may be) shall, subject to compliance with the terms of <U>Section</U><U></U><U>&nbsp;10.3</U>, be admitted to the Partnership as a General Partner immediately prior to the transfer of the Partnership Interest,
and the business of the Partnership shall continue without dissolution. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.7 <I>Transfer of Incentive Distribution Rights.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The General Partner or any other holder of Incentive Distribution Rights may transfer any or all of its Incentive Distribution Rights without
Unitholder approval. Notwithstanding anything herein to the contrary, no transfer of Incentive Distribution Rights to another Person shall be permitted unless the transferee agrees to be bound by the provisions of this Agreement. The General Partner
shall have the authority (but shall not be required) to adopt such reasonable restrictions on the transfer of Incentive Distribution Rights and requirements for registering the transfer of Incentive Distribution Rights as the General Partner, in its
sole discretion, shall determine are necessary or appropriate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-45- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.8 <I>Restrictions on Transfers.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as provided in <U>Section</U><U></U><U>&nbsp;4.8(c)</U> below, but notwithstanding the other provisions of this
<U>Article</U><U></U><U>&nbsp;IV</U> or <U>Article</U><U></U><U>&nbsp;XIX</U>, no transfer of any Partnership Interests shall be made if such transfer would (i)&nbsp;violate the then applicable federal or state securities laws or rules and
regulations of the Commission, any state securities commission or any other governmental authority with jurisdiction over such transfer, (ii)&nbsp;terminate the existence or qualification of the Partnership or the Operating Partnership under the
laws of the jurisdiction of its formation, or (iii)&nbsp;cause the Partnership or the Operating Partnership to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for federal income tax purposes (to the extent
not already so treated or taxed). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The General Partner may impose restrictions on the transfer of Partnership Interests if a
subsequent Opinion of Counsel determines that such restrictions are necessary to avoid a significant risk of the Partnership becoming taxable as a corporation or otherwise to be taxed as an entity for federal income tax purposes. The restrictions
may be imposed by making such amendments to this Agreement as the General Partner may determine to be necessary or appropriate to impose such restrictions; <I>provided</I>, <I>however</I>, that any amendment that the General Partner believes, in the
exercise of its reasonable discretion, could result in the delisting or suspension of trading of any class of Limited Partner Interests on the principal National Securities Exchange on which such class of Limited Partner Interests is then traded
must be approved, prior to such amendment being effected, by the holders of at least a majority of the Outstanding Limited Partner Interests of such class. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Nothing contained in this <U>Article</U><U></U><U>&nbsp;IV</U>, or elsewhere in this Agreement, shall preclude the settlement of any
transactions involving Partnership Interests entered into through the facilities of any National Securities Exchange on which such Partnership Interests are listed for trading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) In addition to any other restrictions on transfer set forth in this Agreement, the transfer of the Series D Conversion Common Units and
the Series D Preferred Units shall be subject to the restrictions imposed by <U>Section</U><U></U><U>&nbsp;6.9</U> and <U>Section</U><U></U><U>&nbsp;19.9</U>, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.9 <I>Citizenship Certificates; <FONT STYLE="white-space:nowrap">Non-citizen</FONT> Assignees.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If any Group Member is or becomes subject to any federal, state or local law or regulation that, in the reasonable determination of the
General Partner, creates a substantial risk of cancellation or forfeiture of any property in which the Group Member has an interest based on the nationality, citizenship or other related status of a Limited Partner or Assignee, the General Partner
may request any Limited Partner or Assignee to furnish to the General Partner, within 30 days after receipt of such request, an executed Citizenship Certification or such other information concerning his nationality, citizenship or other related
status (or, if the Limited Partner or Assignee is a nominee holding for the account of another </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-46- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Person, the nationality, citizenship or other related status of such Person) as the General Partner may request. If a Limited Partner or Assignee fails to furnish to the General Partner within
the aforementioned <FONT STYLE="white-space:nowrap">30-day</FONT> period such Citizenship Certification or other requested information or if upon receipt of such Citizenship Certification or other requested information the General Partner
determines, with the advice of counsel, that a Limited Partner or Assignee is not an Eligible Citizen, the Partnership Interests owned by such Limited Partner or Assignee shall be subject to redemption in accordance with the provisions of
<U>Section</U><U></U><U>&nbsp;4.10</U>. In addition, the General Partner may require that the status of any such Partner or Assignee be changed to that of a <FONT STYLE="white-space:nowrap">Non-citizen</FONT> Assignee and, thereupon, the General
Partner shall be substituted for such <FONT STYLE="white-space:nowrap">Non-citizen</FONT> Assignee as the Limited Partner in respect of his Limited Partner Interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The General Partner shall, in exercising voting rights in respect of Limited Partner Interests held by it on behalf of <FONT
STYLE="white-space:nowrap">Non-citizen</FONT> Assignees, distribute the votes in the same ratios as the votes of Partners (including without limitation the General Partner) in respect of Limited Partner Interests other than those of <FONT
STYLE="white-space:nowrap">Non-citizen</FONT> Assignees are cast, either for, against or abstaining as to the matter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Upon
dissolution of the Partnership, a <FONT STYLE="white-space:nowrap">Non-citizen</FONT> Assignee shall have no right to receive a distribution in kind pursuant to <U>Section</U><U></U><U>&nbsp;12.4</U> but shall be entitled to the cash equivalent
thereof, and the Partnership shall provide cash in exchange for an assignment of the <FONT STYLE="white-space:nowrap">Non-citizen</FONT> Assignee&#146;s share of the distribution in kind. Such payment and assignment shall be treated for Partnership
purposes as a purchase by the Partnership from the <FONT STYLE="white-space:nowrap">Non-citizen</FONT> Assignee of his Limited Partner Interest (representing his right to receive his share of such distribution in kind). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) At any time after he can and does certify that he has become an Eligible Citizen, a <FONT STYLE="white-space:nowrap">Non-citizen</FONT>
Assignee may, upon application to the General Partner, request admission as a Substituted Limited Partner with respect to any Limited Partner Interests of such <FONT STYLE="white-space:nowrap">Non-citizen</FONT> Assignee not redeemed pursuant to
<U>Section</U><U></U><U>&nbsp;4.10</U>, and upon his admission pursuant to <U>Section</U><U></U><U>&nbsp;10.2</U>, the General Partner shall cease to be deemed to be the Limited Partner in respect of the
<FONT STYLE="white-space:nowrap">Non-citizen</FONT> Assignee&#146;s Limited Partner Interests. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.10 <I>Redemption of Partnership Interests
of <FONT STYLE="white-space:nowrap">Non-citizen</FONT> Assignees.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If at any time a Limited Partner or Assignee fails to furnish a
Citizenship Certification or other information requested within the 30-day period specified in <U>Section</U><U></U><U>&nbsp;4.9(a)</U>, or if upon receipt of such Citizenship Certification or other information the General Partner determines, with
the advice of counsel, that a Limited Partner or Assignee is not an Eligible Citizen, the Partnership may, unless the Limited Partner or Assignee establishes to the satisfaction of the General Partner that such Limited Partner or Assignee is an
Eligible Citizen or has transferred his Partnership Interests to a Person who is an Eligible Citizen and who furnishes a Citizenship Certification to the General Partner prior to the date fixed for redemption as provided below, redeem the
Partnership Interest of such Limited Partner or Assignee as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The General Partner shall, not later than the
30th day before the date fixed for redemption, give notice of redemption to the Limited Partner or Assignee, at his last address designated on the records of the Partnership or the Transfer Agent, by
</P>
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registered or certified mail, postage prepaid. The notice shall be deemed to have been given when so mailed. The notice shall specify the Redeemable Interests, the date fixed for redemption, the
place of payment, that payment of the redemption price will be made upon surrender of the Certificate evidencing the Redeemable Interests and that on and after the date fixed for redemption no further allocations or distributions to which the
Limited Partner or Assignee would otherwise be entitled in respect of the Redeemable Interests will accrue or be made. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The aggregate redemption price for Redeemable Interests shall be an amount equal to the Current Market Price (the date of
determination of which shall be the date fixed for redemption) of Limited Partner Interests of the class to be so redeemed multiplied by the number of Limited Partner Interests of each such class included among the Redeemable Interests. The
redemption price shall be paid, in the discretion of the General Partner, in cash or by delivery of a promissory note of the Partnership in the principal amount of the redemption price, bearing interest at the rate of 10% annually and payable in
three equal annual installments of principal together with accrued interest, commencing one year after the redemption date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Upon surrender by or on behalf of the Limited Partner or Assignee, at the place specified in the notice of redemption, of
the Certificate evidencing the Redeemable Interests, duly endorsed in blank or accompanied by an assignment duly executed in blank, the Limited Partner or Assignee or his duly authorized representative shall be entitled to receive the payment
therefor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) After the redemption date, Redeemable Interests shall no longer constitute issued and Outstanding Limited
Partner Interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The provisions of this <U>Section</U><U></U><U>&nbsp;4.10</U> shall also be applicable to Limited Partner
Interests held by a Limited Partner or Assignee as nominee of a Person determined to be other than an Eligible Citizen. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Nothing in
this <U>Section</U><U></U><U>&nbsp;4.10</U> shall prevent the recipient of a notice of redemption from transferring his Limited Partner Interest before the redemption date if such transfer is otherwise permitted under this Agreement. Upon receipt of
notice of such a transfer, the General Partner shall withdraw the notice of redemption, <I>provided</I> the transferee of such Limited Partner Interest certifies to the satisfaction of the General Partner in a Citizenship Certification delivered in
connection with the Transfer Application that he is an Eligible Citizen. If the transferee fails to make such certification, such redemption shall be effected from the transferee on the original redemption date. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;V </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CAPITAL
CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.1 <I>Contributions by the General Partner and its Affiliates.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The General Partner has contributed to the Partnership the cash or other property (if any) as set forth in the books and records of the
Partnership. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-48- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Upon the issuance of any additional Limited Partner Interests by the Partnership, the General
Partner shall be required to make additional Capital Contributions equal to 2/98th of any amount contributed to the Partnership by the Limited Partners in exchange for such additional Limited Partner Interests. Except as set forth in the immediately
preceding sentence and <U>Article</U><U></U><U>&nbsp;XII</U>, the General Partner shall not be obligated to make any additional Capital Contributions to the Partnership. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.2 <I>Contributions by Limited Partners</I><I>.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Limited Partner has contributed to the Partnership the cash or other property (if any) as set forth in the books and records of the
Partnership. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.3 <I>Interest and Withdrawal.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No interest shall be paid by the Partnership on Capital Contributions. No Partner or Assignee shall be entitled to the withdrawal or return of
its Capital Contribution, except to the extent, if any, that distributions made pursuant to this Agreement or upon dissolution of the Partnership may be considered as such by law and then only to the extent provided for in this Agreement. Except to
the extent expressly provided in this Agreement, no Partner or Assignee shall have priority over any other Partner or Assignee either as to the return of Capital Contributions or as to profits, losses or distributions. Any such return shall be a
compromise to which all Partners and Assignees agree within the meaning of Section&nbsp;17-502(b) of the Delaware Act. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.4 <I>Capital
Accounts.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Partnership shall maintain for each Partner (or a beneficial owner of Partnership Interests held by a nominee in any
case in which the nominee has furnished the identity of such owner to the Partnership in accordance with Section&nbsp;6031(c) of the Code or any other method acceptable to the General Partner in its sole discretion) owning a Partnership Interest a
separate Capital Account with respect to such Partnership Interest in accordance with the rules of Treasury Regulation Section&nbsp;1.704-1(b)(2)(iv). The initial Capital Account attributable to a Preferred Unit shall be the Stated Liquidation
Preference for such Preferred Unit, irrespective of the amount paid by such holder for such Preferred Unit. Capital Accounts shall be increased by (i)&nbsp;the amount of all Capital Contributions made to the Partnership with respect to such
Partnership Interest (other than a Preferred Unit) pursuant to this Agreement and (ii)&nbsp;all items of Partnership income and gain (including, without limitation, income and gain exempt from tax) computed in accordance with
<U>Section</U><U></U><U>&nbsp;5.4(b)</U> and allocated with respect to such Partnership Interest pursuant to <U>Section</U><U></U><U>&nbsp;6.1</U>, and decreased by (x)&nbsp;the amount of cash or Net Agreed Value of all actual and deemed
distributions of cash or property made with respect to such Partnership Interest pursuant to this Agreement; <I>provided</I> that the Capital Account of a holder of Series&nbsp;A Preferred Units shall not be reduced by the amount of Series&nbsp;A
Distributions it receives, the Capital Account of a holder of Series&nbsp;B Preferred Units shall not be reduced by the amount of Series&nbsp;B Distributions it receives, the Capital Account of a holder of Series&nbsp;C Preferred Units shall not be
reduced by the amount of Series&nbsp;C Distributions it receives and the Capital Account of a holder of Series&nbsp;D Preferred Units shall not be reduced by the amount of Series&nbsp;D Distributions it receives and (y)&nbsp;all items of Partnership
deduction and loss computed in accordance with <U>Section</U><U></U><U>&nbsp;5.4(b)</U> and allocated with respect to such Partnership Interest pursuant to <U>Section</U><U></U><U>&nbsp;6.1</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) For purposes of computing the amount of any item of income, gain, loss or deduction which is
to be allocated pursuant to <U>Article</U><U></U><U>&nbsp;VI</U> and is to be reflected in the Partners&#146; Capital Accounts, the determination, recognition and classification of any such item shall be the same as its determination, recognition
and classification for federal income tax purposes (including, without limitation, any method of depreciation, cost recovery or amortization used for that purpose), <I>provided</I>, that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Solely for purposes of this <U>Section</U><U></U><U>&nbsp;5.4</U>, the Partnership shall be treated as owning directly its
proportionate share (as determined by the General Partner based upon the provisions of the Operating Partnership Agreement) of all property owned by the Operating Partnership or any other Subsidiary that is classified as a partnership for federal
income tax purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) All fees and other expenses incurred by the Partnership to promote the sale of (or to sell) a
Partnership Interest that can neither be deducted nor amortized under Section&nbsp;709 of the Code, if any, shall, for purposes of Capital Account maintenance, be treated as an item of deduction at the time such fees and other expenses are incurred
and shall be allocated among the Partners pursuant to <U>Section</U><U></U><U>&nbsp;6.1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Except as otherwise
provided in this Agreement or Treasury Regulation Section&nbsp;1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss and deduction shall be made without regard to any election under Section&nbsp;754 of the Code which may be made
by the Partnership and, as to those items described in Section&nbsp;705(a)(1)(B) or 705(a)(2)(B) of the Code, without regard to the fact that such items are not includable in gross income or are neither currently deductible nor capitalized for
federal income tax purposes. To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section&nbsp;734(b) or 743(b) of the Code is required, pursuant to Treasury Regulation Section&nbsp;1.704-1(b)(2)(iv)(m), to be
taken into account in determining Capital Accounts, the amount of such adjustment in the Capital Accounts shall be treated as an item of gain or loss. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Any income, gain or loss attributable to the taxable disposition of any Partnership property shall be determined as if the
adjusted basis of such property as of such date of disposition were equal in amount to the Partnership&#146;s Carrying Value with respect to such property as of such date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) In accordance with the requirements of Section&nbsp;704(b) of the Code, any deductions for depreciation, cost recovery or
amortization attributable to any Contributed Property shall be determined as if the adjusted basis of such property on the date it was acquired by the Partnership were equal to the Agreed Value of such property. Upon an adjustment pursuant to
<U>Section</U><U></U><U>&nbsp;5.4(d)</U> to the Carrying Value of any Partnership property subject to depreciation, cost recovery or amortization, any further deductions for such depreciation, cost recovery or amortization attributable to such
property shall be determined (A)&nbsp;as if the adjusted basis of such property were equal to the Carrying Value </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
of such property immediately following such adjustment and (B)&nbsp;using a rate of depreciation, cost recovery or amortization derived from the same method and useful life (or, if applicable,
the remaining useful life) as is applied for federal income tax purposes; <I>provided</I>, <I>however</I>, that, if the asset has a zero adjusted basis for federal income tax purposes, depreciation, cost recovery or amortization deductions shall be
determined using any reasonable method that the General Partner may adopt. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) If the Partnership&#146;s adjusted basis
in a depreciable or cost recovery property is reduced for federal income tax purposes pursuant to Section&nbsp;48(q)(1) or 48(q)(3) of the Code, the amount of such reduction shall, solely for purposes hereof, be deemed to be an additional
depreciation or cost recovery deduction in the year such property is placed in service and shall be allocated among the Partners pursuant to <U>Section</U><U></U><U>&nbsp;6.1</U>. Any restoration of such basis pursuant to Section&nbsp;48(q)(2) of
the Code shall, to the extent possible, be allocated in the same manner to the Partners to whom such deemed deduction was allocated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
A transferee of a Partnership Interest shall succeed to a Pro Rata portion of the Capital Account of the transferor relating to the Partnership Interest so transferred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) (i) In accordance with Treasury Regulation Section&nbsp;1.704-1(b)(2)(iv)(f), on an issuance of additional Partnership Interests for cash
or Contributed Property, the issuance of Partnership Interests as consideration for the provision of services or the conversion of the General Partner&#146;s Combined Interest to Common Units pursuant to <U>Section</U><U></U><U>&nbsp;11.3(b)</U> or
the issuance of a Noncompensatory Option (including the conversion of a Series&nbsp;A Preferred Unit in accordance with <U>Section</U><U></U><U>&nbsp;16.11</U>, including the conversion of a Series&nbsp;B Preferred Unit in accordance with
<U>Section</U><U></U><U>&nbsp;17.11</U>, including the conversion of a Series&nbsp;C Preferred Unit in accordance with <U>Section</U><U></U><U>&nbsp;18.11</U> and including the conversion of a Series&nbsp;D Preferred Unit in accordance with
<U>Section</U><U></U><U>&nbsp;19.6</U> or <U>Section</U><U></U><U>&nbsp;19.7</U>), the Capital Accounts of all Partners and the Carrying Value of each Partnership property immediately prior to such issuance shall be adjusted upward or downward to
reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership property, as if such Unrealized Gain or Unrealized Loss had been recognized on an actual sale of each such property immediately prior to such issuance for an amount
equal to its fair market value and had been allocated to the Partners at such time pursuant to <U>Section</U><U></U><U>&nbsp;6.1(c)</U> in the same manner as any item of gain or loss actually recognized following an event giving rise to the
dissolution of the Partnership would have been allocated; <I>provided, however</I>, that in the event of the issuance of a Partnership Interest pursuant to the exercise of a Noncompensatory Option where the right to share in Partnership capital
represented by such Partnership Interest differs from the consideration paid to acquire and exercise such option, the Carrying Value of each Partnership property immediately after the issuance of such Partnership Interest shall be adjusted upward or
downward to reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership property and the Capital Accounts of the Partners shall be adjusted in a manner consistent with Treasury Regulation
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(s);</FONT> <I>provided further, however</I>, that in the event of an issuance of Partnership Interests for a de minimis amount of cash or Contributed Property, in the event of an
issuance of a Noncompensatory Option to acquire a de minimis Partnership Interest, or in the event of an issuance of a de minimis amount of Partnership Interests as consideration for the provision of services, the General Partner may determine that
such adjustments are unnecessary for the proper administration of the Partnership. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
If, upon the occurrence of a Revaluation Event described in this <U>Section</U><U></U><U>&nbsp;5.4(d)</U>, a Noncompensatory Option of the Partnership is outstanding, the Partnership shall adjust
the Carrying Value of each Partnership property in accordance with Treasury Regulation <FONT STYLE="white-space:nowrap">Sections&nbsp;1.704-1(b)(2)(iv)(f)(1)</FONT> and <FONT STYLE="white-space:nowrap">1.704-1(b)(2)(iv)(h)(2).</FONT> In determining
such Unrealized Gain or Unrealized Loss, the aggregate cash amount and fair market value of all Partnership assets (including, without limitation, cash or cash equivalents) immediately prior to the issuance of additional Partnership Interests (or,
in the case of a Revaluation Event resulting from the exercise of a Noncompensatory Option, immediately after the issuance of the Partnership Interest acquired pursuant to the exercise of such Noncompensatory Option if required pursuant to Treasury
Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(s)(1))</FONT> shall be determined by the General Partner using such reasonable method of valuation as it may adopt; <I>provided, however,</I> that the General Partner, in
arriving at such valuation, must take fully into account the fair market value of the Partnership Interests of all Partners at such time. The General Partner shall allocate such aggregate value among the assets of the Partnership (in such manner as
it determines in its discretion to be reasonable) to arrive at a fair market value for individual properties. The General Partner may determine that it is appropriate to first determine an aggregate value for the Partnership, derived from the
current trading price of the Common Units, and taking fully into account the fair market value of the Partnership Interests of all Partners at such time and make any adjustments necessary to reflect the difference, if any, between the fair market
value of any Preferred Units and the aggregate Capital Accounts attributable to such Preferred Units to the extent of any Unrealized Gain or Unrealized Loss that has not been reflected in the Partners&#146; Capital Accounts previously, consistent
with the methodology of Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(h)(2),</FONT> and then allocate such aggregate value among the individual properties of the Partnership (in such manner as it determines
appropriate). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) In accordance with Treasury Regulation Section&nbsp;1.704-1(b)(2)(iv)(f), immediately prior to any
actual or deemed distribution to a Partner of any Partnership property (other than a distribution of cash that is not in redemption or retirement of a Partnership Interest), the Capital Accounts of all Partners and the Carrying Value of all
Partnership property shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership property, as if such Unrealized Gain or Unrealized Loss had been recognized on an actual sale of each such
property immediately prior to such distribution for an amount equal to its fair market value, and had been allocated to the Partners, at such time, pursuant to <U>Section</U><U></U><U>&nbsp;6.1(c)</U> in the same manner as any item of gain or loss
actually recognized following an event giving rise to the dissolution of the Partnership would have been allocated. In determining such Unrealized Gain or Unrealized Loss the aggregate cash amount and fair market value of all Partnership assets
(including, without limitation, cash or cash equivalents) immediately prior to a distribution shall (A)&nbsp;in the case of an actual distribution which is not made pursuant to <U>Section</U><U></U><U>&nbsp;12.4</U> or in the case of a deemed
distribution, be determined and allocated in the same manner as that provided in <U>Section</U><U></U><U>&nbsp;5.4(d)(i)</U> or (B)&nbsp;in the case of a liquidating distribution pursuant to <U>Section</U><U></U><U>&nbsp;12.4</U>, be determined and
allocated by the Liquidator using such reasonable method of valuation as it may adopt. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.5 <I>Issuances of Additional Partnership Securities.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Subject to <U>Section</U><U></U><U>&nbsp;5.6</U> and subject to any approvals required by Series&nbsp;A Holders pursuant to
<U>Section</U><U></U><U>&nbsp;16.4(b)</U> and <U>Section</U><U></U><U>&nbsp;16.4(c)</U>, any approvals required by Series&nbsp;B Holders pursuant to <U>Section</U><U></U><U>&nbsp;17.4(b)</U> and <U>Section</U><U></U><U>&nbsp;17.4(c)</U>, any
approvals required by Series&nbsp;C Holders pursuant to <U>Section</U><U></U><U>&nbsp;18.4(b)</U> and <U>Section</U><U></U><U>&nbsp;18.4(c)</U> and any approvals required by Series D Preferred Unitholders pursuant to
<U>Section</U><U></U><U>&nbsp;19.4</U>, the Partnership may issue additional Partnership Securities and options, rights, warrants and appreciation rights relating to the Partnership Securities for any Partnership purpose at any time and from time to
time to such Persons for such consideration and on such terms and conditions as shall be established by the General Partner in its sole discretion, all without the approval of any Limited Partners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each additional Partnership Security authorized to be issued by the Partnership pursuant to <U>Section</U><U></U><U>&nbsp;5.5(a)</U> may
be issued in one or more classes, or one or more series of any such classes, with such designations, preferences, rights, powers and duties (which may be senior to existing classes and series of Partnership Securities), as shall be fixed by the
General Partner in the exercise of its sole discretion, including (i)&nbsp;the right to share Partnership profits and losses or items thereof; (ii)&nbsp;the right to share in Partnership distributions; (iii)&nbsp;the rights upon dissolution and
liquidation of the Partnership; (iv)&nbsp;whether, and the terms and conditions upon which, the Partnership may redeem the Partnership Security; (v)&nbsp;whether such Partnership Security is issued with the privilege of conversion or exchange and,
if so, the terms and conditions of such conversion or exchange; (vi)&nbsp;the terms and conditions upon which each Partnership Security will be issued, evidenced by certificates and assigned or transferred; and (vii)&nbsp;the right, if any, of each
such Partnership Security to vote on Partnership matters, including matters relating to the relative rights, preferences and privileges of such Partnership Security. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The General Partner is hereby authorized and directed to take all actions that it deems necessary or appropriate in connection with
(i)&nbsp;each issuance of Partnership Securities and options, rights, warrants and appreciation rights relating to Partnership Securities pursuant to this <U>Section</U><U></U><U>&nbsp;5.5</U>, (ii) the conversion of the General Partner Interest,
Incentive Distribution Rights and Preferred Units into Units pursuant to the terms of this Agreement, (iii)&nbsp;the admission of Additional Limited Partners and (iv)&nbsp;all additional issuances of Partnership Securities. The General Partner is
further authorized and directed to specify the relative rights, powers and duties of the holders of the Units or other Partnership Securities being so issued. The General Partner shall do all things necessary to comply with the Delaware Act and is
authorized and directed to do all things it deems to be necessary or advisable in connection with any future issuance of Partnership Securities or in connection with the conversion of the General Partner Interest, Incentive Distribution Rights and
Preferred Units into Units pursuant to the terms of this Agreement, including compliance with any statute, rule, regulation or guideline of any federal, state or other governmental agency or any National Securities Exchange on which the Units or
other Partnership Securities are listed for trading. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.6 <I>No Fractional Units.</I> No fractional Units shall be issued by the Partnership. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.7 <I>Limited Preemptive Right.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as provided in this <U>Section</U><U></U><U>&nbsp;5.7</U> and in <U>Section</U><U></U><U>&nbsp;5.1</U>, no Person shall have any
preemptive, preferential or other similar right with respect to the issuance of any Partnership Security, whether unissued, held in the treasury or hereafter created. The General Partner shall have the right, which it may from time to time assign in
whole or in part to any of its Affiliates, to purchase Partnership Securities from the Partnership whenever, and on the same terms that, the Partnership issues Partnership Securities to Persons other than the General Partner and its Affiliates, to
the extent necessary to maintain the Percentage Interests of the General Partner and its Affiliates equal to that which existed immediately prior to the issuance of such Partnership Securities. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.8 <I>Splits and Combinations.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Subject to <U>Sections 5.8(d)</U>, <U>6.6</U> and <U>6.10</U> (dealing with adjustments of distribution levels), the Partnership may make a
Pro Rata distribution of Partnership Securities (other than Preferred Units) to all Record Holders or may effect a subdivision or combination of Partnership Securities so long as, after any such event, each Partner shall have the same Percentage
Interest in the Partnership as before such event, and any amounts calculated on a per unit basis (including those based on the Stated Liquidation Preference) or stated as a number of Partnership Securities (including the number of additional Parity
Units that may be issued pursuant to <U>Section</U><U></U><U>&nbsp;5.5</U> without a Limited Partner vote) are proportionately adjusted retroactive to the beginning of the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Whenever such a distribution, subdivision or combination of Partnership Securities is declared, the General Partner shall select a Record
Date as of which the distribution, subdivision or combination shall be effective and shall send notice thereof at least 20 days prior to such Record Date to each Record Holder as of a date not less than 10 days prior to the date of such notice. The
General Partner also may cause a firm of independent public accountants selected by it to calculate the number of Partnership Securities to be held by each Record Holder after giving effect to such distribution, subdivision or combination. The
General Partner shall be entitled to rely on any certificate provided by such firm as conclusive evidence of the accuracy of such calculation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Promptly following any such distribution, subdivision or combination, the Partnership may issue Certificates to the Record Holders of
Partnership Securities as of the applicable Record Date representing the new number of Partnership Securities held by such Record Holders, or the General Partner may adopt such other procedures as it may deem appropriate to reflect such changes. If
any such combination results in a smaller total number of Partnership Securities Outstanding, the Partnership shall require, as a condition to the delivery to a Record Holder of such new Certificate, the surrender of any Certificate held by such
Record Holder immediately prior to such Record Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Partnership shall not issue fractional Partnership Securities upon any distribution,
subdivision, combination, or conversion of any such Partnership Security. Except as provided in Article&nbsp;XIX, if a distribution, subdivision, combination or conversion of a Partnership Security would result in the issuance of fractional
Partnership Securities but for the provisions of this <U>Section</U><U></U><U>&nbsp;5.8(d)</U>, each fractional Partnership Security shall be rounded to the nearest whole Partnership Security (and a 0.5 Partnership Security shall be rounded to the
next higher Partnership Security). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.9 <I>Fully Paid and <FONT STYLE="white-space:nowrap">Non-Assessable</FONT> Nature of Limited Partner
Interests.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All Limited Partner Interests issued pursuant to, and in accordance with the requirements of, this
<U>Article</U><U></U><U>&nbsp;V</U>, <U>Article</U><U></U><U>&nbsp;XVI</U>, <U>Article</U><U></U><U>&nbsp;XVII</U>, <U>Article</U><U></U><U>&nbsp;XVIII</U> or <U>Article</U><U></U><U>&nbsp;XIX</U> shall be fully paid and <FONT
STYLE="white-space:nowrap">non-assessable</FONT> Limited Partner Interests in the Partnership, except as such <FONT STYLE="white-space:nowrap">non-assessability</FONT> may be affected by Sections <FONT STYLE="white-space:nowrap">17-303(a),</FONT>
17-607 and <FONT STYLE="white-space:nowrap">17-804</FONT> of the Delaware Act. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;VI </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ALLOCATIONS AND DISTRIBUTIONS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.1
<I>Allocations for Capital Account Purposes.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of maintaining the Capital Accounts and in determining the rights of the
Partners among themselves, the Partnership&#146;s items of income, gain, loss and deduction (computed in accordance with <U>Section</U><U></U><U>&nbsp;5.4(b)</U>) shall be allocated among the Partners in each taxable year (or portion thereof) as
provided herein below. For purposes of making allocations under this <U>Section</U><U></U><U>&nbsp;6.1</U>, a Person shall be considered as the holder solely of the class of Partnership Interests to which such allocation relates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <I>Net Income</I>. After giving effect to the special allocations set forth in <U>Section</U><U></U><U>&nbsp;6.1(d)</U>, Net Income for
each taxable year and all items of income, gain, loss and deduction taken into account in computing Net Income for such taxable year shall be allocated as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) First, 100% to the General Partner in an amount equal to the aggregate Net Losses allocated to the General Partner pursuant
to <U>Section</U><U></U><U>&nbsp;6.1(b)(iv)</U> for all previous taxable years until the aggregate Net Income allocated to the General Partner pursuant to this <U>Section</U><U></U><U>&nbsp;6.1(a)(i)</U> for the current taxable year and all previous
taxable years is equal to the aggregate Net Losses allocated to the General Partner pursuant to <U>Section</U><U></U><U>&nbsp;6.1(b)(iv)</U> for all previous taxable years; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Second, to all Preferred Holders, in proportion to, and to the extent of the Net Loss allocated to such Preferred Holders
pursuant to <U>Section</U><U></U><U>&nbsp;6.1(b)(iii)</U> for all previous taxable periods, until the aggregate amount of Net Income allocated to such Preferred Holders pursuant to this <U>Section</U><U></U><U>&nbsp;6.1(a)(ii)</U> for the current
and all previous taxable periods is equal to the aggregate amount of Net Loss allocated to such Preferred Holders pursuant to <U>Section</U><U></U><U>&nbsp;6.1(b)(iii)</U> for all previous taxable periods; <I>provided</I> that in no event shall Net
Income be allocated to any such Preferred Holder to cause its Capital Account in respect of a Preferred Unit to exceed the Stated Liquidation Preference for such Preferred Unit; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Third, 2% to the General Partner in an amount equal to the aggregate Net
Losses allocated to the General Partner pursuant to <U>Section</U><U></U><U>&nbsp;6.1(b)(ii)</U> for all previous taxable years and 98% to the Unitholders, until the aggregate Net Income allocated to such Partners pursuant to this
<U>Section</U><U></U><U>&nbsp;6.1(a)(iii)</U> for the current taxable year and all previous taxable years is equal to the aggregate Net Losses allocated to such Partners pursuant to <U>Section</U><U></U><U>&nbsp;6.1(b)(ii)</U> for all previous
taxable years; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Fourth, the balance, if any, 2% to the General Partner and 98% to the Unitholders in accordance
with their respective Percentage Interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <I>Net Losses</I>. After giving effect to the special allocations set forth in
<U>Section</U><U></U><U>&nbsp;6.1(d)</U>, Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) First, 2% to the General Partner and 98% to the Unitholders, Pro Rata, until the aggregate Net Losses allocated pursuant to
this <U>Section</U><U></U><U>&nbsp;6.1(b)(i)</U> for the current taxable year and all previous taxable years is equal to the aggregate Net Income allocated to such Partners pursuant to <U>Section</U><U></U><U>&nbsp;6.1(a)(iv)</U> for all previous
taxable years, <I>provided</I> that the Net Losses shall not be allocated pursuant to this <U>Section</U><U></U><U>&nbsp;6.1(b)(i)</U> to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital
Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)
Second, 2% to the General Partner and 98% to the Unitholders, Pro Rata; <I>provided</I>, that Net Losses shall not be allocated pursuant to this <U>Section</U><U></U><U>&nbsp;6.1(b)(ii)</U> to the extent that such allocation would cause any
Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Third, to all Preferred Holders, Pro Rata, in proportion to the Stated Liquidation Preferences, until the Adjusted
Capital Account in respect of each Preferred Unit then Outstanding has been reduced to zero; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Fourth, the balance,
if any, 100% to the General Partner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <I>Net Termination Gains and Losses</I>. After giving effect to the special allocations set
forth in <U>Section</U><U></U><U>&nbsp;6.1(d)</U>, all items of income, gain, loss and deduction taken into account in computing Net Termination Gain or Net Termination Loss for such taxable period shall be allocated in the same manner as such Net
Termination Gain or Net Termination Loss is allocated hereunder. All allocations under this <U>Section</U><U></U><U>&nbsp;6.1(c)</U> shall be made after Capital Account balances have been adjusted by all other allocations provided under this
<U>Section</U><U></U><U>&nbsp;6.1</U> and after all distributions of Available Cash provided under <U>Sections 6.4</U> and <U>6.5</U> have been made; <I>provided</I>, <I>however</I>, that solely for purposes of this
<U>Section</U><U></U><U>&nbsp;6.1(c)</U>, Capital Accounts shall not be adjusted for distributions made pursuant to <U>Section</U><U></U><U>&nbsp;12.4</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-56- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) If a Net Termination Gain is recognized (or deemed recognized pursuant to
<U>Section</U><U></U><U>&nbsp;5.4(d)</U>), such Net Termination Gain shall be allocated among the General Partner and the Limited Partners in the following manner (and the Capital Accounts of the Partners shall be increased by the amount so
allocated in each of the following subclauses, in the order listed, before an allocation is made pursuant to the next succeeding subclause): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) First, to each Partner having a deficit balance in its Capital Account, in the proportion that such deficit balance bears
to the total deficit balances in the Capital Accounts of all Partners, until each such Partner has been allocated Net Termination Gain equal to any such deficit balance in its Capital Account; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) Second, 98% to all Unitholders holding Common Units, Pro Rata, and 2% to the General Partner until the Capital Account in
respect of each Common Unit then Outstanding is equal to the sum of (1)&nbsp;its Unrecovered Capital plus (2)&nbsp;the Minimum Quarterly Distribution for the Quarter during which the Liquidation Date occurs, reduced by any distribution pursuant to
<U>Section</U><U></U><U>&nbsp;6.4(a)(i)</U> with respect to such Common Unit for such Quarter (the amount determined pursuant to this clause (2)&nbsp;is hereinafter defined as the &#147;<I>Unpaid MQD</I>&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) [reserved]; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) Third, 90% to all Unitholders, Pro Rata, 8% to the holders of the Incentive Distribution Rights, Pro Rata, and 2% to the
General Partner until the Capital Account in respect of each Common Unit then Outstanding is equal to the sum of (1)&nbsp;its Unrecovered Capital, plus (2)&nbsp;the Unpaid MQD, plus (3)&nbsp;the excess of (aa) the First Target Distribution less the
Minimum Quarterly Distribution for each Quarter of the Partnership&#146;s existence over (bb) the cumulative per Unit amount of any distributions of Operating Surplus that was distributed pursuant to <U>Section</U><U></U><U>&nbsp;6.4(a)(ii)</U> (the
sum of (1)&nbsp;plus (2) plus (3)&nbsp;is hereinafter defined as the &#147;<I>First Liquidation Target Amount</I>&#148;); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) Finally, any remaining amount 75% to all Unitholders, Pro Rata, 23% to the holders of the Incentive Distribution Rights,
Pro Rata, and 2% to the General Partner. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If a Net Termination Loss is recognized (or deemed recognized pursuant to
<U>Section</U><U></U><U>&nbsp;5.4(d)</U>), such Net Termination Loss shall be allocated among the Partners in the following manner: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) [reserved]; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) First, 98% to all Unitholders holding Common Units, Pro Rata, and 2% to the General Partner until the Adjusted Capital
Account in respect of each Common Unit then Outstanding has been reduced to zero; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-57- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) Second, to all Preferred Holders, Pro Rata, in proportion to the Stated
Liquidation Preferences, until the Adjusted Capital Account in respect of each Preferred Unit then Outstanding has been reduced to zero; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) Third, the balance, if any, 100% to the General Partner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <I>Special Allocations</I>. Notwithstanding any other provision of this <U>Section</U><U></U><U>&nbsp;6.1</U>, the following special
allocations shall be made for such taxable period: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Partnership Minimum Gain Chargeback</I>. Notwithstanding any
other provision of this <U>Section</U><U></U><U>&nbsp;6.1</U>, if there is a net decrease in Partnership Minimum Gain during any Partnership taxable period, each Partner shall be allocated items of Partnership income and gain for such period (and,
if necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(f)(6), 1.704-2(g)(2) and 1.704-2(j)(2)(i), or any successor provision. For purposes of this <U>Section</U><U></U><U>&nbsp;6.1(d)</U>, each
Partner&#146;s Adjusted Capital Account balance shall be determined, and the allocation of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this
<U>Section</U><U></U><U>&nbsp;6.1(d)</U> with respect to such taxable period (other than an allocation pursuant to <U>Sections 6.1(d)(vi)</U> and <U>6.1(d)(vii)</U>). This <U>Section</U><U></U><U>&nbsp;6.1(d)(i)</U> is intended to comply with the
Partnership Minimum Gain chargeback requirement in Treasury Regulation Section&nbsp;1.704-2(f) and shall be interpreted consistently therewith. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Chargeback of Partner Nonrecourse Debt Minimum Gain</I>. Notwithstanding the other provisions of this
<U>Section</U><U></U><U>&nbsp;6.1</U> (other than <U>Section</U><U></U><U>&nbsp;6.1(d)(i)</U>), except as provided in Treasury Regulation Section&nbsp;1.704-2(i)(4), if there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any
Partnership taxable period, any Partner with a share of Partner Nonrecourse Debt Minimum Gain at the beginning of such taxable period shall be allocated items of Partnership income and gain for such period (and, if necessary, subsequent periods) in
the manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii), or any successor provisions. For purposes of this <U>Section</U><U></U><U>&nbsp;6.1(d)</U>, each Partner&#146;s Adjusted Capital Account balance
shall be determined, and the allocation of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this <U>Section</U><U></U><U>&nbsp;6.1(d)</U>, other than
<U>Section</U><U></U><U>&nbsp;6.1(d)(i)</U> and other than an allocation pursuant to <U>Sections</U><U></U><U>&nbsp;6.1(d)(vi)</U> and <U>6.1(d)(vii)</U>, with respect to such taxable period. This <U>Section</U><U></U><U>&nbsp;6.1(d)(ii)</U> is
intended to comply with the chargeback of items of income and gain requirement in Treasury Regulation Section&nbsp;1.704-2(i)(4) and shall be interpreted consistently therewith. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <U>Priority Allocations</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) If the amount of cash or the Net Agreed Value of any property distributed (except cash or property distributed pursuant to
<U>Section</U><U></U><U>&nbsp;12.4</U>) to any Unitholder with respect to its Units for a taxable year is greater (on a per Unit basis) than the amount of cash or the Net Agreed Value of property distributed to the other Unitholders with respect to
their Units (on a per Unit </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">
basis), then (1)&nbsp;each Unitholder receiving such greater cash or property distribution shall be allocated gross income in an amount equal to the product of (aa) the amount by which the
distribution (on a per Unit basis) to such Unitholder exceeds the distribution (on a per Unit basis) to the Unitholders receiving the smallest distribution and (bb) the number of Units owned by the Unitholder receiving the greater distribution; and
(2)&nbsp;the General Partner shall be allocated gross income in an aggregate amount equal to 2/98th of the sum of the amounts allocated in clause&nbsp;(1) above. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) After the application of <U>Section</U><U></U><U>&nbsp;6.1(d)(iii)(A)</U>, all or any portion of the remaining items of
Partnership gross income or gain for the taxable period, if any, shall be allocated 100% to the holders of Incentive Distribution Rights, Pro Rata, until the aggregate amount of such items allocated to the holders of Incentive Distribution Rights
pursuant to this <U>Section</U><U></U><U>&nbsp;6.1(d)(iii)(B)</U> for the current taxable year and all previous taxable years is equal to the cumulative amount of all Incentive Distributions made to the holders of Incentive Distribution Rights from
the Closing Date to a date 45 days after the end of the current taxable year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <I>Qualified Income Offset</I>. In the
event any Partner unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6), items of Partnership income and gain shall
be specially allocated to such Partner in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations promulgated under Section&nbsp;704(b) of the Code, the deficit balance, if any, in its Adjusted Capital
Account created by such adjustments, allocations or distributions as quickly as possible unless such deficit balance is otherwise eliminated pursuant to <U>Section</U><U></U><U>&nbsp;6.1(d)(i)</U> or <U>(ii)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <I>Gross Income Allocations</I>. In the event any Partner has a deficit balance in its Capital Account at the end of any
Partnership taxable period in excess of the sum of (A)&nbsp;the amount such Partner is required to restore pursuant to the provisions of this Agreement and (B)&nbsp;the amount such Partner is deemed obligated to restore pursuant to Treasury
Regulation Sections 1.704-2(g) and 1.704-2(i)(5), such Partner shall be specially allocated items of Partnership gross income and gain in the amount of such excess as quickly as possible; <I>provided</I>, that an allocation pursuant to this
<U>Section</U><U></U><U>&nbsp;6.1(d)(v)</U> shall be made only if and to the extent that such Partner would have a deficit balance in its Capital Account as adjusted after all other allocations provided for in this
<U>Section</U><U></U><U>&nbsp;6.1</U> have been tentatively made as if this <U>Section</U><U></U><U>&nbsp;6.1(d)(v)</U> were not in this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) <I>Nonrecourse Deductions</I>. Nonrecourse Deductions for any taxable period shall be allocated to the Partners in
accordance with their respective Percentage Interests. If the General Partner determines in its good faith discretion that the Partnership&#146;s Nonrecourse Deductions must be allocated in a different ratio to satisfy the safe harbor requirements
of the Treasury Regulations promulgated under Section&nbsp;704(b) of the Code, the General Partner is authorized, upon notice to the other Partners, to revise the prescribed ratio to the numerically closest ratio that does satisfy such requirements.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) <I>Partner Nonrecourse Deductions</I>. Partner Nonrecourse Deductions for
any taxable period shall be allocated 100% to the Partner that bears the Economic Risk of Loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulation
Section&nbsp;1.704-2(i). If more than one Partner bears the Economic Risk of Loss with respect to a Partner Nonrecourse Debt, such Partner Nonrecourse Deductions attributable thereto shall be allocated between or among such Partners in accordance
with the ratios in which they share such Economic Risk of Loss. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) <I>Nonrecourse Liabilities</I>. For purposes of
Treasury Regulation Section&nbsp;1.752-3(a)(3), the Partners agree that Nonrecourse Liabilities of the Partnership in excess of the sum of (A)&nbsp;the amount of Partnership Minimum Gain and (B)&nbsp;the total amount of Nonrecourse <FONT
STYLE="white-space:nowrap">Built-in</FONT> Gain shall be allocated among the Partners in accordance with their respective Percentage Interests. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) <I>Code </I><I>Section</I><I></I><I>&nbsp;754</I><I> Adjustments</I>. To the extent an adjustment to the adjusted tax
basis of any Partnership asset pursuant to Section&nbsp;734(b) or 743(c) of the Code is required, pursuant to Treasury Regulation Section&nbsp;1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such
adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially allocated to the Partners
in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Treasury Regulations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) <I>Curative Allocation</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) Notwithstanding any other provision of this <U>Section</U><U></U><U>&nbsp;6.1</U>, other than the Required Allocations, the
Required Allocations shall be taken into account in making the Agreed Allocations so that, to the extent possible, the net amount of items of income, gain, loss and deduction allocated to each Partner pursuant to the Required Allocations and the
Agreed Allocations, together, shall be equal to the net amount of such items that would have been allocated to each such Partner under the Agreed Allocations had the Required Allocations and the related Curative Allocation not otherwise been
provided in this <U>Section</U><U></U><U>&nbsp;6.1</U>. Notwithstanding the preceding sentence, Required Allocations relating to (1)&nbsp;Nonrecourse Deductions shall not be taken into account except to the extent that there has been a decrease in
Partnership Minimum Gain and (2)&nbsp;Partner Nonrecourse Deductions shall not be taken into account except to the extent that there has been a decrease in Partner Nonrecourse Debt Minimum Gain. Allocations pursuant to this
<U>Section</U><U></U><U>&nbsp;6.1(d)(x)(A)</U> shall only be made with respect to Required Allocations to the extent the General Partner reasonably determines that such allocations will otherwise be inconsistent with the economic agreement among the
Partners. Further, allocations pursuant to this <U>Section</U><U></U><U>&nbsp;6.1(d)(x)(A)</U> shall be deferred with respect to allocations pursuant to clauses (1)&nbsp;and (2) hereof to the extent the General Partner reasonably determines that
such allocations are likely to be offset by subsequent Required Allocations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) The General Partner shall have reasonable discretion, with respect to each
taxable period, to (1)&nbsp;apply the provisions of <U>Section</U><U></U><U>&nbsp;6.1(d)(x)(A)</U> in whatever order is most likely to minimize the economic distortions that might otherwise result from the Required Allocations, and (2)&nbsp;divide
all allocations pursuant to <U>Section</U><U></U><U>&nbsp;6.1(d)(x)(A)</U> among the Partners in a manner that is likely to minimize such economic distortions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) <I>Corrective and Other Allocations.</I> In the event of any allocation of Additional Book Basis Derivative Items or any
Book-Down Event or any recognition of a Net Termination Loss, the following rules shall apply: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) Except as provided in
<U>Section</U><U></U><U>&nbsp;6.1(d)(xi)(B)</U>, in the case of any allocation of Additional Book Basis Derivative Items (other than an allocation of Unrealized Gain or Unrealized Loss under <U>Section</U><U></U><U>&nbsp;5.4(d)</U> hereof) with
respect to any Partnership property, the General Partner shall allocate such Additional Book Basis Derivative Items (1)&nbsp;to (aa) the holders of Incentive Distribution Rights and (bb) the General Partner in the same manner that the Unrealized
Gain or Unrealized Loss attributable to such property is allocated pursuant to <U>Section</U><U></U><U>&nbsp;5.4(d)(i)</U> or <U>Section</U><U></U><U>&nbsp;5.4(d)(ii)</U> and (2)&nbsp;to all Unitholders, Pro Rata, to the extent that the Unrealized
Gain or Unrealized Loss attributable to such property is allocated to any Unitholders pursuant to <U>Section</U><U></U><U>&nbsp;5.4(d)(i)</U> or <U>Section</U><U></U><U>&nbsp;5.4(d)(ii)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) In the case of any allocation of Additional Book Basis Derivative Items (other than an allocation of Unrealized Gain or
Unrealized Loss under <U>Section</U><U></U><U>&nbsp;5.4(d)</U> hereof or an allocation of Net Termination Gain or Net Termination Loss pursuant to <U>Section</U><U></U><U>&nbsp;6.1(c)</U> hereof) as a result of a sale or other taxable disposition of
any Partnership asset that is an Adjusted Property (&#147;<I>Disposed of Adjusted Property</I>&#148;), the General Partner shall allocate (1)&nbsp;additional items of income and gain (aa) away from the holders of Incentive Distribution Rights and
the General Partner and (bb) to the Unitholders, or (2)&nbsp;additional items of deduction and loss (aa) away from the Unitholders and (bb)&nbsp;to the holders of Incentive Distribution Rights and the General Partner, to the extent that the
Additional Book Basis Derivative Items allocated to the Unitholders exceed their Share of Additional Book Basis Derivative Items with respect to such Disposed of Adjusted Property. For this purpose, the Unitholders shall be treated as being
allocated Additional Book Basis Derivative Items to the extent that such Additional Book Basis Derivative Items have reduced the amount of income that would otherwise have been allocated to the Partners under this Agreement (e.g., Additional Book
Basis Derivative Items taken into account in computing cost of goods sold would reduce the amount of book income otherwise available for allocation among the Partners). Any allocation made pursuant to this
<U>Section</U><U></U><U>&nbsp;6.1(d)(xi)(B)</U> shall be made after all of the other Agreed Allocations have been made as if this <U>Section</U><U></U><U>&nbsp;6.1(d)(xi)</U> were not in this Agreement and, to the extent necessary, shall require the
reallocation of items that have been allocated pursuant to such other Agreed Allocations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-61- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) In the case of any negative adjustments to the Capital Accounts of the
Partners resulting from a Book-Down Event or from the recognition of a Net Termination Loss, such negative adjustment (1)&nbsp;shall first be allocated, to the extent of the Aggregate Remaining Net Positive Adjustments, in such a manner, as
reasonably determined by the General Partner, that to the extent possible the aggregate Capital Accounts of the Partners will equal the amount which would have been the Capital Account balance of the Partners if no prior <FONT
STYLE="white-space:nowrap">Book-Up</FONT> Events had occurred, and (2)&nbsp;any negative adjustment in excess of the Aggregate Remaining Net Positive Adjustments shall be allocated pursuant to <U>Section</U><U></U><U>&nbsp;6.1(c)</U> hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) In making the allocations required under this <U>Section</U><U></U><U>&nbsp;6.1(d)(xi)</U>, the General Partner, in its
sole discretion, may apply whatever conventions or other methodology it deems reasonable to satisfy the purpose of this <U>Section</U><U></U><U>&nbsp;6.1(d)(xi)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) <I>Preferred Unit Allocations.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) Income of the Partnership attributable to the issuance by the Partnership of a Preferred Unit for an amount in excess of
the Stated Liquidation Preference for such Preferred Unit shall be allocated to the Partners (other than Preferred Holders) in accordance with their respective Percentage Interests. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) Net Termination Gain, if any, for the taxable period (or, to the extent necessary, items of income and gain for the taxable
period) shall be allocated to each Preferred Holder in proportion to, and to the extent of, an amount equal to the excess, if any, of (x)&nbsp;the Stated Liquidation Preference with respect to such holder&#146;s Preferred Units, over (y)&nbsp;such
holder&#146;s existing Capital Account balance in respect of its Preferred Units, until the Capital Account balance of each such holder in respect of its Preferred Units is equal to the Stated Liquidation Preference in respect of such Preferred
Units. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.2 <I>Allocations for Tax Purposes.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as otherwise provided herein, for federal income tax purposes, each item of income, gain, loss and deduction shall be allocated
among the Partners in the same manner as its correlative item of &#147;<I>book</I>&#148; income, gain, loss or deduction is allocated pursuant to <U>Section</U><U></U><U>&nbsp;6.1</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-62- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In an attempt to eliminate <FONT STYLE="white-space:nowrap">Book-Tax</FONT> Disparities
attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, depreciation, amortization and cost recovery deductions shall be allocated for federal income tax purposes among the Partners as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Partners in the manner
provided under Section&nbsp;704(c) of the Code that takes into account the variation between the Agreed Value of such property and its adjusted basis at the time of contribution; and any item of Residual Gain or Residual Loss attributable to a
Contributed Property shall be allocated among the Partners in the same manner as its correlative item of &#147;<I>book</I>&#148; gain or loss is allocated pursuant to <U>Section</U><U></U><U>&nbsp;6.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) In the case of an Adjusted Property, such items shall (1)&nbsp;first, be allocated among the Partners in a manner
consistent with the principles of Section&nbsp;704(c) of the Code to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to <U>Section</U><U></U><U>&nbsp;5.4(d)(i)</U> or
<U>5.4(d)(ii)</U>, and (2)&nbsp;second, in the event such property was originally a Contributed Property, be allocated among the Partners in a manner consistent with <U>Section</U><U></U><U>&nbsp;6.2(b)(i)(A)</U>; and any item of Residual Gain or
Residual Loss attributable to an Adjusted Property shall be allocated among the Partners in the same manner as its correlative item of &#147;<I>book</I>&#148; gain or loss is allocated pursuant to <U>Section</U><U></U><U>&nbsp;6.1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The General Partner shall apply the principles of Treasury Regulation Section&nbsp;1.704-3(d) to eliminate <FONT
STYLE="white-space:nowrap">Book-Tax</FONT> Disparities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) For the proper administration of the Partnership and for the preservation of
uniformity of the Limited Partner Interests (or any class or classes thereof), the General Partner shall have sole discretion to (i)&nbsp;adopt such conventions as it deems appropriate in determining the amount of depreciation, amortization and cost
recovery deductions; (ii)&nbsp;make special allocations for federal income tax purposes of income (including, without limitation, gross income) or deductions; and (iii)&nbsp;amend the provisions of this Agreement as appropriate (x)&nbsp;to reflect
the proposal or promulgation of Treasury Regulations under Section&nbsp;704(b) or Section&nbsp;704(c) of the Code or (y)&nbsp;otherwise to preserve or achieve uniformity of the Limited Partner Interests (or any class or classes thereof). The General
Partner may adopt such conventions, make such allocations and make such amendments to this Agreement as provided in this <U>Section</U><U></U><U>&nbsp;6.2(c)</U> only if such conventions, allocations or amendments would not have a material adverse
effect on the Partners, the holders of any class or classes of Limited Partner Interests issued and Outstanding or the Partnership, and if such allocations are consistent with the principles of Section&nbsp;704 of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The General Partner in its discretion may determine to depreciate or amortize the portion of an adjustment under Section&nbsp;743(b) of
the Code attributable to unrealized appreciation in any Adjusted Property (to the extent of the unamortized <FONT STYLE="white-space:nowrap">Book-Tax</FONT> Disparity) using a predetermined rate derived from the depreciation or amortization method
and useful life applied to the Partnership&#146;s common basis of such property, despite any inconsistency of such approach with Treasury Regulation Section&nbsp;1.167(c)-l(a)(6), or any successor regulations thereto. If the General Partner
determines that such reporting position cannot reasonably be taken, the General Partner may adopt depreciation and amortization conventions under which all purchasers acquiring Limited Partner Interests in the same month would receive depreciation
and amortization deductions, based upon the same applicable rate as if they had purchased a direct interest in the Partnership&#146;s property. If the General Partner chooses not to utilize such aggregate
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-63- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
method, the General Partner may use any other reasonable depreciation and amortization conventions to preserve the uniformity of the intrinsic tax characteristics of any Limited Partner Interests
that would not have a material adverse effect on the Limited Partners or the Record Holders of any class or classes of Limited Partner Interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Any gain allocated to the Partners upon the sale or other taxable disposition of any Partnership asset shall, to the extent possible,
after taking into account other required allocations of gain pursuant to this <U>Section</U><U></U><U>&nbsp;6.2</U>, be characterized as Recapture Income in the same proportions and to the same extent as such Partners (or their predecessors in
interest) have been allocated any deductions directly or indirectly giving rise to the treatment of such gains as Recapture Income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)
All items of income, gain, loss, deduction and credit recognized by the Partnership for federal income tax purposes and allocated to the Partners in accordance with the provisions hereof shall be determined without regard to any election under
Section&nbsp;754 of the Code which may be made by the Partnership; <I>provided</I>, <I>however</I>, that such allocations, once made, shall be adjusted as necessary or appropriate to take into account those adjustments permitted or required by
Sections 734 and 743 of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Each item of Partnership income, gain, loss and deduction attributable to a transferred Partnership
Interest, shall for federal income tax purposes, be determined on an annual basis and prorated on a monthly basis and shall be allocated to the Partners as of the opening of the New York Stock Exchange on the first Business Day of each month;
<I>provided</I>, <I>however</I>, that (i)&nbsp;such items for the period beginning on the Closing Date and ending on the last day of the month in which the Option Closing Date or the expiration of the Over-allotment Option occurs shall be allocated
to the Partners as of the opening of the New York Stock Exchange on the first Business Day of the next succeeding month; and <I>provided</I>, <I>further</I>, that gain or loss on a sale or other disposition of any assets of the Partnership other
than in the ordinary course of business shall be allocated to the Partners as of the opening of the New York Stock Exchange on the first Business Day of the month in which such gain or loss is recognized for federal income tax purposes. The General
Partner may revise, alter or otherwise modify such methods of allocation as it determines necessary, to the extent permitted or required by Section&nbsp;706 of the Code and the regulations or rulings promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Allocations that would otherwise be made to a Limited Partner under the provisions of this <U>Article</U><U></U><U>&nbsp;VI</U> shall
instead be made to the beneficial owner of Limited Partner Interests held by a nominee in any case in which the nominee has furnished the identity of such owner to the Partnership in accordance with Section&nbsp;6031(c) of the Code or any other
method acceptable to the General Partner in its sole discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) If, as a result of an exercise of a Noncompensatory Option, a
Capital Account reallocation is required under Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(s)(3),</FONT> the General Partner shall make corrective allocations pursuant to Treasury Regulation <FONT
STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(4)(x).</FONT> In the event such corrective allocations are necessary, the holder of Series D Conversion Common Units agrees to remain a partner of the Partnership with respect to its Series D
Conversion Common Units until such allocations are completed, and the General Partner agrees to make such allocations as soon as practicable, even if such allocations are not consistent with Section&nbsp;706 of the Code and any Treasury Regulations
thereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-64- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.3 <I>Requirement and Characterization of Distributions; Distributions to Record Holders.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Within 45 days following the end of each Quarter, an amount equal to 100% of Available Cash with respect to such Quarter shall, subject to
Section&nbsp;17-607 of the Delaware Act, be distributed in accordance with this <U>Article</U><U></U><U>&nbsp;VI</U> by the Partnership to the Partners as of the Record Date selected by the General Partner in its reasonable discretion. All amounts
of Available Cash distributed by the Partnership on any date from any source shall be deemed to be Operating Surplus until the sum of all amounts of Available Cash theretofore distributed by the Partnership to the Partners pursuant to
<U>Section</U><U></U><U>&nbsp;6.4</U> equals the amount of Operating Surplus as calculated with respect to the Quarter in respect of which such distribution of Available Cash is to be made through the close of the Quarter. Any remaining amounts of
Available Cash distributed by the Partnership on such date shall, except as otherwise provided in <U>Section</U><U></U><U>&nbsp;6.5</U>, be deemed to be &#147;<I>Capital Surplus</I>.&#148; All distributions required to be made under this Agreement
shall be made subject to Section&nbsp;17-607 of the Delaware Act. This <U>Section</U><U></U><U>&nbsp;6.3(a)</U> (except for the second to the last sentence of this <U>Section</U><U></U><U>&nbsp;6.3(a)</U>) shall not apply to Preferred Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding <U>Section</U><U></U><U>&nbsp;6.3(a)</U>, in the event of the dissolution and liquidation of the Partnership, all receipts
received during or after the Quarter in which the Liquidation Date occurs, other than from borrowings described in (a)(ii) of the definition of Available Cash, shall be applied and distributed solely in accordance with, and subject to the terms and
conditions of, <U>Section</U><U></U><U>&nbsp;12.4</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The General Partner shall have the discretion to treat taxes paid by the
Partnership on behalf of, or amounts withheld with respect to, all or less than all of the Partners, as a distribution of Available Cash to such Partners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Each distribution in respect of a Partnership Interest shall be paid by the Partnership, directly or through the Transfer Agent or through
any other Person or agent, only to the Record Holder of such Partnership Interest as of the Record Date set for such distribution. Such payment shall constitute full payment and satisfaction of the Partnership&#146;s liability in respect of such
payment, regardless of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.4
<I>Distributions of Available Cash from Operating Surplus.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Available Cash with respect to any Quarter that is deemed to be
Operating Surplus pursuant to the provisions of <U>Section</U><U></U><U>&nbsp;6.3</U> or <U>6.5</U>, subject to <FONT STYLE="white-space:nowrap">Section&nbsp;17-607</FONT> of the Delaware Act, shall be distributed as follows, subject to
<U>Section</U><U></U><U>&nbsp;16.3</U> in respect of Series&nbsp;A Preferred Units described therein, <U>Section</U><U></U><U>&nbsp;17.3</U> in respect of Series&nbsp;B Preferred Units described therein, <U>Section</U><U></U><U>&nbsp;18.3</U> in
respect of Series&nbsp;C Preferred Units described therein and <U>Section</U><U></U><U>&nbsp;19.3</U> in respect of Series&nbsp;D Preferred Units described therein and except as otherwise required by (i)<U>&nbsp;Section</U><U></U><U>&nbsp;5.5(b)</U>
in respect of additional Partnership Securities issued pursuant thereto or (ii)<U>&nbsp;Section</U><U></U><U>&nbsp;6.4(b)</U> in respect of Incentive Distribution Rights during the Acquisition Waiver Period: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) First, 98% to all Unitholders, Pro Rata, and 2% to the General Partner until there has been distributed in respect of each
Unit then Outstanding an amount equal to the Minimum Quarterly Distribution for such Quarter; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-65- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Second, 90% to all Unitholders, Pro Rata, 8% to the holders of Incentive
Distribution Rights, Pro Rata, and 2% to the General Partner until there has been distributed in respect of each such Unit then Outstanding an amount equal to the excess of the First Target Distribution over the Minimum Quarterly Distribution for
such Quarter; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Thereafter, 75% to all Unitholders, Pro Rata, 23% to the holders of Incentive Distribution Rights,
Pro Rata, and 2% to the General Partner; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided</I>, <I>however</I>, if the Minimum Quarterly Distribution and the First Target Distribution have
been reduced to zero pursuant to the second sentence of <U>Section</U><U></U><U>&nbsp;6.6(a)</U>, the distribution of Available Cash that is deemed to be Operating Surplus with respect to any Quarter will be made solely in accordance with
<U>Section</U><U></U><U>&nbsp;6.4(a)(iii)</U>. No distributions shall be made with respect to Preferred Units pursuant to this <U>Section</U><U></U><U>&nbsp;6.4</U> and shall instead be made in accordance with <U>Section</U><U></U><U>&nbsp;16.3</U>,
<U>Section</U><U></U><U>&nbsp;17.3</U>, <U>Section</U><U></U><U>&nbsp;18.3</U> and <U>Section</U><U></U><U>&nbsp;19.3</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)
Notwithstanding any other provision of this Agreement, distributions of Available Cash, if any, to the holder of the Incentive Distribution Rights pursuant to <U>Section</U><U></U><U>&nbsp;6.4(a)</U> with respect to each Quarter within the
Acquisition Waiver Period shall be reduced by the amount that would have been distributed to the holder of the Incentive Distribution Rights in respect of the Waiver Period Units for such Quarter; <I>provided, however</I>, that the aggregate
reduction in distributions to the holder of the Incentive Distribution Rights pursuant to this <U>Section</U><U></U><U>&nbsp;6.4(b)</U> shall not exceed $22&nbsp;million. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.5 <I>Distributions of Available Cash from Capital Surplus.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Available Cash that is deemed to be Capital Surplus pursuant to the provisions of <U>Section</U><U></U><U>&nbsp;6.3(a)</U> shall, subject to
<U>Section</U><U></U><U>&nbsp;16.3</U>, <U>Section</U><U></U><U>&nbsp;17.3</U>, <U>Section</U><U></U><U>&nbsp;18.3</U> and <U>Section</U><U></U><U>&nbsp;19.3</U> in respect of Preferred Units and subject to Section&nbsp;17-607 of the Delaware Act,
be distributed, unless the provisions of <U>Section</U><U></U><U>&nbsp;6.3</U> require otherwise, 98% to all Unitholders, Pro Rata, and 2% to the General Partner until a hypothetical holder of a Common Unit acquired on the Closing Date has received
with respect to such Common Unit, during the period since the Closing Date through such date, distributions of Available Cash that are deemed to be Capital Surplus in an aggregate amount equal to the Initial Unit Price. Thereafter, all Available
Cash shall be distributed as if it were Operating Surplus and shall be distributed in accordance with <U>Section</U><U></U><U>&nbsp;6.4</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-66- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.6 <I>Adjustment of Minimum Quarterly Distribution and Target Distribution Levels.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Minimum Quarterly Distribution and First Target Distribution shall be proportionately adjusted in the event of any distribution,
combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with <U>Section</U><U></U><U>&nbsp;5.8</U>. In the event of a distribution of Available Cash that is
deemed to be from Capital Surplus, the then applicable Minimum Quarterly Distribution and First Target Distribution shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly
Distribution and First Target Distribution, as the case may be, by a fraction of which the numerator is the Unrecovered Capital of the Common Units immediately after giving effect to such distribution and of which the denominator is the Unrecovered
Capital of the Common Units immediately prior to giving effect to such distribution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Minimum Quarterly Distribution and First
Target Distribution shall also be subject to adjustment pursuant to <U>Section</U><U></U><U>&nbsp;6.10</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.7 <I>Reserved.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.8 <I>Special Provisions Relating to the Holders of Incentive Distribution Rights.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary set forth in this Agreement, the holders of the Incentive Distribution Rights (a)&nbsp;shall (i)
possess the rights and obligations provided in this Agreement with respect to a Limited Partner pursuant to <U>Articles III</U> and <U>VII</U> and (ii)&nbsp;have a Capital Account as a Partner pursuant to <U>Section</U><U></U><U>&nbsp;5.4</U> and
all other provisions related thereto and (b)&nbsp;shall not (i)&nbsp;be entitled to vote on any matters requiring the approval or vote of the holders of Outstanding Units, (ii)&nbsp;be entitled to any distributions other than as provided in
<U>Sections</U><U></U><U>&nbsp;6.4(a)(ii)</U>, <U>6.4(a)(iii)</U>, <U>6.4(b)</U> and <U>12.4</U> or (iii)&nbsp;be allocated items of income, gain, loss or deduction other than as specified in this <U>Article</U><U></U><U>&nbsp;VI</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.9 <I>Special Provisions Relating to Series D Conversion Common Units.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to any applicable transfer restrictions in <U>Section</U><U></U><U>&nbsp;4.8</U> or <U>Section</U><U></U><U>&nbsp;19.9</U>, the holder
of a Series D Conversion Common Unit shall provide notice to the Partnership of the transfer of any such Series D Conversion Common Unit, as applicable, by the earlier of (i) 30 days following such transfer and (ii)&nbsp;the last Business Day of the
calendar year during which such transfer occurred, unless, with respect to a transfer of Series D Conversion Common Unit, by virtue of the application of <U>Section</U><U></U><U>&nbsp;5.4(d)</U> or <U>Section</U><U></U><U>&nbsp;6.2(i)</U>, the
Partnership has previously determined, based on the advice of counsel, that the transferred Series D Conversion Common Unit should have, as a substantive matter, like intrinsic economic and federal income tax characteristics of an Initial Common
Unit. In connection with the condition imposed by this <U>Section</U><U></U><U>&nbsp;6.9</U>, the Partnership shall take whatever steps are required to provide economic uniformity to the Series D Conversion Common Unit in preparation for a transfer
of such Unit; provided, however, that no such steps may be taken that would have a material adverse effect on the Unitholders holding Common Units (for this purpose the allocations of income, gain, loss and deductions, and the making of any
guaranteed payments or any reallocation of Capital Account balances, among the Partners in accordance with <U>Section</U><U></U><U>&nbsp;5.4(d)</U>, <U>Section</U><U></U><U>&nbsp;6.2(i)</U> and Treasury Regulation
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(s)(3)</FONT> with respect to Series D Conversion Common Units will be deemed not to have a material adverse effect on the Unitholders holding Common Units). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-67- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.10 <I>Entity-Level Taxation.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If legislation is enacted or the interpretation of existing language is modified by the relevant governmental authority which causes the
Partnership or the Operating Partnership to be treated as an association taxable as a corporation or otherwise subjects the Partnership or the Operating Partnership to entity-level taxation for federal, state or local income tax purposes, the then
applicable Minimum Quarterly Distribution and First Target Distribution shall be adjusted to equal the product obtained by multiplying (a)&nbsp;the amount thereof by (b)&nbsp;one minus the sum of (i)&nbsp;the highest marginal federal corporate (or
other entity, as applicable) income tax rate of the Partnership or the Operating Partnership for the taxable year of the Partnership or the Operating Partnership in which such Quarter occurs (expressed as a percentage) plus (ii)&nbsp;the effective
overall state and local income tax rate (expressed as a percentage) applicable to the Partnership or the Operating Partnership for the calendar year next preceding the calendar year in which such Quarter occurs (after taking into account the benefit
of any deduction allowable for federal income tax purposes with respect to the payment of state and local income taxes), but only to the extent of the increase in such rates resulting from such legislation or interpretation. Such effective overall
state and local income tax rate shall be determined for the taxable year next preceding the first taxable year during which the Partnership or the Operating Partnership is taxable for federal income tax purposes as an association taxable as a
corporation or is otherwise subject to entity-level taxation by determining such rate as if the Partnership or the Operating Partnership had been subject to such state and local taxes during such preceding taxable year. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;VII </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MANAGEMENT AND
OPERATION OF BUSINESS </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.1 <I>Management.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The General Partner shall conduct, direct and manage all activities of the Partnership. Except as otherwise expressly provided in this
Agreement, all management powers over the business and affairs of the Partnership shall be exclusively vested in the General Partner, and no Limited Partner or Assignee shall have any management power over the business and affairs of the
Partnership. In addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or which are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to
<U>Section</U><U></U><U>&nbsp;7.3</U>, shall have full power and authority to do all things and on such terms as it, in its sole discretion, may deem necessary or appropriate to conduct the business of the Partnership, to exercise all powers set
forth in <U>Section</U><U></U><U>&nbsp;2.5</U> and to effectuate the purposes set forth in <U>Section</U><U></U><U>&nbsp;2.4</U>, including the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the making of any expenditures, the lending or borrowing of money, the assumption or guarantee of, or other contracting
for, indebtedness and other liabilities, the issuance of evidences of indebtedness, including indebtedness that is convertible into Partnership Securities, and the incurring of any other obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other
agencies having jurisdiction over the business or assets of the Partnership; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-68- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation
or exchange of any or all of the assets of the Partnership or the merger or other combination of the Partnership with or into another Person (the matters described in this clause (iii)&nbsp;being subject, however, to any prior approval that may be
required by <U>Section</U><U></U><U>&nbsp;7.3</U>); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the use of the assets of the Partnership (including cash on hand)
for any purpose consistent with the terms of this Agreement, including the financing of the conduct of the operations of the Partnership Group; subject to <U>Section</U><U></U><U>&nbsp;7.6(a)</U>, the lending of funds to other Persons (including the
Operating Partnership); the repayment of obligations of the Partnership Group and the making of capital contributions to any member of the Partnership Group; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) the negotiation, execution and performance of any contracts, conveyances or other instruments (including instruments that
limit the liability of the Partnership under contractual arrangements to all or particular assets of the Partnership, with the other party to the contract to have no recourse against the General Partner or its assets other than its interest in the
Partnership, even if same results in the terms of the transaction being less favorable to the Partnership than would otherwise be the case); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) the distribution of Partnership cash; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) the selection and dismissal of employees (including employees having titles such as &#147;<I>president</I>,&#148;
&#147;<I>vice president</I>,&#148; &#147;<I>secretary</I>&#148; and &#147;<I>treasurer</I>&#148;) and agents, outside attorneys, accountants, consultants and contractors and the determination of their compensation and other terms of employment or
hiring; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) the maintenance of such insurance for the benefit of the Partnership Group and the Partners as it deems
necessary or appropriate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) the formation of, or acquisition of an interest in, and the contribution of property and
the making of loans to, any further limited or general partnerships, joint ventures, corporations or other relationships (including the acquisition of interests in, and the contributions of property to, the Operating Partnership from time to time)
subject to the restrictions set forth in <U>Section</U><U></U><U>&nbsp;2.4</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) the control of any matters affecting
the rights and obligations of the Partnership, including the bringing and defending of actions at law or in equity and otherwise engaging in the conduct of litigation and the incurring of legal expense and the settlement of claims and litigation;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) the indemnification of any Person against liabilities and contingencies to the extent permitted by law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) the entering into of listing agreements with any National Securities Exchange and the delisting of some or all of the
Limited Partner Interests from, or requesting that trading be suspended on, any such exchange (subject to any prior approval that may be required under <U>Section</U><U></U><U>&nbsp;4.8</U>); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiii) unless restricted or prohibited by <U>Section</U><U></U><U>&nbsp;5.5</U>,
the purchase, sale or other acquisition or disposition of Partnership Securities, or the issuance of additional options, rights, warrants and appreciation rights relating to Partnership Securities; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiv) the undertaking of any action in connection with the Partnership&#146;s ownership or operation of any Group Member,
including exercising, on behalf and for the benefit of the Partnership, the Partnership&#146;s rights as the sole stockholder of the Operating General Partner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding any other provision of this Agreement, the Operating Partnership Agreement, the Delaware Act or any applicable law, rule
or regulation, each of the Partners and the Assignees and each other Person who may acquire an interest in Partnership Securities hereby (i)&nbsp;approves, ratifies and confirms the execution, delivery and performance by the parties thereto of the
Operating Partnership Agreement, the Underwriting Agreement, the Contribution Agreement, and the other agreements described in or filed as exhibits to the Registration Statement that are related to the transactions contemplated by the Registration
Statement; (ii)&nbsp;agrees that the General Partner (on its own or through any officer of the Partnership) is authorized to execute, deliver and perform the agreements referred to in clause (i)&nbsp;of this sentence and the other agreements, acts,
transactions and matters described in or contemplated by the Registration Statement on behalf of the Partnership without any further act, approval or vote of the Partners or the Assignees or the other Persons who may acquire an interest in
Partnership Securities; and (iii)&nbsp;agrees that the execution, delivery or performance by the General Partner, any Group Member or any Affiliate of any of them, of this Agreement or any agreement authorized or permitted under this Agreement
(including the exercise by the General Partner or any Affiliate of the General Partner of the rights accorded pursuant to <U>Article</U><U></U><U>&nbsp;XV</U>), shall not constitute a breach by the General Partner of any duty that the General
Partner may owe the Partnership or the Limited Partners or any other Persons under this Agreement (or any other agreements) or of any duty stated or implied by law or equity. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.2 <I>Certificate of Limited Partnership.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NuStar GP caused the initial Certificate of Limited Partnership of the Partnership and the General Partner has caused the Certificate of
Amendment to the Certificate of Limited Partnership and the Amended and Restated Certificate of Limited Partnership of the Partnership and each amendment thereto to be filed with the Secretary of State of the State of Delaware in accordance with the
Delaware Act and the General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be determined by the General Partner in its sole discretion to be reasonable and necessary or appropriate for the
formation, continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners have limited liability) in the State of Delaware or any other state in which the Partnership may elect to do business or
own property. To the extent that such action is determined by the General Partner in its sole discretion to be reasonable and necessary or appropriate, the General Partner shall file amendments to and restatements of the Certificate of Limited
Partnership and do all things to maintain the Partnership as a limited partnership (or a partnership or other entity in which the limited partners have limited liability) under the laws of the State of Delaware or of any other state in which the
Partnership may elect to do business or own property. Subject to the terms of <U>Section</U><U></U><U>&nbsp;3.4(a)</U>, the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate of Limited
Partnership, any qualification document or any amendment thereto or restatement thereof to any Limited Partner. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-70- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.3 <I>Restrictions on General Partner</I><I>&#146;</I><I>s Authority.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The General Partner may not, without written approval of the specific act by holders of all of the Outstanding Limited Partner Interests or
by other written instrument executed and delivered by holders of all of the Outstanding Limited Partner Interests subsequent to the date of this Agreement, take any action in contravention of this Agreement, including, except as otherwise provided
in this Agreement, (i)&nbsp;committing any act that would make it impossible to carry on the ordinary business of the Partnership; (ii)&nbsp;possessing Partnership property, or assigning any rights in specific Partnership property, for other than a
Partnership purpose; (iii)&nbsp;admitting a Person as a Partner; (iv)&nbsp;amending this Agreement in any manner; or (v)&nbsp;transferring its interest as general partner of the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except as provided in <U>Articles</U><U></U><U>&nbsp;XII</U> and <U>XIV</U>, the General Partner may not sell, exchange or otherwise
dispose of all or substantially all of the Partnership&#146;s assets in a single transaction or a series of related transactions (including by way of merger, consolidation or other combination) or approve on behalf of the Partnership the sale,
exchange or other disposition of all or substantially all of the assets of the Operating Partnership, taken as a whole, without the approval of holders of a Unit Majority; <I>provided</I>, <I>however</I>, that this provision shall not preclude or
limit the General Partner&#146;s ability to mortgage, pledge, hypothecate or grant a security interest in all or substantially all of the assets of the Partnership or the Operating Partnership and shall not apply to any forced sale of any or all of
the assets of the Partnership or the Operating Partnership pursuant to the foreclosure of, or other realization upon, any such encumbrance. Without the approval of holders of a Unit Majority, the General Partner shall not, on behalf of the
Partnership, (i)&nbsp;consent to any amendment to the Operating Partnership Agreement or, except as expressly permitted by <U>Section</U><U></U><U>&nbsp;7.9(d)</U>, take any action permitted to be taken by a partner of the Operating Partnership, in
either case, that would have a material adverse effect on the Partnership as a partner of the Operating Partnership or the holders of Common Units (other than the General Partner and its Affiliates) or (ii)&nbsp;except as permitted under <U>Sections
4.6</U>, <U>11.1</U> and <U>11.2</U>, elect or cause the Partnership to elect a successor general partner. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.4 <I>Reimbursement of the
General Partner.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as provided in this <U>Section</U><U></U><U>&nbsp;7.4</U> and elsewhere in this Agreement or in the
Operating Partnership Agreement, the General Partner shall not be compensated for its services as general partner of any Group Member. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Subject to the provisions of the Services Agreement, the General Partner shall be reimbursed on a monthly basis, or such other reasonable
basis as the General Partner may determine in its sole discretion, for (i)&nbsp;all direct and indirect expenses it incurs or payments it makes on behalf of the Partnership (including salary, bonus, incentive compensation and other amounts paid to
any Person including Affiliates of the General Partner to perform services for the Partnership or for the General Partner in the discharge of its duties to the Partnership), and (ii)&nbsp;all other necessary or appropriate expenses allocable to the
Partnership or otherwise reasonably incurred by the General Partner in connection with operating the Partnership&#146;s </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
business (including expenses allocated to the General Partner by its Affiliates). The General Partner shall determine the expenses that are allocable to the Partnership in any reasonable manner
determined by the General Partner in its sole discretion. Reimbursements pursuant to this <U>Section</U><U></U><U>&nbsp;7.4</U> shall be in addition to any reimbursement to the General Partner as a result of indemnification pursuant to
<U>Section</U><U></U><U>&nbsp;7.7</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Subject to <U>Section</U><U></U><U>&nbsp;5.5</U>, the General Partner, in its sole discretion
and without the approval of the Limited Partners (who shall have no right to vote in respect thereof), may propose and adopt on behalf of the Partnership employee benefit plans, employee programs and employee practices (including plans, programs and
practices involving the issuance of Partnership Securities or options to purchase Partnership Securities), or cause the Partnership to issue Partnership Securities in connection with, or pursuant to, any employee benefit plan, employee program or
employee practice maintained or sponsored by the General Partner or any of its Affiliates, in each case for the benefit of employees of the General Partner, any Group Member or any Affiliate, or any of them, in respect of services performed,
directly or indirectly, for the benefit of the Partnership Group. The Partnership agrees to issue and sell to the General Partner or any of its Affiliates any Partnership Securities that the General Partner or such Affiliate is obligated to provide
to any employees pursuant to any such employee benefit plans, employee programs or employee practices. Expenses incurred by the General Partner in connection with any such plans, programs and practices (including the net cost to the General Partner
or such Affiliate of Partnership Securities purchased by the General Partner or such Affiliate from the Partnership to fulfill options or awards under such plans, programs and practices) shall be reimbursed in accordance with
<U>Section</U><U></U><U>&nbsp;7.4(b)</U>. Any and all obligations of the General Partner under any employee benefit plans, employee programs or employee practices adopted by the General Partner as permitted by this
<U>Section</U><U></U><U>&nbsp;7.4(c)</U> shall constitute obligations of the General Partner hereunder and shall be assumed by any successor General Partner approved pursuant to <U>Section</U><U></U><U>&nbsp;11.1</U> or <U>11.2</U> or the transferee
of or successor to all of the General Partner&#146;s General Partner Interest pursuant to <U>Section</U><U></U><U>&nbsp;4.6</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.5
<I>Outside Activities.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) After the Closing Date, the General Partner, for so long as it is the General Partner of the Partnership
(i)&nbsp;agrees that its sole business will be to act as the general partner of the Partnership and any other partnership or limited liability company of which the Partnership is, directly or indirectly, a partner and to undertake activities that
are ancillary or related thereto (including being a limited partner in the Partnership) and (ii)&nbsp;shall not engage in any business or activity or incur any debts or liabilities except in connection with or incidental to (A)&nbsp;its performance
as general partner of one or more Group Members or as described in or contemplated by the Registration Statement or (B)&nbsp;the acquiring, owning or disposing of debt or equity securities in any Group Member. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except as specifically restricted by <U>Section</U><U></U><U>&nbsp;7.5(a)</U>, each Indemnitee (other than the General Partner) shall have
the right to engage in businesses of every type and description and other activities for profit and to engage in and possess an interest in other business ventures of any and every type or description, whether in businesses engaged in or anticipated
to be engaged in by any Group Member, independently or with others, including business interests and activities in direct competition with the business and activities of any </P>
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Group Member, and none of the same shall constitute a breach of this Agreement or any duty express or implied by law to any Group Member or any Partner or Assignee. Neither any Group Member, any
Limited Partner nor any other Person shall have any rights by virtue of this Agreement, the Operating Partnership Agreement or the partnership relationship established hereby or thereby in any business ventures of any Indemnitee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Subject to the terms of <U>Section</U><U></U><U>&nbsp;7.5(a)</U> and <U>Section</U><U></U><U>&nbsp;7.5(b)</U>, but otherwise
notwithstanding anything to the contrary in this Agreement, (i)&nbsp;the engaging in competitive activities by any Indemnitees (other than the General Partner) in accordance with the provisions of this <U>Section</U><U></U><U>&nbsp;7.5</U> is hereby
approved by the Partnership and all Partners, (ii)&nbsp;it shall be deemed not to be a breach of the General Partner&#146;s fiduciary duty or any other obligation of any type whatsoever of the General Partner for the Indemnitees (other than the
General Partner) to engage in such business interests and activities in preference to or to the exclusion of the Partnership and (iii)&nbsp;the General Partner and the Indemnitees shall have no obligation to present business opportunities to the
Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The General Partner and any of its Affiliates may acquire Units or other Partnership Securities in addition to those
acquired on the Closing Date and, except as otherwise provided in this Agreement, shall be entitled to exercise all rights of the General Partner or Limited Partner, as applicable, relating to such Units or Partnership Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The term &#147;<I>Affiliates</I>&#148; when used in <U>Section</U><U></U><U>&nbsp;7.5(d)</U> with respect to the General Partner shall not
include any Group Member or any Subsidiary of any Group Member. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Anything in this Agreement to the contrary notwithstanding, to the
extent that provisions of <U>Sections 7.7</U>, <U>7.8</U>, <U>7.9</U>, <U>7.10</U> or other Sections of this Agreement purport or are interpreted to have the effect of restricting the fiduciary duties that might otherwise, as a result of Delaware or
other applicable law, be owed by the General Partner to the Partnership and its Limited Partners, or to constitute a waiver or consent by the Limited Partners to any such restriction, such provisions shall be inapplicable and have no effect in
determining whether the General Partner has complied with its fiduciary duties in connection with determinations made by it under this <U>Section</U><U></U><U>&nbsp;7.5</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.6 <I>Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the
General Partner.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The General Partner or its Affiliates may lend to any Group Member, and any Group Member may borrow from the
General Partner or any of its Affiliates, funds needed or desired by the Group Member for such periods of time and in such amounts as the General Partner may determine; <I>provided</I>, <I>however</I>, that in any such case the lending party may not
charge the borrowing party interest at a rate greater than the rate that would be charged the borrowing party or impose terms less favorable to the borrowing party than would be charged or imposed on the borrowing party by unrelated lenders on
comparable loans made on an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> basis (without reference to the lending party&#146;s financial abilities or guarantees). The borrowing party shall reimburse the lending party for any costs (other
than any additional interest costs) incurred by the lending party in connection with the borrowing of such funds. For purposes of this <U>Section</U><U></U><U>&nbsp;7.6(a)</U> and <U>Section</U><U></U><U>&nbsp;7.6(b)</U>, the term &#147;<I>Group
Member</I>&#148; shall include any Affiliate of a Group Member that is controlled by the Group Member. No Group Member may lend funds to the General Partner or any of its Affiliates (other than another Group Member). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-73- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Partnership may lend or contribute to any Group Member, and any Group Member may borrow
from the Partnership, funds on terms and conditions established in the sole discretion of the General Partner; <I>provided</I>, <I>however</I>, that the Partnership may not charge the Group Member interest at a rate less than the rate that would be
charged to the Group Member (without reference to the General Partner&#146;s financial abilities or guarantees) by unrelated lenders on comparable loans. The foregoing authority shall be exercised by the General Partner in its sole discretion and
shall not create any right or benefit in favor of any Group Member or any other Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The General Partner may itself, or may enter
into an agreement with any of its Affiliates to, render services to a Group Member or to the General Partner in the discharge of its duties as general partner of the Partnership. Any services rendered to a Group Member by the General Partner or any
of its Affiliates shall be on terms that are fair and reasonable to the Partnership; <I>provided</I>, <I>however</I>, that the requirements of this <U>Section</U><U></U><U>&nbsp;7.6(c)</U> shall be deemed satisfied as to (i)&nbsp;any transaction
approved by Special Approval, (ii)&nbsp;any transaction, the terms of which are no less favorable to the Partnership Group than those generally being provided to or available from unrelated third parties or (iii)&nbsp;any transaction that, taking
into account the totality of the relationships between the parties involved (including other transactions that may be particularly favorable or advantageous to the Partnership Group), is equitable to the Partnership Group. The provisions of
<U>Section</U><U></U><U>&nbsp;7.4</U> shall apply to the rendering of services described in this <U>Section</U><U></U><U>&nbsp;7.6(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Partnership Group may transfer assets to joint ventures, other partnerships, corporations, limited liability companies or other
business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions as are consistent with this Agreement and applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Neither the General Partner nor any of its Affiliates shall sell, transfer or convey any property to, or purchase any property from, the
Partnership, directly or indirectly, except pursuant to transactions that are fair and reasonable to the Partnership; <I>provided</I>, <I>however</I>, that the requirements of this <U>Section</U><U></U><U>&nbsp;7.6(e)</U> shall be deemed to be
satisfied as to (i)&nbsp;the transactions effected pursuant to <U>Sections 5.1</U> and <U>5.2</U>, the Contribution Agreement and any other transactions described in or contemplated by the Registration Statement, (ii)&nbsp;any transaction approved
by Special Approval, (iii)&nbsp;any transaction, the terms of which are no less favorable to the Partnership than those generally being provided to or available from unrelated third parties, or (iv)&nbsp;any transaction that, taking into account the
totality of the relationships between the parties involved (including other transactions that may be particularly favorable or advantageous to the Partnership), is equitable to the Partnership. With respect to any contribution of assets to the
Partnership in exchange for Partnership Securities, the Conflicts Committee, in determining whether the appropriate number of Partnership Securities are being issued, may take into account, among other things, the fair market value of the assets,
the liquidated and contingent liabilities assumed, the tax basis in the assets, the extent to which <FONT STYLE="white-space:nowrap">tax-only</FONT> allocations to the transferor will protect the existing partners of the Partnership against a low
tax basis, and such other factors as the Conflicts Committee deems relevant under the circumstances. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-74- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) The General Partner and its Affiliates will have no obligation to permit any Group Member to
use any facilities or assets of the General Partner and its Affiliates, except as may be provided in contracts entered into from time to time specifically dealing with such use, nor shall there be any obligation on the part of the General Partner or
its Affiliates to enter into such contracts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Without limitation of <U>Sections 7.6(a)</U> through <U>7.6(f)</U>, and notwithstanding
anything to the contrary in this Agreement, the existence of the conflicts of interest described in the Registration Statement are hereby approved by all Partners. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.7 <I>Indemnification.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) To
the fullest extent permitted by law but subject to the limitations expressly provided in this Agreement, all Indemnitees shall be indemnified and held harmless by the Partnership from and against any and all losses, claims, damages, liabilities,
joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or
investigative, in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, by reason of its status as an Indemnitee; <I>provided</I>, that in each case the Indemnitee acted in good faith and in a manner that
such Indemnitee reasonably believed to be in, or (in the case of a Person other than the General Partner) not opposed to, the best interests of the Partnership and, with respect to any criminal proceeding, had no reasonable cause to believe its
conduct was unlawful; <I>provided</I>, <I>further</I>, no indemnification pursuant to this <U>Section</U><U></U><U>&nbsp;7.7</U> shall be available to the General Partner with respect to its obligations incurred pursuant to the Underwriting
Agreement or the Contribution Agreement (other than obligations incurred by the General Partner on behalf of the Partnership or the Operating Partnership). The termination of any action, suit or proceeding by judgment, order, settlement, conviction
or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee acted in a manner contrary to that specified above. Any indemnification pursuant to this <U>Section</U><U></U><U>&nbsp;7.7</U> shall be made
only out of the assets of the Partnership, it being agreed that the General Partner shall not be personally liable for such indemnification and shall have no obligation to contribute or loan any monies or property to the Partnership to enable it to
effectuate such indemnification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) To the fullest extent permitted by law, expenses (including legal fees and expenses) incurred by an
Indemnitee who is indemnified pursuant to <U>Section</U><U></U><U>&nbsp;7.7(a)</U> in defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Partnership prior to the final disposition of such claim,
demand, action, suit or proceeding upon receipt by the Partnership of any undertaking by or on behalf of the Indemnitee to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as authorized in this
<U>Section</U><U></U><U>&nbsp;7.7</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The indemnification provided by this <U>Section</U><U></U><U>&nbsp;7.7</U> shall be in
addition to any other rights to which an Indemnitee may be entitled under any agreement, pursuant to any vote of the holders of Outstanding Limited Partner Interests, as a matter of law or otherwise, both as to actions in the Indemnitee&#146;s
capacity as an Indemnitee and as to actions in any other capacity (including any capacity under the Underwriting Agreement), and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs,
successors, assigns and administrators of the Indemnitee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-75- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Partnership may purchase and maintain (or reimburse the General Partner or its Affiliates
for the cost of) insurance, on behalf of the General Partner, its Affiliates and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expense that may be incurred by such Person in
connection with the Partnership&#146;s activities or such Person&#146;s activities on behalf of the Partnership, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) For purposes of this <U>Section</U><U></U><U>&nbsp;7.7</U>, the Partnership shall be deemed to have requested an
Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan;
excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute &#147;<I>fines</I>&#148; within the meaning of <U>Section</U><U></U><U>&nbsp;7.7(a)</U>; and action taken or omitted by it
with respect to any employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is in, or not
opposed to, the best interests of the Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) In no event may an Indemnitee subject the Limited Partners to personal liability
by reason of the indemnification provisions set forth in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) An Indemnitee shall not be denied indemnification in whole
or in part under this <U>Section</U><U></U><U>&nbsp;7.7</U> because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) The provisions of this <U>Section</U><U></U><U>&nbsp;7.7</U> are for the benefit of the Indemnitees, their heirs, successors, assigns and
administrators and shall not be deemed to create any rights for the benefit of any other Persons. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) No amendment, modification or
repeal of this <U>Section</U><U></U><U>&nbsp;7.7</U> or any provision hereof shall in any manner terminate, reduce or impair the right of any past, present or future Indemnitee to be indemnified by the Partnership, nor the obligations of the
Partnership to indemnify any such Indemnitee under and in accordance with the provisions of this <U>Section</U><U></U><U>&nbsp;7.7</U> as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or
relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.8 <I>Liability of Indemnitees.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding anything to the contrary set forth in this Agreement, no Indemnitee shall be liable for monetary damages to the
Partnership, the Limited Partners, the Assignees or any other Persons who have acquired interests in the Partnership Securities, for losses sustained or liabilities incurred as a result of any act or omission if such Indemnitee acted in good faith.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-76- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Subject to its obligations and duties as General Partner set forth in
<U>Section</U><U></U><U>&nbsp;7.1(a)</U>, the General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents, and the General Partner
shall not be responsible for any misconduct or negligence on the part of any such agent appointed by the General Partner in good faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) To the extent that, at law or in equity, an Indemnitee has duties (including fiduciary duties) and liabilities relating thereto to the
Partnership or to the Partners, the General Partner and any other Indemnitee acting in connection with the Partnership&#146;s business or affairs shall not be liable to the Partnership or to any Partner for its good faith reliance on the provisions
of this Agreement. The provisions of this Agreement, to the extent that they restrict or otherwise modify the duties and liabilities of an Indemnitee otherwise existing at law or in equity, are agreed by the Partners to replace such other duties and
liabilities of such Indemnitee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Any amendment, modification or repeal of this <U>Section</U><U></U><U>&nbsp;7.8</U> or any provision
hereof shall be prospective only and shall not in any way affect the limitations on the liability to the Partnership, the Limited Partners, the General Partner, and the Partnership&#146;s and General Partner&#146;s and the Operating General
Partner&#146;s directors, officers and employees under this <U>Section</U><U></U><U>&nbsp;7.8</U> as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole
or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.9 <I>Resolution of
Conflicts of Interest.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Unless otherwise expressly provided in this Agreement or the Operating Partnership Agreement, whenever a
potential conflict of interest exists or arises between the General Partner or any of its Affiliates, on the one hand, and the Partnership, the Operating Partnership, any Partner or any Assignee, on the other, any resolution or course of action by
the General Partner or its Affiliates in respect of such conflict of interest shall be permitted and deemed approved by all Partners, and shall not constitute a breach of this Agreement, of the Operating Partnership Agreement, of any agreement
contemplated herein or therein, or of any duty stated or implied by law or equity, if the resolution or course of action is, or by operation of this Agreement is deemed to be, fair and reasonable to the Partnership. The General Partner shall be
authorized but not required in connection with its resolution of such conflict of interest to seek Special Approval of such resolution. Any conflict of interest and any resolution of such conflict of interest shall be conclusively deemed fair and
reasonable to the Partnership if such conflict of interest or resolution is (i)&nbsp;approved by Special Approval, (ii)&nbsp;on terms no less favorable to the Partnership than those generally being provided to or available from unrelated third
parties or (iii)&nbsp;fair to the Partnership, taking into account the totality of the relationships between the parties involved (including other transactions that may be particularly favorable or advantageous to the Partnership). The General
Partner may also adopt a resolution or course of action that has not received Special Approval. The General Partner (including the Conflicts Committee in connection with Special Approval) shall be authorized in connection with its determination of
what is &#147;<I>fair and reasonable</I>&#148; to the Partnership and in connection with its resolution of any conflict of interest to consider (A)&nbsp;the relative interests of any party to such conflict, agreement, transaction or situation and
the benefits and burdens relating to such interest; (B)&nbsp;any customary or accepted industry practices and any customary or historical dealings with a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-77- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
particular Person; (C)&nbsp;any applicable generally accepted accounting practices or principles; and (D)&nbsp;such additional factors as the General Partner (including the Conflicts Committee)
determines in its sole discretion to be relevant, reasonable or appropriate under the circumstances. Nothing contained in this Agreement, however, is intended to nor shall it be construed to require the General Partner (including the Conflicts
Committee) to consider the interests of any Person other than the Partnership. In the absence of bad faith by the General Partner, the resolution, action or terms so made, taken or provided by the General Partner with respect to such matter shall
not constitute a breach of this Agreement or any other agreement contemplated herein or a breach of any standard of care or duty imposed herein or therein or, to the extent permitted by law, under the Delaware Act or any other law, rule or
regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Whenever this Agreement or any other agreement contemplated hereby provides that the General Partner or any of its
Affiliates is permitted or required to make a decision (i)&nbsp;in its &#147;<I>sole discretion</I>&#148; or &#147;<I>discretion</I>,&#148; that it deems &#147;<I>necessary or appropriate</I>&#148; or &#147;<I>necessary or advisable</I>&#148; or
under a grant of similar authority or latitude, except as otherwise provided herein, the General Partner or such Affiliate shall be entitled to consider only such interests and factors as it desires and shall have no duty or obligation to give any
consideration to any interest of, or factors affecting, the Partnership, the Operating Partnership, any Limited Partner or any Assignee, (ii)&nbsp;it may make such decision in its sole discretion (regardless of whether there is a reference to
&#147;<I>sole discretion</I>&#148; or &#147;<I>discretion</I>&#148;) unless another express standard is provided for, or (iii)&nbsp;in &#147;<I>good faith</I>&#148; or under another express standard, the General Partner or such Affiliate shall act
under such express standard and shall not be subject to any other or different standards imposed by this Agreement, the Operating Partnership Agreement, any other agreement contemplated hereby or under the Delaware Act or any other law, rule or
regulation. In addition, any actions taken by the General Partner or such Affiliate consistent with the standards of &#147;<I>reasonable discretion</I>&#148; set forth in the definitions of Available Cash or Operating Surplus shall not constitute a
breach of any duty of the General Partner to the Partnership or the Limited Partners. The General Partner shall have no duty, express or implied, to sell or otherwise dispose of any asset of the Partnership Group other than in the ordinary course of
business. No borrowing by any Group Member or the approval thereof by the General Partner shall be deemed to constitute a breach of any duty of the General Partner to the Partnership or the Limited Partners by reason of the fact that the purpose or
effect of such borrowing is directly or indirectly to enable distributions to the General Partner or its Affiliates (including in their capacities as Limited Partners) to exceed 2% of the total amount distributed to all Partners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Whenever a particular transaction, arrangement or resolution of a conflict of interest is required under this Agreement to be
&#147;<I>fair and reasonable</I>&#148; to any Person, the fair and reasonable nature of such transaction, arrangement or resolution shall be considered in the context of all similar or related transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Limited Partners hereby authorize the General Partner, on behalf of the Partnership as a partner of a Group Member, to approve of
actions by the general partner of such Group Member similar to those actions permitted to be taken by the General Partner pursuant to this <U>Section</U><U></U><U>&nbsp;7.9</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-78- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.10 <I>Other Matters Concerning the General Partner.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other
consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion (including an Opinion of Counsel) of such Persons as to matters that the General Partner reasonably believes to be within such
Person&#146;s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly
authorized officers, a duly appointed attorney or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> or the duly authorized officers of the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Any standard of care and duty imposed by this Agreement or under the Delaware Act or any applicable law, rule or regulation shall be
modified, waived or limited, to the extent permitted by law, as required to permit the General Partner to act under this Agreement or any other agreement contemplated by this Agreement and to make any decision pursuant to the authority prescribed in
this Agreement, so long as such action is reasonably believed by the General Partner to be in, or not inconsistent with, the best interests of the Partnership. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.11 <I>Purchase or Sale of Partnership Securities.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to <U>Section</U><U></U><U>&nbsp;16.5</U>, <U>Section</U><U></U><U>&nbsp;17.5</U>, <U>Section</U><U></U><U>&nbsp;18.5</U>,
<U>Section</U><U></U><U>&nbsp;19.7(b)</U> and <U>Section</U><U></U><U>&nbsp;19.8</U>, the General Partner may cause the Partnership to purchase or otherwise acquire Partnership Securities. As long as Partnership Securities are held by any Group
Member, such Partnership Securities shall not be considered Outstanding for any purpose, except as otherwise provided herein. The General Partner or any Affiliate of the General Partner may also purchase or otherwise acquire and sell or otherwise
dispose of Partnership Securities for its own account, subject to the provisions of <U>Articles IV</U>, <U>X</U>, <U>XVI</U>, <U>XVII</U>, <U>XVIII</U> and <U>Article</U><U></U><U>&nbsp;XIX</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.12 <I>Registration Rights of the General Partner and its Affiliates.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If (i)&nbsp;the General Partner or any Affiliate of the General Partner (including for purposes of this
<U>Section</U><U></U><U>&nbsp;7.12</U>, any Person that is an Affiliate of the General Partner at the date hereof notwithstanding that it may later cease to be an Affiliate of the General Partner) holds Partnership Securities that it desires to sell
and (ii)&nbsp;Rule 144 of the Securities Act (or any successor rule or regulation to Rule 144) or another exemption from registration is not available to enable such holder of Partnership Securities (the &#147;<I>Holder</I>&#148;) to dispose of the
number of Partnership Securities it desires to sell at the time it desires to do so without registration under the Securities Act, then upon the request of the General Partner or any of its Affiliates, the Partnership shall file with the Commission
as promptly as practicable after receiving such request, and use all reasonable efforts to cause to become effective and remain effective for a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-79- </P>


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period of not less than six months following its effective date or such shorter period as shall terminate when all Partnership Securities covered by such registration statement have been sold, a
registration statement under the Securities Act registering the offering and sale of the number of Partnership Securities specified by the Holder; <I>provided</I>, <I>however</I>, that the Partnership shall not be required to effect more than three
registrations pursuant to this <U>Section</U><U></U><U>&nbsp;7.12(a)</U>; and <I>provided</I> <I>further</I>, <I>however</I>, that if the Conflicts Committee determines in its good faith judgment that a postponement of the requested registration for
up to six months would be in the best interests of the Partnership and its Partners due to a pending transaction, investigation or other event, the filing of such registration statement or the effectiveness thereof may be deferred for up to six
months, but not thereafter. In connection with any registration pursuant to the immediately preceding sentence, the Partnership shall promptly prepare and file (x)&nbsp;such documents as may be necessary to register or qualify the securities subject
to such registration under the securities laws of such states as the Holder shall reasonably request; <I>provided</I>, <I>however</I>, that no such qualification shall be required in any jurisdiction where, as a result thereof, the Partnership would
become subject to general service of process or to taxation or qualification to do business as a foreign corporation or partnership doing business in such jurisdiction solely as a result of such registration, and (y)&nbsp;such documents as may be
necessary to apply for listing or to list the Partnership Securities subject to such registration on such National Securities Exchange as the Holder shall reasonably request, and do any and all other acts and things that may reasonably be necessary
or advisable to enable the Holder to consummate a public sale of such Partnership Securities in such states. Except as set forth in <U>Section</U><U></U><U>&nbsp;7.12(c)</U>, all costs and expenses of any such registration and offering (other than
the underwriting discounts and commissions) shall be paid by the Partnership, without reimbursement by the Holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If the Partnership
shall at any time propose to file a registration statement under the Securities Act for an offering of equity securities of the Partnership for cash (other than an offering relating solely to an employee benefit plan), the Partnership shall use all
reasonable efforts to include such number or amount of securities held by the Holder in such registration statement as the Holder shall request. If the proposed offering pursuant to this <U>Section</U><U></U><U>&nbsp;7.12(b)</U> shall be an
underwritten offering, then, in the event that the managing underwriter or managing underwriters of such offering advise the Partnership and the Holder in writing that in their opinion the inclusion of all or some of the Holder&#146;s Partnership
Securities would adversely and materially affect the success of the offering, the Partnership shall include in such offering only that number or amount, if any, of securities held by the Holder which, in the opinion of the managing underwriter or
managing underwriters, will not so adversely and materially affect the offering. Except as set forth in <U>Section</U><U></U><U>&nbsp;7.12(c)</U>, all costs and expenses of any such registration and offering (other than the underwriting discounts
and commissions) shall be paid by the Partnership, without reimbursement by the Holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If underwriters are engaged in connection
with any registration referred to in this <U>Section</U><U></U><U>&nbsp;7.12</U>, the Partnership shall provide indemnification, representations, covenants, opinions and other assurance to the underwriters in form and substance reasonably
satisfactory to such underwriters. Further, in addition to and not in limitation of the Partnership&#146;s obligation under <U>Section</U><U></U><U>&nbsp;7.7</U>, the Partnership shall, to the fullest extent permitted by law, indemnify and hold
harmless the Holder, its officers, directors and each Person who controls the Holder (within the meaning of the Securities Act) and any agent thereof (collectively, &#147;<I>Indemnified Persons</I>&#148;) against any losses, claims, demands,
actions, causes of action, assessments, damages, liabilities </P>
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(joint or several), costs and expenses (including interest, penalties and reasonable attorneys&#146; fees and disbursements), resulting to, imposed upon, or incurred by the Indemnified Persons,
directly or indirectly, under the Securities Act or otherwise (hereinafter referred to in this <U>Section</U><U></U><U>&nbsp;7.12(c)</U> as a &#147;<I>Claim</I>&#148; and in the plural as &#147;<I>Claims</I>&#148;) based upon, arising out of or
resulting from any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which any Partnership Securities were registered under the Securities Act or any state securities or Blue Sky laws, in
any preliminary prospectus (if used prior to the effective date of such registration statement), or in any summary or final prospectus or in any amendment or supplement thereto (if used during the period the Partnership is required to keep the
registration statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein not misleading;
<I>provided</I>, <I>however</I>, that the Partnership shall not be liable to any Indemnified Person to the extent that any such Claim arises out of, is based upon or results from an untrue statement or alleged untrue statement or omission or alleged
omission made in such registration statement, such preliminary, summary or final prospectus or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Partnership by or on behalf of such Indemnified
Person specifically for use in the preparation thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The provisions of <U>Section</U><U></U><U>&nbsp;7.12(a)</U> and
<U>7.12(b)</U> shall continue to be applicable with respect to the General Partner (and any of the General Partner&#146;s Affiliates) after it ceases to be a Partner of the Partnership, during a period of two years subsequent to the effective date
of such cessation and for so long thereafter as is required for the Holder to sell all of the Partnership Securities with respect to which it has requested during such <FONT STYLE="white-space:nowrap">two-year</FONT> period inclusion in a
registration statement otherwise filed or that a registration statement be filed; <I>provided</I>, <I>however</I>, that the Partnership shall not be required to file successive registration statements covering the same Partnership Securities for
which registration was demanded during such <FONT STYLE="white-space:nowrap">two-year</FONT> period. The provisions of <U>Section</U><U></U><U>&nbsp;7.12(c)</U> shall continue in effect thereafter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Any request to register Partnership Securities pursuant to this <U>Section</U><U></U><U>&nbsp;7.12</U> shall (i)&nbsp;specify the
Partnership Securities intended to be offered and sold by the Person making the request, (ii)&nbsp;express such Person&#146;s present intent to offer such shares for distribution, (iii)&nbsp;describe the nature or method of the proposed offer and
sale of Partnership Securities, and (iv)&nbsp;contain the undertaking of such Person to provide all such information and materials and take all action as may be required in order to permit the Partnership to comply with all applicable requirements
in connection with the registration of such Partnership Securities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.13 <I>Reliance by Third Parties.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the
General Partner and any officer of NuStar GP authorized by NuStar GP to act on behalf of and in the name of the Partnership has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to
enter into any authorized contracts on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner or any such officer as if it were the Partnership&#146;s sole party in interest, both legally and beneficially. Each
Limited Partner hereby waives any and all defenses or other remedies that may be available against such Person to </P>
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contest, negate or disaffirm any action of the General Partner or any such officer in connection with any such dealing. In no event shall any Person dealing with the General Partner or any such
officer or its representatives be obligated to ascertain that the terms of the Agreement have been complied with or to inquire into the necessity or expedience of any act or action of the General Partner or any such officer or its representatives.
Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that
(a)&nbsp;at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (b)&nbsp;the Person executing and delivering such certificate, document or instrument was duly authorized
and empowered to do so for and on behalf of the Partnership and (c)&nbsp;such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;VIII </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BOOKS, RECORDS,
ACCOUNTING AND REPORTS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.1 <I>Records and Accounting.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The General Partner shall keep or cause to be kept at the principal office of the Partnership appropriate books and records with respect to the
Partnership&#146;s business, including all books and records necessary to provide to the Limited Partners any information required to be provided pursuant to <U>Section</U><U></U><U>&nbsp;3.4(a)</U>. Any books and records maintained by or on behalf
of the Partnership in the regular course of its business, including the record of the Record Holders and Assignees of Units or other Partnership Securities, books of account and records of Partnership proceedings, may be kept on, or be in the form
of, computer disks, hard drives, punch cards, magnetic tape, photographs, micrographics or any other information storage device; <I>provided</I>, that the books and records so maintained are convertible into clearly legible written form within a
reasonable period of time. The books of the Partnership shall be maintained, for financial reporting purposes, on an accrual basis in accordance with U.S. GAAP. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.2 <I>Fiscal Year.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fiscal
year of the Partnership shall be a fiscal year ending December 31. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.3 <I>Reports.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) As soon as practicable, but in no event later than 120 days after the close of each fiscal year of the Partnership, the General Partner
shall cause to be mailed or furnished to each Record Holder of a Partnership Interest as of a date selected by the General Partner in its discretion, an annual report containing financial statements of the Partnership for such fiscal year of the
Partnership, presented in accordance with U.S. GAAP, including a balance sheet and statements of operations, Partnership equity and cash flows, such statements to be audited by a firm of independent public accountants selected by the General
Partner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) As soon as practicable, but in no event later than 90 days after the close of each Quarter except the last Quarter of each
fiscal year, the General Partner shall cause to be mailed or furnished to each Record Holder of a Partnership Interest, as of a date selected by the </P>
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General Partner in its discretion, a report containing unaudited financial statements of the Partnership and such other information as may be required by applicable law, regulation or rule of any
National Securities Exchange on which the Partnership Interests are listed for trading, or as the General Partner determines to be necessary or appropriate. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;IX </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TAX MATTERS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.1 <I>Tax Returns and Information.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Partnership shall timely file all returns of the Partnership that are required for federal, state and local income tax purposes on the
basis of the accrual method and a taxable year ending on December 31. The tax information reasonably required by Record Holders for federal and state income tax reporting purposes with respect to a taxable year shall be furnished to them within 90
days of the close of the calendar year in which the Partnership&#146;s taxable year ends. The classification, realization and recognition of income, gain, losses and deductions and other items shall be on the accrual method of accounting for federal
income tax purposes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.2 <I>Tax Elections.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Partnership shall make the election under Section&nbsp;754 of the Code in accordance with applicable regulations thereunder, subject to
the reservation of the right to seek to revoke any such election upon the General Partner&#146;s determination that such revocation is in the best interests of the Limited Partners. Notwithstanding any other provision herein contained, for the
purposes of computing the adjustments under Section&nbsp;743(b) of the Code, the General Partner shall be authorized (but not required) to adopt a convention whereby the price paid by a transferee of a Limited Partner Interest will be deemed to be
the lowest quoted closing price of the Limited Partner Interests on any National Securities Exchange on which such Limited Partner Interests are traded during the calendar month in which such transfer is deemed to occur pursuant to
<U>Section</U><U></U><U>&nbsp;6.2(g)</U> without regard to the actual price paid by such transferee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Partnership shall elect to
deduct expenses incurred in organizing the Partnership ratably over a sixty-month period as provided in Section&nbsp;709 of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
Except as otherwise provided herein, the General Partner shall determine whether the Partnership should make any other elections permitted by the Code. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.3 <I>Tax Controversies.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions hereof, the General Partner is designated as the Tax Matters Partner (as defined in the Code) and is authorized and
required to represent the Partnership (at the Partnership&#146;s expense) in connection with all examinations of the Partnership&#146;s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend
Partnership funds for professional services and costs associated therewith. Each Partner agrees to cooperate with the General Partner and to do or refrain from doing any or all things reasonably required by the General Partner to conduct such
proceedings. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to tax returns filed for taxable years beginning on or after December&nbsp;31, 2017,
the General Partner (or its designee) will be designated as the &#147;partnership representative&#148; in accordance with the rules prescribed pursuant to Section&nbsp;6223 of the Code and shall have the sole authority to act on behalf of the
Partnership in connection with all examinations of the Partnership&#146;s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Partnership funds for professional services and costs associated
therewith. The General Partner (or its designee) shall exercise, in its sole discretion, any and all authority of the &#147;partnership representative&#148; under the Code, including, without limitation, (i)&nbsp;binding the Partnership and its
Partners with respect to tax matters and (ii)&nbsp;determining whether to make any available election under Section&nbsp;6226 of the Code. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.4 <I>Withholding.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that it determines in its
discretion to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445
and 1446 of the Code. To the extent that the Partnership is required or elects to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner or Assignee (including, without
limitation, by reason of Section&nbsp;1446 of the Code), the amount withheld may at the discretion of the General Partner be treated by the Partnership as a distribution of cash pursuant to <U>Section</U><U></U><U>&nbsp;6.3</U>,
<U>Section</U><U></U><U>&nbsp;16.3</U>, <U>Section</U><U></U><U>&nbsp;17.3</U>, <U>Section</U><U></U><U>&nbsp;18.3</U> or <U>Section</U><U></U><U>&nbsp;19.3</U> in the amount of such withholding from such Partner. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;X </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ADMISSION OF
PARTNERS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.1 <I>Admission of Limited Partners.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Limited Partner admitted to the Partnership immediately prior to the adoption of this Agreement hereby continues as a Limited Partner upon
the adoption of this Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.2 <I>Admission of Substituted Limited Partner.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">By transfer of a Limited Partner Interest in accordance with <U>Article</U><U></U><U>&nbsp;IV</U>, the transferor shall be deemed to have given
the transferee the right to seek admission as a Substituted Limited Partner subject to the conditions of, and in the manner permitted under, this Agreement. A transferor of a Certificate representing a Limited Partner Interest shall, however, only
have the authority to convey to a purchaser or other transferee who does not execute and deliver a Transfer Application (a)&nbsp;the right to negotiate such Certificate to a purchaser or other transferee and (b)&nbsp;the right to transfer the right
to request admission as a Substituted Limited Partner to such purchaser or other transferee in respect of the transferred Limited Partner Interests. Each transferee of a Limited Partner Interest (including any nominee holder or an agent acquiring
such Limited Partner Interest for the account of another Person) who executes and delivers a Transfer Application shall, by virtue of such execution and delivery, be an Assignee and be deemed to have applied to become a Substituted Limited Partner
with respect to the Limited Partner Interests so transferred to such Person. Such Assignee shall become a Substituted Limited </P>
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Partner (x)&nbsp;at such time as the General Partner consents thereto, which consent may be given or withheld in the General Partner&#146;s discretion, and (y)&nbsp;when any such admission is
shown on the books and records of the Partnership. If such consent is withheld, such transferee shall be an Assignee. An Assignee shall have an interest in the Partnership equivalent to that of a Limited Partner with respect to allocations and
distributions, including liquidating distributions, of the Partnership. With respect to voting rights attributable to Limited Partner Interests that are held by Assignees, the General Partner shall be deemed to be the Limited Partner with respect
thereto and shall, in exercising the voting rights in respect of such Limited Partner Interests on any matter, vote such Limited Partner Interests at the written direction of the Assignee who is the Record Holder of such Limited Partner Interests.
If no such written direction is received, such Limited Partner Interests will not be voted. An Assignee shall have no other rights of a Limited Partner. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.3 <I>Admission of Successor General Partner.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A successor General Partner approved pursuant to <U>Section</U><U></U><U>&nbsp;11.1</U> or <U>11.2</U> or the transferee of or successor to all
of the General Partner Interest pursuant to <U>Section</U><U></U><U>&nbsp;4.6</U> who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective immediately prior to the
withdrawal or removal of the predecessor or transferring General Partner pursuant to <U>Section</U><U></U><U>&nbsp;11.1</U> or <U>11.2</U> or the transfer of the General Partner Interest pursuant to <U>Section</U><U></U><U>&nbsp;4.6</U>,
<I>provided</I>, <I>however</I>, that no such successor shall be admitted to the Partnership until compliance with the terms of <U>Section</U><U></U><U>&nbsp;4.6</U> has occurred and such successor has executed and delivered such other documents or
instruments as may be required to effect such admission. Any such successor shall, subject to the terms hereof, carry on the business of the members of the Partnership Group without dissolution. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.4 <I>Admission of Additional Limited Partners.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) A Person (other than the General Partner or a Substituted Limited Partner) who makes a Capital Contribution to the Partnership in
accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i)&nbsp;evidence of acceptance in form satisfactory to the General Partner of all of the terms and
conditions of this Agreement, including the power of attorney granted in <U>Section</U><U></U><U>&nbsp;2.6</U>, and (ii)&nbsp;such other documents or instruments as may be required in the discretion of the General Partner to effect such
Person&#146;s admission as an Additional Limited Partner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything to the contrary in this
<U>Section</U><U></U><U>&nbsp;10.4</U>, no Person shall be admitted as an Additional Limited Partner without the consent of the General Partner, which consent may be given or withheld in the General Partner&#146;s discretion. The admission of any
Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded as such in the books and records of the Partnership, following the consent of the General Partner to such admission. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.5 <I>Amendment of Agreement and Certificate of Limited Partnership.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To effect the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the
Delaware Act to amend the records of the Partnership to reflect such admission and, if necessary, to prepare as soon as practicable an amendment to this Agreement and, if required by law, the General Partner shall prepare and file an amendment to
the Certificate of Limited Partnership, and the General Partner may for this purpose, among others, exercise the power of attorney granted pursuant to <U>Section</U><U></U><U>&nbsp;2.6</U>. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XI </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WITHDRAWAL OR
REMOVAL OF PARTNERS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.1 <I>Withdrawal of the General Partner.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The General Partner shall be deemed to have withdrawn from the Partnership upon the occurrence of any one of the following events (each
such event herein referred to as an &#147;<I>Event of Withdrawal</I>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The General Partner voluntarily withdraws
from the Partnership by giving notice to the other Partners; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The General Partner transfers all of its rights as
General Partner pursuant to <U>Section</U><U></U><U>&nbsp;4.6</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The General Partner is removed pursuant to
<U>Section</U><U></U><U>&nbsp;11.2</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) The General Partner (A)&nbsp;makes a general assignment for the benefit of
creditors; (B)&nbsp;files a voluntary bankruptcy petition for relief under Chapter 7 of the United States Bankruptcy Code; (C)&nbsp;files a petition or answer seeking for itself a liquidation, dissolution or similar relief (but not a reorganization)
under any law; (D)&nbsp;files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the General Partner in a proceeding of the type described in clauses&nbsp;(A)-(C) of this
<U>Section</U><U></U><U>&nbsp;11.1(a)(iv)</U>; or (E)&nbsp;seeks, consents to or acquiesces in the appointment of a trustee (but not a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debtor-in-possession),</FONT></FONT> receiver or
liquidator of the General Partner or of all or any substantial part of its properties; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) A final and <FONT
STYLE="white-space:nowrap">non-appealable</FONT> order of relief under Chapter 7 of the United States Bankruptcy Code is entered by a court with appropriate jurisdiction pursuant to a voluntary or involuntary petition by or against the General
Partner; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) (A) in the event the General Partner is a corporation, a certificate of dissolution or its equivalent is
filed for the General Partner, or 90 days expire after the date of notice to the General Partner of revocation of its charter without a reinstatement of its charter, under the laws of its state of incorporation; (B)&nbsp;in the event the General
Partner is a partnership or a limited liability company, the dissolution and commencement of winding up of the General Partner; (C)&nbsp;in the event the General Partner is acting in such capacity by virtue of being a trustee of a trust, the
termination of the trust; (D)&nbsp;in the event the General Partner is a natural person, his death or adjudication of incompetency; and (E)&nbsp;otherwise in the event of the termination of the General Partner. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-86- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Event of Withdrawal specified in
<U>Section</U><U></U><U>&nbsp;11.1(a)(iv)</U>, <U>11.1(a)(v)</U> or <U>11.1(a)(vi)(A)</U>, <U>(B)</U>, <U>(C)</U> or <U>(E)</U>&nbsp;occurs, the withdrawing General Partner shall give notice to the Limited Partners within 30 days after such
occurrence. The Partners hereby agree that only the Events of Withdrawal described in this <U>Section</U><U></U><U>&nbsp;11.1</U> shall result in the withdrawal of the General Partner from the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Withdrawal of the General Partner from the Partnership upon the occurrence of an Event of Withdrawal shall not constitute a breach of this
Agreement under the following circumstances: (i)&nbsp;at any time that the General Partner voluntarily withdraws by giving at least 90 days&#146; advance notice to the Unitholders, such withdrawal to take effect on the date specified in such notice;
or (ii)&nbsp;at any time that the General Partner ceases to be the General Partner pursuant to <U>Section</U><U></U><U>&nbsp;11.1(a)(ii)</U> or is removed pursuant to <U>Section</U><U></U><U>&nbsp;11.2</U>. The withdrawal of the General Partner from
the Partnership upon the occurrence of an Event of Withdrawal shall also constitute the withdrawal of the General Partner as general partner of the other Group Members. If the General Partner gives a notice of withdrawal pursuant to
<U>Section</U><U></U><U>&nbsp;11.1(a)(i)</U>, the holders of a Unit Majority may, prior to the effective date of such withdrawal, elect a successor General Partner. The Person so elected as successor General Partner shall automatically become the
successor general partner of the other Group Members of which the General Partner is a general partner. If, prior to the effective date of the General Partner&#146;s withdrawal, a successor is not selected by the Unitholders as provided herein or
the Partnership does not receive a Withdrawal Opinion of Counsel, the Partnership shall be dissolved in accordance with <U>Section</U><U></U><U>&nbsp;12.1</U>. Any successor General Partner elected in accordance with the terms of this
<U>Section</U><U></U><U>&nbsp;11.1</U> shall be subject to the provisions of <U>Section</U><U></U><U>&nbsp;10.3</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.2 <I>Removal of the
General Partner.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The General Partner may be removed if such removal is approved by the Unitholders holding at least a Unit Majority
(excluding Units held by the General Partner and its Affiliates). Any such action by such holders for removal of the General Partner must also provide for the election of a successor General Partner by the Unitholders holding a Unit Majority
(excluding Units held by the General Partner and its Affiliates). Such removal shall be effective immediately following the admission of a successor General Partner pursuant to <U>Section</U><U></U><U>&nbsp;10.3</U>. The removal of the General
Partner shall also automatically constitute the removal of the General Partner as general partner of the other Group Members of which the General Partner is a general partner, if any. If a Person is elected as a successor General Partner in
accordance with the terms of this <U>Section</U><U></U><U>&nbsp;11.2</U>, such Person shall, upon admission pursuant to <U>Section</U><U></U><U>&nbsp;10.3</U>, automatically become a successor general partner of the other Group Members of which the
General Partner is a general partner. The right of the holders of Outstanding Units to remove the General Partner shall not exist or be exercised unless the Partnership has received an opinion opining as to the matters covered by a Withdrawal
Opinion of Counsel. Any successor General Partner elected in accordance with the terms of this <U>Section</U><U></U><U>&nbsp;11.2</U> shall be subject to the provisions of <U>Section</U><U></U><U>&nbsp;10.3</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.3 <I>Interest of Departing Partner and Successor General Partner.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(a) In the event of (i)&nbsp;withdrawal of the General Partner under circumstances where such withdrawal does not violate this Agreement or
(ii)&nbsp;removal of the General Partner by the holders of Outstanding Units under circumstances where Cause does not exist, if a successor </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-87- </P>


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General Partner is elected in accordance with the terms of <U>Section</U><U></U><U>&nbsp;11.1</U> or <U>11.2</U>, the Departing Partner shall have the option exercisable prior to the effective
date of the departure of such Departing Partner to require its successor to purchase its General Partner Interest and its general partner interest (or equivalent interest) in the other Group Members, if any, and all of its Incentive Distribution
Rights (collectively, the &#147;<I>Combined Interest</I>&#148;) in exchange for an amount in cash equal to the fair market value of such Combined Interest, such amount to be determined and payable as of the effective date of its departure. If the
General Partner is removed by the Unitholders under circumstances where Cause exists or if the General Partner withdraws under circumstances where such withdrawal violates this Agreement, and if a successor General Partner is elected in accordance
with the terms of <U>Section</U><U></U><U>&nbsp;11.1</U> or <U>11.2</U>, such successor shall have the option, exercisable prior to the effective date of the departure of such Departing Partner, to purchase the Combined Interest for such fair market
value of such Combined Interest of the Departing Partner. In either event, the Departing Partner shall be entitled to receive all reimbursements due such Departing Partner pursuant to <U>Section</U><U></U><U>&nbsp;7.4</U>, including any
employee-related liabilities (including severance liabilities), incurred in connection with the termination of any employees employed by the Departing Partner for the benefit of the Partnership or the other Group Members. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">For purposes of this <U>Section</U><U></U><U>&nbsp;11.3(a)</U>, the fair market value of a Departing Partner&#146;s Combined Interest shall be
determined by agreement between the Departing Partner and its successor or, failing agreement within 30 days after the effective date of such Departing Partner&#146;s departure, by an independent investment banking firm or other independent expert
selected by the Departing Partner and its successor, which, in turn, may rely on other experts, and the determination of which shall be conclusive as to such matter. If such parties cannot agree upon one independent investment banking firm or other
independent expert within 45 days after the effective date of such departure, then the Departing Partner shall designate an independent investment banking firm or other independent expert, the Departing Partner&#146;s successor shall designate an
independent investment banking firm or other independent expert, and such firms or experts shall mutually select a third independent investment banking firm or independent expert, which third independent investment banking firm or other independent
expert shall determine the fair market value of the Combined Interest of the Departing Partner. In making its determination, such third independent investment banking firm or other independent expert may consider the then current trading price of
Units on any National Securities Exchange on which Units are then listed, the value of the Partnership&#146;s assets, the rights and obligations of the Departing Partner and other factors it may deem relevant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If the Combined Interest is not purchased in the manner set forth in <U>Section</U><U></U><U>&nbsp;11.3(a)</U>, the Departing Partner (or
its transferee) shall become a Limited Partner and its Combined Interest shall be converted into Common Units pursuant to a valuation made by an investment banking firm or other independent expert selected pursuant to
<U>Section</U><U></U><U>&nbsp;11.3(a)</U>, without reduction in such Partnership Interest (but subject to proportionate dilution by reason of the admission of its successor). Any successor General Partner shall indemnify the Departing Partner (or
its transferee) as to all debts and liabilities of the Partnership arising on or after the date on which the Departing Partner (or its transferee) becomes a Limited Partner. For purposes of this Agreement, conversion of the Combined Interest of the
Departing Partner to Common Units will be characterized as if the Departing Partner (or its transferee) contributed its Combined Interest to the Partnership in exchange for the newly issued Common Units. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-88- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If a successor General Partner is elected in accordance with the terms of
<U>Section</U><U></U><U>&nbsp;11.1</U> or <U>11.2</U> and the option described in <U>Section</U><U></U><U>&nbsp;11.3(a)</U> is not exercised by the party entitled to do so, the successor General Partner shall, at the effective date of its admission
to the Partnership, contribute to the Partnership cash in the amount equal to 2/98th of the Net Agreed Value of the Partnership&#146;s assets on such date. In such event, such successor General Partner shall, subject to the following sentence, be
entitled to the Percentage Interest of all Partnership allocations and distributions to which the Departing Partner was entitled. The successor General Partner shall cause this Agreement to be amended to reflect that, from and after the date of such
successor General Partner&#146;s admission, the successor General Partner&#146;s interest in all distributions and allocations shall be 2% with respect to such Partnership Securities with respect to which any General Partner would be required to
make capital contributions pursuant to <U>Section</U><U></U><U>&nbsp;5.1(b)</U> in order to maintain such 2% interest. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.4 <I>Withdrawal of
Limited Partners.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No Limited Partner shall have any right to withdraw from the Partnership; <I>provided</I>, <I>however</I>, that when
a transferee of a Limited Partner&#146;s Limited Partner Interest becomes a Record Holder of the Limited Partner Interest so transferred, such transferring Limited Partner shall cease to be a Limited Partner with respect to the Limited Partner
Interest so transferred. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XII </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DISSOLUTION AND LIQUIDATION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.1
<I>Dissolution.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Partnership shall not be dissolved by the admission of Substituted Limited Partners or Additional Limited Partners
or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the removal or withdrawal of the General Partner, if a successor General Partner is elected pursuant to <U>Section</U><U></U><U>&nbsp;11.1</U> or
<U>11.2</U>, the Partnership shall not be dissolved and such successor General Partner shall continue the business of the Partnership. The Partnership shall dissolve, and (subject to <U>Section</U><U></U><U>&nbsp;12.2</U>) its affairs shall be wound
up, upon: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the expiration of its term as provided in <U>Section</U><U></U><U>&nbsp;2.7</U>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) an Event of Withdrawal of the General Partner as provided in <U>Section</U><U></U><U>&nbsp;11.1(a)</U> (other than
<U>Section</U><U></U><U>&nbsp;11.1(a)(ii)</U>), unless a successor is elected and an Opinion of Counsel is received as provided in <U>Section</U><U></U><U>&nbsp;11.1(b)</U> or <U>11.2</U> and such successor is admitted to the Partnership pursuant to
<U>Section</U><U></U><U>&nbsp;10.3</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) an election to dissolve the Partnership by the General Partner that is approved by the
holders of a Unit Majority; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) the entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the
Delaware Act; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) the sale of all or substantially all of the assets and properties of the Partnership Group. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-89- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.2 <I>Continuation of the Business of the Partnership After Dissolution.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon (a)&nbsp;dissolution of the Partnership following an Event of Withdrawal caused by the withdrawal or removal of the General Partner as
provided in <U>Section</U><U></U><U>&nbsp;11.1(a)(i)</U> or <U>(iii)</U>&nbsp;and the failure of the Partners to select a successor to such Departing Partner pursuant to <U>Section</U><U></U><U>&nbsp;11.1</U> or <U>11.2</U>, then within 90 days
thereafter, or (b)&nbsp;dissolution of the Partnership upon an event constituting an Event of Withdrawal as defined in <U>Section</U><U></U><U>&nbsp;11.1(a)(iv)</U>, <U>(v)</U> or <U>(vi)</U>, then, to the maximum extent permitted by law, within 180
days thereafter, the holders of a Unit Majority may elect to reconstitute the Partnership and continue its business on the same terms and conditions set forth in this Agreement by forming a new limited partnership on terms identical to those set
forth in this Agreement and having as the successor general partner a Person approved by the holders of a Unit Majority. Unless such an election is made within the applicable time period as set forth above, the Partnership shall conduct only
activities necessary to wind up its affairs. If such an election is so made, then: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the reconstituted Partnership shall continue until
dissolved in accordance with this <U>Article</U><U></U><U>&nbsp;XII</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) if the successor General Partner is not the former General
Partner, then the interest of the former General Partner shall be treated in the manner provided in <U>Section</U><U></U><U>&nbsp;11.3</U>; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all necessary steps shall be taken to cancel this Agreement and the Certificate of Limited Partnership and to enter into and, as
necessary, to file a new partnership agreement and certificate of limited partnership, and the successor general partner may for this purpose exercise the powers of attorney granted the General Partner pursuant to
<U>Section</U><U></U><U>&nbsp;2.6</U>; <I>provided</I>, that the right of the holders of a Unit Majority to approve a successor General Partner and to reconstitute and to continue the business of the Partnership shall not exist and may not be
exercised unless the Partnership has received an Opinion of Counsel that (x)&nbsp;the exercise of the right would not result in the loss of limited liability of any Limited Partner and (y)&nbsp;neither the Partnership, the reconstituted limited
partnership nor the Operating Partnership would be treated as an association taxable as a corporation or otherwise be taxable as an entity for federal income tax purposes upon the exercise of such right to continue. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.3 <I>Liquidator.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon
dissolution of the Partnership, unless the Partnership is continued under an election to reconstitute and continue the Partnership pursuant to <U>Section</U><U></U><U>&nbsp;12.2</U>, the General Partner shall select one or more Persons to act as
Liquidator. The Liquidator (if other than the General Partner) shall be entitled to receive such compensation for its services as may be approved by holders of at least a majority of the Outstanding Common Units. The Liquidator (if other than the
General Partner) shall agree not to resign at any time without 15 days&#146; prior notice and may be removed at any time, with or without cause, by notice of removal approved by holders of at least a majority of the Outstanding Common Units. Upon
dissolution, removal or resignation of the Liquidator, a successor and substitute Liquidator (who shall have and succeed to all rights, powers and duties of the original Liquidator) shall within 30 days thereafter be approved by holders of at least
a majority of the Outstanding Common Units. The right to approve a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-90- </P>


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successor or substitute Liquidator in the manner provided herein shall be deemed to refer also to any such successor or substitute Liquidator approved in the manner herein provided. Except as
expressly provided in this <U>Article</U><U></U><U>&nbsp;XII</U>, the Liquidator approved in the manner provided herein shall have and may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred
upon the General Partner under the terms of this Agreement (but subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, other than the limitation on sale set forth in
<U>Section</U><U></U><U>&nbsp;7.3(b)</U>) to the extent necessary or desirable in the good faith judgment of the Liquidator to carry out the duties and functions of the Liquidator hereunder for and during such period of time as shall be reasonably
required in the good faith judgment of the Liquidator to complete the winding up and liquidation of the Partnership as provided for herein. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.4 <I>Liquidation.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Liquidator shall proceed to dispose of the assets of the Partnership, discharge its liabilities, and otherwise wind up its affairs in such manner and over such period as the Liquidator determines to be in the best interest of the Partners, subject
to Section&nbsp;17-804 of the Delaware Act and the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <I>Disposition of Assets</I>. The assets may be disposed of by public
or private sale or by distribution in kind to one or more Partners on such terms as the Liquidator and such Partner or Partners may agree. If any property is distributed in kind, the Partner receiving the property shall be deemed for purposes of
<U>Section</U><U></U><U>&nbsp;12.4(c)</U> to have received cash equal to its fair market value; and contemporaneously therewith, appropriate cash distributions must be made to the other Partners. The Liquidator may, in its absolute discretion, defer
liquidation or distribution of the Partnership&#146;s assets for a reasonable time if it determines that an immediate sale or distribution of all or some of the Partnership&#146;s assets would be impractical or would cause undue loss to the
Partners. The Liquidator may, in its absolute discretion, distribute the Partnership&#146;s assets, in whole or in part, in kind if it determines that a sale would be impractical or would cause undue loss to the Partners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <I>Discharge of Liabilities</I>. Liabilities of the Partnership include amounts owed to the Liquidator as compensation for serving in such
capacity (subject to the terms of <U>Section</U><U></U><U>&nbsp;12.3</U>) and amounts owed to Partners other than in respect of their distribution rights under <U>Article</U><U></U><U>&nbsp;VI</U>. With respect to any liability that is contingent,
conditional or unmatured or is otherwise not yet due and payable, the Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of cash or other assets to provide for its payment. When paid, any unused
portion of the reserve shall be distributed as additional liquidation proceeds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <I>Liquidation Distributions</I>. All property and
all cash in excess of that required to discharge liabilities as provided in <U>Section</U><U></U><U>&nbsp;12.4(b)</U> shall be distributed to the Partners in accordance with, and to the extent of, the positive balances in their respective Capital
Accounts, as determined after taking into account all Capital Account adjustments (other than those made by reason of distributions pursuant to this <U>Section</U><U></U><U>&nbsp;12.4(c)</U>) for the taxable year of the Partnership during which the
liquidation of the Partnership occurs (with such date of occurrence being determined pursuant to Treasury Regulation Section&nbsp;1.704-1(b)(2)(ii)(g)), and such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-91- </P>


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distribution shall be made by the end of such taxable year (or, if later, within 90 days after said date of such occurrence); <I>provided</I> that the Stated Liquidation Preference (to the extent
of the positive balances in the associated Capital Accounts) and any accumulated and unpaid Series&nbsp;A Distributions, Series&nbsp;B Distributions, Series&nbsp;C Distributions and Series&nbsp;D Distributions shall be paid prior to making any
distributions pursuant to this <U>Section</U><U></U><U>&nbsp;12.4(c)</U>; <I>provided further</I> that if less than all accumulated and unpaid Series A Distributions, Series B Distributions, Series&nbsp;C Distributions and Series&nbsp;D
Distributions are paid, such distributions shall be made Pro Rata with respect to such Preferred Units in proportion to the aggregate distribution amounts remaining due in respect of such Preferred Units. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.5 <I>Cancellation of Certificate of Limited Partnership.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the completion of the distribution of Partnership cash and property as provided in <U>Section</U><U></U><U>&nbsp;12.4</U> in connection
with the liquidation of the Partnership, the Partnership shall be terminated and the Certificate of Limited Partnership and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than the State of Delaware
shall be canceled and such other actions as may be necessary to terminate the Partnership shall be taken. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.6 <I>Return of
Contributions.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The General Partner shall not be personally liable for, and shall have no obligation to contribute or loan any monies
or property to the Partnership to enable it to effectuate, the return of the Capital Contributions of the Limited Partners or Unitholders, or any portion thereof, it being expressly understood that any such return shall be made solely from
Partnership assets. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.7 <I>Waiver of Partition.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the maximum extent permitted by law, each Partner hereby waives any right to partition of the Partnership property. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.8 <I>Capital Account Restoration.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No Limited Partner shall have any obligation to restore any negative balance in its Capital Account upon liquidation of the Partnership. The
General Partner shall be obligated to restore any negative balance in its Capital Account upon liquidation of its interest in the Partnership by the end of the taxable year of the Partnership during which such liquidation occurs, or, if later,
within 90 days after the date of such liquidation. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XIII </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.1 <I>Amendment to be Adopted Solely by the General Partner.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Partner agrees that the General Partner, without the approval of any Partner or Assignee, may amend any provision of this Agreement and
execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) a
change in the name of the Partnership, the location of the principal place of business of the Partnership, the registered agent of the Partnership or the registered office of the Partnership; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-92- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) admission, substitution, withdrawal or removal of Partners in accordance with this Agreement;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) a change that, in the sole discretion of the General Partner, is necessary or advisable to qualify or continue the qualification of
the Partnership as a limited partnership or a partnership in which the Limited Partners have limited liability under the laws of any state or to ensure that the Partnership and the Operating Partnership will not be treated as an association taxable
as a corporation or otherwise taxed as an entity for federal income tax purposes; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) subject to <U>Section</U><U></U><U>&nbsp;16.4</U>,
<U>Section</U><U></U><U>&nbsp;17.4</U>, <U>Section</U><U></U><U>&nbsp;18.4</U> and <U>Section</U><U></U><U>&nbsp;19.4</U>, a change that, in the discretion of the General Partner, (i)&nbsp;does not adversely affect the Limited Partners (including
any particular class of Partnership Interests as compared to other classes of Partnership Interests) in any material respect, (ii)&nbsp;is necessary or advisable to (A)&nbsp;satisfy any requirements, conditions or guidelines contained in any
opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute (including the Delaware Act) or (B)&nbsp;facilitate the trading of the Limited Partner Interests
(including the division of any class, classes or series of Outstanding Limited Partner Interests into different classes to facilitate uniformity of tax consequences within such classes or series of Limited Partner Interests) or comply with any rule,
regulation, guideline or requirement of any National Securities Exchange on which the Limited Partner Interests are or will be listed for trading, compliance with any of which the General Partner determines in its discretion to be in the best
interests of the Partnership and the Limited Partners, (iii)&nbsp;is necessary or advisable in connection with action taken by the General Partner pursuant to <U>Section</U><U></U><U>&nbsp;5.8</U> or (iv)&nbsp;is required to effect the intent
expressed in the Registration Statement or the intent of the provisions of this Agreement or is otherwise contemplated by this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) a change in the fiscal year or taxable year of the Partnership and any changes that, in the discretion of the General Partner, are
necessary or advisable as a result of a change in the fiscal year or taxable year of the Partnership including, if the General Partner shall so determine, a change in the definition of &#147;<I>Quarter</I>&#148; and the dates on which distributions
(other than Preferred Distributions) are to be made by the Partnership; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) an amendment that is necessary, in the Opinion of Counsel, to
prevent the Partnership, or the General Partner or its directors, officers, trustees or agents from in any manner being subjected to the provisions of the Investment Company Act of 1940, as amended, the Investment Advisers Act of 1940, as amended,
or &#147;<I>plan asset</I>&#148; regulations adopted under the Employee Retirement Income Security Act of 1974, as amended, regardless of whether such are substantially similar to plan asset regulations currently applied or proposed by the United
States Department of Labor; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) subject to the terms of <U>Section</U><U></U><U>&nbsp;16.4</U>, <U>Section</U><U></U><U>&nbsp;17.4</U>,
<U>Section</U><U></U><U>&nbsp;18.4</U>, <U>Section</U><U></U><U>&nbsp;19.4</U> and <U>Section</U><U></U><U>&nbsp;5.6</U>, an amendment that, in the discretion of the General Partner, is necessary or advisable in connection with the authorization of
issuance of any class or series of Partnership Securities pursuant to <U>Section</U><U></U><U>&nbsp;5.5</U>; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-93- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) any amendment expressly permitted in this Agreement to be made by the General Partner acting
alone; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) an amendment effected, necessitated or contemplated by a Merger Agreement approved in accordance with
<U>Section</U><U></U><U>&nbsp;14.3</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) an amendment that, in the discretion of the General Partner, is necessary or advisable to
reflect, account for and deal with appropriately the formation by the Partnership of, or investment by the Partnership in, any corporation, partnership, joint venture, limited liability company or other entity, in connection with the conduct by the
Partnership of activities permitted by the terms of <U>Section</U><U></U><U>&nbsp;2.4</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) a merger or conveyance pursuant to
<U>Section</U><U></U><U>&nbsp;14.3(d)</U>; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) any other amendments substantially similar to the foregoing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.2 <I>Amendment Procedures.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as provided in <U>Sections 13.1</U> and <U>13.3</U>, <U>Article</U><U></U><U>&nbsp;XVI</U>, <U>Article</U><U></U><U>&nbsp;XVII</U>,
<U>Article</U><U></U><U>&nbsp;XVIII</U> and <U>Article</U><U></U><U>&nbsp;XIX</U>, all amendments to this Agreement shall be made in accordance with the following requirements. Amendments to this Agreement may be proposed only by or with the consent
of the General Partner, which consent may be given or withheld in its sole discretion. A proposed amendment shall be effective upon its approval by the holders of a Unit Majority, unless a greater or different percentage is required under this
Agreement or by Delaware law. Each proposed amendment that requires the approval of the holders of a specified percentage of Outstanding Units shall be set forth in a writing that contains the text of the proposed amendment. If such an amendment is
proposed, the General Partner shall seek the written approval of the requisite percentage of Outstanding Units or call a meeting of the Unitholders to consider and vote on such proposed amendment. The General Partner shall notify all Record Holders
upon final adoption of any such proposed amendments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.3 <I>Amendment Requirements.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding the provisions of <U>Sections 13.1</U> and <U>13.2</U>, no provision of this Agreement that establishes a percentage of
Outstanding Units (including Units deemed owned by the General Partner) required to take any action shall be amended, altered, changed, repealed or rescinded in any respect that would have the effect of reducing such voting percentage unless such
amendment is approved by the written consent or the affirmative vote of holders of Outstanding Units whose aggregate Outstanding Units constitute not less than the voting requirement sought to be reduced. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding the provisions of <U>Sections 13.1</U> and <U>13.2</U>, no amendment to this Agreement may (i)&nbsp;enlarge the
obligations of any Limited Partner without its consent, unless such shall be deemed to have occurred as a result of an amendment approved pursuant to <U>Section</U><U></U><U>&nbsp;13.3(c)</U>, (ii) enlarge the obligations of, restrict in any way any
action by or rights of, or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-94- </P>


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reduce in any way the amounts distributable, reimbursable or otherwise payable to, the General Partner or any of its Affiliates without its consent, which consent may be given or withheld in its
sole discretion, (iii)&nbsp;change <U>Section</U><U></U><U>&nbsp;12.1(a)</U> or <U>12.1(c)</U>, or (iv)&nbsp;change the term of the Partnership or, except as set forth in <U>Section</U><U></U><U>&nbsp;12.1(c)</U>, give any Person the right to
dissolve the Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Except as otherwise provided and without limitation of the General Partner&#146;s authority to adopt
amendments to this Agreement without the approval of any Partners or Assignees as contemplated in <U>Section</U><U></U><U>&nbsp;13.1</U>, any amendment that would have a material adverse effect on the rights or preferences of any class of
Partnership Interests in relation to other classes of Partnership Interests must be approved by the holders of not less than a majority of the Outstanding Partnership Interests of the class affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding any other provision of this Agreement, except for amendments pursuant to <U>Section</U><U></U><U>&nbsp;13.1</U> and except
as otherwise provided by <U>Section</U><U></U><U>&nbsp;14.3(b)</U>, no amendments shall become effective without the approval of the holders of at least 90% of the Outstanding Common Units unless the Partnership obtains an Opinion of Counsel to the
effect that such amendment will not affect the limited liability of any Limited Partner under applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Except as provided in
<U>Section</U><U></U><U>&nbsp;13.1</U>, this <U>Section</U><U></U><U>&nbsp;13.3</U> shall only be amended with the approval of the holders of at least 90% of the Outstanding Units. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.4 <I>Special Meetings.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All
acts of Limited Partners to be taken pursuant to this Agreement shall be taken in the manner provided in this <U>Article</U><U></U><U>&nbsp;XIII</U>. Special meetings of the Limited Partners may be called by the General Partner or by Limited
Partners owning 20% or more of the Outstanding Limited Partner Interests of the class or classes for which a meeting is proposed. Limited Partners shall call a special meeting by delivering to the General Partner one or more requests in writing
stating that the signing Limited Partners wish to call a special meeting and indicating the general or specific purposes for which the special meeting is to be called. Within 60 days after receipt of such a call from Limited Partners or within such
greater time as may be reasonably necessary for the Partnership to comply with any statutes, rules, regulations, listing agreements or similar requirements governing the holding of a meeting or the solicitation of proxies for use at such a meeting,
the General Partner shall send a notice of the meeting to the Limited Partners either directly or indirectly through the Transfer Agent. A meeting shall be held at a time and place determined by the General Partner on a date not less than 10 days
nor more than 60 days after the mailing of notice of the meeting. Limited Partners shall not vote on matters that would cause the Limited Partners to be deemed to be taking part in the management and control of the business and affairs of the
Partnership so as to jeopardize the Limited Partners&#146; limited liability under the Delaware Act or the law of any other state in which the Partnership is qualified to do business. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.5 <I>Notice of a Meeting.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notice of a meeting called pursuant to <U>Section</U><U></U><U>&nbsp;13.4</U> shall be given to the Record Holders of the class or classes of
Limited Partner Interests for which a meeting is proposed in writing by mail or other means of written communication in accordance with <U>Section</U><U></U><U>&nbsp;20.1</U>. The notice shall be deemed to have been given at the time when deposited
in the mail or sent by other means of written communication. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-95- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.6 <I>Record Date.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of determining the Limited Partners entitled to notice of or to vote at a meeting of the Limited Partners or to give approvals
without a meeting as provided in <U>Section</U><U></U><U>&nbsp;13.11</U> the General Partner may set a Record Date, which shall not be less than 10 nor more than 60 days before (a)&nbsp;the date of the meeting (unless such requirement conflicts with
any rule, regulation, guideline or requirement of any National Securities Exchange on which the Limited Partner Interests are listed for trading, in which case the rule, regulation, guideline or requirement of such exchange shall govern) or
(b)&nbsp;in the event that approvals are sought without a meeting, the date by which Limited Partners are requested in writing by the General Partner to give such approvals. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.7 <I>Adjournment.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When a
meeting is adjourned to another time or place, notice need not be given of the adjourned meeting and a new Record Date need not be fixed, if the time and place thereof are announced at the meeting at which the adjournment is taken, unless such
adjournment shall be for more than 45 days. At the adjourned meeting, the Partnership may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 45 days or if a new Record Date is fixed
for the adjourned meeting, a notice of the adjourned meeting shall be given in accordance with this <U>Article</U><U></U><U>&nbsp;XIII</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.8 <I>Waiver of Notice; Approval of Meeting; Approval of Minutes.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The transactions of any meeting of Limited Partners, however called and noticed, and whenever held, shall be as valid as if it had occurred at
a meeting duly held after regular call and notice, if a quorum is present either in person or by proxy, and if, either before or after the meeting, Limited Partners representing such quorum who were present in person or by proxy and entitled to
vote, sign a written waiver of notice or an approval of the holding of the meeting or an approval of the minutes thereof. All waivers and approvals shall be filed with the Partnership records or made a part of the minutes of the meeting. Attendance
of a Limited Partner at a meeting shall constitute a waiver of notice of the meeting, except when the Limited Partner does not approve, at the beginning of the meeting, of the transaction of any business because the meeting is not lawfully called or
convened; and except that attendance at a meeting is not a waiver of any right to disapprove the consideration of matters required to be included in the notice of the meeting, but not so included, if the disapproval is expressly made at the meeting.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.9 <I>Quorum.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
holders of a majority of the Outstanding Limited Partner Interests of the class, classes or series for which a meeting has been called (including Limited Partner Interests deemed owned by the General Partner) represented in person or by proxy shall
constitute a quorum at a meeting of Limited Partners of such class, classes or series unless any such action by the Limited Partners requires approval by holders of a greater percentage of such Limited Partner Interests, in which case the quorum
shall be such greater percentage. At any meeting of the Limited Partners </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-96- </P>


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duly called and held in accordance with this Agreement at which a quorum is present, the act of Limited Partners holding Outstanding Limited Partner Interests that in the aggregate represent a
majority of the Outstanding Limited Partner Interests entitled to vote and be present in person or by proxy at such meeting shall be deemed to constitute the act of all Limited Partners, unless a greater or different percentage is required with
respect to such action under the provisions of this Agreement, in which case the act of the Limited Partners holding Outstanding Limited Partner Interests that in the aggregate represent at least such greater or different percentage shall be
required. The Limited Partners present at a duly called or held meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the withdrawal of enough Limited Partners to leave less than a quorum, if any
action taken (other than adjournment) is approved by the required percentage of Outstanding Limited Partner Interests specified in this Agreement (including Limited Partner Interests deemed owned by the General Partner). In the absence of a quorum
any meeting of Limited Partners may be adjourned from time to time by the affirmative vote of holders of at least a majority of the Outstanding Limited Partner Interests entitled to vote at such meeting (including Limited Partner Interests deemed
owned by the General Partner) represented either in person or by proxy, but no other business may be transacted, except as provided in <U>Section</U><U></U><U>&nbsp;13.7</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.10 <I>Conduct of a Meeting.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The General Partner shall have full power and authority concerning the manner of conducting any meeting of the Limited Partners or solicitation
of approvals in writing, including the determination of Persons entitled to vote, the existence of a quorum, the satisfaction of the requirements of <U>Section</U><U></U><U>&nbsp;13.4</U>, the conduct of voting, the validity and effect of any
proxies and the determination of any controversies, votes or challenges arising in connection with or during the meeting or voting. The General Partner shall designate a Person to serve as chairman of any meeting and shall further designate a Person
to take the minutes of any meeting. All minutes shall be kept with the records of the Partnership maintained by the General Partner. The General Partner may make such other regulations consistent with applicable law and this Agreement as it may deem
advisable concerning the conduct of any meeting of the Limited Partners or solicitation of approvals in writing, including regulations in regard to the appointment of proxies, the appointment and duties of inspectors of votes and approvals, the
submission and examination of proxies and other evidence of the right to vote, and the revocation of approvals in writing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.11 <I>Action
Without a Meeting.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If authorized by the General Partner, any action that may be taken at a meeting of the Limited Partners may be
taken without a meeting if an approval in writing setting forth the action so taken is signed by Limited Partners owning not less than the minimum percentage of the Outstanding Limited Partner Interests (including Limited Partner Interests deemed
owned by the General Partner) that would be necessary to authorize or take such action at a meeting at which all the Limited Partners were present and voted (unless such provision conflicts with any rule, regulation, guideline or requirement of any
National Securities Exchange on which the Limited Partner Interests are listed for trading, in which case the rule, regulation, guideline or requirement of such exchange shall govern). Prompt notice of the taking of action without a meeting shall be
given to the Limited Partners who have not approved in writing. The General Partner may specify that any written ballot submitted to Limited Partners for the purpose of </P>
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taking any action without a meeting shall be returned to the Partnership within the time period, which shall be not less than 20 days, specified by the General Partner. If a ballot returned to
the Partnership does not vote all of the Limited Partner Interests held by the Limited Partners the Partnership shall be deemed to have failed to receive a ballot for the Limited Partner Interests that were not voted. If approval of the taking of
any action by the Limited Partners is solicited by any Person other than by or on behalf of the General Partner, the written approvals shall have no force and effect unless and until (a)&nbsp;they are deposited with the Partnership in care of the
General Partner, (b)&nbsp;approvals sufficient to take the action proposed are dated as of a date not more than 90 days prior to the date sufficient approvals are deposited with the Partnership and (c)&nbsp;an Opinion of Counsel is delivered to the
General Partner to the effect that the exercise of such right and the action proposed to be taken with respect to any particular matter (i)&nbsp;will not cause the Limited Partners to be deemed to be taking part in the management and control of the
business and affairs of the Partnership so as to jeopardize the Limited Partners&#146; limited liability, and (ii)&nbsp;is otherwise permissible under the state statutes then governing the rights, duties and liabilities of the Partnership and the
Partners. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;13.12 <I>Voting and Other Rights.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Only those Record Holders of the Limited Partner Interests on the Record Date set pursuant to <U>Section</U><U></U><U>&nbsp;13.6</U> (and
also subject to the limitations contained in the definition of &#147;<I>Outstanding</I>&#148;) shall be entitled to notice of, and to vote at, a meeting of Unitholders or to act with respect to matters as to which the holders of the Outstanding
Limited Partner Interests have the right to vote or to act. All references in this Agreement to votes of, or other acts that may be taken by, the Outstanding Limited Partner Interests shall be deemed to be references to the votes or acts of the
Record Holders of such Outstanding Limited Partner Interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Only those Record Holders of the Series&nbsp;A Preferred Units on the
Record Date set pursuant to <U>Section</U><U></U><U>&nbsp;13.6</U> (and subject to the limitations contained in the definition of &#147;<I>Outstanding</I>&#148; and the limitations set forth in <U>Section</U><U></U><U>&nbsp;16.4</U>) shall be
entitled to notice of, and to vote at, a meeting of Limited Partners holding Series&nbsp;A Preferred Units or to act with respect to matters as to which the holders of the Outstanding Series&nbsp;A Preferred Units have the right to vote or to act.
All references in this Agreement to votes of, or other acts that may be taken by, the Outstanding Series&nbsp;A Preferred Units shall be deemed to be references to the votes or acts of the Record Holders of such Outstanding Series&nbsp;A Preferred
Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Only those Record Holders of the Series&nbsp;B Preferred Units on the Record Date set pursuant to
<U>Section</U><U></U><U>&nbsp;13.6</U> (and subject to the limitations contained in the definition of &#147;<I>Outstanding</I>&#148; and the limitations set forth in <U>Section</U><U></U><U>&nbsp;17.4</U>) shall be entitled to notice of, and to vote
at, a meeting of Limited Partners holding Series&nbsp;B Preferred Units or to act with respect to matters as to which the holders of the Outstanding Series&nbsp;B Preferred Units have the right to vote or to act. All references in this Agreement to
votes of, or other acts that may be taken by, the Outstanding Series&nbsp;B Preferred Units shall be deemed to be references to the votes or acts of the Record Holders of such Outstanding Series&nbsp;B Preferred Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Only those Record Holders of the Series&nbsp;C Preferred Units on the Record Date set pursuant to <U>Section</U><U></U><U>&nbsp;13.6</U>
(and subject to the limitations contained in the definition of &#147;<I>Outstanding</I>&#148; and the limitations set forth in <U>Section</U><U></U><U>&nbsp;18.4</U>) shall be entitled to notice of, and to
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
vote at, a meeting of Limited Partners holding Series&nbsp;C Preferred Units or to act with respect to matters as to which the holders of the Outstanding Series&nbsp;C Preferred Units have the
right to vote or to act. All references in this Agreement to votes of, or other acts that may be taken by, the Outstanding Series&nbsp;C Preferred Units shall be deemed to be references to the votes or acts of the Record Holders of such Outstanding
Series&nbsp;C Preferred Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Only those Record Holders of the Series&nbsp;D Preferred Units on the Record Date set pursuant to
<U>Section</U><U></U><U>&nbsp;13.6</U> (and subject to the limitations contained in the definition of &#147;<I>Outstanding</I>&#148; and the limitations set forth in <U>Section</U><U></U><U>&nbsp;19.4</U>) shall be entitled to notice of, and to vote
at, a meeting of Limited Partners holding Series&nbsp;D Preferred Units or to act with respect to matters as to which the holders of the Outstanding Series&nbsp;D Preferred Units have the right to vote or to act (including matters with respect to
which the Series D Preferred Holders are entitled to vote, including on an &#147;as if&#148; converted basis, pursuant to <U>Section</U><U></U><U>&nbsp;19.4</U>). All references in this Agreement to votes of, or other acts that may be taken by, the
Outstanding Series&nbsp;D Preferred Units shall be deemed to be references to the votes or acts of the Record Holders of such Outstanding Series&nbsp;D Preferred Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) With respect to Limited Partner Interests that are held for a Person&#146;s account by another Person (such as a broker, dealer, bank,
trust company or clearing corporation, or an agent of any of the foregoing), in whose name such Limited Partner Interests are registered, such other Person shall, in exercising the voting rights in respect of such Limited Partner Interests on any
matter, and unless the arrangement between such Persons provides otherwise, vote such Limited Partner Interests in favor of, and at the direction of, the Person who is the beneficial owner, and the Partnership shall be entitled to assume it is so
acting without further inquiry. The provisions of this <U>Section</U><U></U><U>&nbsp;13.12(f)</U> (as well as all other provisions of this Agreement) are subject to the provisions of <U>Section</U><U></U><U>&nbsp;4.3</U>. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XIV </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MERGER </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;14.1 <I>Authority.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Partnership may merge or consolidate with one or more corporations, limited liability companies, business trusts or associations, real estate investment trusts, common law trusts or unincorporated businesses, including a general partnership or
limited partnership, formed under the laws of the State of Delaware or any other state of the United States of America, pursuant to a written agreement of merger or consolidation (&#147;<I>Merger Agreement</I>&#148;) in accordance with this
<U>Article</U><U></U><U>&nbsp;XIV</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;14.2 <I>Procedure for Merger or Consolidation.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Merger or consolidation of the Partnership pursuant to this <U>Article</U><U></U><U>&nbsp;XIV</U> requires the prior approval of the General
Partner. If the General Partner shall determine, in the exercise of its discretion, to consent to the merger or consolidation, the General Partner shall approve the Merger Agreement, which shall set forth: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The names and jurisdictions of formation or organization of each of the business entities proposing to merge or consolidate; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-99- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The name and jurisdiction of formation or organization of the business entity that is to
survive the proposed merger or consolidation (the &#147;<I>Surviving Business Entity</I>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The terms and conditions of the
proposed merger or consolidation; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The manner and basis of exchanging or converting the equity securities of each constituent business
entity for, or into, cash, property or general or limited partner interests, rights, securities or obligations of the Surviving Business Entity; and (i)&nbsp;if any general or limited partner interests, securities or rights of any constituent
business entity are not to be exchanged or converted solely for, or into, cash, property or general or limited partner interests, rights, securities or obligations of the Surviving Business Entity, the cash, property or general or limited partner
interests, rights, securities or obligations of any limited partnership, corporation, trust or other entity (other than the Surviving Business Entity) which the holders of such general or limited partner interests, securities or rights are to
receive in exchange for, or upon conversion of their general or limited partner interests, securities or rights, and (ii)&nbsp;in the case of securities represented by certificates, upon the surrender of such certificates, which cash, property or
general or limited partner interests, rights, securities or obligations of the Surviving Business Entity or any general or limited partnership, corporation, trust or other entity (other than the Surviving Business Entity), or evidences thereof, are
to be delivered; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) A statement of any changes in the constituent documents or the adoption of new constituent documents (the articles
or certificate of incorporation, articles of trust, declaration of trust, certificate or agreement of limited partnership or other similar charter or governing document) of the Surviving Business Entity to be effected by such merger or
consolidation; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) The effective time of the merger, which may be the date of the filing of the certificate of merger pursuant to
<U>Section</U><U></U><U>&nbsp;14.4</U> or a later date specified in or determinable in accordance with the Merger Agreement (<I>provided</I>, that if the effective time of the merger is to be later than the date of the filing of the certificate of
merger, the effective time shall be fixed no later than the time of the filing of the certificate of merger and stated therein); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)
Such other provisions with respect to the proposed merger or consolidation as are deemed necessary or appropriate by the General Partner. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;14.3 <I>Approval by Limited Partners of Merger or Consolidation.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as provided in <U>Section</U><U></U><U>&nbsp;14.3(d)</U>, the General Partner, upon its approval of the Merger Agreement, shall
direct that the Merger Agreement be submitted to a vote of Unitholders, whether at a special meeting or by written consent, in either case in accordance with the requirements of <U>Article</U><U></U><U>&nbsp;XIII</U>. A copy or a summary of the
Merger Agreement shall be included in or enclosed with the notice of a special meeting or the written consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except as provided in
<U>Section</U><U></U><U>&nbsp;14.3(d)</U>, the Merger Agreement shall be approved upon receiving the affirmative vote or consent of the holders of a Unit Majority unless the Merger Agreement contains any provision that, if contained in an amendment
to this Agreement, the provisions of this Agreement or the Delaware Act would require for its approval the vote or consent of a greater percentage of the Outstanding Limited Partner Interests or of any class of Limited Partners, in which case such
greater percentage vote or consent shall be required for approval of the Merger Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-100- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Except as provided in <U>Section</U><U></U><U>&nbsp;14.3(d)</U>, after such approval by vote
or consent of the Limited Partners, and at any time prior to the filing of the certificate of merger pursuant to <U>Section</U><U></U><U>&nbsp;14.4</U>, the merger or consolidation may be abandoned pursuant to provisions therefor, if any, set forth
in the Merger Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding anything else contained in this <U>Article</U><U></U><U>&nbsp;XIV</U> or in this Agreement,
the General Partner is permitted, in its discretion, without Limited Partner approval, to merge the Partnership or any Group Member into, or convey all of the Partnership&#146;s assets to, another limited liability entity which shall be newly formed
and shall have no assets, liabilities or operations at the time of such Merger other than those it receives from the Partnership or other Group Member if (i)&nbsp;the General Partner has received an Opinion of Counsel that the merger or conveyance,
as the case may be, would not result in the loss of the limited liability of any Limited Partner or any partner in the Operating Partnership or cause the Partnership or Operating Partnership to be treated as an association taxable as a corporation
or otherwise to be taxed as an entity for federal income tax purposes (to the extent not previously treated as such), (ii) the sole purpose of such merger or conveyance is to effect a mere change in the legal form of the Partnership into another
limited liability entity and (iii)&nbsp;the governing instruments of the new entity provide the Limited Partners and the General Partner with the same rights and obligations as are herein contained. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;14.4 <I>Certificate of Merger.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the required approval pursuant to <U>Sections 14.2</U> and <U>14.3(b)</U> of a Merger Agreement, subject to
<U>Section</U><U></U><U>&nbsp;14.3(c)</U>, a certificate of merger shall be executed and filed with the Secretary of State of the State of Delaware in conformity with the requirements of the Delaware Act. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;14.5 <I>Effect of Merger.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
At the effective time of the certificate of merger: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) all of the rights, privileges and powers of each of the business
entities that has merged or consolidated, and all property, real, personal and mixed, and all debts due to any of those business entities and all other things and causes of action belonging to each of those business entities, shall be vested in the
Surviving Business Entity and after the merger or consolidation shall be the property of the Surviving Business Entity to the extent they were of each constituent business entity; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the title to any real property vested by deed or otherwise in any of those constituent business entities shall not revert
and is not in any way impaired because of the merger or consolidation; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) all rights of creditors and all liens on or
security interests in property of any of those constituent business entities shall be preserved unimpaired; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) all debts, liabilities and duties of those constituent business entities
shall attach to the Surviving Business Entity and may be enforced against it to the same extent as if the debts, liabilities and duties had been incurred or contracted by it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) A merger or consolidation effected pursuant to this <U>Article</U><U></U><U>&nbsp;XIV</U> shall not be deemed to result in a transfer or
assignment of assets or liabilities from one entity to another. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XV </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RIGHT TO ACQUIRE LIMITED PARTNER INTERESTS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;15.1 <I>Right to Acquire Limited Partner Interests.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding any other provision of this Agreement (but subject to <U>Section</U><U></U><U>&nbsp;15.1(d)</U>), if at any time not more
than 20% of the total Limited Partner Interests of any class then Outstanding is held by Persons other than the General Partner and its Affiliates, the General Partner shall then have the right, which right it may assign and transfer in whole or in
part to the Partnership or any Affiliate of the General Partner, exercisable in its sole discretion, to purchase all, but not less than all, of such Limited Partner Interests of such class then Outstanding held by Persons other than the General
Partner and its Affiliates, at the greater of (x)&nbsp;the Current Market Price as of the date three days prior to the date that the notice described in <U>Section</U><U></U><U>&nbsp;15.1(b)</U> is mailed and (y)&nbsp;the highest price paid by the
General Partner or any of its Affiliates for any such Limited Partner Interest of such class purchased during the 90-day period preceding the date that the notice described in <U>Section</U><U></U><U>&nbsp;15.1(b)</U> is mailed. As used in this
Agreement, (i) &#147;<I>Current Market Price</I>&#148; as of any date of any class of Limited Partner Interests listed or admitted to trading on any National Securities Exchange means the average of the daily Closing Prices (as hereinafter defined)
per Limited Partner Interest of such class for the 20&nbsp;consecutive Trading Days (as hereinafter defined) immediately prior to such date; (ii)&nbsp;&#147;<I>Closing Price</I>&#148; for any day means the last sale price on such day, regular way,
or in case no such sale takes place on such day, the average of the closing bid and asked prices on such day, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or
admitted for trading on the principal National Securities Exchange (other than the Nasdaq Stock Market) on which such Limited Partner Interests of such class are listed or admitted to trading or, if such Limited Partner Interests of such class are
not listed or admitted to trading on any National Securities Exchange (other than the Nasdaq Stock Market), the last quoted price on such day or, if not so quoted, the average of the high bid and low asked prices on such day in the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market, as reported by the Nasdaq Stock Market or such other system then in use, or, if on any such day such Limited Partner Interests of such class are not
quoted by any such organization, the average of the closing bid and asked prices on such day as furnished by a professional market maker making a market in such Limited Partner Interests of such class selected by the General Partner, or if on any
such day no market maker is making a market in such Limited Partner Interests of such class, the fair value of such Limited Partner Interests on such day as determined reasonably and in good faith by the General Partner; and (iii) &#147;<I>Trading
Day</I>&#148; means a day on which the principal National Securities Exchange on which such Limited Partner Interests of any class are listed or admitted to trading is open for the transaction of business or, if Limited Partner Interests of a class
are not listed or admitted to trading on any National Securities Exchange, a day on which banking institutions in New York City generally are open. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-102- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If the General Partner, any Affiliate of the General Partner or the Partnership elects to
exercise the right to purchase Limited Partner Interests granted pursuant to <U>Section</U><U></U><U>&nbsp;15.1(a)</U>, the General Partner shall deliver to the Transfer Agent notice of such election to purchase (the &#147;<I>Notice of Election to
Purchase</I>&#148;) and shall cause the Transfer Agent to mail a copy of such Notice of Election to Purchase to the Record Holders of Limited Partner Interests of such class (as of a Record Date selected by the General Partner) at least 10, but not
more than 60, days prior to the Purchase Date. Such Notice of Election to Purchase shall also be published for a period of at least three consecutive days in at least two daily newspapers of general circulation printed in the English language and
published in the Borough of Manhattan, New York. The Notice of Election to Purchase shall specify the Purchase Date and the price (determined in accordance with <U>Section</U><U></U><U>&nbsp;15.1(a)</U>) at which Limited Partner Interests will be
purchased and state that the General Partner, its Affiliate or the Partnership, as the case may be, elects to purchase such Limited Partner Interests, upon surrender of Certificates representing such Limited Partner Interests in exchange for
payment, at such office or offices of the Transfer Agent as the Transfer Agent may specify, or as may be required by any National Securities Exchange on which such Limited Partner Interests are listed or admitted to trading. Any such Notice of
Election to Purchase mailed to a Record Holder of Limited Partner Interests at his address as reflected in the records of the Transfer Agent shall be conclusively presumed to have been given regardless of whether the owner receives such notice. On
or prior to the Purchase Date, the General Partner, its Affiliate or the Partnership, as the case may be, shall deposit with the Transfer Agent cash in an amount sufficient to pay the aggregate purchase price of all of such Limited Partner Interests
to be purchased in accordance with this <U>Section</U><U></U><U>&nbsp;15.1</U>. If the Notice of Election to Purchase shall have been duly given as aforesaid at least 10 days prior to the Purchase Date, and if on or prior to the Purchase Date the
deposit described in the preceding sentence has been made for the benefit of the holders of Limited Partner Interests subject to purchase as provided herein, then from and after the Purchase Date, notwithstanding that any Certificate shall not have
been surrendered for purchase, all rights of the holders of such Limited Partner Interests (including any rights pursuant to <U>Articles IV</U>, <U>V</U>, <U>VI</U>, and <U>XII</U>) shall thereupon cease, except the right to receive the purchase
price (determined in accordance with <U>Section</U><U></U><U>&nbsp;15.1(a)</U>) for Limited Partner Interests therefor, without interest, upon surrender to the Transfer Agent of the Certificates representing such Limited Partner Interests, and such
Limited Partner Interests shall thereupon be deemed to be transferred to the General Partner, its Affiliate or the Partnership, as the case may be, on the record books of the Transfer Agent and the Partnership, and the General Partner or any
Affiliate of the General Partner, or the Partnership, as the case may be, shall be deemed to be the owner of all such Limited Partner Interests from and after the Purchase Date and shall have all rights as the owner of such Limited Partner Interests
(including all rights as owner of such Limited Partner Interests pursuant to <U>Articles</U><U></U><U>&nbsp;IV</U>, <U>V</U>, <U>VI</U> and <U>XII</U>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) At any time from and after the Purchase Date, a holder of an Outstanding Limited Partner Interest subject to purchase as provided in this
<U>Section</U><U></U><U>&nbsp;15.1</U> may surrender his Certificate evidencing such Limited Partner Interest to the Transfer Agent in exchange for payment of the amount described in <U>Section</U><U></U><U>&nbsp;15.1(a)</U>, therefor, without
interest thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding anything in this <U>Article</U><U></U><U>&nbsp;XV</U> to the contrary, the repurchase right
described in this <U>Article</U><U></U><U>&nbsp;XV</U> shall not apply to Preferred Units. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-103- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XVI </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SERIES A <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">FIXED-TO-FLOATING</FONT></FONT> RATE CUMULATIVE REDEEMABLE PERPETUAL
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PREFERRED UNITS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.1
<I>Designations.</I><I> </I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A series of Preferred Units designated as &#147;8.50% Series&nbsp;A <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Cumulative Redeemable Perpetual Preferred Units&#148; is hereby designated and created, and the preferences, rights, powers and duties of the holders of the Series&nbsp;A Preferred
Units are set forth herein, including this<U>&nbsp;Article</U><U></U><U>&nbsp;XVI</U>. Each Series&nbsp;A Preferred Unit shall be identical in all respects to every other Series&nbsp;A Preferred Unit, except as to the respective dates from which the
Series&nbsp;A Liquidation Preference shall increase or from which Series&nbsp;A Distributions may begin accruing, to the extent such dates may differ. The Series&nbsp;A Preferred Units represent perpetual equity interests in the Partnership and,
except as set forth in<U>&nbsp;Sections 16.5</U>&nbsp;and<U>&nbsp;16.11</U>, shall not give rise to a claim by the Partnership or a Series&nbsp;A Holder for redemption or the conversion thereof, as applicable, at a particular date. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.2 <I>Series</I><I></I><I>&nbsp;A Preferred Units.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The authorized number of Series&nbsp;A Preferred Units shall be unlimited. Series&nbsp;A Preferred Units that are purchased or otherwise
acquired by the Partnership shall be cancelled. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Series&nbsp;A Preferred Units shall be represented by one or more global
Certificates registered in the name of the Depositary or its nominee, and no Series&nbsp;A Holder shall be entitled to receive a definitive Certificate evidencing its Series&nbsp;A Preferred Units, unless otherwise required by law or the Depositary
gives notice of its intention to resign or is no longer eligible to act as such with respect to the Series&nbsp;A Preferred Units and the Partnership shall have not selected a substitute Depositary within 60 calendar days thereafter. So long as the
Depositary shall have been appointed and is serving with respect to the Series&nbsp;A Preferred Units, payments and communications made by the Partnership to Series&nbsp;A Holders shall be made by making payments to, and communicating with, the
Depositary. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.3 <I>Distributions.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Distributions on each Series&nbsp;A Preferred Unit shall be cumulative and shall accumulate at the applicable Series&nbsp;A Distribution
Rate from and including the Series&nbsp;A Original Issue Date (or, for any subsequently issued and newly Outstanding Series&nbsp;A Preferred Units, from and including the Series&nbsp;A Distribution Payment Date immediately preceding the issue date
of such Series&nbsp;A Preferred Units) until such time as the Partnership pays the Series&nbsp;A Distribution or redeems such Series&nbsp;A Preferred Unit in accordance with <U>Section</U><U></U><U>&nbsp;16.5</U> or such Series&nbsp;A Preferred Unit
is converted in accordance with <U>Section</U><U></U><U>&nbsp;16.11</U>, whether or not such Series&nbsp;A Distributions shall have been declared. Series&nbsp;A Holders shall be entitled to receive Series&nbsp;A Distributions from time to time out
of any assets of the Partnership legally available for the payment of distributions at the Series&nbsp;A Distribution Rate per Series&nbsp;A Preferred Unit when, as, and if declared by the General Partner. Distributions, to the extent declared by
the General Partner to be paid by the Partnership in accordance with this <U>Section</U><U></U><U>&nbsp;16.3</U>, shall be paid quarterly </P>
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on each Series&nbsp;A Distribution Payment Date. Distributions shall accumulate in each Series&nbsp;A Distribution Period from and including the preceding Series&nbsp;A Distribution Payment Date
(other than the initial Series&nbsp;A Distribution Period, which shall commence on and include the Series&nbsp;A Original Issue Date), to but excluding the next Series&nbsp;A Distribution Payment Date for such Series&nbsp;A Distribution Period;
<I>provided</I> that distributions shall accrue on accumulated but unpaid Series&nbsp;A Distributions at the Series&nbsp;A Distribution Rate. If any Series&nbsp;A Distribution Payment Date otherwise would occur on a date that is not a Business Day,
declared Series&nbsp;A Distributions shall be paid on the immediately succeeding Business Day without the accumulation of additional distributions. Series&nbsp;A Distributions shall be payable based on a
<FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of four <FONT STYLE="white-space:nowrap">90-day</FONT> quarters. All Series&nbsp;A Distributions payable by the Partnership pursuant to this <U>Section</U><U></U><U>&nbsp;16.3</U> shall
be payable without regard to income of the Partnership and shall be treated for federal income tax purposes as guaranteed payments for the use of capital under Section&nbsp;707(c)&nbsp;of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Not later than 5:00 p.m., New York City time, on each Series&nbsp;A Distribution Payment Date, the Partnership shall pay those
Series&nbsp;A Distributions, if any, that shall have been declared by the General Partner to Series&nbsp;A Holders on the Record Date for the applicable Series&nbsp;A Distribution. The Record Date (the &#147;<I>Series</I><I></I><I>&nbsp;A
Distribution Record Date</I>&#148;) for the payment of any Series&nbsp;A Distributions shall be as of the close of business on the first Business Day of the month of the applicable Series&nbsp;A Distribution Payment Date, except that in the case of
payments of Series&nbsp;A Distributions in Arrears, the Series&nbsp;A Distribution Record Date with respect to a Series&nbsp;A Distribution Payment Date shall be such date as may be designated by the General Partner in accordance with this
<U>Article</U><U></U><U>&nbsp;XVI</U>. So long as any Series&nbsp;A Preferred Units are Outstanding, no distribution shall be declared or paid or set aside for payment on any Junior Securities (other than a distribution payable solely in Junior
Securities) unless full cumulative Series&nbsp;A Distributions have been or contemporaneously are being paid or set aside for payment on all Outstanding Series&nbsp;A Preferred Units (and distributions on any other Parity Securities) through the
most recent respective Series&nbsp;A Distribution Payment Date (and distribution payment date with respect to such Parity Securities, if any). Accumulated Series&nbsp;A Distributions in Arrears for any past Series&nbsp;A Distribution Period may be
declared by the General Partner and paid on any date fixed by the General Partner, whether or not a Series&nbsp;A Distribution Payment Date, to Series&nbsp;A Holders on the Record Date for such payment, which may not be less than 10&nbsp;days before
such payment date. Subject to the next succeeding sentence, if all accumulated Series&nbsp;A Distributions in Arrears on all Outstanding Series&nbsp;A Preferred Units and any other Parity Securities shall not have been declared and paid, or if
sufficient funds for the payment thereof shall not have been set aside, payment of accumulated distributions in Arrears on the Series&nbsp;A Preferred Units and any such Parity Securities shall be made in order of their respective distribution
payment dates, commencing with the earliest. If less than all distributions payable with respect to all Series&nbsp;A Preferred Units and any other Parity Securities are paid, any partial payment shall be made Pro Rata with respect to the
Series&nbsp;A Preferred Units and any such other Parity Securities entitled to a distribution payment at such time in proportion to the aggregate distribution amounts remaining due in respect of such Series&nbsp;A Preferred Units and such other
Parity Securities at such time. Subject to <U>Sections 12.4</U> and <U>16.5</U>, Series&nbsp;A Holders shall not be entitled to any distribution, whether payable in cash, property or Partnership Securities, in excess of full cumulative Series&nbsp;A
Distributions. Except insofar as distributions accrue on the amount of any accumulated and unpaid Series&nbsp;A Distributions as described in <U>Section</U><U></U><U>&nbsp;16.3(a)</U>, no interest or sum of money in lieu of interest shall be payable
in respect of any distribution payment which </P>
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may be in Arrears on the Series&nbsp;A Preferred Units. So long as the Series&nbsp;A Preferred Units are held of record by the Depositary or its nominee, declared Series&nbsp;A Distributions
shall be paid to the Depositary in <FONT STYLE="white-space:nowrap">same-day</FONT> funds on each Series&nbsp;A Distribution Payment Date or other distribution payment date in the case of payments for Series&nbsp;A Distributions in Arrears. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The &#147;<I>Series</I><I></I><I>&nbsp;A Three-Month LIBOR</I>&#148; for each Series&nbsp;A Distribution Period during the Series&nbsp;A
Floating Rate Period shall be determined by the Calculation Agent, as of the applicable Series&nbsp;A LIBOR Determination Date, in accordance with the following provisions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Series&nbsp;A Three-Month LIBOR shall be the rate (expressed as a percentage per year) for deposits in U.S. dollars for
a three-month period commencing on the first day of such Series&nbsp;A Distribution Period that appears on Reuters Page LIBOR01 as of 11:00 a.m. (London time) on the Series&nbsp;A LIBOR Determination Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If the Series&nbsp;A Three-Month LIBOR cannot be determined as described in <U>Section</U><U></U><U>&nbsp;16.3(c)(i)</U>,
the Partnership shall select four major banks in the London interbank market and request that the principal London offices of those four selected banks provide their offered quotations for deposits in U.S. dollars for a period of three months,
commencing on the first day of the applicable Series&nbsp;A Distribution Period, to prime banks in the London interbank market at approximately 11:00 a.m. (London time) on the Series&nbsp;A LIBOR Determination Date for such Series&nbsp;A
Distribution Period. Offered quotations must be based on a principal amount equal to an amount that, in the Partnership&#146;s judgment, is representative of a single transaction in U.S. dollars in the London interbank market at the time. If two or
more quotations are provided, the Series&nbsp;A Three-Month LIBOR for such Series&nbsp;A Distribution Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the Series&nbsp;A Three-Month LIBOR for such
Series&nbsp;A Distribution Period will be the arithmetic mean of the rates quoted on the Series&nbsp;A LIBOR Determination Date for such Series&nbsp;A Distribution Period by three major banks in New York City selected by the Partnership, for loans
in U.S. dollars to leading European banks for a three-month period commencing on the first day of such Series&nbsp;A Distribution Period. The rates quoted must be based on an amount that, in the Partnership&#146;s judgment, is representative of a
single transaction in U.S. dollars in that market at the time. If fewer than three New York City banks selected by the Partnership are quoting rates in the manner described above, the Series&nbsp;A Three-Month LIBOR for the applicable Series&nbsp;A
Distribution Period will be the same as for the immediately preceding Series&nbsp;A Distribution Period or, if the immediately preceding Series&nbsp;A Distribution Period was within the Series&nbsp;A Fixed Rate Period, the same as for the most
recent quarter for which the Series&nbsp;A Three-Month LIBOR can be determined; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) All percentages resulting from any
of the above calculations will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five <FONT STYLE="white-space:nowrap">one-millionths</FONT> of a percentage point rounded upwards and all dollar amounts used
in or resulting from such calculations will be rounded to the nearest cent (with <FONT STYLE="white-space:nowrap">one-half</FONT> cent being rounded upwards). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.4 <I>Voting Rights.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding anything to the contrary in this Agreement, the Series&nbsp;A Preferred Units shall not have any voting rights except as
set forth in <U>Section</U><U></U><U>&nbsp;13.3(c)</U>, this <U>Section</U><U></U><U>&nbsp;16.4</U> or as otherwise required by the Delaware Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Without the affirmative vote or consent of the holders of at least 66 2/3% of the Outstanding Series&nbsp;A Preferred Units, voting as a
separate class, the General Partner shall not adopt any amendment to this Agreement that would have a material adverse effect on the powers, preferences, duties or special rights of the Series&nbsp;A Preferred Units; <I>provided, however</I>, that
(i)&nbsp;subject to <U>Section</U><U></U><U>&nbsp;16.4(c)</U>, the issuance of additional Partnership Securities shall not be deemed to constitute such a material adverse effect for purposes of this <U>Section</U><U></U><U>&nbsp;16.4(b)</U> and
(ii)&nbsp;for purposes of this <U>Section</U><U></U><U>&nbsp;16.4(b)</U>, no amendment of this Agreement in connection with a merger or other transaction in which the Partnership is the surviving entity and the Series&nbsp;A Preferred Units remain
Outstanding with the terms thereof materially unchanged in any respect adverse to the Series&nbsp;A Holders shall be deemed to materially and adversely affect the powers, preferences, duties or special rights of the Series&nbsp;A Preferred Units.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Without the affirmative vote or consent of the holders of at least 66 2/3% of the Outstanding Series&nbsp;A Preferred Units voting as
a class together with holders of any other Parity Securities upon which like voting rights have been conferred and are exercisable, the Partnership shall not (x)&nbsp;create or&nbsp;issue any Parity Securities if the cumulative distributions payable
on Series&nbsp;A Preferred Units or any Parity Securities are in Arrears or (y)&nbsp;create or issue any Senior Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) For any
matter described in this <U>Section</U><U></U><U>&nbsp;16.4</U> in which the Series&nbsp;A Holders are entitled to vote as a class (whether separately or together with the holders of any Parity Securities), such Series&nbsp;A Holders shall be
entitled to one vote per Series&nbsp;A Preferred Unit. Any Series&nbsp;A Preferred Units held by the Partnership or any of its Subsidiaries or their controlled Affiliates shall not be entitled to vote. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding <U>Sections 16.4(b)</U> and <U>16.4(c)</U>, no vote of the Series&nbsp;A Holders shall be required if, at or prior to the
time when such action is to take effect, provision is made for the redemption of all Series&nbsp;A Preferred Units at the time Outstanding. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.5 <I>Optional Redemption</I><I>; Series</I><I></I><I>&nbsp;A Rating Event</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Partnership shall have the right (i)&nbsp;at any time, and from time to time, on or after December&nbsp;15, 2021 or (ii)&nbsp;at any
time within 120 days after the conclusion of any review or appeal process instituted by the Partnership following the occurrence of a Series&nbsp;A Rating Event or (iii)&nbsp;at any time within 120 days after the first date on which a Change of
Control occurs, in each case, to redeem the Series&nbsp;A Preferred Units, which redemption may be in whole or in part (except with respect to a redemption pursuant to clause&nbsp;(ii) of this <U>Section</U><U></U><U>&nbsp;16.5(a)</U> which shall be
in whole but not in part), using any source of funds legally available for such purpose. Any such redemption shall occur on a date set by the General Partner (the&nbsp;&#147;<I>Series</I><I></I><I>&nbsp;A Redemption Date</I>&#148;). The Partnership
shall effect any such redemption by paying cash for each Series&nbsp;A Preferred Unit to be redeemed equal to the Series&nbsp;A Liquidation </P>
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Preference for such Series&nbsp;A Preferred Unit on such Series&nbsp;A Redemption Date plus an amount equal to all unpaid distributions thereon from the Series&nbsp;A Original Issue Date to, but
not including, the Series&nbsp;A Redemption Date (whether or not such distributions shall have been declared) (the&nbsp;&#147;<I>Series</I><I></I><I>&nbsp;A Redemption Price</I>&#148;); <I>provided</I> that in connection with a redemption in
accordance with clause&nbsp;(ii) of this <U>Section</U><U></U><U>&nbsp;16.5(a)</U>, the Series&nbsp;A Liquidation Preference per Series&nbsp;A Preferred Unit shall be deemed to be equal to $25.50. So long as the Series&nbsp;A Preferred Units to be
redeemed are held of record by the nominee of the Depositary, the Series&nbsp;A Redemption Price shall be paid by the Paying Agent to the Depositary on the Series&nbsp;A Redemption Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Partnership shall give notice of any redemption by mail, postage prepaid, not less than 30 days and not more than 60&nbsp;days before
the scheduled Series&nbsp;A Redemption Date to the Series&nbsp;A Holders (as of 5:00 p.m.&nbsp;New York City time on the Business Day next preceding the day on which notice is given) of any Series&nbsp;A Preferred Units to be redeemed as such
Series&nbsp;A Holders&#146; names appear on the books of the Transfer Agent and at the address of such Series&nbsp;A Holders shown therein. Such notice (the&nbsp;&#147;<I>Series</I><I></I><I>&nbsp;A Redemption Notice</I>&#148;) shall state, as
applicable: (1)&nbsp;the Series&nbsp;A Redemption Date, (2)&nbsp;the number of Series&nbsp;A Preferred Units to be redeemed and, if less than all Outstanding Series&nbsp;A Preferred Units are to be redeemed, the number (and the identification) of
Series&nbsp;A Preferred Units to be redeemed from such Series&nbsp;A Holder, (3)&nbsp;the Series&nbsp;A Redemption Price, (4)&nbsp;the place where any Series&nbsp;A Preferred Units in certificated form are to be redeemed and shall be presented and
surrendered for payment of the Series&nbsp;A Redemption Price therefor and (5)&nbsp;that distributions on the Series&nbsp;A Preferred Units to be redeemed shall cease to accumulate from and after such Series&nbsp;A Redemption Date. For the avoidance
of doubt, the Partnership may give the Series&nbsp;A Redemption Notice in advance of a Change of Control if a definitive agreement is in place for the Change of Control at the time of giving the Series&nbsp;A Redemption Notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If the Partnership elects to redeem less than all of the Outstanding Series&nbsp;A Preferred Units, the number of Series&nbsp;A Preferred
Units to be redeemed shall be determined by the General Partner, and such Series&nbsp;A Preferred Units shall be redeemed by such method of selection as the Depositary shall determine, either Pro Rata or by lot, with adjustments to avoid redemption
of fractional Series&nbsp;A Preferred Units. The aggregate Series&nbsp;A Redemption Price for any such partial redemption of the Outstanding Series&nbsp;A Preferred Units shall be allocated correspondingly among the redeemed Series&nbsp;A Preferred
Units. The Series&nbsp;A Preferred Units not redeemed shall remain Outstanding and entitled to all the rights and preferences provided in this <U>Article</U><U></U><U>&nbsp;XVI</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) If the Partnership gives or causes to be given a Series&nbsp;A Redemption Notice, the Partnership shall deposit with the Paying Agent
funds sufficient to redeem the Series&nbsp;A Preferred Units as to which such Series&nbsp;A Redemption Notice shall have been given, no later than 10:00 a.m.&nbsp;New York City time on the Series&nbsp;A Redemption Date, and shall give the Paying
Agent irrevocable instructions and authority to pay the Series&nbsp;A Redemption Price to the Series&nbsp;A Holders whose Series&nbsp;A Preferred Units are to be redeemed upon surrender or deemed surrender (which shall occur automatically if the
Certificate representing such Series&nbsp;A Preferred Units is issued in the name of the Depositary or its nominee) of the Certificates therefor as set forth in the Series&nbsp;A Redemption Notice. If the Series&nbsp;A Redemption Notice shall have
been given, from and after the Series&nbsp;A Redemption Date, unless the Partnership defaults in providing </P>
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funds sufficient for such redemption at the time and place specified for payment pursuant to the Series&nbsp;A Redemption Notice, all Series&nbsp;A Distributions on such Series&nbsp;A Preferred
Units to be redeemed shall cease to accumulate and all rights of holders of such Series&nbsp;A Preferred Units as Limited Partners with respect to such Series&nbsp;A Preferred Units to be redeemed shall cease, except the right to receive the
Series&nbsp;A Redemption Price, and such Series&nbsp;A Preferred Units shall not thereafter be transferred on the books of the Transfer Agent or be deemed to be Outstanding for any purpose whatsoever. The Series&nbsp;A Holders shall have no claim to
the interest income, if any, earned on such funds deposited with the Paying Agent. Any funds deposited with the Paying Agent hereunder by the Partnership for any reason, including redemption of Series&nbsp;A Preferred Units, that remain unclaimed or
unpaid after two years after the applicable Series&nbsp;A Redemption Date or other payment date, as applicable, shall be, to the extent permitted by law, repaid to the Partnership upon its written request, after which repayment the Series&nbsp;A
Holders entitled to such redemption or other payment shall have recourse only to the Partnership. Notwithstanding any Series&nbsp;A Redemption Notice, there shall be no redemption of any Series&nbsp;A Preferred Units called for redemption until
funds sufficient to pay the full Series&nbsp;A Redemption Price of such Series&nbsp;A Preferred Units shall have been deposited by the Partnership with the Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Any Series&nbsp;A Preferred Units that are redeemed or otherwise acquired by the Partnership shall be cancelled. If only a portion of the
Series&nbsp;A Preferred Units represented by a Certificate shall have been called for redemption, upon surrender of the Certificate to the Paying Agent (which shall occur automatically if the Certificate representing such Series&nbsp;A Preferred
Units is registered in the name of the Depositary or its nominee), the Partnership shall issue and the Paying Agent shall deliver to the Series&nbsp;A Holders a new Certificate (or adjust the applicable book-entry account) representing the number of
Series&nbsp;A Preferred Units represented by the surrendered Certificate that have not been called for redemption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding
anything to the contrary in this <U>Article</U><U></U><U>&nbsp;XVI</U>, in the event that full cumulative distributions on the Series&nbsp;A Preferred Units and any Parity Securities shall not have been paid or declared and set aside for payment,
the Partnership shall not be permitted to repurchase, redeem or otherwise acquire, in whole or in part, any Series&nbsp;A Preferred Units or Parity Securities except pursuant to a purchase or exchange offer made on the same relative terms to all
Series&nbsp;A Holders and holders of any Parity Securities. Subject to <U>Section</U><U></U><U>&nbsp;4.10</U>, so long as any Series&nbsp;A Preferred Units are Outstanding, the Partnership shall not be permitted to redeem, repurchase or otherwise
acquire any Common Units or any other Junior Securities unless full cumulative distributions on the Series&nbsp;A Preferred Units and any Parity Securities for all prior and the then-ending Series&nbsp;A Distribution Periods shall have been paid or
declared and set aside for payment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.6 <I>Rank.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Series&nbsp;A Preferred Units shall each be deemed to rank: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) senior to any Junior Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) on a parity with any Parity Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) junior to any Senior Securities; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) junior to all existing and future indebtedness of the Partnership and other liabilities with
respect to assets available to satisfy claims against the Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Partnership may issue Junior Securities and, subject to any
approvals required pursuant to <U>Section</U><U></U><U>&nbsp;16.4(c)</U>, <U>Section</U><U></U><U>&nbsp;17.4(c)</U>, <U>Section</U><U></U><U>&nbsp;18.4(c)</U> and <U>Section</U><U></U><U>&nbsp;19.4</U>, Parity Securities from time to time in one or
more classes or series without the consent of the Series&nbsp;A Holders. Pursuant to <U>Section</U><U></U><U>&nbsp;5.5</U>, the General Partner has the authority to determine the designations, preferences, rights, powers and duties of any such class
or series before the issuance of any Partnership Interests of such class or series. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.7 <I>No Sinking Fund.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Series&nbsp;A Preferred Units shall not have the benefit of any sinking fund. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.8 <I>Record Holders.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the fullest extent permitted by applicable law, the General Partner, the Partnership, the Transfer Agent and the Paying Agent may deem and
treat any Series&nbsp;A Holder as the true, lawful and absolute owner of the applicable Series&nbsp;A Preferred Units for all purposes, and neither the General Partner, the Partnership nor the Transfer Agent or the Paying Agent shall be affected by
any notice to the contrary, except as otherwise provided by law or any applicable rule, regulation, guideline or requirement of any National Securities Exchange on which the Series&nbsp;A Preferred Units are listed or admitted to trading. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.9 <I>Notices.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All notices or communications in respect of the Series&nbsp;A Preferred Units shall be sufficiently given if given in writing and delivered in
person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this <U>Article</U><U></U><U>&nbsp;XVI</U>, this Agreement or by applicable law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.10 <I>Other Rights; Fiduciary Duties.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Series&nbsp;A Preferred Units and the Series&nbsp;A Holders shall not have any designations, preferences, rights, powers or duties, other
than as set forth in this&nbsp;Agreement&nbsp;or as provided by applicable law. Notwithstanding anything to the contrary in this Agreement or any duty existing at law, in equity or otherwise, to the fullest extent permitted by applicable law,
neither the General Partner nor any other Indemnitee shall owe any duties or have any liabilities to Series&nbsp;A Holders, other than the implied contractual covenant of good faith and fair dealing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;16.11 <I>Change of Control.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Upon the occurrence of a Change of Control that occurs after the Series&nbsp;A Original Issue Date, each Series&nbsp;A Holder shall have
the right (&#147;<I>Series</I><I></I><I>&nbsp;A</I><I></I><I>&nbsp;Change of Control Conversion Right</I>&#148;) to convert some or all of the Series&nbsp;A Preferred Units held by such Series&nbsp;A Holder on the Series&nbsp;A Change of Control
Conversion Date into a number of Common Units per Series&nbsp;A Preferred Unit that is an amount equal to the Series&nbsp;A Conversion Ratio (such number </P>
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of Common Units, the &#147;<I>Series</I><I></I><I>&nbsp;A Common Unit Conversion Consideration</I>&#148;), unless the Partnership provides notice of its election to redeem Series&nbsp;A Preferred
Units prior to the expiration of the Partnership&#146;s redemption right contained in <U>Section</U><U></U><U>&nbsp;16.5(a)(iii)</U>. The &#147;<I>Series</I><I></I><I>&nbsp;A Change of Control Conversion Date</I>&#148; shall be the date fixed by the
General Partner, in its sole discretion, as the date the Series&nbsp;A Preferred Units are entitled to be converted to Series&nbsp;A Conversion Common Units as provided in this <U>Section</U><U></U><U>&nbsp;16.11</U>. Such Series&nbsp;A Change of
Control Conversion Date shall be a Business Day that is no fewer than 20 days nor more than 35 days from the date on which the Partnership provides the notice to Series&nbsp;A Holders of the Series&nbsp;A Change of Control Conversion Right under
<U>Section</U><U></U><U>&nbsp;16.11(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) No later than five days following the expiration of the Partnership&#146;s redemption
right contained in <U>Section</U><U></U><U>&nbsp;16.5(a)(iii)</U> or, if earlier waived, the date of the Partnership&#146;s waiver of such right, the Partnership will provide written notice to the Series&nbsp;A Holders that describes the
Series&nbsp;A Change of Control Conversion Right and states: (i)&nbsp;the events constituting the Change of Control; (ii)&nbsp;the date of the Change of Control; (iii)&nbsp;the date on which the Partnership&#146;s right to redeem the Outstanding
Series&nbsp;A Preferred Units pursuant to <U>Section</U><U></U><U>&nbsp;16.5(a)(iii)</U> expired or was waived; (iv)&nbsp;the Series&nbsp;A Change of Control Conversion Date; (v)&nbsp;the last date on which the Series&nbsp;A Holders may exercise
their Series&nbsp;A Change of Control Conversion Right; (vi)&nbsp;the method and period for calculating the Common Unit Price with respect to the Series&nbsp;A Preferred Units; (vii)&nbsp;if applicable, the type and amount of Series&nbsp;A
Alternative Conversion Consideration entitled to be received per Series&nbsp;A Preferred Unit; (viii)&nbsp;the name and address of the Paying Agent; and (ix)&nbsp;the procedures that the Series&nbsp;A Holders must follow to exercise the
Series&nbsp;A Change of Control Conversion Right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Subject to <U>Section</U><U></U><U>&nbsp;5.8</U>, the
&#147;<I>Series</I><I></I><I>&nbsp;A Conversion Ratio</I>&#148; shall be calculated as the lesser of: (i)&nbsp;the quotient obtained by dividing (x)&nbsp;the Series&nbsp;A Liquidation Preference as of the Series&nbsp;A Change of Control Conversion
Date (unless the Series&nbsp;A Change of Control Conversion Date is after a Series&nbsp;A Distribution Record Date and prior to the corresponding Series&nbsp;A Distribution Payment Date, in which case any accumulated and unpaid distribution will be
excluded from this amount) by (y)&nbsp;the Common Unit Price with respect to the Series&nbsp;A Preferred Units, and (ii)&nbsp;1.0915 (the &#147;<I>Series</I><I></I><I>&nbsp;A</I> <I>Unit Cap</I>&#148;). The General Partner shall make such
adjustments to the Common Unit Price with respect to the Series&nbsp;A Preferred Units and the Series&nbsp;A Unit Cap as it determines to be equitable in view of any splits, combinations or distributions in the form of equity issuances or the
payment of any Series&nbsp;A Alternative Conversion Consideration to the holders of the Common Units in connection with the Change of Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) In the case of a Change of Control pursuant to which Common Units will be converted into cash, securities or other property or assets
(including any combination thereof) (&#147;<I>Series</I><I></I><I>&nbsp;A</I> <I>Alternative Conversion Consideration</I>&#148;), each Series&nbsp;A Holder electing to exercise its Series&nbsp;A Change of Control Conversion Right will receive upon
conversion of the Series&nbsp;A Preferred Units elected by such holder the kind and amount of such Series&nbsp;A Alternative Conversion Consideration on a per Series&nbsp;A Preferred Unit basis that such Series&nbsp;A Holder would have owned or been
entitled to receive upon the Change of Control had such Series&nbsp;A Holder held a number of Common Units equal to the Series&nbsp;A Common Unit Conversion Consideration immediately prior to the effective time of the Change of
Control;<I>&nbsp;provided</I>,<I>&nbsp;that</I>, if the holders of Common Units have the opportunity to elect the form of consideration to be </P>
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received in such Change of Control, the consideration that the Series&nbsp;A Holders electing to exercise their Series&nbsp;A Change of Control Conversion Right will receive will be the form and
proportion of the aggregate consideration elected by the holders of Common Units who participate in the determination (based on the weighted average of elections) and will be subject to any limitations to which all holders of Common Units are
subject, including, without limitation, pro rata reductions applicable to any portion of the consideration payable in the Change of Control. No fractional Common Units will be issued upon the conversion of the Series&nbsp;A Preferred Units. Instead,
the Partnership shall pay the cash value of such fractional Common Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything to the contrary in this Agreement,
if prior to the expiration of the Partnership&#146;s redemption right contained in <U>Section</U><U></U><U>&nbsp;16.5(a)(iii)</U>, the Partnership provides notice of its election to redeem Series&nbsp;A Preferred Units pursuant to
<U>Section</U><U></U><U>&nbsp;16.5</U>, Series&nbsp;A Holders shall not have any right to convert the Series&nbsp;A Preferred Units that the Partnership has elected to redeem, and any Series&nbsp;A Preferred Units subsequently selected for
redemption that have been tendered for conversion shall be redeemed on the Series&nbsp;A Redemption Date instead of converted on the Series&nbsp;A Change of Control Conversion Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) The Partnership shall issue a press release for publication through a news or press organization as is reasonably expected to broadly
disseminate the relevant information to the public, or post notice on the website of the Partnership, in any event prior to the opening of business on the first Business Day following any date on which the Partnership (or a third party with its
prior written consent) provides the notice described in <U>Section</U><U></U><U>&nbsp;16.11(b)</U>&nbsp;to the Series&nbsp;A Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)
Each Series&nbsp;A Holder electing to exercise its Series&nbsp;A Change of Control Conversion Right will be required prior to the close of business on the third Business Day preceding the Series&nbsp;A Change of Control Conversion Date, to notify
the Partnership of the number of Series&nbsp;A Preferred Units to be converted pursuant to the Series&nbsp;A Change of Control Conversion Right and otherwise to comply with any applicable procedures contained in the notice described in
<U>Section</U><U></U><U>&nbsp;16.11(b)</U> or otherwise required by the Depositary for effecting the conversion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Upon conversion, the
rights of such participating Series&nbsp;A Holder as a holder of the Series&nbsp;A Preferred Units shall cease with respect to such converted Series&nbsp;A Preferred Units, and such Person shall continue to be a Partner and have the rights of a
holder of Common Units under this Agreement. Each Series&nbsp;A Preferred Unit shall, upon its Series&nbsp;A Change of Control Conversion Date, be deemed to be transferred to, and cancelled by, the Partnership in exchange for the issuance of the
Series&nbsp;A Conversion Common Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The Partnership shall pay any documentary, stamp or similar issue or transfer taxes or duties
relating to the issuance or delivery of Series&nbsp;A Conversion Common Units. However, the participating Series&nbsp;A Holder shall pay any tax or duty that may be payable relating to any transfer involving the issuance or delivery of Series&nbsp;A
Conversion Common Units in a name other than such Series&nbsp;A Holder&#146;s name. The Transfer Agent may refuse to reflect the notation of book entry (or the issuance of a Certificate) for Common Units being issued in a name other than the
Series&nbsp;A Holder&#146;s name until the Transfer Agent receives a sum sufficient to pay any tax or duties that will be due because the Common Units are to be issued in a name other than the Series&nbsp;A Holder&#146;s name. Nothing herein shall
preclude any tax withholding required by law or regulation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) The Partnership shall comply with all applicable securities laws regulating the offer and
delivery of any Series&nbsp;A Conversion Common Units and, if the Common Units are then listed or quoted on a National Securities Exchange or other market, shall list or cause to have quoted and keep listed and quoted the Series&nbsp;A Conversion
Common Units to the extent permitted or required by the rules&nbsp;of such exchange or market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) Notwithstanding anything herein to the
contrary, nothing herein shall give to any Series&nbsp;A Holder any rights as a creditor in respect of its right to conversion of Series&nbsp;A Preferred Units. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XVII </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SERIES B <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">FIXED-TO-FLOATING</FONT></FONT> RATE CUMULATIVE REDEEMABLE PERPETUAL </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PREFERRED
UNITS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.1 <I>Designations.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A series of Preferred Units designated as &#147;7.625% Series&nbsp;B
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Cumulative Redeemable Perpetual Preferred Units&#148; is hereby designated and created, and the preferences, rights, powers and duties of the
holders of the Series&nbsp;B Preferred Units are set forth herein, including this <U>Article</U><U></U><U>&nbsp;XVII</U>. Each Series&nbsp;B Preferred Unit shall be identical in all respects to every other Series&nbsp;B Preferred Unit, except as to
the respective dates from which the Series&nbsp;B Liquidation Preference shall increase or from which Series&nbsp;B Distributions may begin accruing, to the extent such dates may differ. The Series&nbsp;B Preferred Units represent perpetual equity
interests in the Partnership and, except as set forth in <U>Sections 17.5</U> and <U>17.11</U>, shall not give rise to a claim by the Partnership or a Series&nbsp;B Holder for redemption or the conversion thereof, as applicable, at a particular
date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.2 <I>Series</I><I></I><I>&nbsp;B Preferred Units.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The authorized number of Series&nbsp;B Preferred Units shall be unlimited. Series&nbsp;B Preferred Units that are purchased or otherwise
acquired by the Partnership shall be cancelled. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Series&nbsp;B Preferred Units shall be represented by one or more global
Certificates registered in the name of the Depositary or its nominee, and no Series&nbsp;B Holder shall be entitled to receive a definitive Certificate evidencing its Series&nbsp;B Preferred Units, unless otherwise required by law or the Depositary
gives notice of its intention to resign or is no longer eligible to act as such with respect to the Series&nbsp;B Preferred Units and the Partnership shall have not selected a substitute Depositary within 60 calendar days thereafter. So long as the
Depositary shall have been appointed and is serving with respect to the Series&nbsp;B Preferred Units, payments and communications made by the Partnership to Series&nbsp;B Holders shall be made by making payments to, and communicating with, the
Depositary. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.3 <I>Distributions.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Distributions on each Series&nbsp;B Preferred Unit shall be cumulative and shall accumulate at the applicable Series&nbsp;B Distribution
Rate from and including the Series&nbsp;B Original Issue Date (or, for any subsequently issued and newly Outstanding Series&nbsp;B Preferred Units, from and including the Series&nbsp;B Distribution Payment Date immediately preceding the issue date
of such Series&nbsp;B Preferred Units) until such time as the Partnership pays the Series&nbsp;B Distribution or redeems such Series&nbsp;B Preferred Unit in accordance with <U>Section</U><U></U><U>&nbsp;17.5</U> or such Series&nbsp;B Preferred Unit
is converted in accordance with <U>Section</U><U></U><U>&nbsp;17.11</U>, whether or not such Series&nbsp;B Distributions shall have been declared. Series&nbsp;B Holders shall be entitled to receive Series&nbsp;B Distributions from time to time out
of any assets of the Partnership legally available for the payment of distributions at the Series&nbsp;B Distribution Rate per Series&nbsp;B Preferred Unit when, as, and if declared by the General Partner. Distributions, to the extent declared by
the General Partner to be paid by the Partnership in accordance with this <U>Section</U><U></U><U>&nbsp;17.3</U>, shall be paid quarterly on each Series&nbsp;B Distribution Payment Date. Distributions shall accumulate in each Series&nbsp;B
Distribution Period from and including the preceding Series&nbsp;B Distribution Payment Date (other than the initial Series&nbsp;B Distribution Period, which shall commence on and include the Series&nbsp;B Original Issue Date), to but excluding the
next Series&nbsp;B Distribution Payment Date for such Series&nbsp;B Distribution Period; <I>provided</I> that distributions shall accrue on accumulated but unpaid Series&nbsp;B Distributions at the Series&nbsp;B Distribution Rate. If any
Series&nbsp;B Distribution Payment Date otherwise would occur on a date that is not a Business Day, declared Series&nbsp;B Distributions shall be paid on the immediately succeeding Business Day without the accumulation of additional distributions.
Series&nbsp;B Distributions shall be payable based on a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of four <FONT STYLE="white-space:nowrap">90-day</FONT> quarters. All Series&nbsp;B Distributions payable by the Partnership
pursuant to this <U>Section</U><U></U><U>&nbsp;17.3</U> shall be payable without regard to income of the Partnership and shall be treated for federal income tax purposes as guaranteed payments for the use of capital under Section&nbsp;707(c)&nbsp;of
the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Not later than 5:00 p.m., New York City time, on each Series&nbsp;B Distribution Payment Date, the Partnership shall pay
those Series&nbsp;B Distributions, if any, that shall have been declared by the General Partner to Series&nbsp;B Holders on the Record Date for the applicable Series&nbsp;B Distribution. The Record Date (the &#147;<I>Series</I><I></I><I>&nbsp;B
Distribution Record Date</I>&#148;) for the payment of any Series&nbsp;B Distributions shall be as of the close of business on the first Business Day of the month of the applicable Series&nbsp;B Distribution Payment Date, except that in the case of
payments of Series&nbsp;B Distributions in Arrears, the Series&nbsp;B Distribution Record Date with respect to a Series&nbsp;B Distribution Payment Date shall be such date as may be designated by the General Partner in accordance with this
<U>Article</U><U></U><U>&nbsp;XVII</U>. So long as any Series&nbsp;B Preferred Units are Outstanding, no distribution shall be declared or paid or set aside for payment on any Junior Securities (other than a distribution payable solely in Junior
Securities) unless full cumulative Series&nbsp;B Distributions have been or contemporaneously are being paid or set aside for payment on all Outstanding Series&nbsp;B Preferred Units (and distributions on any other Parity Securities) through the
most recent respective Series&nbsp;B Distribution Payment Date (and distribution payment date with respect to such Parity Securities, if any). Accumulated Series&nbsp;B Distributions in Arrears for any past Series&nbsp;B Distribution Period may be
declared by the General Partner and paid on any date fixed by the General Partner, whether or not a Series&nbsp;B Distribution Payment Date, to Series&nbsp;B Holders on the Record Date for such payment, which may not be less than 10&nbsp;days before
such payment date. Subject to the next succeeding sentence, if all </P>
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accumulated Series&nbsp;B Distributions in Arrears on all Outstanding Series&nbsp;B Preferred Units and any other Parity Securities shall not have been declared and paid, or if sufficient funds
for the payment thereof shall not have been set aside, payment of accumulated distributions in Arrears on the Series&nbsp;B Preferred Units and any such Parity Securities shall be made in order of their respective distribution payment dates,
commencing with the earliest. If less than all distributions payable with respect to all Series&nbsp;B Preferred Units and any other Parity Securities are paid, any partial payment shall be made Pro Rata with respect to the Series&nbsp;B Preferred
Units and any such other Parity Securities entitled to a distribution payment at such time in proportion to the aggregate distribution amounts remaining due in respect of such Series&nbsp;B Preferred Units and such other Parity Securities at such
time. Subject to <U>Sections</U><U></U><U>&nbsp;12.4</U> and<U>&nbsp;17.5</U>, Series&nbsp;B Holders shall not be entitled to any distribution, whether payable in cash, property or Partnership Securities, in excess of full cumulative Series&nbsp;B
Distributions. Except insofar as distributions accrue on the amount of any accumulated and unpaid Series&nbsp;B Distributions as described in <U>Section</U><U></U><U>&nbsp;17.3(a)</U>, no interest or sum of money in lieu of interest shall be payable
in respect of any distribution payment which may be in Arrears on the Series&nbsp;B Preferred Units. So long as the Series&nbsp;B Preferred Units are held of record by the Depositary or its nominee, declared Series&nbsp;B Distributions shall be paid
to the Depositary in <FONT STYLE="white-space:nowrap">same-day</FONT> funds on each Series&nbsp;B Distribution Payment Date or other distribution payment date in the case of payments for Series&nbsp;B Distributions in Arrears. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The &#147;<I>Series</I><I></I><I>&nbsp;B Three-Month LIBOR</I>&#148; for each Series&nbsp;B Distribution Period during the Series&nbsp;B
Floating Rate Period shall be determined by the Calculation Agent, as of the applicable Series&nbsp;B LIBOR Determination Date, in accordance with the following provisions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Series&nbsp;B Three-Month LIBOR shall be the rate (expressed as a percentage per year) for deposits in U.S. dollars for
a three-month period commencing on the first day of such Series&nbsp;B Distribution Period that appears on Reuters Page LIBOR01 as of 11:00 a.m. (London time) on the Series&nbsp;B LIBOR Determination Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If the Series&nbsp;B Three-Month LIBOR cannot be determined as described in <U>Section</U><U></U><U>&nbsp;17.3(c)(i)</U>,
the Partnership shall select four major banks in the London interbank market and request that the principal London offices of those four selected banks provide their offered quotations for deposits in U.S. dollars for a period of three months,
commencing on the first day of the applicable Series&nbsp;B Distribution Period, to prime banks in the London interbank market at approximately 11:00 a.m. (London time) on the Series&nbsp;B LIBOR Determination Date for such Series&nbsp;B
Distribution Period. Offered quotations must be based on a principal amount equal to an amount that, in the Partnership&#146;s judgment, is representative of a single transaction in U.S. dollars in the London interbank market at the time. If two or
more quotations are provided, the Series&nbsp;B Three-Month LIBOR for such Series&nbsp;B Distribution Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the Series&nbsp;B Three-Month LIBOR for such
Series&nbsp;B Distribution Period will be the arithmetic mean of the rates quoted on the Series&nbsp;B LIBOR Determination Date for such Series&nbsp;B Distribution Period by three major banks in New York City selected by the Partnership, for loans
in U.S. dollars to leading European banks for a three-month period commencing on the first day of such Series&nbsp;B Distribution Period. The rates quoted must be based on an amount that, in the Partnership&#146;s judgment, is representative of a
single transaction in U.S. dollars in </P>
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that market at the time. If fewer than three New York City banks selected by the Partnership are quoting rates in the manner described above, the Series&nbsp;B Three-Month LIBOR for the
applicable Series&nbsp;B Distribution Period will be the same as for the immediately preceding Series&nbsp;B Distribution Period or, if the immediately preceding Series&nbsp;B Distribution Period was within the Series&nbsp;B Fixed Rate Period, the
same as for the most recent quarter for which the Series&nbsp;B Three-Month LIBOR can be determined; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) All percentages
resulting from any of the above calculations will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five <FONT STYLE="white-space:nowrap">one-millionths</FONT> of a percentage point rounded upwards and all
dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with <FONT STYLE="white-space:nowrap">one-half</FONT> cent being rounded upwards). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.4 <I>Voting Rights.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
Notwithstanding anything to the contrary in this Agreement, the Series&nbsp;B Preferred Units shall not have any voting rights except as set forth in <U>Section</U><U></U><U>&nbsp;13.3(c)</U>, this <U>Section</U><U></U><U>&nbsp;17.4</U> or as
otherwise required by the Delaware Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Without the affirmative vote or consent of the holders of at least 66 2/3% of the Outstanding
Series&nbsp;B Preferred Units, voting as a separate class, the General Partner shall not adopt any amendment to this Agreement that would have a material adverse effect on the powers, preferences, duties or special rights of the Series&nbsp;B
Preferred Units; <I>provided, however</I>, that (i)&nbsp;subject to <U>Section</U><U></U><U>&nbsp;17.4(c)</U>, the issuance of additional Partnership Securities shall not be deemed to constitute such a material adverse effect for purposes of this
<U>Section</U><U></U><U>&nbsp;17.4(b)</U> and (ii)&nbsp;for purposes of this <U>Section</U><U></U><U>&nbsp;17.4(b)</U>, no amendment of this Agreement in connection with a merger or other transaction in which the Partnership is the surviving entity
and the Series&nbsp;B Preferred Units remain Outstanding with the terms thereof materially unchanged in any respect adverse to the Series&nbsp;B Holders shall be deemed to materially and adversely affect the powers, preferences, duties or special
rights of the Series&nbsp;B Preferred Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Without the affirmative vote or consent of the holders of at least 66 2/3% of the
Outstanding Series&nbsp;B Preferred Units voting as a class together with holders of any other Parity Securities upon which like voting rights have been conferred and are exercisable, the Partnership shall not (x)&nbsp;create or&nbsp;issue any
Parity Securities if the cumulative distributions payable on Series&nbsp;B Preferred Units or any Parity Securities are in Arrears or (y)&nbsp;create or issue any Senior Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) For any matter described in this <U>Section</U><U></U><U>&nbsp;17.4</U> in which the Series&nbsp;B Holders are entitled to vote as a class
(whether separately or together with the holders of any Parity Securities), such Series&nbsp;B Holders shall be entitled to one vote per Series&nbsp;B Preferred Unit. Any Series&nbsp;B Preferred Units held by the Partnership or any of its
Subsidiaries or their controlled Affiliates shall not be entitled to vote. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding <U>Sections 17.4(b)</U> and
<U>17.4(c)</U>, no vote of the Series&nbsp;B Holders shall be required if, at or prior to the time when such action is to take effect, provision is made for the redemption of all Series&nbsp;B Preferred Units at the time Outstanding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-116- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.5 <I>Optional Redemption</I><I>; Series</I><I></I><I>&nbsp;B Rating Event</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Partnership shall have the right (i)&nbsp;at any time, and from time to time, on or after June&nbsp;15, 2022 or (ii)&nbsp;at any time
within 120 days after the conclusion of any review or appeal process instituted by the Partnership following the occurrence of a Series&nbsp;B Rating Event or (iii)&nbsp;at any time within 120 days after the first date on which a Change of Control
occurs, in each case, to redeem the Series&nbsp;B Preferred Units, which redemption may be in whole or in part (except with respect to a redemption pursuant to <U>clause</U><U></U><U>&nbsp;(ii)</U> of this <U>Section</U><U></U><U>&nbsp;17.5(a)</U>
which shall be in whole but not in part), using any source of funds legally available for such purpose. Any such redemption shall occur on a date set by the General Partner (the&nbsp;&#147;<I>Series</I><I></I><I>&nbsp;B Redemption Date</I>&#148;).
The Partnership shall effect any such redemption by paying cash for each Series&nbsp;B Preferred Unit to be redeemed equal to the Series&nbsp;B Liquidation Preference for such Series&nbsp;B Preferred Unit on such Series&nbsp;B Redemption Date plus
an amount equal to all unpaid distributions thereon from the Series&nbsp;B Original Issue Date to, but not including, the Series&nbsp;B Redemption Date (whether or not such distributions shall have been declared)
(the&nbsp;&#147;<I>Series</I><I></I><I>&nbsp;B Redemption Price</I>&#148;); <I>provided</I> that in connection with a redemption in accordance with <U>clause</U><U></U><U>&nbsp;(ii)</U> of this <U>Section</U><U></U><U>&nbsp;17.5(a)</U>, the
Series&nbsp;B Liquidation Preference per Series&nbsp;B Preferred Unit shall be deemed to be equal to $25.50. So long as the Series&nbsp;B Preferred Units to be redeemed are held of record by the nominee of the Depositary, the Series&nbsp;B
Redemption Price shall be paid by the Paying Agent to the Depositary on the Series&nbsp;B Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Partnership shall give
notice of any redemption by mail, postage prepaid, not less than 30 days and not more than 60&nbsp;days before the scheduled Series&nbsp;B Redemption Date to the Series&nbsp;B Holders (as of 5:00 p.m.&nbsp;New York City time on the Business Day next
preceding the day on which notice is given) of any Series&nbsp;B Preferred Units to be redeemed as such Series&nbsp;B Holders&#146; names appear on the books of the Transfer Agent and at the address of such Series&nbsp;B Holders shown therein. Such
notice (the&nbsp;&#147;<I>Series</I><I></I><I>&nbsp;B Redemption Notice</I>&#148;) shall state, as applicable: (1)&nbsp;the Series&nbsp;B Redemption Date, (2)&nbsp;the number of Series&nbsp;B Preferred Units to be redeemed and, if less than all
Outstanding Series&nbsp;B Preferred Units are to be redeemed, the number (and the identification) of Series&nbsp;B Preferred Units to be redeemed from such Series&nbsp;B Holder, (3)&nbsp;the Series&nbsp;B Redemption Price, (4)&nbsp;the place where
any Series&nbsp;B Preferred Units in certificated form are to be redeemed and shall be presented and surrendered for payment of the Series&nbsp;B Redemption Price therefor and (5)&nbsp;that distributions on the Series&nbsp;B Preferred Units to be
redeemed shall cease to accumulate from and after such Series&nbsp;B Redemption Date. For the avoidance of doubt, the Partnership may give the Series&nbsp;B Redemption Notice in advance of a Change of Control if a definitive agreement is in place
for the Change of Control at the time of giving the Series&nbsp;B Redemption Notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If the Partnership elects to redeem less than
all of the Outstanding Series&nbsp;B Preferred Units, the number of Series&nbsp;B Preferred Units to be redeemed shall be determined by the General Partner, and such Series&nbsp;B Preferred Units shall be redeemed by such method of selection as the
Depositary shall determine, either Pro Rata or by lot, with adjustments to avoid redemption of fractional Series&nbsp;B Preferred Units. The aggregate Series&nbsp;B Redemption Price for any such partial redemption of the Outstanding Series&nbsp;B
Preferred Units shall be allocated correspondingly among the redeemed Series&nbsp;B Preferred Units. The Series&nbsp;B Preferred Units not redeemed shall remain Outstanding and entitled to all the rights and preferences provided in this
<U>Article</U><U></U><U>&nbsp;XVII</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) If the Partnership gives or causes to be given a Series&nbsp;B Redemption Notice, the
Partnership shall deposit with the Paying Agent funds sufficient to redeem the Series&nbsp;B Preferred Units as to which such Series&nbsp;B Redemption Notice shall have been given, no later than 10:00 a.m.&nbsp;New York City time on the
Series&nbsp;B Redemption Date, and shall give the Paying Agent irrevocable instructions and authority to pay the Series&nbsp;B Redemption Price to the Series&nbsp;B Holders whose Series&nbsp;B Preferred Units are to be redeemed upon surrender or
deemed surrender (which shall occur automatically if the Certificate representing such Series&nbsp;B Preferred Units is issued in the name of the Depositary or its nominee) of the Certificates therefor as set forth in the Series&nbsp;B Redemption
Notice. If the Series&nbsp;B Redemption Notice shall have been given, from and after the Series&nbsp;B Redemption Date, unless the Partnership defaults in providing funds sufficient for such redemption at the time and place specified for payment
pursuant to the Series&nbsp;B Redemption Notice, all Series&nbsp;B Distributions on such Series&nbsp;B Preferred Units to be redeemed shall cease to accumulate and all rights of holders of such Series&nbsp;B Preferred Units as Limited Partners with
respect to such Series&nbsp;B Preferred Units to be redeemed shall cease, except the right to receive the Series&nbsp;B Redemption Price, and such Series&nbsp;B Preferred Units shall not thereafter be transferred on the books of the Transfer Agent
or be deemed to be Outstanding for any purpose whatsoever. The Series&nbsp;B Holders shall have no claim to the interest income, if any, earned on such funds deposited with the Paying Agent. Any funds deposited with the Paying Agent hereunder by the
Partnership for any reason, including redemption of Series&nbsp;B Preferred Units, that remain unclaimed or unpaid after two years after the applicable Series&nbsp;B Redemption Date or other payment date, as applicable, shall be, to the extent
permitted by law, repaid to the Partnership upon its written request, after which repayment the Series&nbsp;B Holders entitled to such redemption or other payment shall have recourse only to the Partnership. Notwithstanding any Series&nbsp;B
Redemption Notice, there shall be no redemption of any Series&nbsp;B Preferred Units called for redemption until funds sufficient to pay the full Series&nbsp;B Redemption Price of such Series&nbsp;B Preferred Units shall have been deposited by the
Partnership with the Paying Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Any Series&nbsp;B Preferred Units that are redeemed or otherwise acquired by the Partnership shall
be cancelled. If only a portion of the Series&nbsp;B Preferred Units represented by a Certificate shall have been called for redemption, upon surrender of the Certificate to the Paying Agent (which shall occur automatically if the Certificate
representing such Series&nbsp;B Preferred Units is registered in the name of the Depositary or its nominee), the Partnership shall issue and the Paying Agent shall deliver to the Series&nbsp;B Holders a new Certificate (or adjust the applicable
book-entry account) representing the number of Series&nbsp;B Preferred Units represented by the surrendered Certificate that have not been called for redemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding anything to the contrary in this <U>Article</U><U></U><U>&nbsp;XVII</U>, in the event that full cumulative distributions
on the Series&nbsp;B Preferred Units and any Parity Securities shall not have been paid or declared and set aside for payment, the Partnership shall not be permitted to repurchase, redeem or otherwise acquire, in whole or in part, any Series&nbsp;B
Preferred Units or Parity Securities except pursuant to a purchase or exchange offer made on the same relative terms to all Series&nbsp;B Holders and holders of any Parity Securities. Subject to <U>Section</U><U></U><U>&nbsp;4.10</U>, so long as any
Series&nbsp;B Preferred Units are Outstanding, the Partnership shall not be permitted to redeem, repurchase or otherwise acquire any Common Units or any other Junior Securities unless full cumulative distributions on the Series&nbsp;B Preferred
Units and any Parity Securities for all prior and the then-ending Series&nbsp;B Distribution Periods shall have been paid or declared and set aside for payment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.6 <I>Rank.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Series&nbsp;B Preferred Units shall each be deemed to rank: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) senior to any Junior Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) on a parity with any Parity Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) junior to any Senior Securities; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) junior to all existing and future indebtedness of the Partnership and other liabilities with respect to assets available to satisfy claims
against the Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Partnership may issue Junior Securities and, subject to any approvals required pursuant to
<U>Section</U><U></U><U>&nbsp;16.4(c)</U>, <U>Section</U><U></U><U>&nbsp;17.4(c)</U>, <U>Section</U><U></U><U>&nbsp;18.4(c)</U> and <U>Section</U><U></U><U>&nbsp;19.4</U>, Parity Securities from time to time in one or more classes or series without
the consent of the Series&nbsp;B Holders. Pursuant to <U>Section</U><U></U><U>&nbsp;5.5</U>, the General Partner has the authority to determine the designations, preferences, rights, powers and duties of any such class or series before the issuance
of any Partnership Interests of such class or series. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.7 <I>No Sinking Fund.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Series&nbsp;B Preferred Units shall not have the benefit of any sinking fund. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.8 <I>Record Holders.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the
fullest extent permitted by applicable law, the General Partner, the Partnership, the Transfer Agent and the Paying Agent may deem and treat any Series&nbsp;B Holder as the true, lawful and absolute owner of the applicable Series&nbsp;B Preferred
Units for all purposes, and neither the General Partner, the Partnership nor the Transfer Agent or the Paying Agent shall be affected by any notice to the contrary, except as otherwise provided by law or any applicable rule, regulation, guideline or
requirement of any National Securities Exchange on which the Series&nbsp;B Preferred Units are listed or admitted to trading. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.9
<I>Notices.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All notices or communications in respect of the Series&nbsp;B Preferred Units shall be sufficiently given if given in
writing and delivered in person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this <U>Article</U><U></U><U>&nbsp;XVII</U>, this Agreement or by applicable law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.10 <I>Other Rights; Fiduciary Duties.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Series&nbsp;B Preferred Units and the Series&nbsp;B Holders shall not have any designations, preferences, rights, powers or duties, other
than as set forth in this&nbsp;Agreement&nbsp;or as provided by applicable law. Notwithstanding anything to the contrary in this Agreement or any duty existing at law, in equity or otherwise, to the fullest extent permitted by applicable law,
neither the General Partner nor any other Indemnitee shall owe any duties or have any liabilities to Series&nbsp;B Holders, other than the implied contractual covenant of good faith and fair dealing. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;17.11 <I>Change of Control.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Upon the occurrence of a Change of Control that occurs after the Series&nbsp;B Original Issue Date, each Series&nbsp;B Holder shall have
the right (&#147;<I>Series</I><I></I><I>&nbsp;B</I><I></I><I>&nbsp;Change of Control Conversion Right</I>&#148;) to convert some or all of the Series&nbsp;B Preferred Units held by such Series&nbsp;B Holder on the Series&nbsp;B Change of Control
Conversion Date into a number of Common Units per Series&nbsp;B Preferred Unit that is an amount equal to the Series&nbsp;B Conversion Ratio (such number of Common Units, the &#147;<I>Series</I><I></I><I>&nbsp;B </I><I>Common Unit Conversion
Consideration</I>&#148;), unless the Partnership provides notice of its election to redeem Series&nbsp;B Preferred Units prior to the expiration of the Partnership&#146;s redemption right contained in <U>Section</U><U></U><U>&nbsp;17.5(a)(iii)</U>.
The &#147;<I>Series</I><I></I><I>&nbsp;B </I><I>Change of Control Conversion Date</I>&#148; shall be the date fixed by the General Partner, in its sole discretion, as the date the Series&nbsp;B Preferred Units are entitled to be converted to
Series&nbsp;B Conversion Common Units as provided in this <U>Section</U><U></U><U>&nbsp;17.11</U>. Such Series&nbsp;B Change of Control Conversion Date shall be a Business Day that is no fewer than 20 days nor more than 35 days from the date on
which the Partnership provides the notice to Series&nbsp;B Holders of the Series&nbsp;B Change of Control Conversion Right under <U>Section</U><U></U><U>&nbsp;17.11(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) No later than five days following the expiration of the Partnership&#146;s redemption right contained in
<U>Section</U><U></U><U>&nbsp;17.5(a)(iii)</U> or, if earlier waived, the date of the Partnership&#146;s waiver of such right, the Partnership will provide written notice to the Series&nbsp;B Holders that describes the Series&nbsp;B Change of
Control Conversion Right and states: (i)&nbsp;the events constituting the Change of Control; (ii)&nbsp;the date of the Change of Control; (iii)&nbsp;the date on which the Partnership&#146;s right to redeem the Outstanding Series&nbsp;B Preferred
Units pursuant to <U>Section</U><U></U><U>&nbsp;17.5(a)(iii)</U>, expired or was waived; (iv)&nbsp;the Series&nbsp;B Change of Control Conversion Date; (v)&nbsp;the last date on which the Series&nbsp;B Holders may exercise their Series&nbsp;B Change
of Control Conversion Right; (vi)&nbsp;the method and period for calculating the Common Unit Price with respect to the Series&nbsp;B Preferred Units; (vii)&nbsp;if applicable, the type and amount of Series&nbsp;B Alternative Conversion Consideration
entitled to be received per Series&nbsp;B Preferred Unit; (viii)&nbsp;the name and address of the Paying Agent; and (ix)&nbsp;the procedures that the Series&nbsp;B Holders must follow to exercise the Series&nbsp;B Change of Control Conversion Right.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Subject to <U>Section</U><U></U><U>&nbsp;5.8</U>, the &#147;<I>Series</I><I></I><I>&nbsp;B Conversion Ratio</I>&#148; shall be
calculated as the lesser of: (i)&nbsp;the quotient obtained by dividing (x)&nbsp;the Series&nbsp;B Liquidation Preference as of the Series&nbsp;B Change of Control Conversion Date (unless the Series&nbsp;B Change of Control Conversion Date is after
a Series&nbsp;B Distribution Record Date and prior to the corresponding Series&nbsp;B Distribution Payment Date, in which case any accumulated and unpaid distribution will be excluded from this amount) by (y)&nbsp;the Common Unit Price with respect
to the Series&nbsp;B Preferred Units, and (ii)&nbsp;1.04297 (the &#147;<I>Series</I><I></I><I>&nbsp;B</I> <I>Unit Cap</I>&#148;). The General Partner shall make such adjustments to the Common Unit Price with respect to the Series&nbsp;B Preferred
Units and the Series&nbsp;B Unit Cap as it determines to be equitable in view of any splits, combinations or distributions in the form of equity issuances or the payment of any Series&nbsp;B Alternative Conversion Consideration to the holders of the
Common Units in connection with the Change of Control. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) In the case of a Change of Control pursuant to which Common Units will be converted into
cash, securities or other property or assets (including any combination thereof) (&#147;<I>Series</I><I></I><I>&nbsp;B</I> <I>Alternative Conversion Consideration</I>&#148;), each Series&nbsp;B Holder electing to exercise its Series&nbsp;B Change of
Control Conversion Right will receive upon conversion of the Series&nbsp;B Preferred Units elected by such holder the kind and amount of such Series&nbsp;B Alternative Conversion Consideration on a per Series&nbsp;B Preferred Unit basis that such
Series&nbsp;B Holder would have owned or been entitled to receive upon the Change of Control had such Series&nbsp;B Holder held a number of Common Units equal to the Series&nbsp;B Common Unit Conversion Consideration immediately prior to the
effective time of the Change of Control;<I>&nbsp;provided</I>,<I>&nbsp;that</I>, if the holders of Common Units have the opportunity to elect the form of consideration to be received in such Change of Control, the consideration that the
Series&nbsp;B Holders electing to exercise their Series&nbsp;B Change of Control Conversion Right will receive will be the form and proportion of the aggregate consideration elected by the holders of Common Units who participate in the determination
(based on the weighted average of elections) and will be subject to any limitations to which all holders of Common Units are subject, including, without limitation, pro rata reductions applicable to any portion of the consideration payable in the
Change of Control. No fractional Common Units will be issued upon the conversion of the Series&nbsp;B Preferred Units. Instead, the Partnership shall pay the cash value of such fractional Common Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything to the contrary in this Agreement, if prior to the expiration of the Partnership&#146;s redemption right
contained in <U>Section</U><U></U><U>&nbsp;17.5(a)(iii)</U>, the Partnership provides notice of its election to redeem Series&nbsp;B Preferred Units pursuant to <U>Section</U><U></U><U>&nbsp;17.5</U>, Series&nbsp;B Holders shall not have any right
to convert the Series&nbsp;B Preferred Units that the Partnership has elected to redeem, and any Series&nbsp;B Preferred Units subsequently selected for redemption that have been tendered for conversion shall be redeemed on the Series&nbsp;B
Redemption Date instead of converted on the Series&nbsp;B Change of Control Conversion Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) The Partnership shall issue a press
release for publication through a news or press organization as is reasonably expected to broadly disseminate the relevant information to the public, or post notice on the website of the Partnership, in any event prior to the opening of business on
the first Business Day following any date on which the Partnership (or a third party with its prior written consent) provides the notice described in <U>Section</U><U></U><U>&nbsp;17.11(b)</U> to the Series&nbsp;B Holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Each Series&nbsp;B Holder electing to exercise its Series&nbsp;B Change of Control Conversion Right will be required prior to the close of
business on the third Business Day preceding the Series&nbsp;B Change of Control Conversion Date, to notify the Partnership of the number of Series&nbsp;B Preferred Units to be converted pursuant to the Series&nbsp;B Change of Control Conversion
Right and otherwise to comply with any applicable procedures contained in the notice described in <U>Section</U><U></U><U>&nbsp;17.11(b)</U> or otherwise required by the Depositary for effecting the conversion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Upon conversion, the rights of such participating Series&nbsp;B Holder as a holder of the Series&nbsp;B Preferred Units shall cease with
respect to such converted Series&nbsp;B Preferred Units, and such Person shall continue to be a Partner and have the rights of a holder of Common Units under this Agreement. Each Series&nbsp;B Preferred Unit shall, upon its Series&nbsp;B Change of
Control Conversion Date, be deemed to be transferred to, and cancelled by, the Partnership in exchange for the issuance of the Series&nbsp;B Conversion Common Units. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The Partnership shall pay any documentary, stamp or similar issue or transfer taxes or duties
relating to the issuance or delivery of Series&nbsp;B Conversion Common Units. However, the participating Series&nbsp;B Holder shall pay any tax or duty that may be payable relating to any transfer involving the issuance or delivery of Series&nbsp;B
Conversion Common Units in a name other than such Series&nbsp;B Holder&#146;s name. The Transfer Agent may refuse to reflect the notation of book entry (or the issuance of a Certificate) for Common Units being issued in a name other than the
Series&nbsp;B Holder&#146;s name until the Transfer Agent receives a sum sufficient to pay any tax or duties that will be due because the Common Units are to be issued in a name other than the Series&nbsp;B Holder&#146;s name. Nothing herein shall
preclude any tax withholding required by law or regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) The Partnership shall comply with all applicable securities laws
regulating the offer and delivery of any Series&nbsp;B Conversion Common Units and, if the Common Units are then listed or quoted on a National Securities Exchange or other market, shall list or cause to have quoted and keep listed and quoted the
Series&nbsp;B Conversion Common Units to the extent permitted or required by the rules&nbsp;of such exchange or market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k)
Notwithstanding anything herein to the contrary, nothing herein shall give to any Series&nbsp;B Holder any rights as a creditor in respect of its right to conversion of Series&nbsp;B Preferred Units. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XVIII </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SERIES C <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">FIXED-TO-FLOATING</FONT></FONT> RATE CUMULATIVE REDEEMABLE PERPETUAL </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PREFERRED
UNITS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.1 <I>Designations.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A series of Preferred Units designated as &#147;9.00% Series&nbsp;C
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Cumulative Redeemable Perpetual Preferred Units&#148; is hereby designated and created, and the preferences, rights, powers and duties of the
holders of the Series&nbsp;C Preferred Units are set forth herein, including this <U>Article</U><U></U><U>&nbsp;XVIII</U>. Each Series&nbsp;C Preferred Unit shall be identical in all respects to every other Series&nbsp;C Preferred Unit, except as to
the respective dates from which the Series&nbsp;C Liquidation Preference shall increase or from which Series&nbsp;C Distributions may begin accruing, to the extent such dates may differ. The Series&nbsp;C Preferred Units represent perpetual equity
interests in the Partnership and, except as set forth in <U>Sections 18.5</U> and <U>18.11</U>, shall not give rise to a claim by the Partnership or a Series&nbsp;C Holder for redemption or the conversion thereof, as applicable, at a particular
date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.2 <I>Series</I><I></I><I>&nbsp;C Preferred Units.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The authorized number of Series&nbsp;C Preferred Units shall be unlimited. Series&nbsp;C Preferred Units that are purchased or otherwise
acquired by the Partnership shall be cancelled. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Series&nbsp;C Preferred Units shall be represented by one or more global Certificates
registered in the name of the Depositary or its nominee, and no Series&nbsp;C Holder shall be entitled to receive a definitive Certificate evidencing its Series&nbsp;C Preferred Units, unless otherwise required by law or the Depositary gives notice
of its intention to resign or is no longer eligible to act as such with respect to the Series&nbsp;C Preferred Units and the Partnership shall have not selected a substitute Depositary within 60 calendar days thereafter. So long as the Depositary
shall have been appointed and is serving with respect to the Series&nbsp;C Preferred Units, payments and communications made by the Partnership to Series&nbsp;C Holders shall be made by making payments to, and communicating with, the Depositary.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.3 <I>Distributions.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Distributions on each Series&nbsp;C Preferred Unit shall be cumulative and shall accumulate at the applicable Series&nbsp;C Distribution
Rate from and including the Series&nbsp;C Original Issue Date (or, for any subsequently issued and newly Outstanding Series&nbsp;C Preferred Units, from and including the Series&nbsp;C Distribution Payment Date immediately preceding the issue date
of such Series&nbsp;C Preferred Units) until such time as the Partnership pays the Series&nbsp;C Distribution or redeems such Series&nbsp;C Preferred Unit in accordance with <U>Section</U><U></U><U>&nbsp;18.5</U> or such Series&nbsp;C Preferred Unit
is converted in accordance with <U>Section</U><U></U><U>&nbsp;18.11</U>, whether or not such Series&nbsp;C Distributions shall have been declared. Series&nbsp;C Holders shall be entitled to receive Series&nbsp;C Distributions from time to time out
of any assets of the Partnership legally available for the payment of distributions at the Series&nbsp;C Distribution Rate per Series&nbsp;C Preferred Unit when, as, and if declared by the General Partner. Distributions, to the extent declared by
the General Partner to be paid by the Partnership in accordance with this<U>&nbsp;Section</U><U></U><U>&nbsp;18.3</U>, shall be paid quarterly on each Series&nbsp;C Distribution Payment Date. Distributions shall accumulate in each Series&nbsp;C
Distribution Period from and including the preceding Series&nbsp;C Distribution Payment Date (other than the initial Series&nbsp;C Distribution Period, which shall commence on and include the Series&nbsp;C Original Issue Date), to but excluding the
next Series&nbsp;C Distribution Payment Date for such Series&nbsp;C Distribution Period; <I>provided</I> that distributions shall accrue on accumulated but unpaid Series&nbsp;C Distributions at the Series&nbsp;C Distribution Rate. If any
Series&nbsp;C Distribution Payment Date otherwise would occur on a date that is not a Business Day, declared Series&nbsp;C Distributions shall be paid on the immediately succeeding Business Day without the accumulation of additional distributions.
Series&nbsp;C Distributions shall be payable based on a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of four <FONT STYLE="white-space:nowrap">90-day</FONT> quarters. All Series&nbsp;C Distributions payable by the Partnership
pursuant to this <U>Section</U><U></U><U>&nbsp;18.3</U> shall be payable without regard to income of the Partnership and shall be treated for federal income tax purposes as guaranteed payments for the use of capital under Section&nbsp;707(c)&nbsp;of
the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Not later than 5:00 p.m., New York City time, on each Series&nbsp;C Distribution Payment Date, the Partnership shall pay
those Series&nbsp;C Distributions, if any, that shall have been declared by the General Partner to Series&nbsp;C Holders on the Record Date for the applicable Series&nbsp;C Distribution. The Record Date (the &#147;<I>Series</I><I></I><I>&nbsp;C
Distribution Record Date</I>&#148;) for the payment of any Series&nbsp;C Distributions shall be as of the close of business on the first Business Day of the month of the applicable Series&nbsp;C Distribution Payment Date, except that in the case of
payments of Series&nbsp;C Distributions in Arrears, the Series&nbsp;C Distribution Record Date with respect to a Series&nbsp;C Distribution Payment Date shall be such date as may be designated by the General Partner in accordance with this
<U>Article</U><U></U><U>&nbsp;XVIII</U>. So long as any Series&nbsp;C Preferred </P>
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Units are Outstanding, no distribution shall be declared or paid or set aside for payment on any Junior Securities (other than a distribution payable solely in Junior Securities) unless full
cumulative Series&nbsp;C Distributions have been or contemporaneously are being paid or set aside for payment on all Outstanding Series&nbsp;C Preferred Units (and distributions on any other Parity Securities) through the most recent respective
Series&nbsp;C Distribution Payment Date (and distribution payment date with respect to such Parity Securities, if any). Accumulated Series&nbsp;C Distributions in Arrears for any past Series&nbsp;C Distribution Period may be declared by the General
Partner and paid on any date fixed by the General Partner, whether or not a Series&nbsp;C Distribution Payment Date, to Series&nbsp;C Holders on the Record Date for such payment, which may not be less than 10 days before such payment date. Subject
to the next succeeding sentence, if all accumulated Series&nbsp;C Distributions in Arrears on all Outstanding Series&nbsp;C Preferred Units and any other Parity Securities shall not have been declared and paid, or if sufficient funds for the payment
thereof shall not have been set aside, payment of accumulated distributions in Arrears on the Series&nbsp;C Preferred Units and any such Parity Securities shall be made in order of their respective distribution payment dates, commencing with the
earliest. If less than all distributions payable with respect to all Series&nbsp;C Preferred Units and any other Parity Securities are paid, any partial payment shall be made Pro Rata with respect to the Series&nbsp;C Preferred Units and any such
other Parity Securities entitled to a distribution payment at such time in proportion to the aggregate distribution amounts remaining due in respect of such Series&nbsp;C Preferred Units and such other Parity Securities at such time. Subject to
<U>Sections</U><U></U><U>&nbsp;12.4</U>&nbsp;and<U>&nbsp;18.5</U>, Series&nbsp;C Holders shall not be entitled to any distribution, whether payable in cash, property or Partnership Securities, in excess of full cumulative Series&nbsp;C
Distributions. Except insofar as distributions accrue on the amount of any accumulated and unpaid Series&nbsp;C Distributions as described in <U>Section</U><U></U><U>&nbsp;18.3(a)</U>, no interest or sum of money in lieu of interest shall be payable
in respect of any distribution payment which may be in Arrears on the Series&nbsp;C Preferred Units. So long as the Series&nbsp;C Preferred Units are held of record by the Depositary or its nominee, declared Series&nbsp;C Distributions shall be paid
to the Depositary in <FONT STYLE="white-space:nowrap">same-day</FONT> funds on each Series&nbsp;C Distribution Payment Date or other distribution payment date in the case of payments for Series&nbsp;C Distributions in Arrears. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The &#147;<I>Series</I><I></I><I>&nbsp;C Three-Month LIBOR</I>&#148; for each Series&nbsp;C Distribution Period during the Series&nbsp;C
Floating Rate Period shall be determined by the Calculation Agent, as of the applicable Series&nbsp;C LIBOR Determination Date, in accordance with the following provisions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Series&nbsp;C Three-Month LIBOR shall be the rate (expressed as a percentage per year) for deposits in U.S. dollars for
a three-month period commencing on the first day of such Series&nbsp;C Distribution Period that appears on Reuters Page LIBOR01 as of 11:00 a.m. (London time) on the Series&nbsp;C LIBOR Determination Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If the Series&nbsp;C Three-Month LIBOR cannot be determined as described in <U>Section</U><U></U><U>&nbsp;18.3(c)(i)</U>,
the Partnership shall select four major banks in the London interbank market and request that the principal London offices of those four selected banks provide their offered quotations for deposits in U.S. dollars for a period of three months,
commencing on the first day of the applicable Series&nbsp;C Distribution Period, to prime banks in the London interbank market at approximately 11:00 a.m. (London time) on the Series&nbsp;C LIBOR Determination Date for such Series&nbsp;C
Distribution Period. Offered quotations must be based on a principal amount equal to an amount that, in the </P>
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Partnership&#146;s judgment, is representative of a single transaction in U.S. dollars in the London interbank market at the time. If two or more quotations are provided, the Series&nbsp;C
Three-Month LIBOR for such Series&nbsp;C Distribution Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the Series&nbsp;C Three-Month LIBOR for such Series&nbsp;C Distribution Period will be the
arithmetic mean of the rates quoted on the Series&nbsp;C LIBOR Determination Date for such Series&nbsp;C Distribution Period by three major banks in New York City selected by the Partnership, for loans in U.S. dollars to leading European banks for a
three-month period commencing on the first day of such Series&nbsp;C Distribution Period. The rates quoted must be based on an amount that, in the Partnership&#146;s judgment, is representative of a single transaction in U.S. dollars in that market
at the time. If fewer than three New York City banks selected by the Partnership are quoting rates in the manner described above, the Series&nbsp;C Three-Month LIBOR for the applicable Series&nbsp;C Distribution Period will be the same as for the
immediately preceding Series&nbsp;C Distribution Period or, if the immediately preceding Series&nbsp;C Distribution Period was within the Series&nbsp;C Fixed Rate Period, the same as for the most recent quarter for which the Series&nbsp;C
Three-Month LIBOR can be determined. Notwithstanding the foregoing, if the Calculation Agent determines on the applicable Series&nbsp;C LIBOR Determination Date that the Series&nbsp;C Three-Month LIBOR has been discontinued, then the Calculation
Agent will use a substitute or successor base rate that it has determined in its sole discretion is most comparable to the Series&nbsp;C Three-Month LIBOR, <I>provided</I> that if the Calculation Agent determines there is an industry-accepted
substitute or successor base rate, then the Calculation Agent shall use such substitute or successor base rate; and if the Calculation Agent has determined a substitute or successor base rate in accordance with the foregoing, the Calculation Agent
in its sole discretion may determine what business day convention to use, the definition of business day, the distribution determination date to be used and any other relevant methodology for calculating such substitute or successor base rate,
including any adjustment factor needed to make such substitute or successor base rate comparable to the Series&nbsp;C Three-Month LIBOR, in a manner that is consistent with industry-accepted practices for such substitute or successor base rate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) All percentages resulting from any of the above calculations will be rounded, if necessary, to the nearest one
hundred-thousandth of a percentage point, with five <FONT STYLE="white-space:nowrap">one-millionths</FONT> of a percentage point rounded upwards and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent
(with <FONT STYLE="white-space:nowrap">one-half</FONT> cent being rounded upwards). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.4 <I>Voting Rights.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding anything to the contrary in this Agreement, the Series&nbsp;C Preferred Units shall not have any voting rights except as
set forth in <U>Section</U><U></U><U>&nbsp;13.3(c)</U>, this <U>Section</U><U></U><U>&nbsp;18.4</U> or as otherwise required by the Delaware Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Without the affirmative vote or consent of the holders of at least 66 2/3% of the Outstanding Series&nbsp;C Preferred Units, voting as a
separate class, the General Partner shall not adopt any amendment to this Agreement that would have a material adverse effect on the powers, preferences, duties or special rights of the Series&nbsp;C Preferred Units; <I>provided, however</I>,
</P>
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that (i)&nbsp;subject to <U>Section</U><U></U><U>&nbsp;18.4(c)</U>, the issuance of additional Partnership Securities shall not be deemed to constitute such a material adverse effect for purposes
of this <U>Section</U><U></U><U>&nbsp;18.4(b)</U> and (ii)&nbsp;for purposes of this <U>Section</U><U></U><U>&nbsp;18.4(b)</U>, no amendment of this Agreement in connection with a merger or other transaction in which the Partnership is the surviving
entity and the Series&nbsp;C Preferred Units remain Outstanding with the terms thereof materially unchanged in any respect adverse to the Series&nbsp;C Holders shall be deemed to materially and adversely affect the powers, preferences, duties or
special rights of the Series&nbsp;C Preferred Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Without the affirmative vote or consent of the holders of at least 66 2/3% of
the Outstanding Series&nbsp;C Preferred Units voting as a class together with holders of any other Parity Securities upon which like voting rights have been conferred and are exercisable, the Partnership shall not (x)&nbsp;create or&nbsp;issue any
Parity Securities if the cumulative distributions payable on Series&nbsp;C Preferred Units or any Parity Securities are in Arrears or (y)&nbsp;create or issue any Senior Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) For any matter described in this <U>Section</U><U></U><U>&nbsp;18.4</U> in which the Series&nbsp;C Holders are entitled to vote as a class
(whether separately or together with the holders of any Parity Securities), such Series&nbsp;C Holders shall be entitled to one vote per Series&nbsp;C Preferred Unit. Any Series&nbsp;C Preferred Units held by the Partnership or any of its
Subsidiaries or their controlled Affiliates shall not be entitled to vote. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding <U>Sections 18.4(b)</U> and
<U>18.4(c)</U>, no vote of the Series&nbsp;C Holders shall be required if, at or prior to the time when such action is to take effect, provision is made for the redemption of all Series&nbsp;C Preferred Units at the time Outstanding. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.5 <I>Optional Redemption</I><I>; Series</I><I></I><I>&nbsp;C Rating Event</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Partnership shall have the right (i)&nbsp;at any time, and from time to time, on or after December&nbsp;15, 2022 or (ii)&nbsp;at any
time within 120 days after the conclusion of any review or appeal process instituted by the Partnership following the occurrence of a Series&nbsp;C Rating Event or (iii)&nbsp;at any time within 120 days after the first date on which a Change of
Control occurs, in each case, to redeem the Series&nbsp;C Preferred Units, which redemption may be in whole or in part (except with respect to a redemption pursuant to <U>clause (ii)</U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;18.5(a)</U> which
shall be in whole but not in part), using any source of funds legally available for such purpose. Any such redemption shall occur on a date set by the General Partner (the&nbsp;&#147;<I>Series</I><I></I><I>&nbsp;C Redemption Date</I>&#148;). The
Partnership shall effect any such redemption by paying cash for each Series&nbsp;C Preferred Unit to be redeemed equal to the Series&nbsp;C Liquidation Preference for such Series&nbsp;C Preferred Unit on such Series&nbsp;C Redemption Date plus an
amount equal to all unpaid distributions thereon from the Series&nbsp;C Original Issue Date to, but not including, the Series&nbsp;C Redemption Date (whether or not such distributions shall have been declared)
(the&nbsp;&#147;<I>Series</I><I></I><I>&nbsp;C Redemption Price</I>&#148;); <I>provided</I> that in connection with a redemption in accordance with <U>clause</U><U></U><U>&nbsp;(ii)</U> of this <U>Section</U><U></U><U>&nbsp;18.5(a)</U>, the
Series&nbsp;C Liquidation Preference per Series&nbsp;C Preferred Unit shall be deemed to be equal to $25.50. So long as the Series&nbsp;C Preferred Units to be redeemed are held of record by the nominee of the Depositary, the Series&nbsp;C
Redemption Price shall be paid by the Paying Agent to the Depositary on the Series&nbsp;C Redemption Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Partnership shall give notice of any redemption by mail, postage prepaid, not less than
30 days and not more than 60&nbsp;days before the scheduled Series&nbsp;C Redemption Date to the Series&nbsp;C Holders (as of 5:00 p.m.&nbsp;New York City time on the Business Day next preceding the day on which notice is given) of any Series&nbsp;C
Preferred Units to be redeemed as such Series&nbsp;C Holders&#146; names appear on the books of the Transfer Agent and at the address of such Series&nbsp;C Holders shown therein. Such notice (the&nbsp;&#147;<I>Series</I><I></I><I>&nbsp;C Redemption
Notice</I>&#148;) shall state, as applicable: (1)&nbsp;the Series&nbsp;C Redemption Date, (2)&nbsp;the number of Series&nbsp;C Preferred Units to be redeemed and, if less than all Outstanding Series&nbsp;C Preferred Units are to be redeemed, the
number (and the identification) of Series&nbsp;C Preferred Units to be redeemed from such Series&nbsp;C Holder, (3)&nbsp;the Series&nbsp;C Redemption Price, (4)&nbsp;the place where any Series&nbsp;C Preferred Units in certificated form are to be
redeemed and shall be presented and surrendered for payment of the Series&nbsp;C Redemption Price therefor and (5)&nbsp;that distributions on the Series&nbsp;C Preferred Units to be redeemed shall cease to accumulate from and after such
Series&nbsp;C Redemption Date. For the avoidance of doubt, the Partnership may give the Series&nbsp;C Redemption Notice in advance of a Change of Control if a definitive agreement is in place for the Change of Control at the time of giving the
Series&nbsp;C Redemption Notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If the Partnership elects to redeem less than all of the Outstanding Series&nbsp;C Preferred Units,
the number of Series&nbsp;C Preferred Units to be redeemed shall be determined by the General Partner, and such Series&nbsp;C Preferred Units shall be redeemed by such method of selection as the Depositary shall determine, either Pro Rata or by lot,
with adjustments to avoid redemption of fractional Series&nbsp;C Preferred Units. The aggregate Series&nbsp;C Redemption Price for any such partial redemption of the Outstanding Series&nbsp;C Preferred Units shall be allocated correspondingly among
the redeemed Series&nbsp;C Preferred Units. The Series&nbsp;C Preferred Units not redeemed shall remain Outstanding and entitled to all the rights and preferences provided in this <U>Article</U><U></U><U>&nbsp;XVIII</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) If the Partnership gives or causes to be given a Series&nbsp;C Redemption Notice, the Partnership shall deposit with the Paying Agent
funds sufficient to redeem the Series&nbsp;C Preferred Units as to which such Series&nbsp;C Redemption Notice shall have been given, no later than 10:00 a.m.&nbsp;New York City time on the Series&nbsp;C Redemption Date, and shall give the Paying
Agent irrevocable instructions and authority to pay the Series&nbsp;C Redemption Price to the Series&nbsp;C Holders whose Series&nbsp;C Preferred Units are to be redeemed upon surrender or deemed surrender (which shall occur automatically if the
Certificate representing such Series&nbsp;C Preferred Units is issued in the name of the Depositary or its nominee) of the Certificates therefor as set forth in the Series&nbsp;C Redemption Notice. If the Series&nbsp;C Redemption Notice shall have
been given, from and after the Series&nbsp;C Redemption Date, unless the Partnership defaults in providing funds sufficient for such redemption at the time and place specified for payment pursuant to the Series&nbsp;C Redemption Notice, all
Series&nbsp;C Distributions on such Series&nbsp;C Preferred Units to be redeemed shall cease to accumulate and all rights of holders of such Series&nbsp;C Preferred Units as Limited Partners with respect to such Series&nbsp;C Preferred Units to be
redeemed shall cease, except the right to receive the Series&nbsp;C Redemption Price, and such Series&nbsp;C Preferred Units shall not thereafter be transferred on the books of the Transfer Agent or be deemed to be Outstanding for any purpose
whatsoever. The Series&nbsp;C Holders shall have no claim to the interest income, if any, earned on such funds deposited with the Paying Agent. Any funds deposited with the Paying Agent hereunder by the Partnership for any reason, including
redemption of Series&nbsp;C Preferred Units, that remain unclaimed or unpaid after two years after the applicable Series&nbsp;C Redemption </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Date or other payment date, as applicable, shall be, to the extent permitted by law, repaid to the Partnership upon its written request, after which repayment the Series&nbsp;C Holders entitled
to such redemption or other payment shall have recourse only to the Partnership. Notwithstanding any Series&nbsp;C Redemption Notice, there shall be no redemption of any Series&nbsp;C Preferred Units called for redemption until funds sufficient to
pay the full Series&nbsp;C Redemption Price of such Series&nbsp;C Preferred Units shall have been deposited by the Partnership with the Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Any Series&nbsp;C Preferred Units that are redeemed or otherwise acquired by the Partnership shall be cancelled. If only a portion of the
Series&nbsp;C Preferred Units represented by a Certificate shall have been called for redemption, upon surrender of the Certificate to the Paying Agent (which shall occur automatically if the Certificate representing such Series&nbsp;C Preferred
Units is registered in the name of the Depositary or its nominee), the Partnership shall issue and the Paying Agent shall deliver to the Series&nbsp;C Holders a new Certificate (or adjust the applicable book-entry account) representing the number of
Series&nbsp;C Preferred Units represented by the surrendered Certificate that have not been called for redemption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding
anything to the contrary in this <U>Article</U><U></U><U>&nbsp;XVIII</U>, in the event that full cumulative distributions on the Series&nbsp;C Preferred Units and any Parity Securities shall not have been paid or declared and set aside for payment,
the Partnership shall not be permitted to repurchase, redeem or otherwise acquire, in whole or in part, any Series&nbsp;C Preferred Units or Parity Securities except pursuant to a purchase or exchange offer made on the same relative terms to all
Series&nbsp;C Holders and holders of any Parity Securities. Subject to <U>Section</U><U></U><U>&nbsp;4.10</U>, so long as any Series&nbsp;C Preferred Units are Outstanding, the Partnership shall not be permitted to redeem, repurchase or otherwise
acquire any Common Units or any other Junior Securities unless full cumulative distributions on the Series&nbsp;C Preferred Units and any Parity Securities for all prior and the then-ending Series&nbsp;C Distribution Periods shall have been paid or
declared and set aside for payment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.6 <I>Rank.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Series&nbsp;C Preferred Units shall each be deemed to rank: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) senior to any Junior Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) on a parity with any Parity Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) junior to any Senior Securities; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) junior to all existing and future indebtedness of the Partnership and other liabilities with respect to assets available to satisfy claims
against the Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Partnership may issue Junior Securities and, subject to any approvals required pursuant to
<U>Section</U><U></U><U>&nbsp;16.4(c)</U>, <U>Section</U><U></U><U>&nbsp;17.4(c)</U>, <U>Section</U><U></U><U>&nbsp;18.4(c)</U> and <U>Section</U><U></U><U>&nbsp;19.4</U>, Parity Securities from time to time in one or more classes or series without
the consent of the Series&nbsp;C Holders. Pursuant to <U>Section</U><U></U><U>&nbsp;5.5</U>, the General Partner has the authority to determine the designations, preferences, rights, powers and duties of any such class or series before the issuance
of any Partnership Interests of such class or series. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.7 <I>No Sinking Fund.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Series&nbsp;C Preferred Units shall not have the benefit of any sinking fund. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.8 <I>Record Holders.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the fullest extent permitted by applicable law, the General Partner, the Partnership, the Transfer Agent and the Paying Agent may deem and
treat any Series&nbsp;C Holder as the true, lawful and absolute owner of the applicable Series&nbsp;C Preferred Units for all purposes, and neither the General Partner, the Partnership nor the Transfer Agent or the Paying Agent shall be affected by
any notice to the contrary, except as otherwise provided by law or any applicable rule, regulation, guideline or requirement of any National Securities Exchange on which the Series&nbsp;C Preferred Units are listed or admitted to trading. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.9 <I>Notices.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All notices or communications in respect of the Series&nbsp;C Preferred Units shall be sufficiently given if given in writing and delivered in
person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this <U>Article</U><U></U><U>&nbsp;XVIII</U>, this Agreement or by applicable law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.10 <I>Other Rights; Fiduciary Duties.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Series&nbsp;C Preferred Units and the Series&nbsp;C Holders shall not have any designations, preferences, rights, powers or duties, other
than as set forth in this&nbsp;Agreement&nbsp;or as provided by applicable law. Notwithstanding anything to the contrary in this Agreement or any duty existing at law, in equity or otherwise, to the fullest extent permitted by applicable law,
neither the General Partner nor any other Indemnitee shall owe any duties or have any liabilities to Series&nbsp;C Holders, other than the implied contractual covenant of good faith and fair dealing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;18.11 <I>Change of Control.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Upon the occurrence of a Change of Control that occurs after the Series&nbsp;C Original Issue Date, each Series&nbsp;C Holder shall have
the right (&#147;<I>Series</I><I></I><I>&nbsp;C</I><I></I><I>&nbsp;Change of Control Conversion Right</I>&#148;) to convert some or all of the Series&nbsp;C Preferred Units held by such Series&nbsp;C Holder on the Series&nbsp;C Change of Control
Conversion Date into a number of Common Units per Series&nbsp;C Preferred Unit that is an amount equal to the Series&nbsp;C Conversion Ratio (such number of Common Units, the &#147;<I>Series</I><I></I><I>&nbsp;C </I><I>Common Unit Conversion
Consideration</I>&#148;), unless the Partnership provides notice of its election to redeem Series&nbsp;C Preferred Units prior to the expiration of the Partnership&#146;s redemption right contained in
<U>Section</U><U></U><U>&nbsp;18.5(a)(iii)</U>.&nbsp;The &#147;<I>Series</I><I></I><I>&nbsp;C </I><I>Change of Control Conversion Date</I>&#148; shall be the date fixed by the General Partner, in its sole discretion, as the date the Series&nbsp;C
Preferred Units are entitled to be converted to Series&nbsp;C Conversion Common Units as provided in this <U>Section</U><U></U><U>&nbsp;18.11</U>. Such Series&nbsp;C Change of Control Conversion Date shall be a Business Day that is no fewer than 20
days nor more than 35 days from the date on which the Partnership provides the notice to Series&nbsp;C Holders of the Series&nbsp;C Change of Control Conversion Right under <U>Section</U><U></U><U>&nbsp;18.11(b)</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) No later than five days following the expiration of the Partnership&#146;s redemption right
contained in <U>Section</U><U></U><U>&nbsp;18.5(a)(iii)</U> or, if earlier waived, the date of the Partnership&#146;s waiver of such right, the Partnership will provide written notice to the Series&nbsp;C Holders that describes the Series&nbsp;C
Change of Control Conversion Right and states: (i)&nbsp;the events constituting the Change of Control; (ii)&nbsp;the date of the Change of Control; (iii)&nbsp;the date on which the Partnership&#146;s right to redeem the Outstanding Series&nbsp;C
Preferred Units pursuant to <U>Section</U><U></U><U>&nbsp;18.5(a)(iii)</U> expired or was waived; (iv)&nbsp;the Series&nbsp;C Change of Control Conversion Date; (v)&nbsp;the last date on which the Series&nbsp;C Holders may exercise their
Series&nbsp;C Change of Control Conversion Right; (vi)&nbsp;the method and period for calculating the Common Unit Price with respect to the Series&nbsp;C Preferred Units; (vii)&nbsp;if applicable, the type and amount of Series&nbsp;C Alternative
Conversion Consideration entitled to be received per Series&nbsp;C Preferred Unit; (viii)&nbsp;the name and address of the Paying Agent; and (ix)&nbsp;the procedures that the Series&nbsp;C Holders must follow to exercise the Series&nbsp;C Change of
Control Conversion Right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Subject to <U>Section</U><U></U><U>&nbsp;5.8</U>, the &#147;<I>Series</I><I></I><I>&nbsp;C Conversion
Ratio</I>&#148; shall be calculated as the lesser of: (i)&nbsp;the quotient obtained by dividing (x)&nbsp;the Series&nbsp;C Liquidation Preference as of the Series&nbsp;C Change of Control Conversion Date (unless the Series&nbsp;C Change of Control
Conversion Date is after a Series&nbsp;C Distribution Record Date and prior to the corresponding Series&nbsp;C Distribution Payment Date, in which case any accumulated and unpaid distribution will be excluded from this amount) by (y)&nbsp;the Common
Unit Price with respect to the Series&nbsp;C Preferred Units, and (ii)&nbsp;1.7928 (the &#147;<I>Series</I><I></I><I>&nbsp;C</I> <I>Unit Cap</I>&#148;). The General Partner shall make such adjustments to the Common Unit Price with respect to the
Series&nbsp;C Preferred Units and the Series&nbsp;C Unit Cap as it determines to be equitable in view of any splits, combinations or distributions in the form of equity issuances or the payment of any Series&nbsp;C Alternative Conversion
Consideration to the holders of the Common Units in connection with the Change of Control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) In the case of a Change of Control
pursuant to which Common Units will be converted into cash, securities or other property or assets (including any combination thereof) (&#147;<I>Series</I><I></I><I>&nbsp;C</I> <I>Alternative Conversion Consideration</I>&#148;), each Series&nbsp;C
Holder electing to exercise its Series&nbsp;C Change of Control Conversion Right will receive upon conversion of the Series&nbsp;C Preferred Units elected by such holder the kind and amount of such Series&nbsp;C Alternative Conversion Consideration
on a per Series&nbsp;C Preferred Unit basis that such Series&nbsp;C Holder would have owned or been entitled to receive upon the Change of Control had such Series&nbsp;C Holder held a number of Common Units equal to the Series&nbsp;C Common Unit
Conversion Consideration immediately prior to the effective time of the Change of Control;<I>&nbsp;provided</I>,<I>&nbsp;that</I>, if the holders of Common Units have the opportunity to elect the form of consideration to be received in such Change
of Control, the consideration that the Series&nbsp;C Holders electing to exercise their Series&nbsp;C Change of Control Conversion Right will receive will be the form and proportion of the aggregate consideration elected by the holders of Common
Units who participate in the determination (based on the weighted average of elections) and will be subject to any limitations to which all holders of Common Units are subject, including, without limitation, pro rata reductions applicable to any
portion of the consideration payable in the Change of Control. No fractional Common Units will be issued upon the conversion of the Series&nbsp;C Preferred Units. Instead, the Partnership shall pay the cash value of such fractional Common Units.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything to the contrary in this Agreement, if prior to the expiration of the
Partnership&#146;s redemption right contained in <U>Section</U><U></U><U>&nbsp;18.5(a)(iii)</U>, the Partnership provides notice of its election to redeem Series&nbsp;C Preferred Units pursuant to <U>Section</U><U></U><U>&nbsp;18.5</U>,
Series&nbsp;C Holders shall not have any right to convert the Series&nbsp;C Preferred Units that the Partnership has elected to redeem, and any Series&nbsp;C Preferred Units subsequently selected for redemption that have been tendered for conversion
shall be redeemed on the Series&nbsp;C Redemption Date instead of converted on the Series&nbsp;C Change of Control Conversion Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)
The Partnership shall issue a press release for publication through a news or press organization as is reasonably expected to broadly disseminate the relevant information to the public, or post notice on the website of the Partnership, in any event
prior to the opening of business on the first Business Day following any date on which the Partnership (or a third party with its prior written consent) provides the notice described in <U>Section</U><U></U><U>&nbsp;18.11(b)</U> to the Series&nbsp;C
Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Each Series&nbsp;C Holder electing to exercise its Series&nbsp;C Change of Control Conversion Right will be required prior
to the close of business on the third Business Day preceding the Series&nbsp;C Change of Control Conversion Date, to notify the Partnership of the number of Series&nbsp;C Preferred Units to be converted pursuant to the Series&nbsp;C Change of
Control Conversion Right and otherwise to comply with any applicable procedures contained in the notice described in <U>Section</U><U></U><U>&nbsp;18.11(b)</U> or otherwise required by the Depositary for effecting the conversion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Upon conversion, the rights of such participating Series&nbsp;C Holder as a holder of the Series&nbsp;C Preferred Units shall cease with
respect to such converted Series&nbsp;C Preferred Units, and such Person shall continue to be a Partner and have the rights of a holder of Common Units under this Agreement. Each Series&nbsp;C Preferred Unit shall, upon its Series&nbsp;C Change of
Control Conversion Date, be deemed to be transferred to, and cancelled by, the Partnership in exchange for the issuance of the Series&nbsp;C Conversion Common Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The Partnership shall pay any documentary, stamp or similar issue or transfer taxes or duties relating to the issuance or delivery of
Series&nbsp;C Conversion Common Units. However, the participating Series&nbsp;C Holder shall pay any tax or duty that may be payable relating to any transfer involving the issuance or delivery of Series&nbsp;C Conversion Common Units in a name other
than such Series&nbsp;C Holder&#146;s name. The Transfer Agent may refuse to reflect the notation of book entry (or the issuance of a Certificate) for Common Units being issued in a name other than the Series&nbsp;C Holder&#146;s name until the
Transfer Agent receives a sum sufficient to pay any tax or duties that will be due because the Common Units are to be issued in a name other than the Series&nbsp;C Holder&#146;s name. Nothing herein shall preclude any tax withholding required by law
or regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) The Partnership shall comply with all applicable securities laws regulating the offer and delivery of any
Series&nbsp;C Conversion Common Units and, if the Common Units are then listed or quoted on a National Securities Exchange or other market, shall list or cause to have quoted and keep listed and quoted the Series&nbsp;C Conversion Common Units to
the extent permitted or required by the rules&nbsp;of such exchange or market. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) Notwithstanding anything herein to the contrary, nothing herein shall give to any
Series&nbsp;C Holder any rights as a creditor in respect of its right to conversion of Series&nbsp;C Preferred Units. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XIX
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.1 <I>Designations.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A series of Preferred Units designated as &#147;Series&nbsp;D Cumulative Convertible Preferred Units&#148; (such Series D Cumulative
Convertible Preferred Units, together with any Series D PIK Units and Series D Second Closing Units, the &#147;<I>Series D Preferred Units</I>&#148;), is hereby designated and created, and the preferences, rights, powers and duties of the holders of
the Series&nbsp;D Preferred Units are set forth herein, including this <U>Article</U><U></U><U>&nbsp;XIX</U>. Each Series&nbsp;D Preferred Unit shall be identical in all respects to every other Series&nbsp;D Preferred Unit, except as to the
respective dates from which Series&nbsp;D Distributions may begin accruing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.2 <I>Series D Preferred Units.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The authorized number of Series&nbsp;D Preferred Units shall be unlimited. Series&nbsp;D Preferred Units that are purchased or otherwise
acquired by the Partnership shall be cancelled. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If requested by a Series D Preferred Unitholder, the Series D Preferred Units shall
be evidenced by Certificates in such form as the General Partner may approve and, subject to the satisfaction of any applicable legal, regulatory and contractual requirements (including <U>Section</U><U></U><U>&nbsp;19.9</U>), may be assigned or
transferred in a manner identical to the assignment and transfer of other Units. The Certificates evidencing Series D Preferred Units shall be separately identified and shall not bear the same CUSIP number as the Certificates evidencing Common
Units, Series&nbsp;A Preferred Units, Series&nbsp;B Preferred Units or Series&nbsp;C Preferred Units. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.3 <I>Distributions.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Series D Preferred Unitholders shall be entitled to receive distributions on each Series D Distribution Payment Date in an amount equal to
the applicable Series D Distribution Amount (each such distribution, a &#147;<I>Series D Distribution</I>&#148;), which Series D Distributions shall be payable out of any assets of the Partnership legally available for the payment of distributions
when, as, and if declared by the General Partner. Series D Distributions shall be cumulative from and including the Series&nbsp;D Initial Closing Date (or, for any Series&nbsp;D Preferred Units issued subsequent to the initial Series D Distribution
Payment Date, from and including the Series&nbsp;D Distribution Payment Date immediately preceding the issue date of such Series&nbsp;D Preferred Units) until such time as the Partnership pays the applicable Series&nbsp;D Distribution or the
applicable Series D Preferred Units are redeemed or converted in accordance with this <U>Article</U><U></U><U>&nbsp;XIX</U>, whether or not such Series&nbsp;D Distributions shall have been declared. Subject to
<U>Section</U><U></U><U>&nbsp;19.3(c)(iii)</U>, with respect to the four Series D Distribution Periods beginning with the Series D Distribution Period in respect of which the Series D Initial Distribution is paid (the &#147;<I>Series D Initial PIK
Date</I>&#148;), in the sole discretion of the General Partner, up to 50% of the </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Series D Distribution Amount may be paid in Series D PIK Units, with the remainder of the Series D Distribution Amount to be paid in cash. Subject to
<U>Section</U><U></U><U>&nbsp;19.3(c)(iii)</U>, for any Series D Distribution Period ending after the Series D Initial PIK Date, (i)&nbsp;if the Series D Distribution Amount at such time is greater than $0.635 per Series D Preferred Unit, then the
portion of such Series D Distribution Amount in excess of $0.635 may be paid, in the sole discretion of the General Partner, in Series D PIK Units, and the remainder of the Series D Distribution Amount shall be paid in cash and (ii)&nbsp;if the
Series D Distribution Amount at such time is less than or equal to $0.635 per Series D Preferred Unit, then all of the Series D Distribution Amount shall be paid in cash. If the General Partner elects to pay all or any portion of the Series D
Distribution Amount in Series D PIK Units (any amount of such Series D Distribution Amount so paid in Series D PIK Units, the &#147;<I>Series D PIK Distribution Amount</I>&#148;), the number of Series D PIK Units to be issued in connection with such
Series D Distribution shall equal the quotient of (A)&nbsp;the Series D PIK Distribution Amount divided by (B)&nbsp;the Series D Unit Purchase Price; <I>provided</I> that instead of issuing any fractional Series D PIK Unit, the Partnership shall
round the number of Series D PIK Units issued to each Series D Preferred Unitholder down to the nearest whole Series D PIK Unit and pay cash in lieu of any resulting fractional unit (with the amount of such cash payment being based on the value of
such fractional Series D PIK Unit, which shall be the product of the Closing Price of the Common Units on the Record Date for such Series D Distribution multiplied by the number of Series&nbsp;D Conversion Common Units into which such fractional
Series&nbsp;D PIK Units would be convertible at the applicable Series&nbsp;D Conversion Ratio on such Record Date (without regard to whether any Series D Preferred Units are then convertible)). Unless otherwise expressly provided, references in this
Agreement to Series D Preferred Units shall include all Outstanding Series D PIK Units as of any date of such determination. If any Series&nbsp;D Distribution Payment Date otherwise would occur on a date that is not a Business Day, declared
Series&nbsp;D Distributions shall be paid on the immediately succeeding Business Day without the accumulation of additional distributions. All Series&nbsp;D Distributions payable by the Partnership pursuant to this
<U>Section</U><U></U><U>&nbsp;19.3</U> shall be payable without regard to income of the Partnership and shall be treated for federal income tax purposes as guaranteed payments for the use of capital under Section&nbsp;707(c)&nbsp;of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Not later than 5:00 p.m., New York City time, on each Series&nbsp;D Distribution Payment Date, the Partnership shall pay those
Series&nbsp;D Distributions, if any, that shall have been declared by the General Partner to Series D Preferred Unitholders on the Record Date for the applicable Series&nbsp;D Distribution. With respect to any Series D Distribution that is paid, in
any part, in Series D PIK Units, promptly upon the request of any Series D Preferred Unitholder on the Record Date for such Series&nbsp;D Distribution, the Partnership shall deliver to such Series D Preferred Unitholder evidence of issuance of such
Series D PIK Units credited to book-entry accounts maintained by the Transfer Agent. The Record Date (the &#147;<I>Series</I><I></I><I>&nbsp;D Distribution Record Date</I>&#148;) for the payment of any Series&nbsp;D Distributions shall be as of the
close of business on the first Business Day of the month of the applicable Series&nbsp;D Distribution Payment Date, subject to <U>Section</U><U></U><U>&nbsp;19.3(d)</U> and except in the case of distributions pursuant to
<U>Section</U><U></U><U>&nbsp;19.3(g)</U> or payments of Series&nbsp;D Distributions in Arrears, the Series&nbsp;D Distribution Record Date with respect to a Series&nbsp;D Distribution Payment Date shall be such date as may be designated by the
General Partner in accordance with this <U>Article</U><U></U><U>&nbsp;XIX</U>. So long as any Series&nbsp;D Preferred Units are Outstanding, no distribution shall be declared or paid or set aside for payment on any Junior Securities (other than a
distribution payable solely in Junior Securities) unless full cumulative Series&nbsp;D Distributions have been or contemporaneously are being paid or set aside </P>
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for payment on all Outstanding Series&nbsp;D Preferred Units (and distributions on any other Parity Securities) through the most recent respective Series&nbsp;D Distribution Payment Date (and
distribution payment date with respect to such Parity Securities, if any). Accumulated Series&nbsp;D Distributions in Arrears may be declared by the General Partner and paid on any date fixed by the General Partner, whether or not a Series&nbsp;D
Distribution Payment Date, to Series D Preferred Unitholders on the Record Date for such payment, which may not be less than 10 days before such payment date. Subject to the next succeeding sentence, if all accumulated Series&nbsp;D Distributions in
Arrears on all Outstanding Series&nbsp;D Preferred Units and any other Parity Securities shall not have been declared and paid, or if sufficient funds for the payment thereof shall not have been set aside, payment of accumulated distributions in
Arrears on the Series&nbsp;D Preferred Units and any such Parity Securities shall be made in order of their respective distribution payment dates, commencing with the earliest. If less than all distributions payable with respect to all Series&nbsp;D
Preferred Units and any other Parity Securities are paid, any partial payment shall be made Pro Rata with respect to the Series&nbsp;D Preferred Units and any such other Parity Securities entitled to a distribution payment at such time in proportion
to the aggregate distribution amounts remaining due in respect of such Series&nbsp;D Preferred Units and such other Parity Securities at such time. Subject to <U>Sections</U><U></U><U>&nbsp;12.4</U>,
<U>Section</U><U></U><U>&nbsp;19.7(b)</U>&nbsp;and <U>19.8</U>, Series D Preferred Unitholders shall not be entitled to any distribution, whether payable in cash, property or Partnership Securities, in excess of full cumulative Series&nbsp;D
Distributions. Except insofar as distributions accrue on the amount of any accumulated and unpaid Series&nbsp;D Distributions as described in <U>Section</U><U></U><U>&nbsp;19.3(a)</U> and <U>19.3(c)</U>, no interest or sum of money in lieu of
interest shall be payable in respect of any distribution payment which may be in Arrears on the Series&nbsp;D Preferred Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) (i) If
the Partnership fails to pay in full the Series D Distribution Amount in cash or, to the extent permitted pursuant to <U>Section</U><U></U><U>&nbsp;19.3(a)</U>, Series D PIK Units, then from and after the first date of such failure and continuing
until such failure is cured by payment in full in cash or any Series D PIK Units (to the extent permitted pursuant to <U>Section</U><U></U><U>&nbsp;19.3(a)</U>) of all such arrearages, the amount of such unpaid Series D Distribution Amount (a
&#147;<I>Series D Unpaid Distribution</I>&#148;) shall be increased by $0.048 per Series D Preferred Unit<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>and the limitation on distributions on Junior Securities in
<U>Section</U><U></U><U>&nbsp;19.3(b)</U> shall apply. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) If the Partnership fails to pay in full the Series D Distribution Amount for
the Series D Preferred Units in cash or, to the extent permitted pursuant to <U>Section</U><U></U><U>&nbsp;19.3(a)</U>, Series D PIK Units for a period of three consecutive Series D Distribution Periods (a &#147;<I>Series D Trigger Event</I>&#148;),
then from and after such Series D Trigger Event and continuing until such failure is cured by payment in full of cash on all such arrearages: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) <I>Series D Trigger Event Conversion.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(I) the Outstanding Series D Preferred Units will be convertible by each Series D Preferred Unitholder at its option, in whole
or in part, not more than once per Quarter, into Common Units at the Series D Conversion Ratio; <I>provided, however</I>, that no fractional Common Units will be issued and any amounts that would otherwise be represented by fractional Common Units
will be aggregated for each Series D Converting Unitholder with any </P>
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remaining amount for each Series D Converting Unitholder that would otherwise be represented by a single fractional Common Unit, at the option of the Partnership, paid in cash (with the amount of
such cash payment being based on the value of such fractional Common Unit based on the Closing Price of the Common Units on the Series D Trigger Event Conversion Notice Date) or rounded up and paid in the form an additional whole Common Unit; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(II) To convert Series D Preferred Units into Common Units pursuant to <U>Section</U><U></U><U>&nbsp;19.3(c)(ii)(A)</U>, the
Series D Converting Unitholder shall give written notice (the &#147;<I>Series D Trigger Event Conversion Notice</I>&#148;) to the Partnership stating that such Series D Converting Unitholder elects to so convert Series D Preferred Units and shall
state or include therein the following: (a)&nbsp;the number of Series D Preferred Units to be converted; and (b)&nbsp;if a Certificate has been issued for such Series D Preferred Units, the duly endorsed Certificate(s) evidencing the Series D
Preferred Units to be converted. The date any Series D Conversion Notice is received by the Partnership shall be hereinafter referred to as a &#147;<I>Series D Trigger Event Conversion Notice Date</I>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(III) <I>Timing; Issuance</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. If a Series D Trigger Event Conversion Notice is delivered by a Series D Preferred Unitholder to the Partnership in
accordance with <U>Section</U><U></U><U>&nbsp;19.3(c)(ii)(A)(II)</U>, the Partnership shall issue to such Series D Preferred Unitholder a number of Series D Conversion Common Units equal to (x)&nbsp;the number of Series D Preferred Units designated
to be converted in such Series D Trigger Event Conversion Notice, multiplied by (y)&nbsp;the Series D Conversion Ratio as of such date, no later than five Business Days after the Series D Trigger Event Conversion Notice Date. Upon issuance of Series
D Conversion Common Units to the Series D Converting Unitholder, all rights of the Series D Converting Unitholder with respect to the converted Series D Preferred Units shall cease, including, without limitation, any further accrual of
distributions, and such Series D Converting Unitholder shall be treated for all purposes as the Record Holder of such Series D Conversion Common Units. The Series D Conversion Common Units shall be issued in the name of the Record Holder of such
Series D Preferred Units. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. The Partnership shall pay any documentary, stamp or similar issue or transfer
taxes or duties relating to the issuance or delivery of Series D Conversion Common Units. However, the Series D Converting Unitholder shall pay any tax or duty that may be payable relating to any transfer involving the issuance or delivery of Series
D Conversion Common Units in a name other than such Series D Converting Unitholder&#146;s name. The Transfer Agent may refuse to reflect the notation of book entry (or the issuance of a Certificate) for Common Units being issued in a name other than
the Series D Converting Unitholder&#146;s name until the Transfer Agent receives a sum sufficient to pay any tax or duties that will be due because the Common Units are to be issued in a name other than the Series D Converting Unitholder&#146;s
name. Nothing herein shall preclude any tax withholding required by law or regulation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. The Partnership shall comply
with all applicable securities laws regulating the offer and delivery of any Series D Conversion Common Units and, if the Common Units are then listed or quoted on a National Securities Exchange or other market, shall list or cause to have quoted
and keep listed and quoted the Series D Conversion Common Units to the extent permitted or required by the rules&nbsp;of such exchange or market. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">d. Notwithstanding anything herein to the contrary, nothing herein shall give to any Series D Preferred Unitholder any rights
as a creditor in respect of its right to conversion of Series D Preferred Units. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) NuStar GP Holdings shall appoint one
person selected by Series D Preferred Unitholders holding a majority of the Outstanding Series D Preferred Units as an additional member of the Board of Directors (the &#147;<I>Series D Designated Director</I>&#148;), <I>provided, however,</I> that
the Series D Designated Director must, in the reasonable judgment of the Board of Directors, (i)&nbsp;have the requisite skill and experience to serve as a director of a public company in the energy sector, (ii)&nbsp;not be prohibited from serving
as a director pursuant to any rule&nbsp;or regulation of the Commission or any National Securities Exchange on which the Partnership&#146;s Common Units are then listed or admitted to trading, and (iii)&nbsp;not be an employee or director of any
Competitor;<I>&nbsp;provided</I> that if at any time the members of the Board of Directors are classified into groups with respect to their terms, (i)&nbsp;the Series D Designated Director shall be designated to a class consisting of directors whose
terms expire at the latest annual meeting of Limited Partners following such director&#146;s appointment and (ii)&nbsp;the Series D Designated Director shall be <FONT STYLE="white-space:nowrap">re-appointed</FONT> upon the expiration of such
director&#146;s term if the Series D Unpaid Distributions remain unpaid at such time; and <I>provided further</I>, that upon payment in full of such Series D Unpaid Distributions (a &#147;<I>Series D Designation Right Termination Event</I>&#148;)
such Series D Designated Director&#146;s term </P>
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in office shall automatically expire, such Series D Designated Director shall automatically be removed from the Board of Directors, and the Series D Preferred Unitholders shall cease to have the
right to appoint a Series D Designated Director to the Board of Directors (unless and until another Series D Trigger Event shall have occurred), and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) without the consent of holders holding a majority of the Outstanding Series D Preferred Units, the Partnership shall not
incur any Indebtedness (as defined in the Credit Facility) or engage in any acquisitions or asset sales (including by merger or otherwise) in excess of $50.0&nbsp;million, other than the acquisition by the Partnership of NuStar GP Holdings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to a Series D Designation Right Termination Event, the Series D Designated Director may be removed or replaced by (i)&nbsp;the Series D
Preferred Unitholders holding a majority of the then Outstanding Series D Preferred Units at any time for any reason or (ii)&nbsp;written consent of a majority of the members of the Board of Directors for &#147;cause&#148; (as defined below); and
any vacancy occurring by reason of the death, disability, resignation, removal or other cessation of a person serving as a Series D Designated Director shall be filled by a vote of the Series D Preferred Unitholders holding a majority of the then
Outstanding Series D Preferred Units and the subsequent delivery of written notice to the General Partner. As used in this <U>Section</U><U></U><U>&nbsp;19.3(c)</U>, &#147;cause&#148; means that the Series D Designated Director: (i)&nbsp;is
prohibited from serving as a director under any rule or regulation of the Commission or any National Securities Exchange on which the Partnership&#146;s Common Units are listed; (ii)&nbsp;while serving as the Series&nbsp;D Designated Director, is
convicted by a court of competent jurisdiction of a felony; (iii)&nbsp;is found by a court of competent jurisdiction pursuant to a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment to be liable for actual fraud or willful
misconduct (including, but not limited to, intentionally or willfully failing to observe any obligations of confidentiality to the Partnership); (iv) is determined to have acted intentionally or in bad faith in a manner that results in a material
detriment to the assets, business or prospects of the Partnership; or (v)&nbsp;holds any position that (a)&nbsp;is with a Competitor or (b)&nbsp;causes the Partnership to be in violation of any applicable Antitrust Law or similar law. Any action by
the Series D Preferred Unitholders to designate, remove or replace a Series D Designated Director shall be evidenced in writing furnished to the General Partner, shall include a statement that the action has been approved by a vote of, and shall be
executed by or on behalf of, Series D Unitholders holding a majority of the then Outstanding Series D Preferred Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) If the
Partnership fails to pay in full the Series D Distribution Amount on the Outstanding Series D Preferred Units for a period of three consecutive Series D Distribution Periods, then the Partnership shall permanently cease to have the option pursuant
to <U>Section</U><U></U><U>&nbsp;19.3(a)</U> to pay a portion of the Series D Distribution Amount in the form of Series D PIK Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
With respect to any given Series D Distribution Period, a Series D Preferred Unitholder will be entitled to receive the distribution payable on the security held by such Series D Preferred Unitholder on the applicable Record Date for such
distribution. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) For purposes of maintaining Capital Accounts, if the Partnership issues one or more Series D
PIK Units with respect to a Series D Preferred Unit, (i)&nbsp;the Partnership shall be treated as distributing cash with respect to such Series D Preferred Unit equal to the Series D PIK Distribution Amount and (ii)&nbsp;the holder of such Series D
Preferred Unit shall be treated as having contributed to the Partnership in exchange for such newly issued Series D PIK Units an amount of cash equal to the Series D PIK Distribution Amount less the amount of any cash distributed by the Partnership
in lieu of fractional Series D PIK Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) NuStar GP Holdings joins this Agreement solely for purposes of this
<U>Section</U><U></U><U>&nbsp;19.3(f)</U> and will cause the limited liability company agreement of NuStar GP to be amended to reflect the director designation right as provided herein promptly upon the occurrence of a Series D Trigger Event. For
the avoidance of doubt, this <U>Section</U><U></U><U>&nbsp;19.3</U> shall be binding upon any successor or permitted assign of NuStar GP Holdings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Notwithstanding any other provision of this Agreement, each outstanding Series D Preferred Unit will have the right to share in any
special distributions by the Partnership of cash (including from Capital Surplus, which shall be deemed a &#147;special distribution&#148; for purposes of this <U>Section</U><U></U><U>&nbsp;19.3(g)</U>), Partnership Securities (other than such
distribution as would result in an adjustment to the Series D Conversion Ratio in accordance with <U>Section</U><U></U><U>&nbsp;19.6(d)</U>) or other property on a Pro Rata basis as if such Series D Preferred Unit had converted immediately prior to
the Record Date for such special distribution into the number of Common Unit(s) into which such Series D Preferred Unit would be convertible at the then-applicable Series D Conversion Ratio (regardless of whether the Series D Preferred Units are
then convertible); <I>provided</I>, that special distributions shall not include distributions of Available Cash pursuant to <U>Section</U><U></U><U>&nbsp;6.4(a)</U> or distributions or payments pursuant to <U>Article</U><U></U><U>&nbsp;XII</U>.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.4 <I>Voting Rights.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as provided in <U>Section</U><U></U><U>&nbsp;19.4(b)</U> below, the Series D Preferred Unitholders shall have voting rights with
respect to their Outstanding Series D Preferred Units that are identical to the voting rights of the holders of Common Units and shall vote with the holders of Common Units as a single class, so that Series D Preferred Unitholders will be entitled
to one vote for each Common Unit into which the Outstanding Series D Preferred Units held by it are then convertible at the then applicable Series D Conversion Ratio (or, if the Series D Preferred Units are not then convertible, assuming that such
Series D Preferred Units are convertible at the then applicable Series D Conversion Ratio) on each matter with respect to which holders of Common Units are entitled to vote. Each reference in this Agreement to a vote of Unitholders or holders with
respect to Common Units, including any action or approval requiring a Unit Majority, shall be deemed to be a reference to the holders of Outstanding Common Units and Outstanding Series D Preferred Units on an &#147;as if&#148; converted basis,
voting together as a single class during any period in which any Series D Preferred Units are Outstanding. Notwithstanding anything to the contrary in this <U>Section</U><U></U><U>&nbsp;19.4(a)</U>, at any time prior to the fourth anniversary of the
Series D Initial Closing Date, EIG, the Series D Purchasers, their respective Affiliates, any transferee that receives Series D Subject Units from EIG, a Series D Purchaser or their respective Affiliates, and any subsequent holder of Series D
Preferred Units shall be required to vote all Series D Subject Units it holds in favor of or against any Series D Change of Control requiring the vote of the Unitholders (including, for the avoidance of doubt, holders of Series D Preferred Units
voting on an &#147;as if&#148; converted basis) in the same proportion that all other Unitholders vote their Common Units in favor of or against such Series D Change of Control. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding any other provision of this Agreement, in addition to all other requirements
imposed by Delaware law, and all other voting rights granted under this Agreement, the affirmative vote or consent of Series D Preferred Unitholders holding a majority of the Outstanding Series D Preferred Units, voting as a separate class, shall be
required for the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any amendment to this Agreement or the Certificate of Limited Partnership that is
materially adverse to any of the rights, preferences and privileges of the Series D Preferred Units; <I>provided </I>that any such amendment made in connection with a Series D Change of Control that would not result in the Series D Preferred Units
receiving less than the amount such Series D Preferred Units are entitled to receive pursuant to <U>Section</U><U></U><U>&nbsp;19.7</U> shall not be materially adverse to any of the rights, preferences and privileges of the Series D Preferred Units;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the incurrence by the Partnership of Indebtedness (as defined in the Credit Facility) such that the Consolidated Debt
Coverage Ratio (as defined in the Credit Facility) of the Partnership for such Rolling Period (as defined in the Credit Facility) exceeds 6.00 to 1.00 (the definitions of Indebtedness, Consolidated Debt Coverage Ratio and Rolling Period to be
automatically adjusted for any changes in the corresponding definitions contained in the Credit Facility that are approved by Lenders (as defined in the Credit Facility) that represent at least $500&nbsp;million of the Commitments (as defined in the
Credit Facility)); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the issuance of additional Parity Securities (or amendment to the provisions of any class of
Partnership Securities to make such class of Partnership Securities a class of Parity Securities), other than Series D Second Closing Units and Series D PIK Units; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the issuance of any Senior Securities (or amendment to the provisions of any class of Partnership Securities to make such
class of Partnership Securities a class of Senior Securities); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) the issuance by any Subsidiaries of the Partnership of
any preferred equity interest; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) the repurchase by the Partnership of any Preferred Units (regardless of whether such
Preferred Units are Parity Securities, Junior Securities or Senior Securities) except (a)&nbsp;pursuant to <U>Section</U><U></U><U>&nbsp;16.11</U>, <U>17.11</U> or <U>18.11</U>, (b) pursuant to <U>Article</U><U></U><U>&nbsp;XIX</U> or (c)&nbsp;as
otherwise required by <U>Article</U><U></U><U>&nbsp;XVI</U>, <U>Article</U><U></U><U>&nbsp;XVII</U> or <U>Article</U><U></U><U>&nbsp;XVIII</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) the payment of any distributions from Capital Surplus other than in accordance with
<U>Article</U><U></U><U>&nbsp;XII</U>; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) the liquidation or dissolution, or engagement in or consent to any
reorganization in bankruptcy, voluntary petition for bankruptcy, receivership or similar transaction or proceeding of the Partnership or any of its Material Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything to the contrary in this <U>Section</U><U></U><U>&nbsp;19.4</U>, except as contemplated by
<U>Section</U><U></U><U>&nbsp;19.4(a)</U>, in no event shall the consent of the Series D Preferred Unitholders, as a separate class, be required in connection with any Series D Change of Control unless such Series D Change of Control would result in
the Series D Preferred Unitholders receiving less than the amount such Series D Preferred Unitholders are entitled to receive pursuant to <U>Section</U><U></U><U>&nbsp;19.7</U>. For the avoidance of doubt, the foregoing shall not limit the voting
rights of any Series D Preferred Unitholder in connection with the vote of holders of Common Units and Series D Preferred Units together as a single class as provided in <U>Section</U><U></U><U>&nbsp;19.4(a)</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.5 <I>Certificates; Legends.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any certificate(s) representing the Series D Preferred Units may be imprinted with a legend and each book entry evidencing a Series D Preferred
Unit shall bear a notation in substantially the form of the legend set forth in <U>Exhibit E</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.6 <I>Conversion at the Option of the
Series D Preferred Unitholders.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <I>Conversion</I>. On and after the second anniversary of the Series D Initial Closing Date, the
Outstanding Series D Preferred Units owned by any Series D Preferred Unitholder shall be convertible, in whole or in part, at any time and from time to time upon the request of such Series D Preferred Unitholder, but not more than once per Quarter
(inclusive of any conversion by such Series D Preferred Unitholder&#146;s Affiliates, with each Series D Preferred Unitholder and its Affiliates being entitled to a single conversion right per Quarter), into Common Units as provided in
<U>Section</U><U></U><U>&nbsp;19.6(c)</U>; <I>provided</I>, <I>however</I>, that the Partnership shall not be obligated to honor any such conversion request if such conversion request does not pertain to at least $50.0&nbsp;million based on the
Series D Unit Purchase Price (or such lesser amount to the extent such exercise covers all of such Series D Preferred Unitholder&#146;s Series D Preferred Units); <I>provided,</I> <I>further</I>, if the Partnership has exercised the Series D
Partnership Redemption as provided in <U>Section</U><U></U><U>&nbsp;19.8</U>, the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">once-per-Quarter</FONT></FONT> limitation shall not apply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <I>Conversion Notice</I>. To convert Series D Preferred Units into Common Units pursuant to <U>Section</U><U></U><U>&nbsp;19.6(a)</U>, the
Series D Converting Unitholder shall give written notice (a &#147;<I>Series D Conversion Notice</I>&#148;) to the Partnership stating that such Series D Converting Unitholder elects to so convert Series D Preferred Units and shall state or include
therein the following: (a)&nbsp;the number of Series D Preferred Units to be converted; and (b)&nbsp;if a Certificate has been issued for such Series D Preferred Units, the duly endorsed Certificate(s) evidencing the Series D Preferred Units to be
converted. The date any Series D Conversion Notice is received by the Partnership shall be hereinafter referred to as a &#147;<I>Series D Conversion Notice Date</I>.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <I>Timing; Issuance</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) If a Series D Conversion Notice is delivered by a Series D Preferred Unitholder to the Partnership in accordance with
<U>Section</U><U></U><U>&nbsp;19.6(b)</U>, the Partnership shall issue to such Series D Preferred Unitholder a number of Series D Conversion Common Units equal to (x)&nbsp;the number of Series D Preferred Units designated to be converted in such
Series D Conversion Notice, multiplied by (y)&nbsp;the Series D Conversion Ratio as of such date, no later than five Business Days after the Series D Conversion Notice Date (the &#147;<I>Series D Conversion Date</I>&#148;). Upon issuance of Series D
Conversion Common Units to the Series D Converting Unitholder, all rights of the Series D Converting Unitholder with respect to the converted Series D Preferred Units shall cease, including, without limitation, any further accrual of distributions,
and such Series D Converting Unitholder shall be treated for all purposes as the Record Holder of such Series D Conversion Common Units. The Series D Conversion Common Units shall be issued in the name of the Record Holder of such Series D Preferred
Units. Fractional Common Units shall not be issued to any person pursuant to this <U>Section</U><U></U><U>&nbsp;19.6</U> (any amounts that would otherwise be represented by fractional Common Units will be aggregated for each Record Holder with any
remaining amount for such Record Holder that would otherwise be represented by a single fractional Common Unit, at the option of the Partnership, paid in cash (with the amount of such cash payment being based on the value of such fractional Common
Unit based on the Closing Price of the Common Units on the Series D Conversion Notice Date) or rounded up and paid in the form of an additional whole Common Unit ). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The Partnership shall pay any documentary, stamp or similar issue or transfer taxes or duties relating to the issuance or
delivery of Series D Conversion Common Units. However, the Series D Converting Unitholder shall pay any tax or duty that may be payable relating to any transfer involving the issuance or delivery of Series D Conversion Common Units in a name other
than such Series D Converting Unitholder&#146;s name. The Transfer Agent may refuse to reflect the notation of book entry (or the issuance of a Certificate) for Common Units being issued in a name other than the Series D Converting Unitholder&#146;s
name until the Transfer Agent receives a sum sufficient to pay any tax or duties that will be due because the Common Units are to be issued in a name other than the Series D Converting Unitholder&#146;s name. Nothing herein shall preclude any tax
withholding required by law or regulation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The Partnership shall comply with all applicable securities laws
regulating the offer and delivery of any Series D Conversion Common Units and, if the Common Units are then listed or quoted on a National Securities Exchange or other market, shall list or cause to have quoted and keep listed and quoted the Series
D Conversion Common Units to the extent permitted or required by the rules&nbsp;of such exchange or market. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)
Notwithstanding anything herein to the contrary, nothing herein shall give to any Series D Preferred Unitholder any rights as a creditor in respect of its right to conversion of Series D Preferred Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <I>Distributions, Combinations, Subdivisions and Reclassifications by the Partnership</I>. If, after the Series D Initial Closing Date,
the Partnership (i)&nbsp;makes a distribution on its Common Units payable in Common Units or another Partnership Interest, (ii)&nbsp;subdivides or splits its Outstanding Common Units into a greater number of Common Units, (iii)&nbsp;combines or
</P>
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reclassifies its Common Units into a smaller number of Common Units or (iv)&nbsp;issues by reclassification of its Common Units any Partnership Interests (including any reclassification in
connection with a merger, consolidation or business combination in which the Partnership is the surviving Person), in each case other than in connection with a Series D Change of Control (which shall be governed by
<U>Section</U><U></U><U>&nbsp;19.7</U>), then the Series D Conversion Ratio in effect at the time of the Record Date for such distribution or the effective date of such subdivision, split, combination, or reclassification shall be proportionately
adjusted so that the conversion of the Series D Preferred Units after such time shall entitle each Series D Preferred Unitholder to receive the aggregate number of Common Units (or any Partnership Interests into which such Common Units would have
been combined, consolidated, merged or reclassified pursuant to clauses (iii)&nbsp;and (iv) above) that such Series D Preferred Unitholder would have been entitled to receive if the Series D Preferred Units had been converted into Common Units
immediately prior to such Record Date or effective date, as the case may be, and in the case of a merger, consolidation or business combination in which the Partnership is the surviving Person, the Partnership shall provide effective provisions to
ensure that the provisions in this <U>Article</U><U></U><U>&nbsp;XIX</U> relating to the Series D Preferred Units shall not be abridged or amended and that the Series D Preferred Units shall thereafter retain the same powers, preferences and
relative participating, optional and other special rights, and the qualifications, limitations and restrictions thereon, that the Series D Preferred Units had immediately prior to such transaction or event. An adjustment made pursuant to this
<U>Section</U><U></U><U>&nbsp;19.6(d)</U> shall become effective immediately after the Record Date in the case of a distribution and shall become effective immediately after the effective date in the case of a subdivision, combination,
reclassification (including any reclassification in connection with a merger, consolidation or business combination in which the Partnership is the surviving Person) or split. Such adjustment shall be made successively whenever any event described
above shall occur. Notwithstanding the foregoing, if the Partnership makes any change to the Merger Consideration that would result in a Series D Preferred Unitholder receiving a lesser Percentage Interest of Common Units upon consummation of the
transactions contemplated by the Merger Agreement than the Percentage Interest of Common Units to which such Series D Preferred Unitholder would have been entitled absent such change to the Merger Consideration, in each case assuming that all of the
Series D Preferred Units held by such Series D Preferred Unitholder had been converted into Common Units immediately prior to the consummation of the transactions contemplated by the Merger Agreement, then, upon consummation of the transactions
contemplated by the Merger Agreement in accordance therewith, the Series D Conversion Ratio in effect at the time of such change to the Merger Consideration shall be proportionately adjusted so that such Series D Preferred Unitholder shall be
entitled to receive the Percentage Interest of Common Units upon consummation of the transactions contemplated by the Merger Agreement that such Series D Preferred Unitholder would have been entitled to receive absent such change to the Merger
Consideration, in each case assuming that all of the Series D Preferred Units held by such Series D Preferred Unitholder had been converted into Common Units immediately prior to the consummation of the transactions contemplated by the Merger
Agreement. Notwithstanding anything in this Agreement to the contrary, whenever the issuance of a Partnership Interest or other event would require an adjustment to the Series D Conversion Ratio under one or more of the provisions of this Agreement,
only one adjustment shall be made to the Series D Conversion Ratio in respect of such issuance or event. For the avoidance of doubt, no adjustment shall be made to the Series D Conversion Ratio pursuant to this
<U>Section</U><U></U><U>&nbsp;19.6(d)</U> as a result of, subject to any approval that may be required under </P>
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<U>Section</U><U></U><U>&nbsp;19.4</U>: (w) cash distributions made to any holders of Partnership Securities, (x)&nbsp;any issuance of Partnership Security for cash (or upon conversion of any
convertible Partnership Security or convertible debt), (y) any grant of Partnership Securities or any option, warrant or other right to purchase or receive Partnership Securities or issuance of Partnership Securities upon the exercise or vesting of
any such option, warrant or right, or (z)&nbsp;the issuance of Partnership Securities in connection with the acquisition of assets or equity interests by the Partnership or any Subsidiary. Solely for the purposes of this
<U>Section</U><U></U><U>&nbsp;19.6(d)</U>, the term &#147;Merger Agreement&#148; shall have the meaning assigned to such term in the Series D Purchase Agreement, and the term &#147;Merger Consideration&#148; shall have the meaning assigned to such
term in the Merger Agreement (as defined in the Series D Purchase Agreement). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.7 <I>Series D Change of Control.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Promptly upon entry into definitive agreements that provide for a Series D Change of Control, the Partnership shall provide written notice
thereof to the Series D Preferred Unitholders. If a Series D Change of Control occurs, then each Series D Preferred Unitholder, with respect to all but not less than all of its Series D Preferred Units, by notice given to the Partnership within ten
(10)&nbsp;Business Days of the date the Partnership provides written notice of the execution of definitive agreements that provide for such Series D Change of Control, shall be entitled to elect one of the following (with the understanding that any
Series D Preferred Unitholder who fails to timely provide notice of its election to the Partnership shall be deemed to have elected the option set forth in <FONT STYLE="white-space:nowrap">sub-clause</FONT> (a)&nbsp;below): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) convert all, but not less than all, Outstanding Series D Preferred Units held by such Series D Preferred Unitholder into Common Units,
effective immediately prior to the closing of the Series D Change of Control, at the then-applicable Series D COC Conversion Ratio;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)
other than with respect to a Series D Change of Control that results in the dissolution or liquidation of the Partnership, require the Partnership (or the surviving entity, if not the Partnership) to redeem all of the Series D Preferred Units held
by such Series D Preferred Unitholder for an amount in cash, per Series D Preferred Unit, equal to the sum of (A)&nbsp;the Series D COC Redemption Price plus (B)&nbsp;(x)&nbsp;the Series D Distribution Amount multiplied by (y)&nbsp;the number of
Series D Distribution Periods ending after the consummation of such Series D Change of Control and prior to (but including) June&nbsp;29, 2022. If any Series D Preferred Unitholder elects this <FONT STYLE="white-space:nowrap">sub-clause</FONT>
(b)&nbsp;with respect to the Series D Preferred Units held by such Series D Preferred Unitholder, then no later than three Trading Days prior to the consummation of the applicable Series D Change of Control, the Partnership shall deliver a written
notice to such Series D Preferred Unitholder stating the date on which the Series D Preferred Units will be redeemed and the Partnership&#146;s computation of the amount of cash to be received by such Series D Preferred Unitholder upon redemption of
such Series D Preferred Units. No later than 10 Business Days following the consummation of such Series D Change of Control, the Partnership (or the surviving entity, if not the Partnership) shall remit the applicable cash consideration to such
Series D Preferred Unitholder. Any such Series D Preferred Unitholder electing this <FONT STYLE="white-space:nowrap">sub-clause</FONT> (b)&nbsp;shall deliver to the Partnership any Certificates representing its Series D Preferred Units as soon as
practicable following the delivery by the Partnership of the written notice described in this <FONT STYLE="white-space:nowrap">sub-clause</FONT> (b). Series D Preferred Unitholders shall retain all of the rights and privileges thereof unless and
until the consideration due to them as a result of such redemption shall be paid in full in cash. After any such redemption, any such redeemed Series D Preferred Unit shall no longer constitute an issued and Outstanding Limited Partner Interest.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) if the Partnership is the surviving entity following such Series D Change of Control and the
Common Units continue to be listed for, or admitted to, trading on a National Securities Exchange, continue to hold its Series D Preferred Units; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) if the Partnership is not the surviving entity of such Series D Change of Control or the Partnership is the surviving entity but its
Common Units will cease to be listed or admitted to trading on a National Securities Exchange, require the Partnership to use its commercially reasonable efforts to deliver or to cause to be delivered to the Series D Preferred Unitholder, in
exchange for its Series D Preferred Units upon consummation of such Series D Change of Control, a security in the surviving entity that has substantially similar rights, preferences and privileges as the Series D Preferred Units, including, for the
avoidance of doubt, the right to distributions equal in amount and timing to those provided in <U>Section</U><U></U><U>&nbsp;19.3</U> and a conversion rate proportionately adjusted such that the conversion of such security in the surviving entity
immediately following the Series D Change of Control would entitle the Series D Preferred Unitholder to the number of common securities of such surviving entity (together with a number of common securities of equivalent value to any other assets
received by Common Unitholders in such Series D Change of Control) which, if a Series D Preferred Unit had been converted into Common Units immediately prior to such Series D Change of Control, such Series D Preferred Unitholder would have been
entitled to receive immediately following such Series D Change of Control (such security in the surviving entity, a &#147;<I>Series D Substantially Equivalent Unit</I>&#148;);<I>&nbsp;provided</I>,<I>&nbsp;however</I>, that, if the Partnership is
unable to deliver or cause to be delivered Series D Substantially Equivalent Units to any Series D Preferred Unitholder in connection with such Series D Change of Control, each Series D Preferred Unitholder shall be entitled to require conversion or
redemption of its Series D Preferred Units in the manner contemplated in <FONT STYLE="white-space:nowrap">sub-clause</FONT> (a)&nbsp;or (b) above. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.8 <I>Redemption.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <I>Partnership Redemption Right. </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Partnership, upon at least 30 days&#146; advance written notice to Series D Preferred Unitholders (&#147;<I>Series D
Partnership Redemption Notice</I>&#148;), may redeem an aggregate number of Outstanding Series D Preferred Units with a total minimum value of no less than $50.0&nbsp;million, at any time on or after June 29, 2023, at the applicable Series D
Partnership Redemption Price, payable wholly in cash (the &#147;<I>Series D Partnership Redemption</I>&#148;). For the avoidance of doubt, after such Series D Partnership Redemption Notice is sent by the Partnership but prior to such Series D
Partnership Redemption in accordance with this <U>Section</U><U></U><U>&nbsp;19.8(a)</U>, Series D Preferred Unitholders shall have the right to convert their Series D Preferred Units in accordance with <U>Section</U><U></U><U>&nbsp;19.6</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Each date fixed for redemption pursuant to this
<U>Section</U><U></U><U>&nbsp;19.8(a)</U> or <U>Section</U><U></U><U>&nbsp;19.8(b)</U> is referred to as a &#147;<I>Series D Redemption Date</I>.&#148; A Series D Partnership Redemption Notice will be irrevocable and will be addressed to the
respective Record Holders of the Series D Preferred Units to be redeemed at their respective addresses as they appear on the books and records of the Partnership. No failure to give such notice or any defect therein shall affect the validity of the
proceedings for the redemption of any Series D Preferred Units except as to any Series D Preferred Unitholder to whom the Partnership has failed to give notice or except as to any Series D Preferred Unitholder to whom notice was defective. In
addition to any information required by applicable law, such Series D Partnership Redemption Notice shall state: (1)&nbsp;the Series D Redemption Date; (2)&nbsp;the Series D Partnership Redemption Price; and (3)&nbsp;whether all or less than all the
outstanding Series D Preferred Units are to be redeemed, the aggregate amount of Series D Preferred Units to be redeemed and, if less than all Series D Preferred Units held by such Series D Preferred Unitholder are to be redeemed, the percentage of
Series D Preferred Units that will be redeemed. The Series D Partnership Redemption Notice may also require delivery of Certificates representing the Series D Preferred Units to be redeemed, if any, together with certification as to the ownership of
such Series D Preferred Units. Upon the redemption of Series D Preferred Units pursuant to this <U>Section</U><U></U><U>&nbsp;19.8(a)</U>, all rights of a Series D Preferred Unitholder with respect to the redeemed Series D Preferred Units shall
cease, including, without limitation, any further accrual of distributions, and such redeemed Series D Preferred Units shall cease to be Outstanding for all purposes of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Upon any redemption of Series D Preferred Units pursuant to this <U>Section</U><U></U><U>&nbsp;19.8(a)</U>, the
Partnership shall pay to each Series D Preferred Unitholder an amount in cash equal to the number of Series D Preferred Units being redeemed from such Series D Preferred Unitholder, multiplied by the Series D Partnership Redemption Price. The Series
D Partnership Redemption Price shall be paid by the Paying Agent on the Series D Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <I>Series D Preferred
Unitholder</I><I> Redemption Right.</I><I> </I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) At any time on or after June&nbsp;29, 2028 but prior to the
dissolution or liquidation of the Partnership (unless the Partnership has exercised the Series D Partnership Redemption pursuant to <U>Section</U><U></U><U>&nbsp;19.8(a)</U>), each Series D Preferred Unitholder may, upon at least 30&nbsp;days&#146;
advance written notice to the Partnership (the &#147;<I>Series D Preferred Unitholder Redemption Notice</I>&#148;), require the Partnership to redeem all of the Outstanding Series D Preferred Units then held by such Series D Preferred Unitholder at
the Series D Holder Redemption Price (the &#147;<I>Series D Preferred Unitholder Redemption</I>&#148;). The Partnership may pay up to 50% of the Series D Holder Redemption Price <FONT STYLE="white-space:nowrap">in-kind</FONT> in the form of Common
Units (which shall be valued at 93% of the Average VWAP for the 30 Trading Day period ending on the fourth Trading Day immediately prior to the date of such Series D Preferred Unitholder Redemption); <I>provided</I>, the Partnership may only redeem
the Series D Preferred Units with Common Units to the extent the Common Units issued in the Series D Preferred Unitholder Redemption do not exceed 15% of the Common Equity Market Capitalization of the Partnership on the date of such Series D
Preferred Unitholder Redemption Notice (calculated to account for the issuance of the Common Units in the Series D Preferred Unitholder Redemption). Any portion of the redemption price not paid in Common Units shall be paid by the Partnership in
cash. For the avoidance of doubt and notwithstanding anything to the contrary herein, in connection with the Series D Preferred Unitholder Redemption, the Partnership shall also redeem other Parity Securities on a pro rata basis if so required
pursuant to the terms of any other Parity Security then Outstanding. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) A Series D Preferred Unitholder Redemption Notice will be irrevocable. In
addition to any information required by applicable law, such Series D Preferred Unitholder Redemption Notice shall state the aggregate amount of Series D Preferred Units to be redeemed. Upon receipt of a Series D Preferred Unitholder Redemption
Notice, the Partnership will send an acknowledgement notice to the Series D Preferred Unitholder, which shall contain (1)&nbsp;the Series D Redemption Date (which shall be not less than 30 days but not more than 45 days from the date of the Series D
Preferred Unitholder Redemption Notice); and (2)&nbsp;the Series D Holder Redemption Price. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Upon any redemption of
Series D Preferred Units pursuant to this <U>Section</U><U></U><U>&nbsp;19.8(b)</U>, the Partnership shall pay the cash portion of the Series D Preferred Unitholder Redemption Price to the applicable Series D Preferred Unitholder. The Series D
Holder Redemption Price shall be paid by the Paying Agent on the Series D Redemption Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) If the Partnership elects
to pay a portion of the Series D Preferred Unitholder Redemption Price in Common Units in accordance with this <U>Section</U><U></U><U>&nbsp;19.8(b)</U>, the Partnership shall issue the applicable Common Units on the applicable Series D Redemption
Date. On the Series D Redemption Date, the Partnership shall instruct, and shall use its commercially reasonable efforts to cause, its Transfer Agent to electronically transmit the Common Units issuable upon redemption to such Series D Preferred
Unitholder (or designated recipient(s)), by crediting the account of the Series D Preferred Unitholder (or designated recipient(s)). The parties agree to coordinate with the Transfer Agent to accomplish this objective. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Immediately upon the issuance of Common Units as a result of any redemption of Series D Preferred Units, the applicable
Series D Preferred Unitholder (or its designated recipient(s)) shall be treated for all purposes as the owner of such Common Units, and all rights of the applicable Series D Preferred Unitholder with respect to such redeemed Series D Preferred Units
shall cease, including any further accrual of distributions, but subject to <U>Section</U><U></U><U>&nbsp;19.3(b)</U>. Fractional Common Units shall not be issued to any Person pursuant to this <U>Section</U><U></U><U>&nbsp;19.8(b)</U> (each
fractional Common Unit shall be rounded down to the nearest whole Common Unit with the remainder being paid an amount in cash to be calculated based on the Closing Price of Common Units on the date of the Series D Preferred Unitholder Redemption
Notice). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Upon a Series D Partnership Redemption Notice or a Series D Preferred Unitholder Redemption Notice, each Series D Preferred
Unitholder shall have the right to elect which of its Series D Preferred Units are tendered for redemption pursuant to this Section&nbsp;19.8, if less than all are required to be so tendered. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.9 <I>Transfer Restrictions.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding any other provision of this <U>Section</U><U></U><U>&nbsp;19.9</U> (other than <U>19.9(b)(ii)</U>-<U>19.9(b)(v)</U>, each
Series&nbsp;D Purchaser shall be permitted to transfer any Series D Preferred Units owned by such Series&nbsp;D Purchaser to (i)&nbsp;any of its Affiliates, (ii)&nbsp;any other Series D Purchasers or (iii)&nbsp;any Permitted Transferee, subject, in
each case, to compliance with applicable securities laws, this Agreement and, for the avoidance of doubt, clauses (ii), (iii), (iv) and (v)&nbsp;of <U>Section</U><U></U><U>&nbsp;19.9(b)</U> and <I>provided </I>that the Partnership is given written
notice prior to any transfer or assignment made pursuant to this <U>Section</U><U></U><U>&nbsp;19.9(a)</U> prior to the Series D Initial Distribution Date, stating the name and address of each such transferee or assignee and identifying the Series D
Preferred Units with respect to which such transfer or assignment is being made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Without the prior written consent of the
Partnership, except as specifically provided in this Agreement, each Series D Preferred Unitholder shall not: (i)&nbsp;during the period commencing on the Series D Initial Closing Date and ending on the first anniversary of the Series D Initial
Closing Date, offer, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any of
its Series D Preferred Units; (ii)&nbsp;during the period commencing on the Series D Initial Closing Date and ending on the second anniversary of the Series D Initial Closing Date, directly or indirectly engage in any short sales or other derivative
or hedging transactions with respect to any Partnership Securities; (iii)&nbsp;transfer any Series D Preferred Units to any <FONT STYLE="white-space:nowrap">non-U.S.</FONT> resident individual, <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
corporation or partnership, or any other <FONT STYLE="white-space:nowrap">non-U.S.</FONT> entity, including any foreign governmental entity, including by means of any swap or other transaction or arrangement that transfers or that is designed to, or
that might reasonably be expected to, result in the transfer to another, in whole or in part, of any of the economic consequences of ownership of any Series D Preferred Units, regardless of whether any transaction described in clauses (i), (ii) or
(iii)&nbsp;is to be settled by delivery of Series D Preferred Units, Common Units or other securities, in cash or otherwise; (iv)&nbsp;effect any transfer of Series D Preferred Units or Series D Conversion Common Units in a manner that violates the
terms of this Agreement or (v)&nbsp;transfer any Series D Preferred Units to any Competitor of the Partnership; <I>provided, however</I>, that such Series D Preferred Unitholder may pledge all or any portion of its Series D Preferred Units to any
holders of obligations owed by such Series D Preferred Unitholder, including to the trustee for, or representative of, such holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
Subject to <U>Section</U><U></U><U>&nbsp;19.9(b)</U>, following the first anniversary of the Series D Initial Closing Date, each Series D Preferred Unitholder may freely transfer Series D Preferred Units involving at least $50.0&nbsp;million in
Series D Preferred Units based on the Series D Unit Purchase Price (or such lesser amount if it (i)&nbsp;constitutes the remaining holdings of such Series D Preferred Unitholder or (ii)&nbsp;has been approved by the General Partner, in its sole
discretion), subject, in each case, to compliance with applicable securities laws, this Agreement and, for the avoidance of doubt, clauses (ii), (iii), (iv) and (v)&nbsp;of <U>Section</U><U></U><U>&nbsp;19.9(b)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-147- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.10 <I>Rank.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Series&nbsp;D Preferred Units shall each be deemed to rank: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) senior to any Junior Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) on a parity with any Parity Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) junior to any Senior Securities; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) junior to all existing and future indebtedness of the Partnership and other liabilities with respect to assets available to satisfy claims
against the Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Partnership may issue Junior Securities and, subject to any approvals required pursuant to
<U>Section</U><U></U><U>&nbsp;16.4(c)</U>, <U>Section</U><U></U><U>&nbsp;17.4(c)</U>, <U>Section</U><U></U><U>&nbsp;18.4(c)</U> and <U>Section</U><U></U><U>&nbsp;19.4</U>, Parity Securities from time to time in one or more classes or series without
the consent of the Series D Preferred Unitholders. Pursuant to <U>Section</U><U></U><U>&nbsp;5.5</U>, the General Partner has the authority to determine the designations, preferences, rights, powers and duties of any such class or series before the
issuance of any Partnership Interests of such class or series. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.11 <I>No Sinking Fund.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Series&nbsp;D Preferred Units shall not have the benefit of any sinking fund. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.12 <I>Record Holders.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the fullest extent permitted by applicable law, the General Partner, the Partnership, the Transfer Agent and the Paying Agent may deem and
treat any Series D Preferred Unitholder as the true, lawful and absolute owner of the applicable Series&nbsp;D Preferred Units for all purposes, and neither the General Partner, the Partnership nor the Transfer Agent or the Paying Agent shall be
affected by any notice to the contrary, except as otherwise provided by law or any applicable rule, regulation, guideline or requirement of any National Securities Exchange on which the Series&nbsp;D Preferred Units are listed or admitted to
trading. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.13 <I>Notices.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All notices or communications in respect of the Series&nbsp;D Preferred Units shall be sufficiently given if given in writing and delivered in
person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this <U>Article</U><U></U><U>&nbsp;XIX</U>, this Agreement or by applicable law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;19.14 <I>Other Rights.</I><I></I><I>&nbsp;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Series&nbsp;D Preferred Units and the Series D Preferred Unitholders shall not have any designations, preferences, rights, powers or
duties, other than as set forth in this&nbsp;Agreement&nbsp;or as provided by applicable law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-148- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XX </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GENERAL PROVISIONS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;20.1
<I>Addresses and Notices.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as otherwise provided in <U>Section</U><U></U><U>&nbsp;16.9</U>,
<U>Section</U><U></U><U>&nbsp;17.9</U>, <U>Section</U><U></U><U>&nbsp;18.9</U> and <U>Section</U><U></U><U>&nbsp;19.13</U> in relation to the Preferred Units, any notice, demand, request, report or proxy materials required or permitted to be given
or made to a Partner or Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written communication to the Partner or Assignee
at the address described below. Any notice, payment or report to be given or made to a Partner or Assignee hereunder shall be deemed conclusively to have been given or made, and the obligation to give such notice or report or to make such payment
shall be deemed conclusively to have been fully satisfied, upon sending of such notice, payment or report to the Record Holder of such Partnership Securities at his address as shown on the records of the Transfer Agent or as otherwise shown on the
records of the Partnership, regardless of any claim of any Person who may have an interest in such Partnership Securities by reason of any assignment or otherwise. An affidavit or certificate of making of any notice, payment or report in accordance
with the provisions of this <U>Section</U><U></U><U>&nbsp;20.1</U> executed by the General Partner, the Transfer Agent or the mailing organization shall be prima facie evidence of the giving or making of such notice, payment or report. If any
notice, payment or report addressed to a Record Holder at the address of such Record Holder appearing on the books and records of the Transfer Agent or the Partnership is returned by the United States Postal Service marked to indicate that the
United States Postal Service is unable to deliver it, such notice, payment or report and any subsequent notices, payments and reports shall be deemed to have been duly given or made without further mailing (until such time as such Record Holder or
another Person notifies the Transfer Agent or the Partnership of a change in his address) if they are available for the Partner or Assignee at the principal office of the Partnership for a period of one year from the date of the giving or making of
such notice, payment or report to the other Partners and Assignees. Any notice to the Partnership shall be deemed given if received by the General Partner at the principal office of the Partnership designated pursuant to
<U>Section</U><U></U><U>&nbsp;2.3</U>. The General Partner may rely and shall be protected in relying on any notice or other document from a Partner, Assignee or other Person if believed by it to be genuine. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;20.2 <I>Further Action.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;20.3 <I>Binding Effect.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-149- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;20.4 <I>Integration.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior
agreements and understandings pertaining thereto. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;20.5 <I>Creditors.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;20.6 <I>Waiver.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No failure by
any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant,
duty, agreement or condition. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;20.7 <I>Counterparts.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement may be executed in counterparts, all of which together shall constitute an agreement binding on all the parties hereto,
notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto or, in the case of a Person acquiring a Partnership
Security, upon accepting the certificate evidencing such Partnership Security or executing and delivering a Transfer Application as herein described, independently of the signature of any other party. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;20.8 <I>Applicable Law.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;20.9 <I>Invalidity of Provisions.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of
the remaining provisions contained herein shall not be affected thereby. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;20.10 <I>Consent of Partners.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Partner hereby expressly consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon the
affirmative vote or consent of less than all of the Partners, such action may be so taken upon the concurrence of less than all of the Partners and each Partner shall be bound by the results of such action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Rest of Page Intentionally Left Blank] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-150- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>GENERAL PARTNER:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>RIVERWALK LOGISTICS, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">NUSTAR GP, LLC, its</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President and</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>LIMITED PARTNERS:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">All Limited Partners now and hereafter admitted as Limited Partners of the Partnership, pursuant to powers of attorney now and hereafter executed in favor of, and granted and delivered to the General Partner.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>RIVERWALK LOGISTICS, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">NUSTAR GP, LLC, its</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President and</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>NUSTAR GP HOLDINGS, LLC, solely for the purpose of <U>Section</U><U></U>&nbsp;19.3</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President and</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-151- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>to the Seventh Amended and </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Restated Agreement of Limited Partnership of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NuStar Energy L.P. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certificate Evidencing Common Units </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Representing Limited Partner Interests in </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NuStar Energy L.P. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">No.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">____________ Common Units</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with <U>Section</U><U></U><U>&nbsp;4.1</U> of the Seventh Amended and Restated Agreement of
Limited Partnership of NuStar Energy L.P., as amended, supplemented or restated from time to time (the &#147;<I>Partnership Agreement</I>&#148;), NuStar Energy L.P., a Delaware limited partnership (the &#147;<I>Partnership</I>&#148;), hereby
certifies that ___________________ (the &#147;<I>Holder</I>&#148;) is the registered owner of ________ Common Units representing limited partner interests in the Partnership (the &#147;<I>Common Units</I>&#148;) transferable on the books of the
Partnership, in person or by duly authorized attorney, upon surrender of this Certificate properly endorsed and accompanied by a properly executed application for transfer of the Common Units represented by this Certificate. The rights, preferences
and limitations of the Common Units are set forth in, and this Certificate and the Common Units represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Partnership Agreement. Copies of the Partnership
Agreement are on file at, and will be furnished without charge on delivery of written request to the Partnership at, the principal office of the Partnership located at 19003 <FONT STYLE="white-space:nowrap">IH-10</FONT> West, San Antonio, Texas
78257. Capitalized terms used herein but not defined shall have the meanings given them in the Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Holder, by
accepting this Certificate, is deemed to have (i)&nbsp;requested admission as, and agreed to become, a Limited Partner and to have agreed to comply with and be bound by and to have executed the Partnership Agreement, (ii)&nbsp;represented and
warranted that the Holder has all right, power and authority and, if an individual, the capacity necessary to enter into the Partnership Agreement, (iii)&nbsp;granted the powers of attorney provided for in the Partnership Agreement and
(iv)&nbsp;made the waivers and given the consents and approvals contained in the Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Certificate shall not be
valid for any purpose unless it has been countersigned and registered by the Transfer Agent and Registrar. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><B>NuStar Energy L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" ROWSPAN="2">Riverwalk Logistics, L.P., its<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">General Partner</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Countersigned and Registered by:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">NuStar GP, LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">its General Partner</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. A-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as Transfer Agent and Registrar</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signature</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Secretary</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Reverse of Certificate] </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ABBREVIATIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as follows according to applicable laws or regulations: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="42%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">TEN COM &#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">as tenants in common</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">UNIF GIFT/TRANSFERS MIN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ACT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">TEN ENT &#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">as tenants by the entireties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Custodian</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Cust)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minor)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">JT TEN &#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">as joint tenants with right of survivorship and not as tenants in common</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">under Uniform Gifts/Transfers to Minors Act</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additional abbreviations, though not in the above list, may also be used. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. A-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ASSIGNMENT OF COMMON UNITS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>in </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUSTAR ENERGY L.P.
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman"><B>FOR VALUE RECEIVED,</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>hereby assigns, conveys, sells and</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>transfers unto</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(Please print or typewrite name other identifying and address of Assignee)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(Please insert Social Security or number of Assignee)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">________________ Common Units representing limited partner interests evidenced by this Certificate, subject to the Partnership
Agreement, and does hereby irrevocably constitute and appoint ________________ as its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> with full power of substitution to transfer the same on the books
of NuStar Energy L.P. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.50em; text-indent:-3.50em; font-size:10pt; font-family:Times New Roman">NOTE:&#8194;The signature to any endorsement hereon must correspond with the name as written upon
the face of this Certificate in every particular, without alteration, enlargement or change.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>SIGNATURE(S) MUST BE GUARANTEED BY A MEMBER FIRM OF THE NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. OR BY A COMMERCIAL BANK OR TRUST COMPANY</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:3.00em; font-size:10pt; font-family:Times New Roman">(Signature)</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:3.00em; font-size:10pt; font-family:Times New Roman">(Signature)</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SIGNATURE(S) GUARANTEED </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No transfer of the Common Units evidenced hereby will be registered on the books of the Partnership, unless the Certificate evidencing the
Common Units to be transferred is surrendered for registration or transfer and an Application for Transfer of Common Units has been executed by a transferee either (a)&nbsp;on the form set forth below or (b)&nbsp;on a separate application that the
Partnership will furnish on request without charge. A transferor of the Common Units shall have no duty to the transferee with respect to execution of the transfer application in order for such transferee to obtain registration of the transfer of
the Common Units. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. A-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>APPLICATION FOR TRANSFER OF COMMON UNITS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned (&#147;<I>Assignee</I>&#148;) hereby applies for transfer to the name of the Assignee of the Common Units evidenced hereby.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Assignee (a)&nbsp;requests admission as a Substituted Limited Partner and agrees to comply with and be bound by, and hereby executes,
the Seventh Amended and Restated Agreement of Limited Partnership of NuStar Energy L.P. (the &#147;<I>Partnership</I>&#148;), as amended, supplemented or restated to the date hereof (the &#147;<I>Partnership Agreement</I>&#148;), (b) represents and
warrants that the Assignee has all right, power and authority and, if an individual, the capacity necessary to enter into the Partnership Agreement, (c)&nbsp;appoints the General Partner of the Partnership and, if a Liquidator shall be appointed,
the Liquidator of the Partnership as the Assignee&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> to execute, swear to, acknowledge and file any document, including, without limitation, the
Partnership Agreement and any amendment thereto and the Certificate of Limited Partnership of the Partnership and any amendment thereto, necessary or appropriate for the Assignee&#146;s admission as a Substituted Limited Partner and as a party to
the Partnership Agreement, (d)&nbsp;gives the powers of attorney provided for in the Partnership Agreement, and (e)&nbsp;makes the waivers and gives the consents and approvals contained in the Partnership Agreement. Capitalized terms not defined
herein have the meanings assigned to such terms in the Partnership Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Signature of Assignee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Social Security or other identifying number of Assignee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Name and Address of Assignee</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Purchase Price including commissions, if any </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Type of Entity (check one): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;
Individual&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9744; Partnership &#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;
Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9744; Other (specify) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nationality (check one): </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744; U.S. Citizen, Resident or Domestic Entity </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744; Foreign
Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744; <FONT STYLE="white-space:nowrap">Non-resident</FONT> Alien </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the U.S. Citizen, Resident or Domestic Entity box is checked, the following certification must be completed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Section&nbsp;1445(e) of the Internal Revenue Code of 1986, as amended (the &#147;<I>Code</I>&#148;), the Partnership must withhold tax
with respect to certain transfers of property if a holder of an interest in the Partnership is a foreign person. To inform the Partnership that no withholding is required with respect to the undersigned interestholder&#146;s interest in it, the
undersigned hereby certifies the following (or, if applicable, certifies the following on behalf of the interestholder). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. A-4 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Complete Either A or B: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A. Individual Interestholder </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. I am not a <FONT
STYLE="white-space:nowrap">non-resident</FONT> alien for purposes of U.S. income taxation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. My U.S. taxpayer identification number
(Social Security Number) is . </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. My home address is . </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B. Partnership, Corporation or Other Interestholder </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. is not a foreign corporation, foreign partnership, foreign (Name of Interestholder) trust or foreign estate (as those terms are defined in
the Code and Treasury Regulations). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The interestholder&#146;s U.S. employer identification number is . </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The interestholder&#146;s office address and place of incorporation (if applicable) is . </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The interestholder agrees to notify the Partnership within sixty (60)&nbsp;days of the date the interestholder becomes a foreign person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The interestholder understands that this certificate may be disclosed to the Internal Revenue Service by the Partnership and that any false
statement contained herein could be punishable by fine, imprisonment or both. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under penalties of perjury, I declare that I have examined
this certification and to the best of my knowledge and belief it is true, correct and complete and, if applicable, I further declare that I have authority to sign this document on behalf of: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Name of Interestholder </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Signature
and Date </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Title (if applicable) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Note: If the Assignee is a broker, dealer, bank, trust company, clearing corporation, other nominee holder or an agent of any of the
foregoing, and is holding for the account of any other person, this application should be completed by an officer thereof or, in the case of a broker or dealer, by a registered representative who is a member of a registered national securities
exchange or a member of the National Association of Securities Dealers, Inc., or, in the case of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. A-5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
any other nominee holder, a person performing a similar function. If the Assignee is a broker, dealer, bank, trust company, clearing corporation, other nominee owner or an agent of any of the
foregoing, the above certification as to any person for whom the Assignee will hold the Common Units shall be made to the best of the Assignee&#146;s knowledge. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. A-6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>to the Seventh Amended and </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Restated Agreement of Limited Partnership of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NuStar Energy L.P. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certificate Evidencing 8.50% Series&nbsp;A <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT>
Rate Cumulative Redeemable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Perpetual Preferred Units </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Representing Limited Partner Interests in </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NuStar Energy L.P. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">No.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Series&nbsp;A Preferred Units</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with <U>Sections 4.1</U> and <U>16.2(b)</U> of the Seventh Amended and Restated Agreement of
Limited Partnership of NuStar Energy L.P., as amended, supplemented or restated from time to time (the &#147;Partnership Agreement&#148;), NuStar Energy L.P., a Delaware limited partnership (the &#147;Partnership&#148;), hereby certifies
that&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the &#147;Holder&#148;) is the registered owner of 8.50% Series&nbsp;A
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in the Partnership (the &#147;Series&nbsp;A Preferred
Units&#148;) transferable on the books of the Partnership, in person or by duly authorized attorney, upon surrender of this Certificate properly endorsed. The rights, preferences and limitations of Series&nbsp;A Preferred Units are set forth in, and
this Certificate and the Series&nbsp;A Preferred Units represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Partnership Agreement. Copies of the Partnership Agreement are on file at, and will be
furnished without charge on delivery of written request to the Partnership at, the principal office of the Partnership located at 19003 <FONT STYLE="white-space:nowrap">IH-10</FONT> West, San Antonio, Texas 78257. Capitalized terms used herein but
not defined shall have the meanings given them in the Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THE HOLDER OF THIS SECURITY ACKNOWLEDGES FOR THE BENEFIT OF
NUSTAR ENERGY L.P. THAT THIS SECURITY MAY NOT BE TRANSFERRED IF SUCH TRANSFER (AS DEFINED IN THE PARTNERSHIP AGREEMENT) WOULD (A)&nbsp;VIOLATE THE THEN APPLICABLE FEDERAL OR STATE SECURITIES LAWS OR RULES AND REGULATIONS OF THE SECURITIES AND
EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER GOVERNMENTAL AUTHORITY WITH JURISDICTION OVER SUCH TRANSFER, (B)&nbsp;TERMINATE THE EXISTENCE OR QUALIFICATION OF NUSTAR ENERGY L.P. UNDER THE LAWS OF THE STATE OF DELAWARE, OR
(C)&nbsp;CAUSE NUSTAR ENERGY L.P. TO BE TREATED AS AN ASSOCIATION TAXABLE AS A CORPORATION OR OTHERWISE TO BE TAXED AS AN ENTITY FOR FEDERAL INCOME TAX PURPOSES (TO THE EXTENT NOT ALREADY SO TREATED OR TAXED). THE GENERAL PARTNER (AS DEFINED IN THE
PARTNERSHIP AGREEMENT) MAY IMPOSE ADDITIONAL RESTRICTIONS ON THE TRANSFER OF THIS SECURITY IF IT RECEIVES AN OPINION OF COUNSEL THAT SUCH RESTRICTIONS ARE NECESSARY TO AVOID A SIGNIFICANT RISK OF NUSTAR ENERGY L.P. BECOMING TAXABLE AS A CORPORATION
OR OTHERWISE BECOMING TAXABLE AS AN ENTITY FOR FEDERAL INCOME TAX PURPOSES. THIS SECURITY MAY BE SUBJECT TO ADDITIONAL RESTRICTIONS ON ITS TRANSFER PROVIDED IN THE PARTNERSHIP AGREEMENT. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN
REQUEST MADE BY THE </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh.B-1 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
HOLDER OF RECORD OF THIS SECURITY TO THE SECRETARY OF THE GENERAL PARTNER AT THE PRINCIPAL EXECUTIVE OFFICES OF THE PARTNERSHIP. THE RESTRICTIONS SET FORTH ABOVE SHALL NOT PRECLUDE THE SETTLEMENT
OF ANY TRANSACTIONS INVOLVING THIS SECURITY ENTERED INTO THROUGH THE FACILITIES OF ANY NATIONAL SECURITIES EXCHANGE ON WHICH THIS SECURITY IS LISTED OR ADMITTED TO TRADING. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Holder, by accepting this Certificate, is deemed to have (i)&nbsp;requested admission as, and agreed to become, a Limited Partner and to
have agreed to comply with and be bound by and to have executed the Partnership Agreement and accepted all of its terms and conditions, (ii)&nbsp;represented and warranted that the Holder has all right, power and authority and, if an individual, the
capacity necessary to enter into the Partnership Agreement, (iii)&nbsp;granted the power of attorney set forth in Section&nbsp;2.6 of the Partnership Agreement and (iv)&nbsp;made the waivers and given the consents and approvals contained in the
Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Certificate shall not be valid for any purpose unless it has been countersigned and registered by the
Transfer Agent. This Certificate shall be governed by and construed in accordance with the laws of the State of Delaware. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. B-2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT C </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>to the Seventh Amended and </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Restated Agreement of Limited Partnership of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NuStar Energy L.P. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certificate Evidencing 7.625% Series&nbsp;B <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT>
Rate Cumulative Redeemable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Perpetual Preferred Units </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Representing Limited Partner Interests in </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NuStar Energy L.P. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">No.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Series&nbsp;B Preferred Units</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with <U>Sections 4.1</U> and <U>17.2(b)</U> of the Seventh Amended and Restated Agreement of
Limited Partnership of NuStar Energy L.P., as amended, supplemented or restated from time to time (the &#147;Partnership Agreement&#148;), NuStar Energy L.P., a Delaware limited partnership (the &#147;Partnership&#148;), hereby certifies
that&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the &#147;Holder&#148;) is the registered owner of 7.625% Series&nbsp;B
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in the Partnership (the &#147;Series&nbsp;B Preferred
Units&#148;) transferable on the books of the Partnership, in person or by duly authorized attorney, upon surrender of this Certificate properly endorsed. The rights, preferences and limitations of Series&nbsp;B Preferred Units are set forth in, and
this Certificate and the Series&nbsp;B Preferred Units represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Partnership Agreement. Copies of the Partnership Agreement are on file at, and will be
furnished without charge on delivery of written request to the Partnership at, the principal office of the Partnership located at 19003 <FONT STYLE="white-space:nowrap">IH-10</FONT> West, San Antonio, Texas 78257. Capitalized terms used herein but
not defined shall have the meanings given them in the Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THE HOLDER OF THIS SECURITY ACKNOWLEDGES FOR THE BENEFIT OF
NUSTAR ENERGY L.P. THAT THIS SECURITY MAY NOT BE TRANSFERRED IF SUCH TRANSFER (AS DEFINED IN THE PARTNERSHIP AGREEMENT) WOULD (A)&nbsp;VIOLATE THE THEN APPLICABLE FEDERAL OR STATE SECURITIES LAWS OR RULES AND REGULATIONS OF THE SECURITIES AND
EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER GOVERNMENTAL AUTHORITY WITH JURISDICTION OVER SUCH TRANSFER, (B)&nbsp;TERMINATE THE EXISTENCE OR QUALIFICATION OF NUSTAR ENERGY L.P. UNDER THE LAWS OF THE STATE OF DELAWARE, OR
(C)&nbsp;CAUSE NUSTAR ENERGY L.P. TO BE TREATED AS AN ASSOCIATION TAXABLE AS A CORPORATION OR OTHERWISE TO BE TAXED AS AN ENTITY FOR FEDERAL INCOME TAX PURPOSES (TO THE EXTENT NOT ALREADY SO TREATED OR TAXED). THE GENERAL PARTNER (AS DEFINED IN THE
PARTNERSHIP AGREEMENT) MAY IMPOSE ADDITIONAL RESTRICTIONS ON THE TRANSFER OF THIS SECURITY IF IT RECEIVES AN OPINION OF COUNSEL THAT SUCH RESTRICTIONS ARE NECESSARY TO AVOID A SIGNIFICANT RISK OF NUSTAR ENERGY L.P. BECOMING TAXABLE AS A CORPORATION
OR OTHERWISE BECOMING TAXABLE AS AN ENTITY FOR FEDERAL INCOME TAX PURPOSES. THIS SECURITY MAY BE SUBJECT TO ADDITIONAL RESTRICTIONS ON ITS TRANSFER PROVIDED IN THE PARTNERSHIP AGREEMENT. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN
REQUEST MADE BY THE HOLDER </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. C-1 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
OF RECORD OF THIS SECURITY TO THE SECRETARY OF THE GENERAL PARTNER AT THE PRINCIPAL EXECUTIVE OFFICES OF THE PARTNERSHIP. THE RESTRICTIONS SET FORTH ABOVE SHALL NOT PRECLUDE THE SETTLEMENT OF ANY
TRANSACTIONS INVOLVING THIS SECURITY ENTERED INTO THROUGH THE FACILITIES OF ANY NATIONAL SECURITIES EXCHANGE ON WHICH THIS SECURITY IS LISTED OR ADMITTED TO TRADING. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Holder, by accepting this Certificate, is deemed to have (i)&nbsp;requested admission as, and agreed to become, a Limited Partner and to
have agreed to comply with and be bound by and to have executed the Partnership Agreement and accepted all of its terms and conditions, (ii)&nbsp;represented and warranted that the Holder has all right, power and authority and, if an individual, the
capacity necessary to enter into the Partnership Agreement, (iii)&nbsp;granted the power of attorney set forth in Section&nbsp;2.6 of the Partnership Agreement and (iv)&nbsp;made the waivers and given the consents and approvals contained in the
Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Certificate shall not be valid for any purpose unless it has been countersigned and registered by the
Transfer Agent. This Certificate shall be governed by and construed in accordance with the laws of the State of Delaware. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. C-2 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT D </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>to the Seventh Amended and </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Restated Agreement of Limited Partnership of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NuStar Energy L.P. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certificate Evidencing 9.00% Series&nbsp;C <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT>
Rate Cumulative Redeemable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Perpetual Preferred Units </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Representing Limited Partner Interests in </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NuStar Energy L.P. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">No.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Series&nbsp;C Preferred Units</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with <U>Sections 4.1</U> and <U>18.2(b)</U> of the Seventh Amended and Restated Agreement of
Limited Partnership of NuStar Energy L.P., as amended, supplemented or restated from time to time (the &#147;Partnership Agreement&#148;), NuStar Energy L.P., a Delaware limited partnership (the &#147;Partnership&#148;), hereby certifies
that&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the &#147;Holder&#148;) is the registered owner of 9.00% Series&nbsp;C
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in the Partnership (the &#147;Series&nbsp;C Preferred
Units&#148;) transferable on the books of the Partnership, in person or by duly authorized attorney, upon surrender of this Certificate properly endorsed. The rights, preferences and limitations of Series&nbsp;C Preferred Units are set forth in, and
this Certificate and the Series&nbsp;C Preferred Units represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Partnership Agreement. Copies of the Partnership Agreement are on file at, and will be
furnished without charge on delivery of written request to the Partnership at, the principal office of the Partnership located at 19003 <FONT STYLE="white-space:nowrap">IH-10</FONT> West, San Antonio, Texas 78257. Capitalized terms used herein but
not defined shall have the meanings given them in the Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THE HOLDER OF THIS SECURITY ACKNOWLEDGES FOR THE BENEFIT OF
NUSTAR ENERGY L.P. THAT THIS SECURITY MAY NOT BE TRANSFERRED IF SUCH TRANSFER (AS DEFINED IN THE PARTNERSHIP AGREEMENT) WOULD (A)&nbsp;VIOLATE THE THEN APPLICABLE FEDERAL OR STATE SECURITIES LAWS OR RULES AND REGULATIONS OF THE SECURITIES AND
EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER GOVERNMENTAL AUTHORITY WITH JURISDICTION OVER SUCH TRANSFER, (B)&nbsp;TERMINATE THE EXISTENCE OR QUALIFICATION OF NUSTAR ENERGY L.P. UNDER THE LAWS OF THE STATE OF DELAWARE, OR
(C)&nbsp;CAUSE NUSTAR ENERGY L.P. TO BE TREATED AS AN ASSOCIATION TAXABLE AS A CORPORATION OR OTHERWISE TO BE TAXED AS AN ENTITY FOR FEDERAL INCOME TAX PURPOSES (TO THE EXTENT NOT ALREADY SO TREATED OR TAXED). THE GENERAL PARTNER (AS DEFINED IN THE
PARTNERSHIP AGREEMENT) MAY IMPOSE ADDITIONAL RESTRICTIONS ON THE TRANSFER OF THIS SECURITY IF IT RECEIVES AN OPINION OF COUNSEL THAT SUCH RESTRICTIONS ARE NECESSARY TO AVOID A SIGNIFICANT RISK OF NUSTAR ENERGY L.P. BECOMING TAXABLE AS A CORPORATION
OR OTHERWISE BECOMING TAXABLE AS AN ENTITY FOR FEDERAL INCOME TAX PURPOSES. THIS SECURITY MAY BE SUBJECT TO ADDITIONAL RESTRICTIONS ON ITS TRANSFER PROVIDED IN THE PARTNERSHIP AGREEMENT. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN
REQUEST MADE BY THE HOLDER </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. D-1 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
OF RECORD OF THIS SECURITY TO THE SECRETARY OF THE GENERAL PARTNER AT THE PRINCIPAL EXECUTIVE OFFICES OF THE PARTNERSHIP. THE RESTRICTIONS SET FORTH ABOVE SHALL NOT PRECLUDE THE SETTLEMENT OF ANY
TRANSACTIONS INVOLVING THIS SECURITY ENTERED INTO THROUGH THE FACILITIES OF ANY NATIONAL SECURITIES EXCHANGE ON WHICH THIS SECURITY IS LISTED OR ADMITTED TO TRADING. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Holder, by accepting this Certificate, is deemed to have (i)&nbsp;requested admission as, and agreed to become, a Limited Partner and to
have agreed to comply with and be bound by and to have executed the Partnership Agreement and accepted all of its terms and conditions, (ii)&nbsp;represented and warranted that the Holder has all right, power and authority and, if an individual, the
capacity necessary to enter into the Partnership Agreement, (iii)&nbsp;granted the power of attorney set forth in Section&nbsp;2.6 of the Partnership Agreement and (iv)&nbsp;made the waivers and given the consents and approvals contained in the
Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Certificate shall not be valid for any purpose unless it has been countersigned and registered by the
Transfer Agent. This Certificate shall be governed by and construed in accordance with the laws of the State of Delaware. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. D-2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT E </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>to the Seventh Amended and </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Restated Agreement of Limited Partnership of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NuStar Energy L.P. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certificate Evidencing Series&nbsp;D Cumulative Convertible Preferred Units </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Representing Limited Partner Interests in </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NuStar Energy L.P. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">No.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Series&nbsp;D Preferred Units</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with <U>Sections 4.1</U> and <U>19.2(b)</U> of the Seventh Amended and Restated Agreement of
Limited Partnership of NuStar Energy L.P., as amended, supplemented or restated from time to time (the &#147;Partnership Agreement&#148;), NuStar Energy L.P., a Delaware limited partnership (the &#147;Partnership&#148;), hereby certifies
that&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the &#147;Holder&#148;) is the registered owner of Series&nbsp;D Cumulative Convertible Preferred Units representing limited partner interests in
the Partnership (the &#147;Series&nbsp;D Preferred Units&#148;) transferable on the books of the Partnership, in person or by duly authorized attorney, upon surrender of this Certificate properly endorsed. The rights, preferences and limitations of
Series&nbsp;D Preferred Units are set forth in, and this Certificate and the Series&nbsp;D Preferred Units represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Partnership Agreement. Copies of the
Partnership Agreement are on file at, and will be furnished without charge on delivery of written request to the Partnership at, the principal office of the Partnership located at 19003 <FONT STYLE="white-space:nowrap">IH-10</FONT> West, San
Antonio, Texas 78257. Capitalized terms used herein but not defined shall have the meanings given them in the Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Holder, by accepting this Certificate, is deemed to have (i)&nbsp;requested admission as, and agreed to become, a Limited Partner and to have agreed to comply with and be bound by and to have executed the Partnership Agreement, (ii)&nbsp;represented
and warranted that the Holder has all right, power and authority and, if an individual, the capacity necessary to enter into the Partnership Agreement, (iii)&nbsp;granted the powers of attorney provided for in the Partnership Agreement and
(iv)&nbsp;made the waivers and given the consents and approvals contained in the Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Certificate shall be
governed by, and construed in accordance with, the laws of the State of Delaware, without regard to principles of conflict of laws thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">NEITHER THE OFFER NOR SALE OF THESE SECURITIES HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THESE SECURITIES MAY NOT BE
SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER AND, IN THE CASE OF A TRANSACTION EXEMPT FROM
REGISTRATION, UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT OR THE PARTNERSHIP HAS RECEIVED DOCUMENTATION REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. E-1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
SUCH ACT. THIS SECURITY IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND AGREEMENTS WITH RESPECT TO VOTING SECURITIES AS SET FORTH IN THE SEVENTH AMENDED AND RESTATED LIMITED PARTNERSHIP
AGREEMENT OF THE PARTNERSHIP, DATED AS OF JUNE&nbsp;29, 2018, A COPY OF WHICH MAY BE OBTAINED FROM THE PARTNERSHIP AT ITS PRINCIPAL EXECUTIVE OFFICES. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Certificate shall not be valid for any purpose unless it has been countersigned and registered by the General Partner, as transfer agent
for the Series D Preferred Units. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. E-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>Execution Version</I></B><B> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION RIGHTS AGREEMENT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BY AND AMONG </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUSTAR
ENERGY L.P. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE PURCHASERS NAMED ON SCHEDULE&nbsp;A HERETO </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This REGISTRATION RIGHTS AGREEMENT (this &#147;<U>Agreement</U>&#148;) is made and entered into as of June&nbsp;29, 2018, by and among NuStar
Energy L.P., a Delaware limited partnership (the &#147;<U>Partnership</U>&#148;), and each of the Purchasers set forth on <U>Schedule</U><U></U><U>&nbsp;A</U> to this Agreement (each, a &#147;<U>Purchaser</U>&#148; and collectively, the
&#147;<U>Purchasers</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, this Agreement is entered into in connection with the closing of the issuance and sale of the
Preferred Units (as defined below), pursuant to the Series D Cumulative Convertible Preferred Unit Purchase Agreement, dated as of June&nbsp;26, 2018 (the &#147;<U>Purchase Agreement</U>&#148;), by and among the Partnership and the Purchasers; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Partnership has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Purchasers
pursuant to the Purchase Agreement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, it is a condition to the respective obligations of the Partnership and each of the
Purchasers to consummate the transactions contemplated by the Purchase Agreement that each of the parties hereto execute and deliver this Agreement, contemporaneously with the initial closing of the transactions contemplated by the Purchase
Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements set forth herein and for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01 <U>Definitions</U>. The terms set forth below are used herein as so defined: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with, the Person in question (provided that no portfolio company of such Person shall be considered an Affiliate of such Person). As used herein, the term &#147;control&#148;
(including, with correlative meanings, &#147;controlled by&#148; and &#147;under common control with&#148;) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise. For the avoidance of doubt, for purposes of this Agreement, (a)&nbsp;the General Partner or the Partnership, on the one hand, and any Purchaser, on the other, shall not be considered
Affiliates and (b)&nbsp;with respect to any Holder that is an investment fund, investment account or investment company, any other investment fund, investment account or investment company that is managed, advised or
<FONT STYLE="white-space:nowrap">sub-advised</FONT> by the same investment advisor as such Holder or by an Affiliate of such investment advisor, shall be considered controlled by, and an Affiliate of, such Holder. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement</U>&#148; has the meaning specified in the introductory paragraph of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking
institutions in the State of New York or State of Texas are authorized or required by Law or other governmental action to close. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Common Unit Registrable Securities</U>&#148; means (i)&nbsp;the Common Units issued or issuable upon the conversion of the Preferred
Units acquired by the Purchasers pursuant to the Purchase Agreement or, in the case of Series D PIK Units, pursuant to the Partnership Agreement, and (ii)&nbsp;any type of ownership interest issued to the Holder as a result of
<U>Section</U><U></U><U>&nbsp;3.04</U> of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Common Unit Effectiveness Deadline</U>&#148; has the meaning specified
in <U>Section</U><U></U><U>&nbsp;2.01(a)</U> of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Common Units</U>&#148; means the common units representing
limited partner interests in the Partnership and having the rights and obligations specified in the Partnership Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Demand Notice</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.04</U> of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Effective Date</U>&#148; means, with respect to a particular Shelf Registration Statement, the date of effectiveness of such Shelf
Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Effectiveness Deadline</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.01(b)</U>
of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Effectiveness Period</U>&#148; means the period beginning on the Effective Date for the Registration
Statement and ending at the earlier of (i)&nbsp;the time that all Registrable Securities covered by such Registration Statement have ceased to be Registrable Securities or (ii)&nbsp;the fourth anniversary of the date on which all Registrable
Securities have converted into Common Units pursuant to Article&nbsp;XIX of the Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Electing
Holders</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.04(a)</U> of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange
Act</U>&#148; means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Authority</U>&#148; means, with respect to any Person, any country, state, county, city and political subdivisions in
which such Person or such Person&#146;s Property is located or which exercises valid jurisdiction over any such Person or such Person&#146;s Property, and any court, agency, department, commission, board, bureau, official or other regulatory
authority (including self-regulated organizations or other <FONT STYLE="white-space:nowrap">non-governmental</FONT> regulatory authorities) or instrumentality of any of them and any monetary authority that exercises valid jurisdiction over any such
Person or such Person&#146;s Property. Unless otherwise specified, all references to Governmental Authority herein with respect to the Partnership shall mean a Governmental Authority having jurisdiction over any of the Partnership Entities or their
respective Properties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>General Partner</U>&#148; means Riverwalk Logistics, L.P., a Delaware limited
partnership and the general partner of the Partnership and its successors and permitted assigns as general partner of the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Holder</U>&#148; means the record holder of any Registrable Securities under this Agreement. For the avoidance of doubt, in
accordance with <U>Section</U><U></U><U>&nbsp;3.05</U> of this Agreement, for purposes of determining the availability of any rights and applicability of any obligations under this Agreement, including calculating the amount of Registrable
Securities held by a Holder, a Holder&#146;s Registrable Securities shall be aggregated together with all Registrable Securities held by other Holders who are Affiliates of such Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Holder Underwriter Registration Statement</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.05(p)</U> of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Included Common Unit Registrable Securities</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.02(a)</U> of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Closing Date</U>&#148; means June&nbsp;29, 2018, or such
other later date as the Partnership and the Purchasers shall agree to in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Launch</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.04(a)</U> of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Law</U>&#148; means any statute, law, ordinance, regulation, rule,
order, code, governmental restriction, decree, injunction or other requirement of law, or any judicial or administrative interpretation thereof, of any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liquidated Damages</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.01(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liquidated Damages Multiplier</U>&#148; means the product of (i)&nbsp;the Unit Purchase Price and (ii)&nbsp;the number of Registrable
Securities then held by the applicable Holder and included on the applicable Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Losses</U>&#148; has the
meaning specified in <U>Section</U><U></U><U>&nbsp;2.09(a)</U> of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Managing Underwriter</U>&#148; means, with
respect to any Underwritten Offering, the book-running lead manager or managers of such Underwritten Offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>National
Securities Exchange</U>&#148; means an exchange registered with the SEC under Section&nbsp;6(a)&nbsp;of the Exchange Act (or any successor to such Section) and any other securities exchange (whether or not registered with the SEC under
Section&nbsp;6(a)&nbsp;(or successor to such Section) of the Exchange Act) that NuStar GP shall designate as a National Securities Exchange for purposes of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>NuStar GP</U>&#148; means NuStar GP, LLC, a Delaware limited liability company and the general partner of the General Partner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>NYSE</U>&#148; means the New York Stock Exchange. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Opt-Out</FONT> Notice</U>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;2.02(a)</U> of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Holder</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.02(a)</U> of this Agreement </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Partnership</U>&#148; has the meaning specified in the introductory
paragraph of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Partnership Agreement</U>&#148; means the Seventh Amended and Restated Agreement of Limited
Partnership of NuStar Energy L.P., dated as of June&nbsp;29, 2018, as may be amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Partnership
Entities</U>&#148; means NuStar GP, the General Partner, the Partnership and the subsidiaries of the Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Partnership
Indemnified Person</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.09(b)</U> of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited
liability company, unincorporated organization or government or any agency, instrumentality or political subdivision thereof, or any other form of entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Piggyback Notice</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.02(a)</U> of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Piggyback Threshold Amount</U>&#148; means $25&nbsp;million of Common Unit Registrable Securities in the aggregate (determined by
multiplying the number of Common Unit Registrable Securities owned by the average volume weighted average price for the ten (10)&nbsp;Trading Days preceding the date of the Piggyback Notice), or such lesser amount if it constitutes the remaining
holdings of the Holder and its Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Preferred Unit Effectiveness Deadline</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.02(b)</U> of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Preferred Unit Registrable Securities</U>&#148; means Preferred
Units outstanding at any time after the Preferred Unit Registration Request is received by the Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Preferred Unit
Registration Request</U>&#148; means a request of Holders holding a majority of the outstanding Preferred Units, delivered to the Partnership on a date no earlier than the <FONT STYLE="white-space:nowrap">two-year</FONT> anniversary of the Initial
Closing Date (as defined in the Purchase Agreement), to register the resale of the Preferred Unit Registrable Securities under the Securities Act and list the Preferred Unit Registrable Securities on the NYSE (or such other National Securities
Exchange on which the Common Units are then listed and traded or such other National Securities Exchange as the Partnership and the Holders holding a majority of the outstanding Preferred Unit Registrable Securities shall agree). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Preferred Units</U>&#148; means the Series&nbsp;D Cumulative Convertible Preferred Units of the Partnership, including any
Series&nbsp;D PIK Units, issued pursuant to the Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Property</U>&#148; or &#147;<U>Properties</U>&#148; means
any interest or interests in any kind of property or asset, whether real, personal or mixed, or tangible or intangible (including intellectual property rights). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Purchase Agreement</U>&#148; has the meaning specified in the recitals of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Purchaser</U>&#148; and &#147;<U>Purchasers</U>&#148; have the meanings specified in the introductory paragraph of
this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registrable Securities</U>&#148; means, as of any date of determination, the Common Unit Registrable Securities
and the Preferred Unit Registrable Securities. Any Registrable Security shall cease to be a Registrable Security at the earliest of the following: (a)&nbsp;when a registration statement covering such Registrable Security becomes or has been declared
effective by the SEC and such Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b)&nbsp;when such Registrable Security has been sold or disposed of (excluding transfers or assignments by a Holder
to an Affiliate) pursuant to Rule&nbsp;144 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect); (c)&nbsp;when such Registrable Security is held by the Partnership or one of its Affiliates (other than a
Purchaser or its Affiliates); or (d)&nbsp;when such Registrable Security has been sold or disposed of in a private transaction in which the transferor&#146;s rights under this Agreement are not assigned to the transferee of such securities pursuant
to <U>Section</U><U></U><U>&nbsp;2.11</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registrable Securities Required Voting Percentage</U>&#148; means 66 2/3% of
the outstanding Registrable Securities voting together as a single class on an <FONT STYLE="white-space:nowrap">as-converted</FONT> basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registration Expenses</U>&#148; means all expenses incident to the Partnership&#146;s performance under or compliance with this
Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to <U>Section</U><U></U><U>&nbsp;2.01</U> or an Underwritten Offering covered under this Agreement, and the disposition of such Registrable
Securities, including, without limitation, all registration, filing, securities exchange listing and National Securities Exchange fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky
laws, fees of the Financial Industry Regulatory Authority, Inc., fees of transfer agents and registrars, all word processing, duplicating and printing expenses, any transfer taxes, and the fees and disbursements of counsel and independent public
accountants for the Partnership, including the expenses of any special audits or &#147;comfort&#148; letters required by or incident to such performance and compliance, and the reasonable fees and disbursements of one counsel for all Selling Holders
participating in such Registration Statement or Underwritten Offering to effect the disposition of such Registrable Securities, selected by the Holders of a majority of the Registrable Securities initially being registered under such Registration
Statement or other registration statement as contemplated by this Agreement, subject to the reasonable consent of the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registration Statement</U>&#148; means a registration statement filed pursuant to <U>Section</U><U></U><U>&nbsp;2.01</U> of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Act</U>&#148; means the Securities Act of 1933, as amended from time to time, and the rules and
regulations of the SEC promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SEC</U>&#148; means the United States Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Selling Expenses</U>&#148; means all underwriting discounts and selling commissions or similar fees or arrangements allocable to the
sale of the Registrable Securities, and fees and disbursements of counsel to the Selling Holders, except for the reasonable fees and disbursements of counsel for the Selling Holders required to be paid by the Partnership pursuant to the definition
of &#147;Registration Expenses&#148; or <U>Sections</U><U></U><U>&nbsp;2.08</U> and <U>2.09</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Selling Holder</U>&#148; means a Holder who is selling Registrable Securities under a
Registration Statement pursuant to the terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Selling Holder Indemnified Person</U>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;2.09(a)</U> of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series D PIK Unit</U>&#148; means a Preferred Unit
issued pursuant to a Preferred Unit distribution, pursuant to the terms of the Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shelf Registration
Statement</U>&#148; means a registration statement under the Securities Act to permit the resale of the Registrable Securities from time to time as permitted by Rule&nbsp;415 under the Securities Act (or any successor or similar provision adopted by
the SEC then in effect). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Trading Day</U>&#148; means a day on which the principal National Securities Exchange on which the
Common Units and, if applicable, Preferred Units are listed or admitted to trading is open for the transaction of business or, if such Common Units and Preferred Units are not listed or admitted to trading on any National Securities Exchange, a day
on which banking institutions in New York City generally are open. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Underwritten Offering</U>&#148; means an offering (including
an offering pursuant to a Shelf Registration Statement) in which Registrable Securities are sold to one or more underwriters on a firm commitment basis for reoffering to the public or an offering that is a &#147;bought deal&#148; with one or more
investment banks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unit Purchase Price</U>&#148; means $25.38. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>WKSI</U>&#148; means a well-known seasoned issuer, as defined by the rules and regulations promulgated by the SEC. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION
RIGHTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01 <U>Shelf Registration</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Common Unit Shelf Registration</U>. Within one (1)&nbsp;year after the Initial Closing Date, the Partnership shall use its commercially
reasonable efforts to prepare and file a Shelf Registration Statement with the SEC to permit the resale of all Common Unit Registrable Securities on the terms and conditions specified in this <U>Section</U><U></U><U>&nbsp;2.01</U>. The Registration
Statement filed with the SEC pursuant to this <U>Section</U><U></U><U>&nbsp;2.01(a)</U> shall be on <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> or, if <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> is not then available to the
Partnership, on <FONT STYLE="white-space:nowrap">Form&nbsp;S-1</FONT> or such other form of registration statement as is then available to effect a registration for resale of the Common Unit Registrable Securities, and shall contain a prospectus in
such form as to permit any Selling Holder covered by such Registration Statement to sell such Common Unit Registrable Securities pursuant to Rule&nbsp;415 under the Securities Act (or any successor or similar provision adopted by the SEC then in
effect) at any time beginning on the Effective Date for such Registration Statement, subject to the terms of this Agreement. The </P>
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Partnership shall use its commercially reasonable efforts to cause a Registration Statement filed pursuant to this <U>Section</U><U></U><U>&nbsp;2.01(a)</U> to be declared effective no later than
one (1)&nbsp;year after the Initial Closing Date (the &#147;<U>Common Unit Effectiveness Deadline</U>&#148;). During the Effectiveness Period, subject to the terms of this Agreement, the Partnership shall use its commercially reasonable efforts to
cause a Registration Statement filed pursuant to this <U>Section</U><U></U><U>&nbsp;2.01(a)</U> to remain continuously effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or,
if not available, that another registration statement is available for the resale of the Common Unit Registrable Securities until such Common Unit Registrable Securities have ceased to be Registrable Securities. The Partnership shall prepare and
file a supplemental listing application with the NYSE (or such other National Securities Exchange on which the Common Units are then listed and traded) to list the Common Unit Registrable Securities covered by a Registration Statement and shall have
received approval for such Common Unit Registrable Securities to be listed on the NYSE (or such other National Securities Exchange on which the Common Units are then listed and traded) by the Effective Date of such Registration Statement, subject
only to official notice of issuance. As soon as practicable following the Effective Date of a Registration Statement, but in any event within three (3)&nbsp;Business Days of such date, the Partnership shall notify the Selling Holders of the
effectiveness of such Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Preferred Unit Shelf Registration</U>. After the second anniversary of the Initial
Closing Date, upon the written request of Holders holding a majority of the Preferred Unit Registrable Securities, the Partnership shall use its commercially reasonable efforts to prepare and file, as soon as practicable, a Shelf Registration
Statement with the SEC to permit the resale of all Preferred Unit Registrable Securities on the terms and conditions specified in this <U>Section</U><U></U><U>&nbsp;2.01(b)</U>. The Registration Statement filed with the SEC pursuant to this
<U>Section</U><U></U><U>&nbsp;2.01(b)</U> shall be on <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> or, if <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> is not then available to the Partnership, on
<FONT STYLE="white-space:nowrap">Form&nbsp;S-1</FONT> or such other form of registration statement as is then available to effect a registration for resale of the Preferred Unit Registrable Securities, and shall contain a prospectus in such form as
to permit any Selling Holder covered by such Registration Statement to sell such Preferred Unit Registrable Securities pursuant to Rule&nbsp;415 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect) at
any time beginning on the Effective Date for such Registration Statement, subject to the terms of this Agreement. During the Effectiveness Period, subject to the terms of this Agreement, the Partnership shall use its commercially reasonable efforts
to (i)&nbsp;cause a Registration Statement filed pursuant to this <U>Section</U><U></U><U>&nbsp;2.01(b)</U> become or be declared effective as soon as practicable after, but in any event, prior to the date that is one year after, the receipt of a
request to file such Registration Statement in accordance with this <U>Section</U><U></U><U>&nbsp;2.01(b)</U> (the &#147;<U>Preferred Unit Effectiveness Deadline</U>&#148; and, each of the Common Unit Effectiveness Deadline and the Preferred Unit
Effectiveness Deadline, an &#147;<U>Effectiveness Deadline</U>&#148;), and (ii)&nbsp;cause a Registration Statement filed pursuant to this <U>Section</U><U></U><U>&nbsp;2.01(b)</U> to remain continuously effective, and to be supplemented and amended
to the extent necessary to ensure that such Registration Statement is available or, if not available, that another registration statement is available for the resale of the Preferred Unit Registrable Securities until such Preferred Unit Registrable
Securities have ceased to be Registrable Securities. The Partnership shall prepare and file a listing application with the National Securities Exchange on which the Common Units are then listed and traded (or such other National Securities Exchange
as the Partnership and the Holders holding a majority of the outstanding Preferred Unit Registrable Securities shall agree) to list the Preferred Unit Registrable Securities covered by a Registration Statement and shall have received approval for
such Preferred Unit </P>
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Registrable Securities to be listed on the National Securities Exchange on which the Common Units are then listed and traded (or such other National Securities Exchange as the Partnership and the
Holders holding a majority of the outstanding Preferred Unit Registrable Securities shall agree) by the Effective Date of such Registration Statement, subject only to official notice of issuance. As soon as practicable following the Effective Date
of a Registration Statement, but in any event within three (3)&nbsp;Business Days of such date, the Partnership shall notify the Selling Holders of the effectiveness of such Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Failure to Become Effective</U>. If a Registration Statement required by <U>Section</U><U></U><U>&nbsp;2.01(a)</U> or
<U>(b)</U>&nbsp;does not become, or is not declared, effective by the applicable Effectiveness Deadline, then each Holder shall be entitled to a payment (with respect to each of the Holder&#146;s Registrable Securities which are (or are required to
be) included in such Registration Statement), as liquidated damages and not as a penalty, (i)&nbsp;for each <FONT STYLE="white-space:nowrap">non-overlapping</FONT> <FONT STYLE="white-space:nowrap">30-day</FONT> period for the first sixty
(60)&nbsp;days following such Effectiveness Deadline, an amount equal to 0.25% of the Liquidated Damages Multiplier, which shall accrue daily, and (ii)&nbsp;for each <FONT STYLE="white-space:nowrap">non-overlapping</FONT> thirty (30)&nbsp;day period
beginning on the 61st day following such Effectiveness Deadline, an amount equal to the amount set forth in <U>clause (i)</U><I>&nbsp;plus</I> an additional 0.25% of the Liquidated Damages Multiplier for each subsequent sixty (60)&nbsp;days
(<I>i.e.</I>, 0.50%, for <FONT STYLE="white-space:nowrap">61-120</FONT> days, 0.75% for <FONT STYLE="white-space:nowrap">121-180</FONT> days, and 1.00% thereafter), up to a maximum of 1.00% of the Liquidated Damages Multiplier per thirty
(30)&nbsp;day period (the &#147;<U>Liquidated Damages</U>&#148;); provided, that, the aggregate amount of Liquidated Damages payable by the Partnership under this Agreement to the Holders shall not exceed 10.0% of the Liquidated Damages Multiplier.
Any Liquidated Damages shall be payable within fifteen (15)&nbsp;Business Days after the end of each such thirty (30)&nbsp;day period in immediately available funds to the account or accounts specified by the applicable Holders. Any amount of
Liquidated Damages shall be prorated for any period of less than thirty (30)&nbsp;days accruing during any period for which a Holder is entitled to Liquidated Damages hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Waiver of Liquidated Damages</U>. If the Partnership is unable to cause a Registration Statement under
<U>Section</U><U></U><U>&nbsp;2.01(a)</U> or <U>(b)</U>&nbsp;to become effective on or before the Effectiveness Deadline, then the Partnership may request a waiver of the Liquidated Damages, which may be granted by the consent of the Holders of <FONT
STYLE="white-space:nowrap">66-2/3%</FONT> of the Registrable Securities that remain included on such Registration Statement, in their sole discretion, and which such waiver shall apply to all the Holders of Registrable Securities included on such
Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02 <U>Piggyback Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Participation</U>. So long as a Holder has Common Unit Registrable Securities, if the Partnership proposes to file, in each case, for
the sale of Common Units in an Underwritten Offering either: (i)&nbsp;a shelf registration statement, other than a Registration Statement contemplated by <U>Section</U><U></U><U>&nbsp;2.01(a)</U>, on behalf of itself or any other holder of
Partnership securities who has registration rights related to an Underwritten Offering (each such person, an &#147;<U>Other Holder</U>&#148;), or (ii)&nbsp;a prospectus supplement relating to the sale of Common Units by the Partnership or any Other
Holders to an effective &#147;automatic&#148; registration statement, so long as the Partnership is a WKSI at such time or, whether or not the Partnership is a WKSI, so long as the Common Unit Registrable Securities were previously included in the
underlying shelf registration statement or are included on an effective registration statement, or in any case in which Holders may participate in such offering without filing a post-effective amendment that must be declared effective, in each case,
</P>
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for the sale of Common Units by the Partnership or Other Holders in an Underwritten Offering (including an Underwritten Offering undertaken pursuant to <U>Section</U><U></U><U>&nbsp;2.04</U>),
then the Partnership shall give notice (including notification by electronic mail) following the selection of the Managing Underwriter for such Underwritten Offering, of such Underwritten Offering to each Holder (together with its Affiliates) (the
&#147;<U>Piggyback Notice</U>&#148;). The Piggyback Notice shall offer Holders the opportunity to include in such Underwritten Offering the number of Common Unit Registrable Securities (the &#147;<U>Included Common Unit Registrable
Securities</U>&#148;) as each Holder may request in writing. However, the Partnership shall not be required to provide such opportunity if the Holders do not offer, in the aggregate, a minimum of the Piggyback Threshold Amount of Common Unit
Registrable Securities. Moreover, if the Partnership has been advised by the Managing Underwriter that the inclusion of Common Unit Registrable Securities for sale for the benefit of the Holders will have an adverse effect in any material respect on
the price, timing or distribution of the Common Units in the Underwritten Offering, then if (A)&nbsp;in the opinion of the Managing Underwriter, no Common Unit Registrable Securities can be included in the Underwritten Offering, the Partnership
shall not be required to offer such opportunity to the Holders or (B)&nbsp;in the opinion of the Managing Underwriter, any Common Unit Registrable Securities can be included in the Underwritten Offering, then the amount of Common Unit Registrable
Securities to be offered for the accounts of Holders shall be determined based on the provisions of <U>Section</U><U></U><U>&nbsp;2.02(b)</U>. Any notice required to be provided in this <U>Section</U><U></U><U>&nbsp;2.02(a)</U> to Holders shall be
provided on a Business Day and receipt of such notice shall be confirmed and kept confidential by the Holders unless and until such proposed Underwritten Offering has been publicly announced by the Partnership. If such proposed Underwritten Offering
has been abandoned, the Partnership shall provide notice to the Holders reasonably promptly after the final decision to abandon a proposed Underwritten Offering has been made and such action and its context shall remain confidential. Each such
Holder shall then have two (2)&nbsp;Business Days (or one (1)&nbsp;Business Day in connection with any overnight or bought Underwritten Offering) after notice has been delivered to request in writing the inclusion of Common Unit Registrable
Securities in the Underwritten Offering. If a Holder&#146;s written request for inclusion is not received within the specified time, such Holder shall have no further right to participate in such Underwritten Offering. If, at any time after giving
written notice of its intention to undertake an Underwritten Offering and prior to the closing of such Underwritten Offering, such Underwritten Offering is terminated or delayed pursuant to the provisions of this Agreement, the Partnership
(1)&nbsp;shall, in the case of a determination not to undertake such Underwritten Offering, give written notice (including by electronic mail) of such determination to the Selling Holders and shall be relieved of its obligation to sell any Included
Common Unit Registrable Securities in connection with such terminated Underwritten Offering, and (2)&nbsp;shall, in the case of a determination to delay such Underwritten Offering, give written notice (including by electronic mail) of such
determination to the Selling Holders and shall be permitted to delay offering any Included Common Unit Registrable Securities as part of such Underwritten Offering for the same period as the delay in the Underwritten Offering. Any Selling Holder
shall have the right to withdraw its request for inclusion of its Common Unit Registrable Securities in such Underwritten Offering by giving written notice to the Partnership of its withdrawal at least one Business Day prior to the time of pricing
of such Underwritten Offering. Any Holder may deliver written notice (an &#147;<U>Opt</U><U><FONT STYLE="white-space:nowrap">-Out</FONT> Notice</U>&#148;) to the Partnership requesting that such Holder not receive notice from the Partnership of any
proposed Underwritten Offering;<I> provided</I>, <I>however</I>, that such Holder may later revoke any such <FONT STYLE="white-space:nowrap">Opt-Out</FONT> Notice in writing. Following receipt of an <FONT STYLE="white-space:nowrap">Opt-Out</FONT>
Notice from a Holder </P>
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(unless subsequently revoked), the Partnership shall not be required to deliver any notice to such Holder pursuant to this <U>Section</U><U></U><U>&nbsp;2.02(a)</U> and such Holder shall no
longer be entitled to participate in Underwritten Offerings by the Partnership pursuant to this <U>Section</U><U></U><U>&nbsp;2.02(a)</U>, unless such <FONT STYLE="white-space:nowrap">Opt-Out</FONT> Notice is revoked by such Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Priority</U>. Except as provided in <U>Section</U><U></U><U>&nbsp;2.04(b)</U> of this Agreement, if the Managing Underwriter advises
the Partnership that the total amount of Common Units that the Selling Holders and any Other Holders intend to include in such offering exceeds the number of Common Units that can be sold in such offering without being likely to have an adverse
effect in any material respect on the price, timing or distribution of the Common Units offered or the market for the Common Units, then the Common Units to be included in such Underwritten Offering shall include the number of Common Units that such
Managing Underwriter advises the Partnership can be sold without having such adverse effect, with such number to be allocated (i)&nbsp;first, to the Partnership unless such Underwritten Offering is initiated by any Other Holder or a Holder, in which
case it shall be to the Common Units requested to be included therein by such Other Holder or Holder, as the case may be, and (ii)&nbsp;second, <I>pro</I><I></I><I>&nbsp;rata</I> among any Other Holders and the Holders who are exercising piggyback
registration rights pursuant to this <U>Section</U><U></U><U>&nbsp;2.02</U> (based, for each such participant, on the percentage derived by dividing (x)&nbsp;the number of Common Units proposed to be sold by such participant in such Underwritten
Offering by (y)&nbsp;the aggregate number of Common Units proposed to be sold by all participants in such Underwritten Offering). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03 <U>Delay Rights</U>. Notwithstanding anything to the contrary contained herein, the Partnership may, upon written notice to
(i)&nbsp;all Holders, delay the filing of a Registration Statement required under <U>Section</U><U></U><U>&nbsp;2.01 (b)</U>, or (ii)&nbsp;any Selling Holder whose Registrable Securities are included in a Registration Statement or other registration
statement contemplated by this Agreement, suspend such Selling Holder&#146;s use of any prospectus that is a part of such Registration Statement or other registration statement (in which event the Selling Holder shall discontinue sales of the
Registrable Securities pursuant to such Registration Statement or other registration statement contemplated by this Agreement but may settle any previously made sales of Registrable Securities) if the Partnership (x)&nbsp;is pursuing an acquisition,
merger, reorganization, disposition or other similar transaction and NuStar GP determines in good faith that the Partnership&#146;s ability to pursue or consummate such a transaction would be materially adversely affected by any required disclosure
of such transaction in such Registration Statement or other registration statement, or (y)&nbsp;has experienced some other material <FONT STYLE="white-space:nowrap">non-public</FONT> event the disclosure of which at such time, in the good faith
judgment of NuStar GP, would materially adversely affect the Partnership; <I>provided, however</I>, that in no event shall the Selling Holders be suspended from selling Registrable Securities pursuant to such Registration Statement for a single
period that exceeds an aggregate sixty (60)&nbsp;days in any <FONT STYLE="white-space:nowrap">180-day</FONT> period or ninety (90)&nbsp;days in any <FONT STYLE="white-space:nowrap">365-day</FONT> period. Any notice provided by the Partnership
pursuant to this <U>Section</U><U></U><U>&nbsp;2.03</U> shall be provided on a Business Day and receipt of such notice shall be confirmed and kept confidential by the Holders unless and until disclosure of such information or the termination of such
condition. Upon disclosure of such information or the termination of the condition described above, the Partnership shall provide prompt notice to the Selling Holders whose Registrable Securities are included in such Registration Statement or other
registration statement and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit registered sales of Registrable Securities as contemplated in this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04 <U>Demand Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Underwritten Offerings</U>. In the event that a Selling Holder (together with any Affiliates that are Selling Holders, the
&#147;<U>Electing Holders</U>&#148;) elects to dispose of Common Unit Registrable Securities, under a Registration Statement pursuant to an Underwritten Offering and reasonably expects gross proceeds of at least $50&nbsp;million from such
Underwritten Offering, the Partnership shall, following the one year anniversary of the Initial Closing Date, upon the request of such Selling Holder (such request, a &#147;<U>Demand Notice</U>&#148;), enter into an underwriting agreement in
customary form with the Managing Underwriter or Underwriters selected by the Partnership and approved by the Holders of a majority of the Common Unit Registrable Securities proposed to be sold in such Underwritten Offering, such approval not to be
unreasonably withheld, conditioned or delayed, which shall include, among other provisions, indemnities to the effect and to the extent provided in <U>Section</U><U></U><U>&nbsp;2.09</U>, and shall take all such other reasonable actions as are
requested by the Managing Underwriters in order to expedite or facilitate the disposition of such Common Unit Registrable Securities; <I>provided</I>, <I>however</I>, that the Partnership shall not be required to effect more than three
(3)&nbsp;Underwritten Offerings during the Effectiveness Period and no more than one (1)&nbsp;Underwritten Offering for all Holders of Common Unit Registrable Securities during any <FONT STYLE="white-space:nowrap">6-month</FONT> period pursuant to
and subject to the conditions of this <U>Section</U><U></U><U>&nbsp;2.04(a)</U>. In connection with an Underwritten Offering contemplated by this Agreement in which a Selling Holder participates, each Selling Holder and the Partnership shall be
obligated to enter into an underwriting agreement that contains such representations, covenants, indemnities and other rights and obligations as are customary in underwriting agreements for firm commitment offerings of securities. No Selling Holder
may participate in such Underwritten Offering unless such Selling Holder agrees to sell its Common Unit Registrable Securities on the basis provided in such underwriting agreement and completes and executes all questionnaires, powers of attorney,
indemnities and other documents reasonably required under the terms of such underwriting agreement. No Selling Holder shall be required to make any representations or warranties to, or agreements with, the Partnership or the underwriters other than
representations, warranties or agreements regarding such Selling Holder, its ownership of the Common Unit Registrable Securities and its authority to enter into an underwriting agreement, its authority to sell the securities whose offer and resale
will be registered on its behalf, the intended method of distribution and any other representation required by Law. If any Selling Holder disapproves of the terms of an Underwritten Offering, such Selling Holder may elect to withdraw therefrom by
notice to the Partnership, the Electing Holders and the Managing Underwriter; <I>provided</I>, <I>however</I>, that any such withdrawal must be made at least one Business Day prior to the time of pricing of such Underwritten Offering. If all Selling
Holders withdraw from an Underwritten Offering prior to the public announcement at launch (the &#147;<U>Launch</U>&#148;) of such Underwritten Offering, the events will not be considered an Underwritten Offering and will not decrease the number of
available Underwritten Offerings the Holders have the right and option to request under this <U>Section</U><U></U><U>&nbsp;2.04(a)</U>. No such withdrawal or abandonment shall affect the Partnership&#146;s obligation to pay Registration Expenses
pursuant to <U>Section</U><U></U><U>&nbsp;2.08</U>;<I> provided</I>, <I>however</I>, that if all Selling Holders withdraw from such Underwritten Offering after the Launch, other than as a result of the occurrence of any event that would reasonably
be expected to permit the Partnership to exercise its rights to suspend the use of a Registration Statement or other registration statement pursuant to <U>Section</U><U></U><U>&nbsp;2.03(a)</U>, then such Selling Holders shall pay
(<I>pro</I><I></I><I>&nbsp;rata</I> on the basis of the number of Common Unit Registrable Securities held by each such Selling Holder) for all reasonable Registration Expenses incurred by the Partnership during the period from the Launch of such
Underwritten Offering until the time all Selling Holders have withdrawn from such Underwritten Offering. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Priority</U>. If the Managing Underwriter of any proposed Underwritten Offering that
involves Common Unit Registrable Securities of Electing Holders pursuant to <U>Section</U><U></U><U>&nbsp;2.04(a)</U> advises the Partnership that the inclusion of all of the Common Unit Registrable Securities that the Selling Holders intend to
include in such offering exceeds the number that can be sold in such offering without being likely to have an adverse effect in any material respect on the price, timing or distribution of the Common Unit Registrable Securities offered or the market
for the Common Unit Registrable Securities, then the Common Unit Registrable Securities to be included in such Underwritten Offering shall include the number of Common Unit Registrable Securities that such Managing Underwriter advises the
Partnership can be sold without having such adverse effect, with such number to be allocated (i)&nbsp;first, to the Selling Holders, allocated among such Selling Holders <I>pro</I><I></I><I>&nbsp;rata</I> on the basis of the number of Common Unit
Registrable Securities held by each such Selling Holder or in such other manner as such Selling Holders may agree, and (ii)&nbsp;second, to the Partnership and any Other Holder of securities of the Partnership having rights of registration that rank
<I>pari</I><I></I><I>&nbsp;passu </I>with the Holders in respect of the Common Unit Registrable Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05 <U>Sale
Procedures</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with its obligations under this <U>Article</U><U></U><U>&nbsp;II</U>, the Partnership shall, as
expeditiously as possible: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) use its commercially reasonable efforts to prepare and file with the SEC such amendments and supplements
to a Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act
with respect to the disposition of all Registrable Securities covered by such Registration Statement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) if a prospectus supplement will
be used in connection with the marketing of an Underwritten Offering under a Registration Statement and the Managing Underwriter at any time shall notify the Partnership in writing that, in the sole judgment of such Managing Underwriter, inclusion
of detailed information to be used in such prospectus supplement is of material importance to the success of such Underwritten Offering, the Partnership shall use its commercially reasonable efforts to include such information in such prospectus
supplement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) furnish to each Selling Holder (i)&nbsp;as far in advance as reasonably practicable before filing a Registration
Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto (other than reports under the Exchange Act that are deemed to be amendments or supplements), upon request, copies of reasonably
complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC), and provide each such Selling Holder the
opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing a
Registration Statement or such other registration statement or supplement or amendment thereto (other than reports under the Exchange Act that are deemed to be amendments or supplements), and (ii)&nbsp;such
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
number of copies of such Registration Statement or such other registration statement and the prospectus included therein and any supplements and amendments thereto as such Selling Holder may
reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement or other registration statement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) if applicable, use its commercially reasonable efforts to promptly register or qualify the Registrable Securities covered by a
Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall
reasonably request; <I>provided</I>, <I>however</I>, that the Partnership shall not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action that would subject it to
general service of process in any such jurisdiction where it is not then so subject; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) promptly notify each Selling Holder, unless
otherwise available electronically at no additional charge via the SEC&#146;s EDGAR system, at any time when a prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i)&nbsp;the filing of a Registration
Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or
any other registration statement or any post-effective amendment thereto, when the same has become effective; and (ii)&nbsp;the receipt of any written comments from the SEC with respect to any filing referred to in
<U>clause</U><U></U><U>&nbsp;(i)</U> and any written request by the SEC for amendments or supplements to such Registration Statement or any other registration statement or any prospectus or prospectus supplement thereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) immediately notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities
Act, of (i)&nbsp;the happening of any event as a result of which the prospectus or prospectus supplement contained in a Registration Statement or any other registration statement contemplated by this Agreement, as then in effect, includes an untrue
statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus contained therein, in the light of the circumstances under which
a statement is made); (ii)&nbsp;the issuance or express threat of issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any other registration statement contemplated by this Agreement, or the initiation
of any proceedings for that purpose; or (iii)&nbsp;the receipt by the Partnership of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any
jurisdiction. Following the provision of such notice, subject to the Partnership&#146;s rights under <U>Section</U><U></U><U>&nbsp;2.03</U>, the Partnership agrees to as promptly as practicable amend or supplement the prospectus or prospectus
supplement or take other appropriate action so that the prospectus or prospectus supplement does not include 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 in the light of the circumstances then existing and to take such other commercially reasonable action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) upon request and subject to appropriate confidentiality obligations, furnish to each Selling
Holder copies of any and all transmittal letters or other correspondence with the SEC or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such
offering of Registrable Securities; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) in the case of an Underwritten Offering, use its commercially reasonable efforts to furnish to
the underwriters upon request, (i)&nbsp;an opinion of counsel for the Partnership dated the date of the closing under the underwriting agreement and (ii)&nbsp;a &#147;comfort&#148; letter, dated the pricing date of such Underwritten Offering and a
letter of like-kind dated the date of the closing under the underwriting agreement, in each case, signed by the independent public accountants who have certified the Partnership&#146;s financial statements included or incorporated by reference into
the applicable registration statement, and each of the opinion and the &#147;comfort&#148; letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and the prospectus and any
prospectus supplement included therein) as have been customarily covered in opinions of issuer&#146;s counsel and in accountants&#146; letters delivered to the underwriters in Underwritten Offerings of securities by the Partnership and such other
matters as such underwriters and Selling Holders may reasonably request; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) make available to its security holders, as soon as
reasonably practicable, an earnings statement, covering a period of twelve months beginning within three months after the Effective Date of such Registration Statement, which earnings statement shall satisfy the provisions of Section&nbsp;11(a) of
the Securities Act and Rule&nbsp;158 promulgated thereunder; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) make available to the appropriate representatives of the Managing
Underwriter and Selling Holders access to such information and Partnership and NuStar GP personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act; <I>provided</I>, that the
Partnership need not disclose any <FONT STYLE="white-space:nowrap">non-public</FONT> information to any such representative unless and until such representative has entered into a confidentiality agreement with the Partnership; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) use its commercially reasonable efforts to cause all Registrable Securities registered pursuant to this Agreement to be listed on each
securities exchange or nationally recognized quotation system on which the Common Units are then listed or quoted (or such other National Securities Exchange as the Partnership and the Holders holding a majority of such outstanding Registrable
Securities shall agree); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) provide a transfer agent and registrar for all Registrable Securities covered by such Registration Statement
not later than the Effective Date of such Registration Statement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) enter into customary agreements and take such other actions as are
reasonably requested by the Selling Holders or the Underwriters, if any, in order to expedite or facilitate the disposition of Common Unit Registrable Securities (including making appropriate officers of NuStar GP available to participate in
customary marketing activities); <I>provided</I>, <I>however</I>, that the officers of NuStar GP shall not be required to dedicate an unreasonably burdensome amount of time in connection with any roadshow and related marketing activities for any
Underwritten Offering and officers of NuStar GP shall not be required to participate in more than one roadshow presentation per Underwritten Offering; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) if requested by a Selling Holder, (i)&nbsp;incorporate in a prospectus supplement or
post-effective amendment such information as such Selling Holder reasonably requests and is customary to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of
Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering, and (ii)&nbsp;make all required filings of such prospectus supplement
or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) if reasonably required by the Partnership&#146;s transfer agent, the Partnership shall promptly deliver any authorizations, certificates
and directions required by the transfer agent which authorize and direct the transfer agent to transfer Registrable Securities without legend upon sale by the Holder of such Registrable Securities under a Registration Statement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) if any Holder could reasonably be deemed to be an &#147;underwriter,&#148; as defined in Section&nbsp;2(a)(11) of the Securities Act, in
connection with a Registration Statement and any amendment or supplement thereof (a &#147;<U>Holder Underwriter Registration Statement</U>&#148;), then the Partnership will reasonably cooperate with such Holder in allowing such Holder to conduct
customary &#147;underwriter&#146;s due diligence&#148; with respect to the Partnership and satisfy its obligations in respect thereof; <I>provided</I>, that the Partnership need not disclose any <FONT STYLE="white-space:nowrap">non-public</FONT>
information to any such Holder, or any representative of such Holder, unless and until such representative has entered into a confidentiality agreement with the Partnership. In addition, at any Holder&#146;s request, the Partnership will furnish to
such Holder, on the date of the effectiveness of the Holder Underwriter Registration Statement and thereafter from time to time on such dates as such Holder may reasonably request (<I>provided</I> that such request shall not be more frequently than
on an annual basis unless such Holder is offering Registrable Securities pursuant to a Holder Underwriter Registration Statement), (i)&nbsp;a &#147;comfort letter&#148;, dated such date, from the Partnership&#146;s independent certified public
accountants in form and substance as has been customarily given by independent certified public accountants to underwriters in Underwritten Offerings of securities by the Partnership, addressed to such Holder, (ii)&nbsp;an opinion, dated as of such
date, of counsel representing the Partnership for purposes of the Holder Underwriter Registration Statement, in form, scope and substance as has been customarily given in Underwritten Offerings of securities by the Partnership, accompanied by
standard <FONT STYLE="white-space:nowrap">&#147;10b-5&#148;</FONT> negative assurance for such offerings, addressed to such Holder and (iii)&nbsp;a standard officer&#146;s certificate from the chief executive officer or chief financial officer, or
other officers serving such functions, of the General Partner addressed to the Holder, as has been customarily given by such officers in Underwritten Offerings of securities by the Partnership. The Partnership will also use its reasonable efforts to
provide legal counsel to such Holder with an opportunity to review and comment upon any such Holder Underwriter Registration Statement, and any amendments and supplements thereto (other than reports under the Exchange Act that are deemed to be
amendments or supplements), prior to its filing with the Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary in this
<U>Section</U><U></U><U>&nbsp;2.05</U>, the Partnership shall not name a Holder as an underwriter as defined in Section&nbsp;2(a)(11) of the Securities Act in any Registration Statement or Holder Underwriter Registration Statement, as applicable,
without such Holder&#146;s consent. If the staff of the SEC requires the Partnership to name any Holder as an underwriter as defined in Section&nbsp;2(a)(11) of the Securities Act, and such Holder does not consent thereto, then such Holder&#146;s
Registrable Securities shall not be included on the applicable Registration Statement and the Partnership shall have no further obligations hereunder with respect to Registrable Securities held by such Holder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Selling Holder, upon receipt of notice from the Partnership of the happening of any event of
the kind described in <U>Section</U><U></U><U>&nbsp;2.05(e)</U>, shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder&#146;s receipt of the copies of
the supplemented or amended prospectus contemplated by <U>Section</U><U></U><U>&nbsp;2.05(e)</U> or until it is advised in writing by the Partnership that the use of the prospectus may be resumed and has received copies of any additional or
supplemental filings incorporated by reference in the prospectus, and, if so directed by the Partnership, such Selling Holder shall, or shall request the Managing Underwriter, if any, to deliver to the Partnership (at the Partnership&#146;s expense)
all copies in their possession or control, other than permanent file copies then in such Selling Holder&#146;s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06 <U>Cooperation by Holders</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Partnership shall have no obligation to include in a Registration Statement Registrable Securities of a Holder who has failed to timely
furnish, after receipt of a written request from the Partnership, such information that the Partnership determines, after consultation with its counsel, is reasonably required in order for the Registration Statement or prospectus supplement, as
applicable, to comply with the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.07 <U>Restrictions on Public Sale by Holders of Registrable Securities</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Holder of Common Unit Registrable Securities that participates in an Underwritten Offering will enter into a customary letter
agreement with the underwriters thereof providing such Holder will not cause any public sale or distribution of Registrable Securities to occur during the sixty (60)&nbsp;day period beginning on the date of a prospectus or prospectus supplement
filed with the SEC with respect to the pricing of any Underwritten Offering, <I>provided </I>that (i)&nbsp;the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the
underwriters on the Partnership or the officers, directors or any other Affiliate of the Partnership, the General Partner or NuStar GP on whom a restriction is imposed, (ii)&nbsp;the restrictions set forth in this
<U>Section</U><U></U><U>&nbsp;2.07</U> shall not apply to any Common Unit Registrable Securities that are included in such Underwritten Offering by such Holder and (iii)&nbsp;in the event that the restrictions set forth in this
<U>Section</U><U></U><U>&nbsp;2.07</U> are waived with respect to any participant in such Underwritten Offering, such restrictions shall be deemed to have also been waived with respect to each Holder of Common Unit Registrable Securities that
participates in such Underwritten Offering, on the same terms as and with respect to the same percentage of Registrable Securities as those which are subject to such waiver. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.08 <U>Expenses</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Expenses</U>. Subject to the last sentence of <U>Section</U><U></U><U>&nbsp;2.04(a)</U>, the Partnership shall pay all reasonable
Registration Expenses as determined in good faith by NuStar GP, including, in the case of an Underwritten Offering, the reasonable Registration Expenses of such Underwritten </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Offering, regardless of whether any sale is made pursuant to such Underwritten Offering. Each Selling Holder shall pay its <I>pro</I><I></I><I>&nbsp;rata</I> share of all Selling Expenses in
connection with any sale of its Registrable Securities hereunder. For the avoidance of doubt, each Selling Holder&#146;s <I>pro</I><I></I><I>&nbsp;rata</I> allocation of Selling Expenses shall be the percentage derived by dividing (i)&nbsp;the
number of Registrable Securities sold by such Selling Holder in connection with such sale by (ii)&nbsp;the aggregate number of Registrable Securities sold by all Other Holders in connection with such sale. In addition, except as otherwise provided
in the definition of &#147;Registration Expenses&#148; or <U>Sections</U><U></U><U>&nbsp;2.08</U> and <U>2.09</U> hereof, the Partnership shall not be responsible for legal fees incurred by Holders in connection with the exercise of such
Holders&#146; rights hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.09 <U>Indemnification</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>By the Partnership</U>. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this
Agreement, the Partnership shall indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, partners, employees and agents and each Person, if any, who controls such Selling Holder within the meaning of the
Securities Act and the Exchange Act, and its directors, officers, managers, partners, employees or agents (collectively, the &#147;<U>Selling Holder Indemnified Person</U>&#148;), against any losses, claims, damages, expenses or liabilities
(including reasonable attorneys&#146; fees and expenses) (collectively, &#147;<U>Losses</U>&#148;), joint or several, to which such Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar
as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) (i)&nbsp;arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus, in light of
the circumstances under which such statement is made) contained in (which, for the avoidance of doubt, includes documents incorporated by reference in) such Registration Statement or any other registration statement contemplated by this Agreement,
any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto or (ii)&nbsp;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 (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, and shall reimburse each such
Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating, defending or resolving any such Loss or actions or proceedings; <I>provided</I>, <I>however</I>, that the Partnership
shall not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by or on
behalf of such Selling Holder Indemnified Person in writing specifically for use in such Registration Statement or such other registration statement, or prospectus supplement, as applicable. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Selling Holder Indemnified Person, and shall survive the transfer of such securities by such Selling Holder. The Parties hereby designate each Seller Holder Indemnified Person who is not a
party to this Agreement as a third-party beneficiary of this <U>Section</U><U></U><U>&nbsp;2.09</U> with the right to enforce this <U>Section</U><U></U><U>&nbsp;2.09</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>By Each Selling Holder</U>. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless the Partnership, the
General Partner, NuStar GP, its directors, officers, employees and agents and each Person, if any, who controls the Partnership within the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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meaning of the Securities Act or of the Exchange Act, and its directors, officers, employees and agents (the &#147;<U>Partnership Indemnified Persons</U>&#148;), to the same extent as the
foregoing indemnity from the Partnership to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in such Registration Statement or
any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto;
<I>provided</I>, <I>however</I>, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from the sale of the Registrable
Securities giving rise to such indemnification. The Parties hereby designate each Partnership Indemnified Person who is not a party to this Agreement as a third-party beneficiary of this <U>Section</U><U></U><U>&nbsp;2.09</U> with the right to
enforce this <U>Section</U><U></U><U>&nbsp;2.09</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Notice</U>. Promptly after receipt by an indemnified party hereunder of
notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but such omission to so notify the
indemnifying party shall not relieve it from any liability that it may have to any indemnified party other than under this <U>Section</U><U></U><U>&nbsp;2.09</U>, except to the extent that the indemnifying party is materially prejudiced by such
failure. In any action brought against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake
the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election to so assume and undertake the defense thereof, the indemnifying party shall
not be liable to such indemnified party under this <U>Section</U><U></U><U>&nbsp;2.09</U> for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and
of liaison with counsel so selected; <I>provided</I>, <I>however</I>, that, (i)&nbsp;if the indemnifying party has failed to assume the defense or employ counsel reasonably acceptable to the indemnified party or (ii)&nbsp;if the defendants in any
such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to
those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel
and to assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the
indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified party is entitled to indemnification
hereunder without the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnified party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Contribution</U>. If the indemnification provided for in this <U>Section</U><U></U><U>&nbsp;2.09</U> is held by a court or government
agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the
amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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reflect the relative fault of the indemnifying party on the one hand and of such indemnified party on the other in connection with the statements or omissions that resulted in such Losses, as
well as any other relevant equitable considerations; <I>provided</I>, <I>however</I>, that in no event shall such Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses)
received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information supplied by such party, and the parties&#146; relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by
<I>pro</I><I></I><I>&nbsp;rata</I> allocation or by any other method of allocation that does not take account of the equitable considerations referred to herein. The amount paid by an indemnified party as a result of the Losses referred to in the
first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in connection with investigating, defending or resolving any Loss that is the subject of this paragraph. No person
guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Other Indemnification</U>. The provisions of this <U>Section</U><U></U><U>&nbsp;2.09</U> shall be in addition to any other rights to
indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.10
<U>Rule</U><U></U><U>&nbsp;144 Reporting</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With a view to making available the benefits of certain rules and regulations of the SEC
that may permit the sale of the Registrable Securities to the public without registration, the Partnership agrees to use its commercially reasonable efforts to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) make and keep public information regarding the Partnership available, as those terms are understood and defined in Rule&nbsp;144 under the
Securities Act (or any successor or similar provision adopted by the SEC then in effect), at all times from and after the date hereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) file with the SEC in a timely manner all reports and other documents required of the Partnership under the Securities Act and the Exchange
Act at all times from and after the date hereof; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) so long as a Holder owns any Registrable Securities, furnish (i)&nbsp;to the
extent accurate, forthwith upon request, a written statement of the Partnership that it has complied with the reporting requirements of Rule 144 under the Securities Act (or any similar provision then in effect) and (ii)&nbsp;unless otherwise
available electronically at no additional charge via the SEC&#146;s EDGAR system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Partnership, and such other reports and documents as such Holder may
reasonably request in availing itself of any rule or regulation of the SEC allowing such Holder to sell any such securities without registration. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.11 <U>Transfer or Assignment of Registration Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The rights to cause the Partnership to register Registrable Securities granted to the Purchasers by the Partnership under this
<U>Article</U><U></U><U>&nbsp;II</U> may be transferred or assigned by any Purchaser to one or more transferees or assignees of the Preferred Units or Registrable Securities, subject to the transfer restrictions set forth in Section&nbsp;19.9 of the
Partnership Agreement, <I>provided</I>, <I>however</I>, that (a)&nbsp;the Partnership is given written notice prior to any said transfer or assignment, stating the name and address of each of the transferee or assignee and identifying the
Registrable Securities with respect to which such registration rights are being transferred or assigned and (b)&nbsp;each such transferee or assignee assumes in writing responsibility for its portion of the obligations of such Purchaser under this
Agreement and to be bound by all the terms and provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.12 <U>Limitation on Subsequent Registration
Rights</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From and after the date hereof, the Partnership shall not, without the prior written consent of the Holders of at least the
Registrable Securities Required Voting Percentage, enter into any agreement with any current or future holder of any equity securities of the Partnership that would (i)&nbsp;allow such current or future holder to require the Partnership to include
equity securities in any registration statement filed by the Partnership on a basis that is superior in any respect to the piggyback rights granted to the Holders pursuant to <U>Section</U><U></U><U>&nbsp;2.02</U> or (ii)&nbsp;permit another holder
of securities of the Partnership to participate on a <I>pari passu </I>basis (in terms of priority of cut back based on advice of underwriters) with a Holder requesting registration or takedown in an Underwritten Offering pursuant to
<U>Section</U><U></U><U>&nbsp;2.04(a)</U>. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01 <U>Communications</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All notices and other communications provided for or permitted hereunder shall be made in writing by facsimile, electronic mail, courier
service or personal delivery: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) if to any Purchaser, to such Purchaser&#146;s address listed on <U>Schedule</U><U></U><U>&nbsp;A</U>
hereof or such other address as such Purchaser shall have specified by written notice to the Partnership; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) if to a transferee of a
Purchaser, to such Holder at the address provided pursuant to <U>Section</U><U></U><U>&nbsp;2.11</U> above; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) if to the
Partnership: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">NuStar Energy L.P. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">19003 <FONT STYLE="white-space:nowrap">IH-10</FONT> West </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">San Antonio, TX 78257 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention:
Amy L. Perry </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Email: Senior Vice President, General Counsel and Corporate Secretary </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">with a copy (which shall not constitute notice) to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Sidley Austin LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">1000
Louisiana St. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Suite 6000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Houston, TX 77002 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention:
George J. Vlahakos </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Email: gvlahakos@sidley.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All such notices and communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt
acknowledged, if sent via facsimile or sent via electronic mail; and when actually received, if sent by courier service or any other means. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02 <U>Successor and Assigns</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including
subsequent Holders of Registrable Securities to the extent permitted herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03 <U>Assignment of Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All or any portion of the rights and obligations of any Purchaser under this Agreement may be transferred or assigned by such Purchaser only
in accordance with <U>Section</U><U></U><U>&nbsp;2.11</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04 <U>Recapitalization, Exchanges, Etc. Affecting the
Common Units</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all units of
the Partnership or any successor or assign of the Partnership (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be
appropriately adjusted for combinations, unit splits, recapitalizations, <I>pro</I><I></I><I>&nbsp;rata</I> distributions of units and the like occurring after the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05 <U>Aggregation of Registrable Securities</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All Registrable Securities held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of
determining the availability of any rights and applicability of any obligations under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06 <U>Specific
Performance</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Damages in the event of breach of this Agreement by a party hereto may be difficult, if not impossible, to ascertain,
and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, shall have the right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such
breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an injunction or other
equitable relief. The existence of this right shall not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person may have. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07 <U>Counterparts</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, including facsimile or
..pdf counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08 <U>Headings</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.09 <U>Governing Law; Submission to Jurisdiction</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement, including all issues and questions concerning its application, construction, validity, interpretation and enforcement, shall
be construed in accordance with, and governed by, the laws of the State of Delaware. The Parties hereby submit to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of any U.S.&nbsp;federal or state court located in the State of
Delaware in any action, suit or proceeding arising out of or based upon this Agreement or any of the transactions contemplated hereby. The Parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any objection which they
may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the Parties hereto agrees that a judgment in any such dispute may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.10 <U>WAIVER OF JURY
TRIAL</U>. THE PARTIES TO THIS AGREEMENT EACH HEREBY WAIVE, AND AGREE TO CAUSE THEIR AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A)&nbsp;ARISING UNDER THIS
AGREEMENT OR (B)&nbsp;IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND
WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS
AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.11 <U>Severability of Provisions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other jurisdiction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.12 <U>Entire Agreement</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement, the Purchase Agreement and the other agreements and documents referred to herein are intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein, in the Purchase Agreement or in the other agreements and documents referred to herein with respect to the rights granted by the Partnership or any of its Affiliates or the
Purchasers or any of their respective Affiliates set forth herein or therein. This Agreement, the Purchase Agreement and the other agreements and documents referred to herein or therein supersede all prior agreements and understandings between the
parties with respect to such subject matter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.13 <U>Amendment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement may be amended only by means of a written amendment signed by the Partnership and the Holders of at least the Registrable
Securities Required Voting Percentage; <I>provided</I>, <I>however</I>, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the consent of such Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.14 <U>No Presumption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any claim is made by a party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or
persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.15 <U>Obligations Limited to Parties to Agreement</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the parties hereto covenants, agrees and acknowledges that no Person other than the Purchasers (and their permitted transferees and
assignees), the Holders and the Partnership shall have any obligation hereunder. Notwithstanding that one or more of such Persons may be a corporation, partnership or limited liability company, no recourse under this Agreement or under any documents
or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons or any
former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any
applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner,
manager, member, stockholder or Affiliate of any of such Persons or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate thereof, as such, for any obligations of such
Persons under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except in each case for any transferee or assignee
of a Purchaser or a Holder hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.16 <U>Independent Nature of Purchaser&#146;s Obligations</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The obligations of each Purchaser under this Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser
shall be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement. Nothing contained herein, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a
partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this
Agreement. Each Purchaser shall be entitled to independently protect and enforce its rights, including, the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any
proceeding for such purpose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.17 <U>Interpretation</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Article and Section references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and
agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The words &#147;include,&#148; &#147;includes&#148; and
&#147;including&#148; or words of similar import shall be deemed to be followed by the words &#147;without limitation.&#148; Whenever any determination, consent or approval is to be made or given by a Purchaser under this Agreement, such action
shall be in such Purchaser&#146;s sole discretion unless otherwise specified. Unless expressly set forth or qualified otherwise (<I>e.g.</I>, by &#147;<U>Business</U>&#148; or &#147;<U>Trading</U>&#148;), all references herein to a &#147;day&#148;
are deemed to be a reference to a calendar day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>signature page follows</I>]<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first
above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PARTNERSHIP:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>NUSTAR ENERGY L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Riverwalk Logistics, L.P.,<I></I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>its
General Partner</I></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NuStar GP, LLC,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>its General
Partner</I></P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By: <U></U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Registration Rights Agreement </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PURCHASERS</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>EIG NOVA EQUITY AGGREGATOR, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EIG Nova Equity GP, LLC,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">its general
partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EIG Asset Management, LLC,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">its managing
member</P></TD></TR></TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By: <U></U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Richard K. Punches, II</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Richard K. Punches, II</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By: <U></U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Matthew Hartman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Matthew Hartman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>FS ENERGY AND POWER FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FS/EIG Advisor, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">its Investment
Advisor</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By: <U></U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Richard K. Punches, II</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Richard K. Punches, II</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Person</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By: <U></U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Matthew Hartman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Matthew Hartman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Person</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Registration Rights Agreement</I> </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Purchaser Name; Notice and Contact Information </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Purchaser</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Contact Information</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EIG Nova Equity Aggregator, L.P.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o EIG Management Company, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">333 Clay
Street, Suite 3500</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Matthew
Hartman</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CC: Austin Pearson</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email:
Matthew.Hartman@eigpartners.com</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CC: Austin.Pearson@eigpartners.com</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Telephone (M. Hartman): (713) <FONT STYLE="white-space:nowrap">615-7412</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Telephone (A. Pearson): (713) <FONT STYLE="white-space:nowrap">615-7431</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FS Energy and Power Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o EIG Management Company, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1700
Pennsylvania Avenue NW, Suite 800<BR>Washington, DC&nbsp;20006</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Eric Long</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CC: Andrew P. Jamison</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: eric.long@eigpartners.com</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CC: andy.jamison@eigpartners.com</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Telephone (E. Long):&nbsp;(202) <FONT
STYLE="white-space:nowrap">600-3693</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Telephone (A. Jamison): (202) <FONT STYLE="white-space:nowrap">600-3380</FONT></P></TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>d641307dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><I></I><B></B><B><I>Execution Version</I></B><B></B><I></I><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNIT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AGREEMENT </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">among
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUSTAR ENERGY L.P. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE PURCHASERS PARTY HERETO </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>June&nbsp;26, 2018 </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="86%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE I DEFINITIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Accounting Procedures and Interpretation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE II AGREEMENT TO SELL AND PURCHASE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sale and Purchase</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Mutual Conditions at the Initial Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Conditions to Each Purchaser&#146;s Obligations at the Initial Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Conditions to the Partnership&#146;s Obligations at the Initial Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Deliveries at the Initial Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Mutual Conditions at the Second Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Conditions to Each Purchaser&#146;s Obligations at the Second Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Conditions to the Partnership&#146;s Obligations at the Second Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Independent Nature of Purchasers&#146; Obligations and Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Further Assurances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE III REPRESENTATIONS AND WARRANTIES AND COVENANTS RELATED TO THE
PARTNERSHIP</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Existence</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capitalization and Valid Issuance of Units</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ownership of the Material Subsidiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">NS SEC Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Financial Statements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Independent Registered Public Accounting Firm</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No Material Adverse Change</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No Registration Required</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No Restrictions or Registration Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Litigation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No Conflicts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Authority; Enforceability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Approvals</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Distribution Restrictions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MLP Status</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Investment Company Status</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Certain Fees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Labor and Employment Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.20</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.21</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Internal Controls</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.22</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Disclosure Controls and Procedures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.23</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sarbanes-Oxley</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.24</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Listing and Maintenance Requirements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.25</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Environmental Compliance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.26</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ERISA Compliance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.27</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Tax Returns; Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.28</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Permits</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.29</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Required Disclosures and Descriptions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.30</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Title to Property</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Rights-of-Way</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.32</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> Eligibility</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.33</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FCPA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.34</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Money Laundering Laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.35</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">OFAC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.36</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Related Party Transactions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.37</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No Side Agreements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IV REPRESENTATIONS AND WARRANTIES AND COVENANTS OF THE PURCHASERS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Existence</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Authorization; Enforceability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No Breach</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Certain Fees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Unregistered Securities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sufficient Funds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No Prohibited Trading</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE V COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Conduct of Business</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Listing of Units</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Lock-up</FONT> Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Tax Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Use of Proceeds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VI INDEMNIFICATION, COSTS AND EXPENSES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Indemnification by the Partnership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Indemnification by the Purchasers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Indemnification Procedure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Tax Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VII TERMINATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Certain Effects of Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VIII MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Expenses</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Interpretation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Survival of Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No Waiver: Modifications in Writing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Binding Effect; Assignment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Non-Disclosure</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Communications</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Removal of Legend</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Entire Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Governing Law; Submission to Jurisdiction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Waiver of Jury Trial</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exclusive Remedy</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No Recourse Against Others</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No Third-Party Beneficiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Execution in Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNIT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
<B>SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNIT PURCHASE AGREEMENT</B>, dated as of June&nbsp;26, 2018 (this &#147;<B><U>Agreement</U></B>&#148;), is entered into by and among <B>NUSTAR ENERGY L.P.</B>, a Delaware limited partnership (the
&#147;<B><U>Partnership</U></B>&#148;) and the purchasers set forth in <U>Schedule</U><U></U><U>&nbsp;A</U> hereto (the &#147;<B><U>Purchasers</U></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Partnership desires to issue and sell to the Purchasers, and the Purchasers desire to purchase from the Partnership, the
Series&nbsp;D Preferred Units (as defined below), in accordance with the provisions of this Agreement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the
Partnership has agreed to provide the Purchasers with certain registration rights with respect to the Series&nbsp;D Preferred Units, the PIK Units (as defined below) and the Conversion Units (as defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW THEREFORE</B>, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.01</B> <B><U>Definitions</U></B>. Unless otherwise defined in this Agreement, terms shall have the same meaning as in the
Partnership Agreement (as defined below). As used in this Agreement, the following terms have the meanings indicated: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Affiliate</U></B>&#148; means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with, the Person in question (provided that no portfolio company of such Person shall be considered an Affiliate of such Person). As used herein, the term &#147;control&#148; means
the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. For the avoidance of doubt, for purposes of this
Agreement, (a)&nbsp;the Partnership Entities, on the one hand, and any Purchaser, on the other, shall not be considered Affiliates and (b)&nbsp;with respect to any Purchaser that is an investment fund, investment account or investment company, any
other investment fund, investment account or investment company that is managed, advised or <FONT STYLE="white-space:nowrap">sub-advised</FONT> by the same investment advisor as such Purchaser or by an Affiliate of such investment advisor, shall be
considered controlled by, and an Affiliate of, such Purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Agreement</U></B>&#148; has the meaning set forth in the
introductory paragraph of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Business Day</U></B>&#148; means any day other than a Saturday, Sunday, any federal
legal holiday or day on which banking institutions in the State of New York or State of Texas are authorized or required by Law or other governmental action to close. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Closing Date</U></B>&#148; means each of the Initial Closing Date and the Second Funding Closing Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Code</U></B>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;3.16</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Committed Investment Amount</U></B>&#148; means $590&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Common Equity Market Capitalization</U></B>&#148; means an amount equal to the product of the number of issued and outstanding
Common Units and the average high and low sales price of the Common Units for the date immediately preceding the date of the Second Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Common Units</U></B>&#148; means common units representing limited partner interests in the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Confidentiality Agreements</U></B>&#148; means any confidentiality agreement entered into by the Partnership and any of the
Purchasers or their Affiliates, as applicable, as may be amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Consent</U></B>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;3.14</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Contract</U></B>&#148; means any contract, agreement, indenture, note,
bond, mortgage, deed of trust, loan, instrument, lease, license, commitment or other arrangement, understanding, undertaking, commitment or obligation, whether written or oral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Conversion Units</U></B>&#148; means the Common Units issuable upon conversion of the Series&nbsp;D Preferred Units or PIK Units.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Delaware LLC Act</U></B>&#148; means the Delaware Limited Liability Company Act, as amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Delaware LP Act</U></B>&#148; means the Delaware Revised Uniform Limited Partnership Act, as amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Disclosure Letter</U></B>&#148; means the disclosure letter provided by the Partnership to the Purchasers dated as of the date
hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>EIG</U></B>&#148; means collectively, EIG Management Company, LLC and FS/EIG Advisor, LLC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Environmental Laws</U></B>&#148; means any and all applicable federal, state and local laws and regulations relating to the
protection of human health and safety and the environment or imposing liability or standards of conduct concerning any Hazardous Materials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>ERISA</U></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.26</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Exchange Act</U></B>&#148; means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations
of the SEC promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>FCPA</U></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.33</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>GAAP</U></B>&#148; means generally accepted accounting principles in the United States of America. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>General Partner</U></B>&#148; means Riverwalk Logistics, L.P., the general partner of
the Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Governmental Authority</U></B>&#148; means, with respect to a particular Person, any country, state, county,
city and political subdivision in which such Person or such Person&#146;s Property is located or which exercises valid jurisdiction over any such Person or such Person&#146;s Property, and any court, agency, department, commission, board, bureau,
official or other regulatory authority (including self-regulated organizations or other <FONT STYLE="white-space:nowrap">non-governmental</FONT> regulatory authorities) or instrumentality of any of them and any monetary authority which exercises
valid jurisdiction over any such Person or such Person&#146;s Property. Unless otherwise specified, all references to Governmental Authority herein with respect to the Partnership mean a Governmental Authority having jurisdiction over the
Partnership Entities or any of their respective Properties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>GP Partnership Agreement</U></B>&#148; means the First Amended
and Restated Limited Partnership Agreement of the General Partner, dated as of April&nbsp;16, 2001, as amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Hazardous Materials</U></B>&#148; means (A)&nbsp;any &#147;hazardous substance&#148; as defined in the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended, (B)&nbsp;any &#147;hazardous waste&#148; as defined in the Resource Conservation and Recovery Act, as amended, (C)&nbsp;any petroleum or petroleum product, (D)&nbsp;any polychlorinated
biphenyl and (E)&nbsp;any pollutant or contaminant or hazardous, dangerous or toxic chemical, material, waste or substance regulated under or within the meaning of any other Environmental Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Incentive Distribution Rights</U></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.02(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Indemnified Party</U></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;6.03(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Indemnifying Party</U></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;6.03(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Information Rights Agreement</U></B>&#148; means the Information Rights Agreement, to be entered into at the Initial Closing,
between the Partnership and EIG, substantially in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;D</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Initial
Closing</U></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.02</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Initial Closing Date</U></B>&#148;
means June&nbsp;29, 2018, or such other later date as the Partnership and the Purchasers shall agree to in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Initial
Funding Amount</U></B>&#148; means, with respect to a particular Purchaser, an amount equal to the Series&nbsp;D Preferred Unit Purchase Price multiplied by the number of Series&nbsp;D Preferred Units to be purchased by such Purchaser on the Initial
Closing Date pursuant to <U>Section</U><U></U><U>&nbsp;2.01(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Initial Purchase Price</U></B>&#148; means
$399,999,992.58. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Knowledge</U></B>&#148; means, with respect to the NuStar Parties, the actual knowledge of Brad Barron, Tom
Shoaf and Daniel Oliver. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Law</U></B>&#148; means any statute, law ordinance, regulation, rule, order, code,
governmental restriction, decree, injunction or other requirement of law, or any judicial or administrative interpretation thereof, of any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Lien</U></B>&#148; means any mortgage, pledge, lien (statutory or otherwise), encumbrance, security interest, security agreement,
conditional sale, trust receipt, charge or claim or a lease, consignment or bailment, preference or priority, assessment, deed of trust, easement, servitude or other encumbrance upon or with respect to any property of any kind. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Mandate Letter</U></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.37</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Material Adverse Effect</U></B>&#148; means any change, effect, event or occurrence that, individually or in the aggregate, has
had or would reasonably be expected to have a material adverse effect on (a)&nbsp;the business, condition (financial or otherwise) or results of operations of the Partnership Entities, taken as a whole or (b)&nbsp;the ability of any of the
Partnership Entities, as applicable, to perform their obligations under the Transaction Documents; <I>provided, however</I>, that any adverse changes, effects, events or occurrences resulting from or due to any of the following shall be disregarded
in determining whether there has been a Material Adverse Effect: (i)&nbsp;changes, effects, events or occurrences generally affecting the United States or global economy, the financial, credit, debt, securities or other capital markets or political,
legislative or regulatory conditions or changes in the industries in which the Partnership Entities operate (including changes, effects, events or occurrences generally affecting the prices of commodities); (ii)&nbsp;changes in any Laws or
regulations applicable to the Partnership Entities or applicable accounting regulations or principles or the interpretation thereof, to the extent not directly and exclusively impacting the Partnership Entities; (iii)&nbsp;acts of war or terrorism
(or the escalation of the foregoing) or natural disasters or other acts of God; (iv)&nbsp;any change in the market price or trading volume of the securities of the Partnership Entities (it being understood and agreed that the foregoing shall not
preclude any other Party to this Agreement from asserting that any facts or occurrences giving rise to or contributing to such change that are not otherwise excluded from the definition of Material Adverse Effect should be deemed to constitute, or
be taken into account in determining whether there has been, or would reasonably be expected to be, a Material Adverse Effect); (v)&nbsp;any failure of any of the Partnership Entities to meet any internal or external projections, forecasts or
estimates of revenues, earnings or other financial or operating metrics for any period (it being understood and agreed that the foregoing shall not preclude any other Party to this Agreement from asserting that any facts or occurrences giving rise
to or contributing to such change that are not otherwise excluded from the definition of Material Adverse Effect should be deemed to constitute, or be taken into account in determining whether there has been, or would reasonably be expected to be, a
Material Adverse Effect); (vi)&nbsp;any legal proceedings commenced by or involving any current or former holder of equity interests in the Partnership (on their own or on behalf of the Partnership) arising out of or relating to this Agreement, the
transactions contemplated hereby, the Merger Agreement or the transactions contemplated thereby; (vii)&nbsp;any nonpayment or nonperformance by Petr&oacute;leos de Venezuela, S.A. that results in a loss of revenues or increased liabilities to the
Partnership; and (viii)&nbsp;the execution, announcement or pendency of this Agreement or the consummation of the transactions contemplated hereby or of a reduction in the quarterly distribution of the Partnership Entities (it being understood and
agreed that the foregoing shall not preclude any other Party to this Agreement from asserting that any facts or occurrences giving rise to or contributing to such change that are not otherwise excluded from the definition of Material Adverse Effect
should be deemed to constitute, or be taken into account in determining whether there has been, or would reasonably be expected to be, a Material Adverse Effect). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Material Subsidiary Operative Document</U></B>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;3.03</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Material Subsidiaries</U></B>&#148; means each of the Partnership&#146;s
&#147;significant subsidiaries,&#148; as defined in <FONT STYLE="white-space:nowrap">Rule&nbsp;1-02(w)</FONT> of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-X</FONT> under the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Merger Agreement</U></B>&#148; means the Agreement and Plan of Merger dated February&nbsp;7, 2018 by and among the Partnership,
the General Partner, NuStar GP, Marshall Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of the Partnership, NSH and Riverwalk Holdings, as may be amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Money Laundering Laws</U></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.34</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>National Securities Exchange</U></B>&#148; means an exchange registered with the SEC under Section&nbsp;6(a) of the Securities
Exchange Act (or any successor to such Section) and any other securities exchange (whether or not registered with the SEC under Section&nbsp;6(a) (or successor to such Section) of the Securities Exchange Act) that NuStar GP shall designate as a
National Securities Exchange for purposes of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U><FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> Side
Letter</U></B>&#148; means the <FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> Side Letter, to be entered into at the Initial Closing, between the Partnership, EIG and the Purchasers, substantially in the form attached hereto as
<U>Exhibit</U><U></U><U>&nbsp;E</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NS Preferred Units</U></B>&#148; means the Series&nbsp;A Preferred Units, the
Series&nbsp;B Preferred Units and the Series&nbsp;C Preferred Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NS SEC Documents</U></B>&#148; means the
Partnership&#146;s forms, registration statements, reports, schedules and statements filed (but not furnished) by it under the Exchange Act or the Securities Act, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NSH</U></B>&#148; NuStar GP Holdings, LLC, a Delaware limited liability company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NuStar Entities</U></B>&#148; means, collectively, the Partnership and the Partnership&#146;s Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NuStar GP</U></B>&#148; means NuStar GP, LLC, the general partner of the General Partner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NuStar GP LLC Agreement</U></B>&#148; means the limited liability company agreement of NuStar GP, dated as of June&nbsp;5, 2000,
as amended from to time in accordance with the terms thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NuStar Parties</U></B>&#148; means, collectively, NuStar GP,
the General Partner and the Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NYSE</U></B>&#148; means the New York Stock Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Organizational Documents</U></B>&#148; means, as applicable, an entity&#146;s agreement or certificate of limited partnership,
limited liability company agreement, certificate of formation, certificate or articles of incorporation, bylaws or other similar organizational documents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Partnership</U></B>&#148; has the meaning set forth in the introductory paragraph of
this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Partnership Agreement</U></B>&#148; means the Sixth Amended and Restated Agreement of Limited Partnership of
the Partnership, dated as of November&nbsp;30, 2017, as amended from time to time in accordance with the terms thereof (including, as the context requires, by the Seventh A&amp;R LPA, as it may be further amended and restated from time to time in
accordance with its terms including in connection with the merger contemplated by the Merger Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Partnership
Entities</U></B>&#148; means, collectively, the NuStar Parties and NuStar Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Partnership Related Parties</U></B>&#148;
has the meaning specified in <U>Section</U><U></U><U>&nbsp;6.02</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>PCAOB</U></B>&#148; means the Public Company Accounting
Oversight Board of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Permits</U></B>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;3.28</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Permitted Transferee</U></B>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;5.03</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Person</U></B>&#148; means any individual, corporation, company, voluntary
association, partnership, joint venture, trust, limited liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Piggyback Registration Rights</U></B>&#148; means the rights described in <U>Section</U><U></U><U>&nbsp;2.02</U> of the
Registration Rights Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>PIK Units</U></B>&#148; means any additional Series&nbsp;D Preferred Units issued by the
Partnership to the Purchasers as <FONT STYLE="white-space:nowrap">in-kind</FONT> distributions pursuant to the Seventh A&amp;R LPA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Plan</U></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.26</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Property</U></B>&#148; means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or
intangible (including intellectual property rights). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Purchaser Related Parties</U></B>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;6.01</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Purchasers</U></B>&#148; has the meaning specified in the introductory paragraph of
this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Registration Rights Agreement</U></B>&#148; means the Registration Rights Agreement, to be entered into at
the Initial Closing, between the Partnership the Purchasers, substantially in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;C</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Reimbursable Expenses</U></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;8.01</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Representatives</U></B>&#148; means, with respect to a specified Person, the investors, officers, directors, managers, employees,
agents, advisors, counsel, accountants, investment bankers and other representatives of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Revolving Credit
Agreement</U></B>&#148; means the Revolving Credit Agreement, dated as of June&nbsp;28, 2013, among NSH and the lenders party thereto, as amended. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Rights-of-Way</FONT></FONT></U></B>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;3.31</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Riverwalk Holdings</U></B>&#148; means Riverwalk Holdings, LLC, a
Delaware limited liability company and wholly owned subsidiary of NSH. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Sanctions</U></B>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;3.35</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>SEC</U></B>&#148; means the United States Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Second Closing</U></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.02</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Second Funding Closing Date</U></B>&#148; means July&nbsp;13, 2018, or such other later date as the Partnership and the Purchasers
shall agree to in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Second Closing Eligible</U></B>&#148; means that the Partnership (i)&nbsp;is in compliance with
all covenants contained in its outstanding debt and preferred unit instruments and (ii)&nbsp;has a Common Equity Market Capitalization of at least $1.5&nbsp;billion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Second Closing Purchase Price</U></B>&#148; means $189,999,984.42. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Second Closing Funding Amount</U></B>&#148; means, with respect to a particular Purchaser, an amount equal to the Series&nbsp;D
Preferred Unit Purchase Price multiplied by the number of Series&nbsp;D Preferred Second Closing Units to be purchased by such Purchaser on the Second Funding Closing Date pursuant to <U>Section</U><U></U><U>&nbsp;2.01(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Securities Act</U></B>&#148; means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the
SEC promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Series</U></B><B><U></U></B><B><U>&nbsp;A Preferred Units</U></B>&#148; shall mean the 8.50%
Series&nbsp;A <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Cumulative Redeemable Perpetual Preferred Units issued by the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Series</U></B><B><U></U></B><B><U>&nbsp;B Preferred Units</U></B>&#148; shall mean the 7.625% Series&nbsp;B <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Cumulative Redeemable Perpetual Preferred Units issued by the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Series</U></B><B><U></U></B><B><U>&nbsp;C Preferred Units</U></B>&#148; shall mean the 9.00% Series&nbsp;C <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Cumulative Redeemable Perpetual Preferred Units issued by the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Series</U></B><B><U></U></B><B><U>&nbsp;D Preferred Initial Closing Units</U></B>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;2.01(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Series</U></B><B><U></U></B><B><U>&nbsp;D Preferred Second Closing
Units</U></B>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.01(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Series</U></B><B><U></U></B><B><U>&nbsp;D Preferred Unit Purchase Price</U></B>&#148; shall mean $25.38. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Series</U></B><B><U></U></B><B><U>&nbsp;D Preferred Units</U></B>&#148; means the Series&nbsp;D Cumulative Convertible Preferred
Units to be issued by the Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Seventh A&amp;R LPA</U></B>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.06(a)(ii)</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Subsidiary</U></B>&#148; means, as to any Person, any corporation or other entity of
which: (a)&nbsp;such Person or a Subsidiary of such Person is a general partner or, in the case of a limited liability company, the managing member or manager thereof; (b)&nbsp;at least a majority of the outstanding equity interest having by the
terms thereof ordinary voting power to elect a majority of the board of directors or similar governing body of such corporation or other entity (irrespective of whether or not at the time any equity interest of any other class or classes of such
corporation or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more of its Subsidiaries; or (c)&nbsp;any corporation
or other entity as to which such Person consolidates for accounting purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Tax Return</U></B>&#148; means any return,
report or similar filing (including the attached schedules) filed or required to be filed with respect to Taxes (and any amendments thereto), including any information return, claim for refund or declaration of estimated Taxes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Taxes</U></B>&#148; means any and all domestic or foreign, federal, state, local or other taxes of any kind (together with any and
all interest, penalties, additions to tax and additional amounts imposed with respect thereto) imposed by any Governmental Authority, including taxes on or with respect to income, franchises, windfall or other profits, gross receipts, property,
sales, use, capital stock, payroll, employment, unemployment, social security, workers&#146; compensation or net worth, and taxes in the nature of excise, withholding, ad&nbsp;valorem or value added, and including any liability in respect of any
items described above as a transferee or successor, pursuant to <FONT STYLE="white-space:nowrap">Section&nbsp;1.1502-6</FONT> of the Treasury Regulations (or any similar provisions of state, local or foreign Law), or as an indemnitor, guarantor,
surety or in a similar capacity under any Contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Third-Party Claim</U></B>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;6.03(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Total Funding Amount</U></B>&#148; means, with respect to a particular Purchaser,
an amount equal to the sum of (a)&nbsp;the Series&nbsp;D Preferred Unit Purchase Price multiplied by the number of Series&nbsp;D Preferred Initial Closing Units to be purchased by such Purchaser and (b)&nbsp;the Series&nbsp;D Preferred Unit Purchase
Price multiplied by the number of Series&nbsp;D Preferred Second Closing Units to be purchased by such Purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Trading
Day</U></B>&#148; means a day on which the principal National Securities Exchange on which the Common Units are listed or admitted to trading is open for the transaction of business or, if such Common Units are not listed or admitted to trading on
any National Securities Exchange, a day on which banking institutions in New York City generally are open. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Transaction
Documents</U></B>&#148; means, collectively, this Agreement, the Registration Rights Agreement, the Seventh A&amp;R LPA, the Information Rights Agreement, the <FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> Side Letter and any and all other
agreements or instruments executed and delivered in connection with the Initial Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>VWAP</U></B>&#148; means the volume
weighted average trading price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.02</B> <B><U>Accounting Procedures and Interpretation</U></B>. Unless otherwise specified
herein, all accounting terms used herein shall be interpreted, all determinations with respect to accounting matters hereunder shall be made, and all financial statements of the Partnership and certificates and reports as to financial matters
required to be furnished to the Purchasers hereunder shall be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
prepared, in accordance with GAAP applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto or, in the case of unaudited statements, as permitted
by <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> promulgated by the SEC) and in compliance as to form in all material respects with applicable accounting requirements and with the published rules and regulations of the SEC with respect
thereto. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT TO SELL AND PURCHASE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.01</B> <B><U>Sale and Purchase</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to the terms and conditions hereof, at the Initial Closing, each Purchaser hereby agrees, severally and not jointly, to purchase
from the Partnership, and the Partnership hereby agrees to issue and sell to each Purchaser, such Purchaser&#146;s respective Series&nbsp;D Preferred Units, as set forth next to such Purchaser&#146;s name on <U>Schedule&nbsp;A</U> hereto (the
&#147;<B><U>Series</U></B><B><U></U></B><B><U>&nbsp;D Preferred Initial Closing Units</U></B>&#148;), upon receipt by the Partnership of the Initial Purchase Price on the Initial Closing Date; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) subject to the terms and conditions hereof, at the Second Closing, each Purchaser hereby agrees, severally and not jointly, to purchase
from the Partnership, and the Partnership hereby agrees to issue and sell to each Purchaser, such Purchaser&#146;s respective Series&nbsp;D Preferred Units, as set forth next to such Purchaser&#146;s name on <U>Schedule</U><U></U><U>&nbsp;A</U>
hereto (the &#147;<B><U>Series</U></B><B><U></U></B><B><U>&nbsp;D Preferred Second Closing Units</U></B>&#148;), upon receipt by the Partnership of the Second Closing Purchase Price on the Second Funding Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.02</B> <B><U>Closing</U></B>. The consummation of each of (i)&nbsp;the purchase and sale of the Series&nbsp;D Preferred
Initial Closing Units (the &#147;<B><U>Initial Closing</U></B>&#148;) and (ii)&nbsp;the purchase and sale of the Series&nbsp;D Preferred Second Closing Units (the &#147;<B><U>Second Closing</U></B>&#148;) shall take place at the offices of Sidley
Austin LLP, 1000 Louisiana St., Suite 6000, Houston, Texas 77002 (or such other location as agreed to by the Partnership and the Purchasers). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.03</B> <B><U>Mutual Conditions at the Initial Closing</U></B>. The respective obligations of each party to consummate the
purchase and sale of the Series&nbsp;D Preferred Initial Closing Units at the Initial Closing shall be subject to the satisfaction, on or prior to the Initial Closing Date, of each of the following conditions (any or all of which may be waived by a
party on behalf of itself in writing, in whole or in part, to the extent permitted by applicable Law): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) no statute, rule, order, decree
or regulation shall have been enacted or promulgated, and no action shall have been taken, by any Governmental Authority which temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the
transactions contemplated hereby or under the other Transaction Documents or makes the transactions contemplated hereby or under the other Transaction Documents illegal; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) there shall not be pending any suit, action or proceeding by any Governmental Authority seeking to restrain, preclude, enjoin or prohibit
the transactions contemplated by this Agreement or the other Transaction Documents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.04</B> <B><U>Conditions to Each Purchaser</U></B><B><U>&#146;</U></B><B><U>s
Obligations at the Initial Closing</U></B>. The obligation of a Purchaser to consummate its purchase of Series&nbsp;D Preferred Initial Closing Units shall be subject to the satisfaction on or prior to the Initial Closing Date of each of the
following conditions (any or all of which may be waived by the applicable Purchaser with respect to itself in writing, in whole or in part, to the extent permitted by applicable Law): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the representations and warranties of the Partnership contained in this Agreement shall be true and correct in all material respects (other
than those representations and warranties contained in <U>Section</U><U></U><U>&nbsp;3.01</U>, <U>Section</U><U></U><U>&nbsp;3.02</U>, <U>Section</U><U></U><U>&nbsp;3.03</U>, <U>Section</U><U></U><U>&nbsp;3.13</U>,
<U>Section</U><U></U><U>&nbsp;3.16</U> or <U>Section</U><U></U><U>&nbsp;3.18</U> or other representations and warranties that are qualified by materiality or Material Adverse Effect, which, in each case, shall be true and correct in all respects)
when made and as of the Initial Closing Date (except that representations and warranties made as of a specific date shall be required to be true and correct in all material respects as of such date only); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the Partnership shall have performed and complied in all material respects with all of the covenants and agreements contained in this
Agreement that are required to be performed or complied with by it on or prior to the Initial Closing Date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the NYSE shall have
authorized, upon official notice of issuance, the listing of the Conversion Units; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) no notice of delisting from the NYSE shall have
been received by the Partnership with respect to the Common Units; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) there shall not have occurred a Material Adverse Effect; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) the Partnership shall have delivered, or caused to be delivered, to the Purchaser the Partnership&#146;s closing deliverables described in
<U>Section</U><U></U><U>&nbsp;2.06(a)</U>, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.05</B> <B><U>Conditions to the
Partnership</U></B><B><U>&#146;</U></B><B><U>s Obligations at the Initial Closing</U></B>. The obligation of the Partnership to consummate the sale and issuance of the Series&nbsp;D Preferred Initial Closing Units to each Purchaser shall be subject
to the satisfaction on or prior to the Initial Closing Date of each of the following conditions (any or all of which may be waived by the Partnership in writing, in whole or in part, to the extent permitted by applicable Law): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the representations and warranties of each Purchaser contained in this Agreement shall be true and correct in all material respects (other
than those representations and warranties that are qualified by materiality, which, in each case, shall be true and correct in all respects) when made and as of the Initial Closing Date (except that representations and warranties made as of a
specific date shall be required to be true and correct in all material respects as of such date only); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) each Purchaser shall have
performed and complied in all material respects with all of the covenants and agreements contained in this Agreement that are required to be performed or complied with by it on or prior to the Initial Closing Date; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) each Purchaser shall have delivered, or caused to be delivered, to the Partnership the applicable closing deliverables described in
<U>Section</U><U></U><U>&nbsp;2.06(b)</U>, as applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.06</B> <B><U>Deliveries at the Initial Closing</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Deliveries of the Partnership at the Initial Closing</U>. At the Initial Closing, the Partnership shall deliver, or cause to be
delivered, to the Purchasers: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) An opinion from Sidley Austin LLP, counsel for the Partnership, in substantially the
form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;A</U>, which shall be addressed to the Purchasers and dated the Initial Closing Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) A fully executed copy of the Seventh Amended and Restated Agreement of Limited Partnership of the Partnership,
substantially in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;B</U> (the &#147;<B><U>Seventh A&amp;R LPA</U></B>&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) An executed counterpart of the Registration Rights Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) An executed counterpart of the <FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> Side Letter; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) An executed counterpart of the Information Rights Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) A fully executed &#147;Supplemental Listing Application&#148; approving the Conversion Units for listing by the NYSE, upon
official notice of issuance; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) A fully executed waiver of NuStar GP with respect to its rights under Section&nbsp;5.7
of the Partnership Agreement, in substantially the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;F</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii)
Evidence of issuance of the Series&nbsp;D Preferred Initial Closing Units credited to book-entry accounts maintained by the transfer agent of the Partnership, bearing a restrictive notation meeting the requirements of the Partnership Agreement, free
and clear of any Liens, other than transfer restrictions under this Agreement, the Partnership Agreement or the Delaware LP Act and applicable federal and state securities Laws and those created by the Purchasers; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) A certificate of the Secretary or Assistant Secretary of NuStar GP, on behalf of the Partnership, dated the Initial
Closing Date, certifying as to and attaching (A)&nbsp;the certificate of limited partnership of the Partnership, (B)&nbsp;the Partnership Agreement, (C)&nbsp;board resolutions, or resolutions of a committee thereof, authorizing the execution and
delivery of the Transaction Documents and the consummation of the transactions contemplated thereby, and (D)&nbsp;the incumbency of the officers authorized to execute the Transaction Documents on behalf of the Partnership or NuStar GP, as
applicable, setting forth the name and title and bearing the signatures of such officers; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) A certificate of the
Secretary of State of each applicable state, dated within ten Business Days prior to the Initial Closing Date, to the effect that each of the Partnership and its Material Subsidiaries (other than NuStar Terminals N.V., a private limited liability
company duly established under the laws of the Netherlands Antilles and validly existing under the laws of the Netherlands and the <FONT STYLE="white-space:nowrap">BES-Islands)</FONT> is in good standing in its jurisdiction of formation; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) A certificate of the Executive Vice President and Chief Financial Officer of
NuStar GP, on behalf of the Partnership, dated the Initial Closing Date, certifying, in such capacity, to the effect that the conditions set forth in <U>Section</U><U></U><U>&nbsp;2.04(a)</U> and <U>Section</U><U></U><U>&nbsp;2.04(b)</U> contained
herein have been satisfied; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) A cross-receipt executed by the Partnership and delivered to the Purchasers
certifying as to the amounts that it has received from the Purchasers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Deliveries of the Purchasers at the Initial Closing</U>. At
the Initial Closing, the Purchasers, shall deliver or cause to be delivered to the Partnership: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) A counterpart of the
Registration Rights Agreement, which shall have been duly executed by each Purchaser; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) A counterpart of the <FONT
STYLE="white-space:nowrap">Non-Solicitation</FONT> Side Letter, which shall have been duly executed by each Purchaser and EIG; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) A cross-receipt executed by each Purchaser and delivered to the Partnership certifying that each Purchaser has received
from the Partnership the number of Series&nbsp;D Preferred Initial Closing Units to be received by such Purchaser in connection with the Initial Closing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) a certificate of an authorized officer of each Purchaser, dated the Initial Closing Date, in his or her applicable
capacity, to the effect that the conditions set forth in <U>Section</U><U></U><U>&nbsp;2.05(a)</U> and <U>Section</U><U></U><U>&nbsp;2.05(b)</U> have been satisfied; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Payment of each Purchaser&#146;s Initial Funding Amount payable by wire transfer of immediately available funds to an
account designated in advance of the Initial Closing Date by the Partnership; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) A properly executed Internal
Revenue Service <FONT STYLE="white-space:nowrap">Form&nbsp;W-9</FONT> from each Purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.07</B> <B><U>Mutual Conditions
at the Second Closing</U></B>. The respective obligations of each party to consummate the purchase and sale of the Series&nbsp;D Preferred Second Closing Units at the Second Closing shall be subject to the satisfaction, on or prior to the Second
Funding Closing Date, of each of the following conditions (any or all of which may be waived by a party on behalf of itself in writing, in whole or in part, to the extent permitted by applicable Law): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) no statute, rule, order, decree or regulation shall have been enacted or promulgated, and no action shall have been taken, by any
Governmental Authority which temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated hereby or under the other Transaction Documents or makes the transactions
contemplated hereby or under the other Transaction Documents illegal; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) there shall not be pending any suit, action or proceeding
by any Governmental Authority seeking to restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement or the other Transaction Documents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.08</B> <B><U>Conditions to Each Purchaser</U></B><B><U>&#146;</U></B><B><U>s
Obligations at the Second Closing</U></B>. The obligation of a Purchaser to consummate its purchase of Series&nbsp;D Preferred Second Closing Units shall be subject to the satisfaction on or prior to the Second Funding Closing Date of each of the
following conditions (any or all of which may be waived by the applicable Purchaser with respect to itself in writing, in whole or in part, to the extent permitted by applicable Law): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the Partnership is Second Closing Eligible; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the representations and warranties of the Partnership contained in this Agreement shall be true and correct in all material respects
(other than those representations and warranties contained in <U>Section</U><U></U><U>&nbsp;3.01</U>, <U>Section</U><U></U><U>&nbsp;3.02</U>, <U>Section</U><U></U><U>&nbsp;3.03</U>, <U>Section</U><U></U><U>&nbsp;3.13</U>,
<U>Section</U><U></U><U>&nbsp;3.16</U> or <U>Section</U><U></U><U>&nbsp;3.18</U> or other representations and warranties that are qualified by materiality or Material Adverse Effect, which, in each case, shall be true and correct in all respects)
when made and as of the Second Funding Closing Date (except that representations and warranties made as of a specific date shall be required to be true and correct in all material respects as of such date only); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the Partnership shall have performed and complied in all material respects with all of the covenants and agreements contained in this
Agreement that are required to be performed or complied with by it on or prior to the Second Funding Closing Date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) no notice of
delisting from the NYSE shall have been received by the Partnership with respect to the Common Units; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) there shall not have occurred a
Material Adverse Effect; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) the Partnership shall have delivered, or cause to be delivered, to the Purchaser the following
documents: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) an opinion from Sidley Austin LLP, counsel for the Partnership, in substantially the form attached hereto
as <U>Exhibit</U><U></U><U>&nbsp;A</U> with respect to the Series&nbsp;D Preferred Second Closing Units purchased on the Second Funding Closing Date, which shall be addressed to the Purchasers and dated the Second Funding Closing Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) a fully executed &#147;Supplemental Listing Application&#148; approving the Conversion Units, in respect of the
Series&nbsp;D Preferred Second Closing Units, for listing by the NYSE, upon official notice of issuance, if needed; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)
evidence of issuance of the Series&nbsp;D Preferred Second Closing Units credited to book-entry accounts maintained by the transfer agent of the Partnership, bearing a restrictive notation meeting the requirements of the Partnership Agreement, free
and clear of any Liens, other than transfer restrictions under this Agreement, the Partnership Agreement or the Delaware LP Act and applicable federal and state securities Laws and those created by the Purchasers; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) a certificate of the Secretary or Assistant Secretary of NuStar GP, on behalf of the Partnership, dated the Second Funding
Closing Date, certifying as to and attaching (A)&nbsp;the certificate of limited partnership of the Partnership, (B)&nbsp;the Partnership Agreement, (C)&nbsp;board resolutions, or resolutions of a committee thereof, authorizing the execution and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
delivery of the Transaction Documents and the consummation of the transactions contemplated thereby, and (D)&nbsp;the incumbency of the officers authorized to execute the Transaction Documents on
behalf of the Partnership or NuStar GP, as applicable, setting forth the name and title and bearing the signatures of such officers; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) a certificate of the Secretary of State of each applicable state, dated within ten Business Days prior to the Second
Funding Closing Date, to the effect that each of the Partnership and its Material Subsidiaries (other than NuStar Terminals N.V., a private limited liability company duly established under the laws of the Netherlands Antilles and validly existing
under the laws of the Netherlands and the <FONT STYLE="white-space:nowrap">BES-Islands)</FONT> is in good standing in its jurisdiction of formation; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) a certificate of the Executive Vice President and Chief Financial Officer of NuStar GP, on behalf of the Partnership,
dated the Second Funding Closing Date, certifying, in such capacity, to the effect that the conditions set forth in <U>Section</U><U></U><U>&nbsp;2.08(b)</U> and <U>Section</U><U></U><U>&nbsp;2.08(c)</U>&nbsp;contained herein have been satisfied;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) a cross-receipt executed by the Partnership and delivered to the Purchasers certifying as to the amounts that it
has received from the Purchasers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.09</B> <B><U>Conditions to the Partnership</U></B><B><U>&#146;</U></B><B><U>s
Obligations at the Second Closing</U></B>. The obligation of the Partnership to consummate the sale and issuance of the Series&nbsp;D Preferred Second Closing Units to each Purchaser shall be subject to the satisfaction on or prior to the Second
Funding Closing Date of each of the following conditions (any or all of which may be waived by the Partnership in writing, in whole or in part, to the extent permitted by applicable Law): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the representations and warranties of each Purchaser contained in this Agreement shall be true and correct in all material respects (other
than those representations and warranties that are qualified by materiality, which, in each case, shall be true and correct in all respects) when made and as of the Second Funding Closing Date (except that representations and warranties made as of a
specific date shall be required to be true and correct in all material respects as of such date only); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) each Purchaser shall have
performed and complied in all material respects with all of the covenants and agreements contained in this Agreement that are required to be performed or complied with by it on or prior to the Second Funding Closing Date; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the Purchasers, shall have delivered, or caused to be delivered, to the Partnership the following documents: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) a cross-receipt executed by each Purchaser and delivered to the Partnership certifying that each Purchaser has received
from the Partnership the number of Series&nbsp;D Preferred Second Closing Units to be received by such Purchaser in connection with the Second Closing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) a certificate of an authorized officer of each Purchaser, dated the Second Funding Closing Date, in his or her applicable
capacity, to the effect that the conditions set forth in <U>Section</U><U></U><U>&nbsp;2.09(a)</U> and <U>Section</U><U></U><U>&nbsp;2.09(b)</U> have been satisfied; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) payment of each Purchaser&#146;s Second Closing Funding Amount payable by
wire transfer of immediately available funds to an account designated in advance of the Second Funding Closing Date by the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.10</B> <B><U>Independent Nature of Purchasers</U></B><B><U>&#146;</U></B><B><U> Obligations and Rights</U></B>. The
obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under
any Transaction Document. The failure of any Purchaser to perform, or waiver by the Partnership of such performance, under any Transaction Document shall not excuse performance by any other Purchaser and such waiver shall not excuse performance by
the Partnership with respect to any other Purchaser. Similarly, the waiver by any Purchaser of performance of the Partnership under any Transaction Document shall not excuse performance by the Partnership with respect to any other Purchaser and such
waiver shall not excuse performance by the Purchaser so waiving. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a
partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be
joined as an additional party in any proceeding for such purpose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.11</B> <B><U>Further Assurances</U></B>. From time to
time after the date hereof, without further consideration, the Partnership and each Purchaser shall use their commercially reasonable efforts to take, or cause to be taken, all actions necessary or appropriate to consummate the transactions
contemplated by this Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES AND COVENANTS RELATED TO THE PARTNERSHIP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as described in the Disclosure Letter, the Partnership represents and warrants to and covenants with the Purchasers as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.01</B> <B><U>Existence</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each of the Partnership Entities has been duly formed or incorporated, as the case may be, and is validly existing as a corporation,
limited partnership or limited liability company, as the case may be, and is in good standing under the Laws of its jurisdiction of incorporation or formation, as the case may be, with full corporate, limited partnership or limited liability company
power and authority (i)&nbsp;to own, lease and operate its Properties and to conduct its business as described in the NS SEC Documents, (ii)&nbsp;to execute and deliver this Agreement and the other Transaction Documents to which such Partnership
Entity is a party and consummate the transactions contemplated hereby and thereby, (iii)&nbsp;in the case of the Partnership, to issue, sell and deliver the Series&nbsp;D Preferred Units, (iv)&nbsp;in the case of the General Partner, to act as the
general partner of the Partnership and (v)&nbsp;in the case of NuStar GP, to act as the general partner of the General Partner. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each of the Partnership Entities is duly qualified to do business as a foreign limited
partnership or limited liability company, as the case may be, and is in good standing in each jurisdiction where the ownership or lease of its Properties or the conduct of its business requires such qualification, except for any failures to be so
qualified and in good standing that would not, individually or in the aggregate, (i)&nbsp;constitute a Material Adverse Effect or (ii)&nbsp;subject the limited partners of the Partnership to any material liability or disability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Organizational Documents of each of the Partnership Entities have been, and, on each Closing Date, the Seventh A&amp;R LPA will be,
duly authorized, executed and delivered by the Partnership Entities, as applicable, and, assuming the due authorization, valid execution and delivery by the other parties thereto (other than the Partnership Entities), each Organizational Document
is, and, on each Closing Date, the Seventh A&amp;R LPA will be, a valid and legally binding agreement of the Partnership Entities, as applicable, enforceable against such parties in accordance with its terms; <I>provided</I> that, with respect to
each agreement described in this <U>Section</U><U></U><U>&nbsp;3.01(c)</U>, the enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting
creditors&#146; rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); <I>provided</I> <I>further</I>, that the indemnity, contribution and exoneration
provisions contained in any of such agreements may be limited by applicable laws and public policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.02</B>
<B><U>Capitalization and Valid Issuance of Units</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) As of June&nbsp;22, 2018, the issued and outstanding limited partner
interests of the Partnership consist of 93,183,445 Common Units, 9,060,000 Series&nbsp;A Preferred Units, 15,400,000 Series&nbsp;B Preferred Units and 6,900,000 Series&nbsp;C Preferred Units, and the incentive distribution rights (as defined in the
Partnership Agreement, the &#147;<B><U>Incentive Distribution Rights</U></B>&#148;). All outstanding Common Units, NS Preferred Units, Incentive Distribution Rights and the limited partner interests represented thereby were duly authorized and
validly issued in accordance with the Partnership Agreement and are fully paid (to the extent required under the Partnership Agreement) and <FONT STYLE="white-space:nowrap">non-assessable</FONT> (except as such
<FONT STYLE="white-space:nowrap">non-assessability</FONT> may be affected by <FONT STYLE="white-space:nowrap">Sections&nbsp;17-303,</FONT> <FONT STYLE="white-space:nowrap">17-607</FONT> and <FONT STYLE="white-space:nowrap">17-804</FONT> of the
Delaware LP Act). As of the date hereof, there are no, and as of the Initial Closing Date, there will be no, limited partner interests of the Partnership that are senior to, in right of distribution or liquidation, the Series&nbsp;D Preferred Units.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) NSH is the sole member of NuStar GP and owns 100% of the issued and outstanding membership interests in NuStar GP; such membership
interests have been duly authorized and validly issued in accordance with the NuStar GP LLC Agreement, and are fully paid (to the extent required under the NuStar GP LLC Agreement) and <FONT STYLE="white-space:nowrap">non-assessable</FONT> (except
as such nonassessability may be affected by matters described in <FONT STYLE="white-space:nowrap">Sections&nbsp;18-607</FONT> and <FONT STYLE="white-space:nowrap">18-804</FONT> of the Delaware LLC Act); and NSH owns such membership interests free
and clear of all Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) NuStar GP is the sole general partner of the General Partner with a 0.1% general partner interest in the
General Partner; such general partner interest has been duly authorized and validly issued in accordance with the GP Partnership Agreement; and NuStar GP owns such general partner interest free and clear of all Liens. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Riverwalk Holdings is the sole limited partner of the General Partner with a 99.9% limited
partner interest in the General Partner; such limited partner interest has been duly authorized and validly issued in accordance with the GP Partnership Agreement and is fully paid (to the extent required under the GP Partnership Agreement) and <FONT
STYLE="white-space:nowrap">non-assessable</FONT> (except as such nonassessability may be affected by matters described in <FONT STYLE="white-space:nowrap">Sections&nbsp;17-303,</FONT> <FONT STYLE="white-space:nowrap">17-607</FONT> and <FONT
STYLE="white-space:nowrap">17-804</FONT> of the Delaware LP Act); and the Riverwalk Holdings owns such limited partner interest free and clear of all Liens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) As of the date hereof, the General Partner is the sole general partner of the Partnership with a 2% general partner interest and 100% of
the Incentive Distribution Rights in the Partnership; such general partner interest and Incentive Distribution Rights have been duly authorized and validly issued in accordance with the Partnership Agreement and, in the case of the Incentive
Distribution Rights, are fully paid (to the extent required under the Partnership Agreement) and <FONT STYLE="white-space:nowrap">non-assessable</FONT> (except as such nonassessability may be affected by matters described in <FONT
STYLE="white-space:nowrap">Sections&nbsp;17-303,</FONT> <FONT STYLE="white-space:nowrap">17-607</FONT> and <FONT STYLE="white-space:nowrap">17-804</FONT> of the Delaware LP Act); and the General Partner owns such general partner interest and
Incentive Distribution Rights, in each case, free and clear of all Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) As of the date hereof, (i)&nbsp;Riverwalk Holdings and
NuStar GP, each a direct wholly owned subsidiary of NSH, own 10,213,894 and 732 Common Units, respectively; and (ii)&nbsp;Riverwalk Holdings and NuStar GP own such limited partner interests free and clear of all Liens, except for Liens arising under
or in connection with the Revolving Credit Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The Series&nbsp;D Preferred Units and the limited partner interests represented
thereby will be duly authorized by the Partnership pursuant to the Partnership Agreement prior to the Initial Closing and, when issued and delivered to the Purchasers against payment therefor in accordance with the terms of this Agreement, will be
validly issued, fully paid (to the extent required by the Partnership Agreement) and <FONT STYLE="white-space:nowrap">non-assessable</FONT> (except as such nonassessability may be affected by matters described in
<FONT STYLE="white-space:nowrap">Sections&nbsp;17-303,</FONT> <FONT STYLE="white-space:nowrap">17-607</FONT> and <FONT STYLE="white-space:nowrap">17-804</FONT> of the Delaware LP Act) and will be free of any and all Liens and restrictions on
transfer, other than (i)&nbsp;restrictions on transfer under the Partnership Agreement, this Agreement or applicable state and federal securities Laws, (ii)&nbsp;with respect to each Purchaser&#146;s Series&nbsp;D Preferred Units and the limited
partner interests represented thereby, such Liens as are created by such Purchaser and (iii)&nbsp;such Liens as arise under the Partnership Agreement or the Delaware LP Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Except for any such preemptive rights that have been waived, there are no persons entitled to statutory, preemptive or other similar
contractual rights to subscribe for the Series&nbsp;D Preferred Units; and, except (i)&nbsp;for the Series&nbsp;D Preferred Units to be issued pursuant to this Agreement, and the PIK Units and the Conversion Units to be issued pursuant to the
Partnership Agreement, (ii)&nbsp;for awards issued pursuant to an equity incentive plan approved by the board of directors of NuStar GP, or (iii)&nbsp;as disclosed in the NS SEC Documents or to the Purchasers in writing, no options, warrants or
other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, Partnership securities or ownership interests in the Partnership are outstanding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Upon issuance in accordance with this Agreement and the Partnership Agreement, the PIK Units
and the Conversion Units will be duly authorized, validly issued, fully paid (to the extent required by the Partnership Agreement) and <FONT STYLE="white-space:nowrap">non-assessable</FONT> (except as such nonassessability may be affected by matters
described in <FONT STYLE="white-space:nowrap">Sections&nbsp;17-303,</FONT> <FONT STYLE="white-space:nowrap">17-607</FONT> and <FONT STYLE="white-space:nowrap">17-804</FONT> of the Delaware LP Act) and will be free of any and all Liens and
restrictions on transfer, other than (i)&nbsp;restrictions on transfer under the Partnership Agreement, this Agreement or applicable state and federal securities Laws, (ii)&nbsp;with respect to each Purchaser&#146;s PIK Units and Conversion Units,
such Liens as are created by such Purchaser and (iii)&nbsp;such Liens as arise under the Partnership Agreement or the Delaware LP Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.03</B> <B><U>Ownership of the Material Subsidiaries</U></B>. As of the date hereof, the Partnership owns directly or
indirectly 100% of the outstanding capital stock, membership interests, partnership interests or other equity interests, as the case may be, in each of the Material Subsidiaries; such stock, membership interests, partnership interests or other
equity interests have been duly authorized and validly issued in accordance with the Organizational Documents of each applicable Material Subsidiary, as the case may be (the &#147;<B><U>Material Subsidiary Operative Document</U></B>&#148;), and,
except in the case of the general partner interests, are fully paid (to the extent required under the applicable Material Subsidiary Operative Document) and <FONT STYLE="white-space:nowrap">non-assessable</FONT> (except as such nonassessability may
be affected by matters described in <FONT STYLE="white-space:nowrap">Sections&nbsp;18-607</FONT> and <FONT STYLE="white-space:nowrap">18-804</FONT> of the Delaware LLC Act or <FONT STYLE="white-space:nowrap">Sections&nbsp;17-303,</FONT> <FONT
STYLE="white-space:nowrap">17-607</FONT> and <FONT STYLE="white-space:nowrap">17-804</FONT> of the Delaware LP Act, as the case may be); and the Partnership and the direct owner, if applicable, owns all such stock, membership interests, partnership
interests or other equity interests, as the case may be, free and clear of all Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.04</B> <B><U>NS SEC
Documents</U></B>. Since January&nbsp;1, 2017, the NS SEC Documents have been filed on a timely basis. The NS SEC Documents, at the time filed (or in the case of registration statements, solely on the dates of effectiveness), except to the extent
corrected by a subsequent NS SEC Document, (a)&nbsp;did not 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 light of the
circumstances under which they were made in the case of any such documents other than a registration statement, not misleading and (b)&nbsp;complied as to form in all material respects with the applicable requirements of the Exchange Act and the
Securities Act, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.05</B> <B><U>Financial Statements</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The historical financial statements (including the related notes and supporting schedule) contained or incorporated by reference in the NS
SEC Documents, (i)&nbsp;comply as to form in all material respects with the applicable accounting requirements under the Securities Act and the Exchange Act, (ii)&nbsp;present fairly in all material respects the financial position, results of
operations and cash flows of the entities purported to be shown thereby on the basis stated therein at the respective dates or for the respective periods and (iii)&nbsp;have been prepared in accordance with GAAP consistently applied throughout the
periods involved, in each case except to the extent disclosed therein. The other financial information of the Partnership Entities, including <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures, if any, contained or incorporated by
reference in the NS SEC Documents has been derived from the accounting records of the Partnership Entities, and fairly presents in all material respects the information purported to be shown thereby. Nothing has come to the attention of the
Partnership that has caused it to believe that the statistical and market-related data included in the NS SEC Documents is not based on or derived from sources that are reliable and accurate in all material respects as of the date on which the
applicable NS SEC Documents were filed or does not comply in all material respects with Regulation&nbsp;G of the Exchange Act and Item&nbsp;10 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> of the Securities Act, to the extent applicable.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Since the date of the most recent balance sheet of the Partnership audited by the
Partnership&#146;s auditor, (i)&nbsp;the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the NS SEC Documents fairly presents the information called for in all material respects and has been
prepared in accordance with the SEC&#146;s rules and guidelines applicable thereto in all material respects and (ii)&nbsp;the Partnership, based on an annual evaluation of disclosure controls and procedures, is not aware of (A)&nbsp;any significant
deficiencies in the design or operation of internal controls over financial reporting that are reasonably likely to adversely affect the ability of the Partnership to record, process, summarize and report financial information, or any material
weaknesses in internal controls over financial reporting of the Partnership or (B)&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the internal controls over financial reporting of
the Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.06</B> <B><U>Independent Registered Public Accounting Firm</U></B>. KPMG LLP, who has audited certain
financial statements of the Partnership and its consolidated subsidiaries and Navigator Energy Services, LLC and its subsidiaries, whose reports are incorporated by reference in the NS SEC Documents, is an independent registered public accounting
firm as required by the Securities Act, the Rules and Regulations and the PCAOB and was an independent registered public accounting firm as required by the Securities Act, the Rules and Regulations and the PCAOB during the periods covered by the
financial statements on which they reported incorporated by reference in the NS SEC Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.07</B> <B><U>No Material
Adverse Change</U></B>. Since December&nbsp;31, 2017, except as described in the NS SEC Documents, there has not been any Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.08</B> <B><U>No Registration Required</U></B>. Assuming the accuracy of the representations and warranties of the applicable
Purchaser contained in <U>Article IV</U>, the issuance and sale of the Series&nbsp;D Preferred Units to such Purchaser pursuant to this Agreement is exempt from registration requirements of the Securities Act, and neither the Partnership nor, to the
Partnership&#146;s Knowledge, any Person acting on its behalf, has taken nor will take any action hereafter that would cause the loss of such exemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.09</B> <B><U>No Restrictions or Registration Rights</U></B>. Except as described in the Partnership Agreement, there are no
restrictions upon the voting or transfer of, any equity securities of the Partnership. Except for such rights that will be waived at the Initial Closing or as expressly set forth in the Registration Rights Agreement, neither the offering nor sale of
the Series&nbsp;D Preferred Units as contemplated by this Agreement gives rise to any rights for or relating to the registration of any Series&nbsp;D Preferred Units or other securities of the Partnership. Except as described in the Partnership
Agreement, the Partnership has not granted registration rights to any Person other than the Purchasers that would provide such Person priority over the Purchasers&#146; rights with respect to any Piggyback Registration Rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.10</B> <B><U>Litigation</U></B>. Except as described in the NS SEC Documents, there are no legal or governmental proceedings
pending to which any of the Partnership Entities is a party or of which any property or assets of any of the Partnership Entities are subject that, individually or in the </P>
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aggregate, if resolved adversely to any Partnership Entity, has had, or would reasonably be expected to have, a Material Adverse Effect, and, to the Knowledge of the NuStar Parties, no such
proceedings are threatened or contemplated by Governmental Authorities or others. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.11</B> <B><U>No Default</U></B>. None
of the Partnership Entities is in (i)&nbsp;violation of the Organizational Documents (including, for the avoidance of doubt, the Seventh A&amp;R LPA), (ii) violation of any statute, law, rule or regulation, or any judgment, order or decrees of any
body having jurisdiction over it or (iii)&nbsp;breach or default (or an event which, with notice or lapse of time or both, would constitute such an event) in the performance of any term, covenant or condition contained in any bond, debenture, note
or any other evidence of indebtedness or in any agreement, indenture, lease or other instrument to which it is a party or by which it or any of its properties is subject, which breach, default or violation, in the case of (ii)&nbsp;and (iii),
individually or in the aggregate, has had, or would, if continued, reasonably be expected to have, a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.12</B> <B><U>No Conflicts</U></B>. None of the offering and sale by the Partnership of the Series&nbsp;D Preferred Units, the
execution, delivery and performance of the Transaction Documents by the NuStar Parties or the consummation of any other transactions contemplated hereby or thereby, including the execution and delivery of the Seventh A&amp;R LPA, (i)&nbsp;conflicts
with or will conflict with, or constitutes or will constitute a violation of, the Organizational Documents of any of the Partnership Entities (including, for the avoidance of doubt, the Seventh A&amp;R LPA), (ii)&nbsp;except as provided in the
Disclosure Letter, conflicts with or will conflict with, or constitutes or will constitute a breach or violation of, or a default (or an event that, with notice or lapse of time or both, would constitute such a default) under, any indenture,
contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which any of the Partnership Entities is a party or by which any of them are bound or to which any of their
respective properties is subject, (iii)&nbsp;violates or will violate any statute, law, rule or regulation, or any judgment, order or decrees of any Governmental Authority having jurisdiction over any of the Partnership Entities or any of their
properties or assets, or (iv)&nbsp;will result in the creation or imposition of any Lien upon any property or assets of any of the Partnership Entities, except, in the case of clauses&nbsp;(ii), (iii) and (iv), for such conflicts, breaches,
violations, defaults or Liens as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.13</B> <B><U>Authority; Enforceability</U></B>. The Partnership has all requisite power and authority under the Partnership
Agreement and the Delaware LP Act to issue, sell and deliver the Series&nbsp;D Preferred Units, in accordance with and upon the terms and conditions set forth in this Agreement and the Partnership Agreement. All limited partnership and limited
liability company action, as the case may be, required to be taken by the Partnership Entities or any of their partners or members for the authorization, issuance, sale and delivery of the Series&nbsp;D Preferred Units, the execution and delivery of
the Transaction Documents and the consummation of the transactions contemplated thereby shall have been validly taken. No approval from the holders of outstanding Common Units is required under the Partnership Agreement or the rules of the NYSE in
connection with the Partnership&#146;s issuance and sale of the Series&nbsp;D Preferred Units to the Purchasers. Each of the Transaction Documents has been duly and validly authorized and has been or, with respect to the Transaction Documents to be
delivered at the Initial Closing, will be, validly executed and delivered by the Partnership or the General Partner, as the case may be, and, to the Knowledge of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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the NuStar Parties, the other parties thereto. Each of the Transaction Documents constitutes, or will constitute, the legal, valid and binding obligations of the Partnership or the General
Partner, as the case may be, and, to the Knowledge of the NuStar Parties, each of the parties thereto, in each case enforceable in accordance with its terms; <I>provided </I>that, with respect to each such agreement, the enforceability thereof may
be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar Laws from time to time in effect affecting creditors&#146; rights and remedies generally and by general principles of equity (regardless of
whether such principles are considered in a proceeding in equity or at law) <I>provided</I> <I>further</I>, that the indemnity, contribution and exoneration provisions contained in any of such agreements may be limited by applicable laws and public
policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.14</B> <B><U>Approvals</U></B>. No approval, authorization, consent, waiver, license, qualification, written
exemption from, or order of or filing with any Governmental Authority, or of or with any self-regulatory organization or other <FONT STYLE="white-space:nowrap">non-governmental</FONT> regulatory authority (including, without limitation, the NYSE),
or approval of the security holders of the Partnership (each, a &#147;<B><U>Consent</U></B>&#148;), is required in connection with the issuance and sale of the Series&nbsp;D Preferred Units by the Partnership, the execution, delivery and performance
of this Agreement and the other Transaction Documents by the NuStar Parties party hereto or thereto and the consummation by the NuStar Parties of the transactions contemplated hereby or thereby, other than Consents (a)&nbsp;required by the SEC or
NYSE in connection with the Partnership&#146;s obligations under the Registration Rights Agreement, (b)&nbsp;required under the state securities or &#147;Blue Sky&#148; Laws, (c)&nbsp;that have been, or prior to the Initial Closing Date or the
Second Funding Closing Date, as applicable, will be, obtained and (d)&nbsp;Consents, the absence or omission of which would not, individually or in the aggregate, have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.15</B> <B><U>Distribution Restrictions</U></B>. None of the Partnership Entities is currently prohibited, directly or
indirectly, from paying any dividends or other distributions, as applicable, to the Partnership, from repaying to the Partnership any loans or advances to such Partnership Entity from the Partnership or from transferring any of such Partnership
Entity&#146;s property or assets to the Partnership or any other Partnership Entity of the Partnership, except as (i)&nbsp;described in or contemplated by the Organizational Documents of the Partnership Entities or the NS SEC Documents or the
Disclosure Letter or (ii)&nbsp;with respect to any Partnership Entities pending liquidation on the date hereof, where such prohibition would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.16</B> <B><U>MLP Status</U></B>. Except as provided in the Disclosure Letter, the Partnership is, and has been since its
formation, properly classified for U.S.&nbsp;federal income tax purposes as a partnership and each Subsidiary is, and has been since its formation, properly classified as a partnership or as an entity disregarded as separate from its owner. For the
taxable year including the Partnership&#146;s initial public offering and for each taxable year thereafter, the Partnership has met the gross income requirements of Section&nbsp;7704(c)(2) of the Internal Revenue Code of 1986, as amended (the
&#147;<B><U>Code</U></B>&#148;), and otherwise satisfied the requirements for treatment as a &#147;publicly traded partnership&#148; (within the meaning of Section&nbsp;7704(b) of the Code). The Partnership expects to meet these requirements for its
current taxable year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.17</B> <B><U>Investment Company Status</U></B>. None of the Partnership Entities is, and as of each
Closing Date and, immediately after giving effect to the offer and sale of the Series&nbsp;D Preferred Units and the application of the proceeds therefrom, none of them will be, an &#147;investment company&#148; or a company &#147;controlled
by&#148; an &#147;investment company&#148; within the meaning of such term under the Investment Company Act of 1940, as amended. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.18</B> <B><U>Certain Fees</U></B>. No Purchaser is required to pay any broker,
finder or investment banker any brokerage, finder&#146;s or other fee or commission with respect to the sale to such Purchaser of any of the Series&nbsp;D Preferred Units or the consummation of the transactions contemplated by this Agreement as a
result of arrangements made by any Partnership Entities. The Partnership agrees that it will indemnify and hold harmless the Purchasers from and against any and all claims, demands, or liabilities for broker&#146;s, finder&#146;s, placement, or
other similar fees or commissions incurred by the Partnership Entities or alleged to have been incurred by the Partnership Entities in connection with the sale of the Series&nbsp;D Preferred Units or the consummation of the transactions contemplated
by this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.19</B> <B><U>Labor and Employment Matters</U></B>. No labor dispute by the employees that are engaged
in the business of any of the Partnership Entities exists or, to the Knowledge of the Partnership, is imminent that, individually or in the aggregate, has had, or would reasonably be expected to have, a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.20</B> <B><U>Insurance</U></B>. The Partnership Entities maintain insurance covering their Properties, operations, personnel
and businesses against such losses and risks and in such amounts as is commercially reasonable for the conduct of their respective businesses and the value of their respective Properties. None of the Partnership Entities has received notice from any
insurer or agent of such insurer that substantial capital improvements or other expenditures will have to be made in order to continue such insurance. The Partnership Entities are in compliance with the terms of such policies in all material
respects, and all such insurance is duly in full force and effect on the date hereof. There are no material claims by the Partnership Entities under any such policy or instrument as to which any insurance company is denying liability or defending
under a reservation of rights clause; and the Partnership Entities have not been notified in writing that they will be denied renewal of their existing insurance coverage as and when such coverage expires or will be unable to obtain similar coverage
from similar insurers as may be necessary to continue their businesses at a cost that would not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.21</B> <B><U>Internal Controls</U></B>. Except as described in the NS SEC Documents, the Partnership Entities, taken as a
whole, maintain a system of internal accounting controls sufficient to provide reasonable assurance that (a)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorization, (b)&nbsp;transactions are recorded as
necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets, (c)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization and
(d)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.22</B> <B><U>Disclosure Controls and Procedures</U></B>. (a)&nbsp;To the extent required by
<FONT STYLE="white-space:nowrap">Rule&nbsp;13a-15</FONT> under the Exchange Act, the Partnership has established and maintains disclosure controls and procedures (as such term is defined in <FONT STYLE="white-space:nowrap">Rule&nbsp;13a-15(e)</FONT>
under the Exchange Act), (b)&nbsp;such disclosure controls and procedures are designed to ensure that the information required to be disclosed by the Partnership in the reports to be filed or submitted under the Exchange Act is accumulated and
communicated to management of the Partnership, including the principal executive officer and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


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principal financial officer of NuStar GP, as appropriate, to allow timely decisions regarding required disclosure to be made and (c)&nbsp;to the extent required by
<FONT STYLE="white-space:nowrap">Rule&nbsp;13a-15</FONT> under the Exchange Act, such disclosure controls and procedures are effective in all material respects to perform the functions for which they were established. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.23</B> <B><U>Sarbanes-Oxley</U></B>. The Partnership and, to the Partnership&#146;s Knowledge, NuStar GP&#146;s directors or
officers, in their capacities as such, are in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.24</B> <B><U>Listing and Maintenance Requirements</U></B>. The Common Units are listed on the NYSE, and the Partnership has
not received any notice of delisting. The issuance and sale of the Series&nbsp;D Preferred Units, the Conversion Units and the PIK Units do not contravene NYSE rules and regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.25</B> <B><U>Environmental Compliance</U></B>. Each of the Partnership Entities (i)&nbsp;is in compliance with Environmental
Laws, (ii)&nbsp;has received all permits, licenses or other approvals required of such entity under applicable Environmental Laws to conduct its businesses, (iii)&nbsp;is in compliance with all terms and conditions of any such permits, licenses or
approvals and (iv)&nbsp;does not have any liability in connection with the release into the environment of any Hazardous Material, except where such noncompliance with Environmental Laws, failure to receive required permits, licenses or approvals,
failure to comply with the terms and conditions of such permits, licenses or approvals or liability in connection with such releases would not, individually or in the aggregate, reasonably be expected to have, a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.26</B> <B><U>ERISA Compliance</U></B>. (i)&nbsp;Each &#147;employee benefit plan&#148; (within the meaning of
Section&nbsp;3(3) of the Employee Retirement Income Security Act of 1974, as amended (&#147;<B><U>ERISA</U></B>&#148;)) for which any of the Partnership Entities or any member of the &#147;Controlled Group&#148; (defined as any organization which is
a member of a controlled group of corporations within the meaning of Section&nbsp;414 of the Code) of any of the Partnership Entities would have any liability (each a &#147;<B><U>Plan</U></B>&#148;) has been maintained in all material respects in
compliance with its terms and with the material requirements of all applicable statutes, rules and regulations including ERISA and the Code; (ii)&nbsp;with respect to each Plan subject to Title&nbsp;IV of ERISA (a)&nbsp;no &#147;reportable
event&#148; (within the meaning of Section&nbsp;4043(c) of ERISA and for which the <FONT STYLE="white-space:nowrap">30-day</FONT> reporting requirement has not been waived) has occurred or is reasonably expected to occur, (b)&nbsp;no
&#147;accumulated funding deficiency&#148; (within the meaning of Section&nbsp;302 of ERISA or Section&nbsp;412 of the Code), whether or not waived, has occurred or is reasonably expected to occur, (c)&nbsp;the fair market value of the assets under
each Plan exceeds the present value of all benefits accrued under such Plan (determined on an ongoing basis based on those assumptions used to fund such Plan) and (d)&nbsp;none of the Partnership Entities or any member of the Controlled Group of any
of the Partnership Entities has incurred, or reasonably expects to incur, any liability under Title&nbsp;IV of ERISA (other than contributions to the Plan or premiums to the United States Pension Benefit Guaranty Corporation in the ordinary course
and without default) in respect of a Plan (including a &#147;multiemployer plan,&#148; within the meaning of Section&nbsp;4001(c)(3) of ERISA), in each case that, individually or in the aggregate, has had, or would reasonably be expected to have, a
Material Adverse Effect; and (iii)&nbsp;each Plan that is intended to be qualified under Section&nbsp;401(a) of the Code and that is an individually designed plan has been determined by the Internal Revenue Service to be so qualified and nothing has
occurred, whether by action or by failure to act, which would cause the loss of such qualification. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.27</B> <B><U>Tax Returns; Taxes</U></B>. Each of the Partnership Entities has
timely filed (taking into account permitted extensions) all federal and state income Tax Returns and all other material Tax Returns and all Taxes owed by the Partnership Entities or for which the Partnership Entities may be liable which are or have
become due have been paid in full, except for Taxes that are being contested in good faith by appropriate proceedings and for which the Partnership Entities have set aside on their books adequate reserves. There is no material claim against the
Partnership and, no material assessment, deficiency, or adjustment has been asserted, proposed or, to the Knowledge of the Partnership Entities, threatened with respect to any Taxes or Tax Returns of or with respect to the Partnership Entities. No
material Tax audits or administrative or judicial proceedings are being conducted, pending or to the knowledge of the Partnership Entities, threatened with respect to the Partnership Entities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.28</B> <B><U>Permits</U></B>. Each of the Partnership Entities has such permits, consents, licenses, franchises, certificates
and authorizations of Governmental Authorities (&#147;<B><U>Permits</U></B>&#148;) as are necessary to own its properties and to conduct its businesses in the manner described in the NS SEC Documents, subject to such qualifications as may be set
forth in the NS SEC Documents and except for such permits which, if not obtained, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; each of the Partnership Entities has fulfilled and performed all
its material obligations with respect to the Permits which are due to have been fulfilled and performed by such date, and no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination thereof or would
result in any other impairment of the rights of the holder of any such Permits, except for any of the foregoing that would not reasonably be expected to have a Material Adverse Effect; and, except as described in the NS SEC Documents, none of the
Permits contain any restriction that is materially burdensome to the Partnership Entities considered as a whole. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.29</B>
<B><U>Required Disclosures and Descriptions</U></B>. There are no legal or governmental proceedings or contracts or other documents of a character required to be described in the NS SEC Documents that are not described and filed as required. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.30</B> <B><U>Title to Property</U></B>. Each of the Partnership Entities has good and indefeasible title to all real property
and good and marketable title to all personal property described in the NS SEC Documents as being owned by them, in each case free and clear of all Liens, encumbrances and defects, except (i)&nbsp;such as are described in the NS SEC Documents,
(ii)&nbsp;such as do not materially interfere with the use of such properties taken as a whole as they have been used in the past and are proposed to be used in the future as described, and subject to the limitations contained, in the NS SEC
Documents or (iii)&nbsp;such as would not reasonably be expected to have a Material Adverse Effect; all real property and buildings held under lease or license by the Partnership Entities are held by them under valid and subsisting and enforceable
leases or licenses with such exceptions as do not materially interfere with the use of such properties taken as a whole as they have been used in the past and are expected to be used in the future as described in the NS SEC Documents. For purposes
of this Agreement, the phrase &#147;good and indefeasible title&#148; to all real property shall mean, with respect to any real property interest, and subject to the terms, conditions, and provisions contained in the realty deeds and leases creating
such real property interest, that the ownership, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


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rights, possession and title in the jurisdiction and locale where the real property interest is located, is in each case legally sufficient in all material respects to conduct the business and
operations of the Partnership Entities as described in the NS SEC Documents, as such business and operations relate to the location of such real property interest, and is free and clear of all Liens excepting (in each case) permitted encumbrances,
such title defects, and imperfections, limitations, correlative rights, or appurtenant rights or obligations contained in, arising from or created by the instrument under which any of the Partnership Entities hold title to such real property
interest or contained in its chain of title thereto, which do not materially and adversely affect current or intended use or operation of the subject real property interest or which are capable of being routinely addressed, cured, avoided or assumed
in the ordinary course of business and land management of the Partnership Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.31</B> <B><U><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Rights-of-Way</FONT></FONT></U></B>. Each of the Partnership Entities has such consents, easements,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">rights-of-way</FONT></FONT> or licenses from any person (&#147;<B><U>Rights</U></B><U>-</U><B><U>of</U></B><U>-</U><B><U>Way</U></B>&#148;) as are necessary to conduct their business
in the manner described in the NS SEC Documents subject to such qualifications as may be set forth in the NS SEC Documents, and except for such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Rights-of-Way</FONT></FONT> which, if
not obtained, would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; each of the Partnership Entities has fulfilled and performed all its material obligations with respect to such <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Rights-of-Way</FONT></FONT> and no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination thereof or would result in any impairment of the
rights of the holder of any such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Rights-of-Way,</FONT></FONT> except for such revocations, terminations and impairments that would not reasonably be expected to have a Material
Adverse Effect; and, except as described in the NS SEC Documents, none of such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Rights-of-Way</FONT></FONT> contains any restriction that is materially burdensome to the Partnership
Entities considered as a whole. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.32</B> <B><U>Form</U></B><B><U></U></B><B><U>&nbsp;S</U></B><B><U><FONT
STYLE="white-space:nowrap">-3</FONT> Eligibility</U></B>. The Partnership is eligible to register the Conversion Units and the Series&nbsp;D Preferred Units for resale by the Purchasers under <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT>
promulgated under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.33</B> <B><U>FCPA</U></B>. None of the Partnership Entities, nor any director or
officer, nor to the Knowledge of the NuStar Parties, any agent, employee or Affiliate of any of the Partnership Entities is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of (i)&nbsp;the
Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the &#147;<B><U>FCPA</U></B>&#148;), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly
in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any &#147;foreign official&#148; (as such term is
defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA; (ii)&nbsp;the Bribery Act 2010 of the United Kingdom; or (iii)&nbsp;any similar Law of any other
relevant jurisdiction, or the rules or regulations thereunder; and the Partnership Entities have conducted their businesses in compliance with applicable anti-corruption Laws to which they may be subject; and the Partnership Entities and, to the
Knowledge of the NuStar Parties, their Affiliates have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.34</B> <B><U>Money Laundering Laws</U></B>. The operations of the Partnership
Entities are and have been conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements and the money laundering statutes of jurisdictions where the Partnership Entities conduct
business and rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any Governmental Authority (collectively, the &#147;<B><U>Money Laundering Laws</U></B>&#148;), and no
action, suit or proceeding by or before any court or Governmental Authority or any arbitrator involving any of the Partnership Entities with respect to the Money Laundering Laws is pending or, to the Knowledge of the NuStar Parties, threatened. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.35</B> <B><U>OFAC</U></B>. None of the Partnership Entities, nor any director or officer, nor to the Knowledge of the NuStar
Parties, any agent, employee or Affiliate of any Partnership Entitles, is the subject of any sanctions administered by the Office of Foreign Assets Control of the U.S.&nbsp;Treasury Department, the United Nations Security Council, the European
Union, Her Majesty&#146;s Treasury, or other relevant sanctions authority (collectively, &#147;<B><U>Sanctions</U></B>&#148;) nor are any of the Partnership Entities controlled by an individual or entity that is currently the subject or target of
any Sanctions; and the Partnership will not directly or indirectly use the proceeds of the sale of the Series&nbsp;D Preferred Units, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other
Person or entity, for the purpose of financing the activities of any Person or entity, or in any country or territory, that at the time of such financing is the subject of any Sanctions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.36</B> <B><U>Related Party Transactions</U></B>. Except as described in the NS SEC Documents, no Partnership Entity has,
directly or indirectly (a)&nbsp;extended credit, arranged to extend credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of the General Partner or its Affiliates, or to or for any
family member or Affiliate of any directors or executive officers of the General Partner or its Affiliates or (b)&nbsp;made any material modification to the term of any personal loan to any director or executive officer of the General Partner or its
Affiliates, or any family member or Affiliate of any director or executive officer of the General Partner or its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.37</B> <B><U>No Side Agreements</U></B>. As of the date hereof, other than that certain Mandate Letter, dated as of
May&nbsp;30, 2018, between the Partnership and EIG Management Company, LLC (the &#147;<B><U>Mandate Letter</U></B>&#148;), and the Confidentiality Agreement, there are no binding agreements by, among or between (a)&nbsp;the Partnership or any of its
Affiliates, on the one hand, and (b)&nbsp;any Purchaser or any of their respective Affiliates, on the other hand, with respect to the transactions contemplated hereby other than the Transaction Documents, and there are no agreements expressly
modifying, amending or waiving any provision of any of the Transaction Documents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES AND COVENANTS OF THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the
Purchasers, severally but not jointly, represents and warrants and covenants to the Partnership as follows with respect to itself: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.01</B> <B><U>Existence</U></B>. Each Purchaser is duly organized and validly existing and in good standing under the Laws of
its state of formation, with all necessary power and authority to own properties and to conduct its business as currently conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.02</B> <B><U>Authorization; Enforceability</U></B>. Each Purchaser has all necessary legal power and authority to enter into,
deliver and perform its obligations under the Transaction Documents to which it is a party. The execution, delivery and performance of such Transaction Documents by such Purchaser and the consummation by it of the transactions contemplated thereby
have been duly and validly authorized by all necessary legal action, and no further consent or authorization of such Purchaser is required. Each of the Transaction Documents to which such Purchaser is a party has been duly executed and delivered by
such Purchaser, where applicable, and constitutes a legal, valid and binding obligation of such Purchaser; <I>provided </I>that, with respect to each such agreement, the enforceability thereof may be limited by applicable bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium or similar Laws from time to time in effect affecting creditors&#146; rights and remedies generally and by general principles of equity (regardless of whether such principles are considered in a
proceeding in equity or at law). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.03</B> <B><U>No Breach</U></B>. The execution, delivery and performance of the
Transaction Documents to which such Purchaser is a party by such Purchaser and the consummation by such Purchaser of the transactions contemplated thereby will not (a)&nbsp;conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, any material agreement to which such Purchaser is a party or by which such Purchaser is bound or to which any of the property or assets of such Purchaser is subject, (b)&nbsp;conflict with or result in
any violation of the provisions of the Organizational Documents of such Purchaser, or (c)&nbsp;violate any Law of any Governmental Authority or body having jurisdiction over such Purchaser or the property or assets of such Purchaser, except in the
case of clauses&nbsp;(a) and (c), for such conflicts, breaches, violations or defaults as would not prevent the consummation of the transactions contemplated by such Transaction Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.04</B> <B><U>Certain Fees</U></B>. No fees or commissions are or will be payable by such Purchaser to brokers, finders or
investment bankers with respect to the purchase of any of the Series&nbsp;D Preferred Units or the consummation of the transactions contemplated by this Agreement, except for fees or commissions for which the Partnership is not responsible. Each
Purchaser agrees to indemnify and hold harmless the Partnership from and against any and all claims, demands, or liabilities for broker&#146;s, finder&#146;s, placement, or other similar fees or commissions incurred by such Purchaser, or alleged to
have been incurred by such Purchaser in connection with the purchase of the Series&nbsp;D Preferred Units or the consummation of the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.05</B> <B><U>Unregistered Securities</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Accredited Investor Status; Sophisticated Purchaser</U>. Such Purchaser is an &#147;accredited investor&#148; within the meaning of
Rule&nbsp;501 under the Securities Act and is able to bear the risk of its investment in the Series&nbsp;D Preferred Units, the PIK Units and the Conversion Units, as applicable. Such Purchaser has such knowledge and experience in financial and
business matters that it is capable of evaluating the merits and risks of the purchase of the Series&nbsp;D Preferred Units and the Conversion Units, as applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Information</U>. Such Purchaser and its Representatives have been furnished with all
materials relating to the business, finances and operations of the Partnership that have been requested and materials relating to the offer and sale of the Series&nbsp;D Preferred Units and Conversion Units that have been requested by such
Purchaser. Such Purchaser and its Representatives have been afforded the opportunity to ask questions of the Partnership. Neither such inquiries nor any other due diligence investigations conducted at any time by such Purchasers and its
Representatives shall modify, amend or affect such Purchasers&#146; right (i)&nbsp;to rely on the Partnership&#146;s representations and warranties contained in <U>Article III</U> above or (ii)&nbsp;to indemnification or any other remedy based on,
or with respect to the accuracy or inaccuracy of, or compliance with, the representations, warranties, covenants and agreements in any Transaction Document. Such Purchaser understands that its purchase of the Series&nbsp;D Preferred Units involves a
high degree of risk. Such Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Series&nbsp;D Preferred Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Residency</U>. Such Purchaser shall cooperate reasonably with the Partnership to provide any information necessary for any applicable
securities filings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Legends</U>. Such Purchaser understands that, until such time as the Series&nbsp;D Preferred Units, the PIK
Units and the Conversion Units, as applicable, have been sold pursuant to an effective registration statement under the Securities Act, or the Series&nbsp;D Preferred Units are eligible for resale pursuant to Rule&nbsp;144 promulgated under the
Securities Act without any restriction as to the number of securities as of a particular date that can then be immediately sold, the Series&nbsp;D Preferred Units will bear a restrictive legend as provided in the Partnership Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Purchase Representation</U>. Such Purchaser is purchasing the Series&nbsp;D Preferred Units for its own account and not with a view to
distribution in violation of any Laws. Such Purchaser has been advised and understands that neither the Series&nbsp;D Preferred Units, the PIK Units nor the Conversion Units have been registered under the Securities Act or under the &#147;blue
sky&#148; laws of any jurisdiction and may be resold only if registered pursuant to the provisions of the Securities Act (or if eligible, pursuant to the provisions of Rule&nbsp;144 promulgated under the Securities Act or pursuant to another
available exemption from the registration requirements of the Securities Act). Such Purchaser has been advised and understands that the Partnership, in issuing the Series&nbsp;D Preferred Units, is relying upon, among other things, the
representations and warranties of such Purchaser contained in this <U>Article IV</U> in concluding that such issuance is a &#147;private offering&#148; and is exempt from the registration provisions of the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Rule</U><U></U><U>&nbsp;144</U>. Such Purchaser understands that there is no public trading market for the Series&nbsp;D Preferred
Units or the PIK Units, that none is expected to develop and that the Series&nbsp;D Preferred Units and the PIK Units must be held indefinitely unless and until the Series&nbsp;D Preferred Units, the PIK Units or the Conversion Units, as applicable,
are registered under the Securities Act or an exemption from registration is available. Such Purchaser has been advised of and is aware of the provisions of Rule&nbsp;144 promulgated under the Securities Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Reliance by the Partnership</U>. Such Purchaser understands that the Series&nbsp;D
Preferred Units are being offered and sold in reliance on a transactional exemption from the registration requirements of federal and state securities Laws and that the Partnership is relying upon the truth and accuracy of the representations,
warranties, agreements, acknowledgments and understandings of such Purchaser set forth herein in order to determine the applicability of such exemptions and the suitability of such Purchaser to acquire the Series&nbsp;D Preferred Units and the PIK
Units, and the Conversion Units issuable upon conversion thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.06</B> <B><U>Sufficient Funds</U></B>. Such Purchaser
will have available to it (i)&nbsp;at the Initial Closing sufficient funds to enable such Purchaser to pay in full at the Initial Closing the entire amount of such Purchaser&#146;s Initial Funding Amount in immediately available cash funds, and
(ii)&nbsp;at the Second Closing sufficient funds to enable such Purchaser to pay in full at the Second Closing the entire amount of such Purchaser&#146;s Second Closing Funding Amount in immediately available cash funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.07</B> <B><U>No Prohibited Trading</U></B>. Prior to the date hereof, such Purchaser has not (a)&nbsp;other than to a
Permitted Transferee, offered, sold, contracted to sell, sold any option or contract to purchase, purchased any option or contract to sell, granted any option, right or warrant to purchase, lent, or otherwise transferred or disposed of, directly or
indirectly, any of the Series&nbsp;D Preferred Units, or (b)&nbsp;directly or indirectly engaged in any short sales or other derivative or hedging transactions with respect to the Series&nbsp;D Preferred Units, including by means of any swap or
other transaction or arrangement that transfers or that is designed to, or that might reasonably be expected to, result in the transfer to another, in whole or in part, of any of the economic consequences of ownership of any Series&nbsp;D Preferred
Units, regardless of whether any transaction described in this <U>Section</U><U></U><U>&nbsp;4.07</U> is to be settled by delivery of Series&nbsp;D Preferred Units, Common Units or other securities, in cash or otherwise. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.01</B> <B><U>Conduct of Business</U></B>. During the period commencing on the date of this Agreement and ending on
the Second Funding Closing Date, except as described in the Disclosure Letter, each of the Partnership Entities will use commercially reasonable efforts to (i)&nbsp;conduct its business in the ordinary course of business (other than as contemplated
by the Merger Agreement) and (ii)&nbsp;preserve intact its existence and business organization, Permits, goodwill and present business relationships with all material customers, suppliers, licensors, distributors and others having significant
business relationships with the Partnership Entities (or any of them), to the extent the Partnership believes in its sole discretion that such relationships are and continue to be beneficial to the Partnership Entities and their businesses;
<I>provided</I>, <I>however</I>, that during such period, the Partnership shall provide reasonably prompt written notice to the Purchasers regarding any material adverse developments in respect of the foregoing. Prior to the Second Closing, none of
the Partnership Entities will (i)&nbsp;modify, amend or waive in any material respect any provision of the Partnership Agreement that is material to (A)&nbsp;the rights of the Partnership or (B)&nbsp;the rights of the Purchasers, in their capacity
as purchasers of the applicable Series&nbsp;D Preferred Units or (ii)&nbsp;authorize, issue or reclassify any (A)&nbsp;equity securities of the Partnership ranking on parity with or senior to the Series&nbsp;D Preferred Units or (B)&nbsp;debt
securities of the Partnership convertible into any of the foregoing, in each case without the prior written consent of the Purchasers possessing the right to acquire not less than a majority of the Series&nbsp;D Preferred Units. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.02</B> <B><U>Listing of Units</U></B>. Prior to the Initial Closing, the
Partnership will use its commercially reasonable efforts to obtain approval for listing, subject to notice of issuance, of the Conversion Units on the NYSE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.03</B> <B><U><FONT STYLE="white-space:nowrap">Lock-up</FONT> Agreement</U></B>. Without the prior written consent of the
Partnership, except as specifically provided in this Agreement or as otherwise provided in the Partnership Agreement, each Purchaser of Series&nbsp;D Preferred Units and its Affiliates shall not, (a)&nbsp;during the period commencing on the Initial
Closing Date and ending forty-five (45)&nbsp;days following the Initial Closing Date, offer, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
lend, or otherwise transfer or dispose of, directly or indirectly, any Common Units, (b)&nbsp;during the period commencing on the Initial Closing Date and ending on the first anniversary following the Initial Closing Date, offer, sell, contract to
sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any of the Series&nbsp;D Preferred Units,
(c)&nbsp;during the period commencing on the Initial Closing Date and ending on the second anniversary of the Initial Closing Date, directly or indirectly engage in any short sales or other derivative or hedging transactions with respect to any
equity securities of the Partnership, (d)&nbsp;transfer any Series&nbsp;D Preferred Units to any <FONT STYLE="white-space:nowrap">non-U.S.</FONT> resident individual, <FONT STYLE="white-space:nowrap">non-U.S.&nbsp;corporation</FONT> or partnership,
or any other <FONT STYLE="white-space:nowrap">non-U.S.&nbsp;entity,</FONT> including any foreign governmental entity, including by means of any swap or other transaction or arrangement that transfers or that is designed to, or that might reasonably
be expected to, result in the transfer to another, in whole or in part, of any of the economic consequences of ownership of any Series&nbsp;D Preferred Units, regardless of whether any transaction described in clauses&nbsp;(b) through (d)&nbsp;above
is to be settled by delivery of Series&nbsp;D Preferred Units, Common Units or other securities, in cash or otherwise, (e)&nbsp;effect any transfer of Series&nbsp;D Preferred Units or Conversion Units in a manner that violates the terms of the
Partnership Agreement, or (f)&nbsp;transfer any Series&nbsp;D Preferred Units to a competitor (as defined in the Seventh A&amp;R LPA); <I>provided</I>, <I>however</I>, that such Purchaser may pledge all or any portion of its Series&nbsp;D Preferred
Units to any holders of obligations owned by such Purchaser, including to the trustee for, or Representative of, such Purchaser; <I>provided</I>,<I> further</I>, that such Purchaser may transfer any Series&nbsp;D Preferred Units to (i)&nbsp;an
Affiliate of such Purchaser, (ii)&nbsp;any other Purchaser or (iii)&nbsp;any of the Persons listed on <U>Schedule</U><U></U><U>&nbsp;C</U> hereto (each, a &#147;<B><U>Permitted Transferee</U></B>&#148;), in each case subject to compliance with
clauses&nbsp;(c), (d), (e) and (f)&nbsp;above and <I>provided</I> that (x)&nbsp;the Partnership is given written notice prior to any said transfer or assignment made prior to the Series D Initial Distribution Date (as defined in the Partnership
Agreement), stating the name and address of each such transferee or assignee and identifying the securities with respect to which such transfer or assignment is being made and (y)&nbsp;such Person agrees to be bound by the provisions of this
<U>Section</U><U></U><U>&nbsp;5.03</U>. After the first anniversary of the Initial Closing Date, each Purchaser or holder may only transfer Series&nbsp;D Preferred Units involving an underlying value of Common Units in an amount not less than
$50&nbsp;million based on the closing trading price of Common Units on the date immediately preceding such transfer on the NYSE or other National Securities Exchange on which the Common Units are then listed for trading (or such lesser amount if it
(x)&nbsp;constitutes the remaining holdings of the Purchaser or holder or (y)&nbsp;has been approved by the General Partner, in its sole discretion), subject to compliance with applicable securities Laws, the Partnership Agreement and, for the
avoidance of doubt, clause&nbsp;(c), (d), (e) and (f)&nbsp;above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.04</B> <B><U>Tax Matters</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Partnership will (i)&nbsp;treat the conversion of the Series D Preferred Units into Common Units (or payment of Common Units with
respect to the Partnership&#146;s redemption of the Series D Preferred Units) as an exercise of a noncompensatory option within the meaning of Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.761-3</FONT> and the Partnership will
use commercially reasonable efforts to cooperate with the Purchasers to minimize the recognition of the taxable income by the Purchasers on such conversion or redemption (including by providing the information described in
<U>Section</U><U></U><U>&nbsp;5.04(b)</U> and cooperating with Purchaser to avoid or minimize corrective allocations pursuant to Section&nbsp;6.2(i) of the Partnership Agreement (or similar allocations of taxable income) in connection with such
conversion or redemption) and (ii)&nbsp;in connection with an acquisition, conveyance, exchange, merger, transfer or other plan which causes the Partnership (or a successor to the Partnership) to be taxable as a corporation for U.S. federal income
tax purposes, use commercially reasonable efforts to cooperate with the Purchasers or Affiliates holding Series D Preferred Units or Common Units issued upon the conversion or redemption of Series D Preferred Units to allow an entity that is
classified as a corporation for U.S. federal income tax purposes that is directly or indirectly owned by a Purchaser or its Affiliate (a &#147;blocker corporation&#148;) to merge into or otherwise combine with the corporation in a <FONT
STYLE="white-space:nowrap">tax-deferred</FONT> transaction; <I>provided</I> such blocker corporation is, at all times since its formation through the date of such merger or combination, a special purpose entity that has held no assets and has had no
other business operations other than directly or indirectly holding Series D Preferred Units or Common Units, and a party reasonably satisfactory to the Partnership provides customary tax and other representations and warranties and indemnities
relating to the blocker corporation and ownership thereof; <I>provided</I>, <I>further</I>, in the case of each of (i)&nbsp;and (ii), any action that would have a material adverse effect on the Partnership or its partners in the aggregate (other
than the Purchasers and their Affiliates) shall be deemed to not be commercially reasonable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Partnership will after the second
anniversary of the Closing Date, upon written request by any Purchaser, provide each Purchaser, within a commercially reasonable time after the Partnership&#146;s receipt of such request, a good faith estimate (and reasonable supporting
calculations) of whether there is sufficient Unrealized Gain attributable to the Partnership property on the date of such request such that, if any of such Purchaser&#146;s Series D Preferred Units were converted to, or redeemed for, Common Units
and such Unrealized Gain was allocated to such Purchaser pursuant to Section&nbsp;6.1(d)(xii) of the Partnership Agreement (taking proper account of allocations of higher priority), such Purchaser&#146;s Capital Account in respect of its Common
Units would be equal to the Per Unit Capital Amount for an Initial Common Unit without any need for corrective allocations under Section&nbsp;6.2(i) of the Partnership Agreement (or similar allocations of taxable income). The Purchasers, together
with their Affiliates, shall not, in the aggregate, be entitled to make a request pursuant to this <U>Section</U><U></U><U>&nbsp;5.04(b)</U> more than four times per calendar year. Purchaser shall bear and pay all reasonable <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs incurred by the Partnership relating to the third and fourth requests, including costs charged by the Partnership&#146;s accounting firm. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Absent a change in Law or the issuance of contrary administrative or regulatory guidance from the U.S. Treasury or the Internal Revenue
Service, the Partnership will report Section&nbsp;707(c) guaranteed payments on the Series D Preferred Units for the taxable year as eligible for the deduction under Section&nbsp;199A of the Code to the extent the Partnership&#146;s income during
the same taxable year is eligible for the deduction under Section&nbsp;199A of the Code. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.05</B> <B><U>Use of Proceeds</U></B>. The Partnership shall use the proceeds of
the offering of the Series&nbsp;D Preferred Units to repay indebtedness of the Partnership or for general partnership purposes. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE
VI </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION, COSTS AND EXPENSES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.01</B> <B><U>Indemnification by the Partnership</U></B>. The Partnership agrees to indemnify each Purchaser and its
Representatives (collectively, &#147;<B><U>Purchaser Related Parties</U></B>&#148;) from costs, losses, liabilities, damages or expenses of any kind or nature whatsoever, and hold each of them harmless against, any and all actions, suits,
proceedings (including any investigations, litigation or inquiries), demands and causes of action, and, in connection therewith, promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind
or nature whatsoever (including the reasonable fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted
against or involve any of them), whether or not involving a Third-Party Claim, as a result of, arising out of, or in any way related to (a)&nbsp;the failure of any of the representations or warranties made by the Partnership contained herein to be
true and correct in all material respects (other than those representations and warranties contained in <U>Section</U><U></U><U>&nbsp;3.01</U>, <U>Section</U><U></U><U>&nbsp;3.02</U>, <U>Section</U><U></U><U>&nbsp;3.03</U>,
<U>Section</U><U></U><U>&nbsp;3.13</U>, <U>Section</U><U></U><U>&nbsp;3.16</U> or <U>Section</U><U></U><U>&nbsp;3.18</U> or other representations and warranties that are qualified by materiality or Material Adverse Effect, which, in each case, shall
be true and correct in all respects) when made and as of each Closing Date (except for any representations and warranties made as of a specific date, which shall be required to be true and correct in all material respects as of such date only) or
(b)&nbsp;the breach of any covenants of the Partnership contained herein; <I>provided </I>that, in the case of the immediately preceding clause&nbsp;(a), such claim for indemnification is made prior to the expiration of the survival period of such
representation or warranty; <I>provided</I>,<I> further</I>, that for purposes of determining when an indemnification claim has been made, the date upon which a Purchaser Related Party shall have given notice (stating in reasonable detail the basis
of the claim for indemnification) to the Partnership shall constitute the date upon which such claim has been made; and <I>provided</I>, <I>further</I>, that the aggregate liability of the Partnership to each Purchaser and its Representatives
pursuant to this <U>Section</U><U></U><U>&nbsp;6.01</U> shall not be greater in amount than such Purchaser&#146;s Total Funding Amount as of the date of the Indemnification notice described in <U>Section</U><U></U><U>&nbsp;6.03(a)</U>, and the
aggregate liability of the Partnership to all Purchasers and their respective Representatives pursuant to this <U>Section</U><U></U><U>&nbsp;6.01</U> shall not exceed the sum of the Initial Closing Purchase Price and the Second Closing Purchase
Price. No Purchaser Related Party shall be entitled to recover special, indirect, exemplary, lost profits, speculative or punitive damages under this <U>Section</U><U></U><U>&nbsp;6.01</U>;<I> provided</I>,<I> however</I>, that such limitation shall
not prevent any Purchaser Related Party from recovering under this <U>Section</U><U></U><U>&nbsp;6.01</U> for any such damages to the extent that such damages are payable to a third party in connection with any Third-Party Claims. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.02</B> <B><U>Indemnification by the Purchasers</U></B>. Each Purchaser agrees, severally and not jointly, to indemnify the
Partnership, the General Partner, NuStar GP and their respective Representatives (collectively, &#147;<B><U>Partnership Related Parties</U></B>&#148;) from, all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, and
hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands, and causes of action, and, in connection therewith, promptly upon demand, pay or
</P>
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reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel and all other
reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them), whether or not involving a Third-Party Claim, as a result of,
arising out of, or in any way related to (a)&nbsp;the failure of any of the representations or warranties made by such Purchaser contained herein to be true and correct in all material respects as of the date made (except to the extent any
representation or warranty includes the word &#147;material,&#148; Material Adverse Effect or words of similar import, with respect to which such representation or warranty, or applicable portions thereof, must have been true and correct in all
respects) or (b)&nbsp;the breach of any of the covenants or obligations of any such Purchaser contained herein (including failure to deliver payment pursuant to such Purchaser&#146;s Total Funding Amount); <I>provided </I>that, in the case of the
immediately preceding <U>clause</U><U></U><U>&nbsp;(a)</U>, such claim for indemnification relating to a breach of any representation or warranty is made prior to the expiration of the survival period of such representation or warranty; and
<I>provided</I>,<I> further</I>, that for purposes of determining when an indemnification claim has been made, the date upon which a Partnership Related Party shall have given notice (stating in reasonable detail the basis of the claim for
indemnification) to such Purchaser shall constitute the date upon which such claim has been made; and <I>provided</I>, <I>further</I>,<I> </I>that the liability of any Purchaser shall not be greater in amount than the sum of such Purchaser&#146;s
Total Funding Amount plus any distributions paid to such Purchaser with respect to the Series&nbsp;D Preferred Units. No Partnership Related Party shall be entitled to recover special, indirect, exemplary, lost profits, speculative or punitive
damages under this <U>Section</U><U></U><U>&nbsp;6.02</U>;<I> provided</I>,<I> however</I>,<I> </I>that such limitation shall not prevent any Partnership Related Party from recovering under this <U>Section</U><U></U><U>&nbsp;6.02</U> for any such
damages to the extent that such damages are payable to a third party in connection with any Third-Party Claims. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.03</B>
<B><U>Indemnification Procedure</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) A claim for indemnification for any matter not involving a Third-Party Claim may be asserted
by notice to the party from whom indemnification is sought; <I>provided</I>,<I> however</I>,<I> </I>that failure to so notify the indemnifying party shall not preclude the indemnified party from any indemnification which it may claim in accordance
with this <U>Article VI</U>, except as otherwise provided in Section&nbsp;6.01 and <U>Section</U><U></U><U>&nbsp;6.02</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Promptly
after any Partnership Related Party or Purchaser Related Party (hereinafter, the &#147;<B><U>Indemnified Party</U></B>&#148;) has received notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third
person, which the Indemnified Party believes in good faith is an indemnifiable claim under this Agreement (each a &#147;<B><U>Third-Party Claim</U></B>&#148;), the Indemnified Party shall give the indemnitor hereunder (the &#147;<B><U>Indemnifying
Party</U></B>&#148;)<U> </U>written notice of such Third-Party Claim, but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent
that the Indemnifying Party is materially prejudiced by such failure. Such notice shall state the nature and the basis of such Third-Party Claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own
expense and by its own counsel who shall be reasonably acceptable to the Indemnified Party, any such matter as long as the Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle, it
shall promptly, and in no event later than ten (10)&nbsp;days, notify the Indemnified Party of its intention to do so, and the Indemnified Party shall cooperate with the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


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Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof. Such cooperation shall include, but shall not be limited to,
furnishing the Indemnifying Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party&#146;s possession or control. Such cooperation of the Indemnified Party shall be at the cost
of the Indemnifying Party. After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the Indemnifying Party diligently pursues such defense, the
Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; <I>provided</I>, <I>however</I>, that the Indemnified Party shall be
entitled (i)&nbsp;at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (ii)&nbsp;if (A)&nbsp;the Indemnifying Party has, within ten (10)&nbsp;Business Days of when the
Indemnified Party provides written notice of a Third-Party Claim, failed (1)&nbsp;to assume the defense or employ counsel reasonably acceptable to the Indemnified Party or (2)&nbsp;to notify the Indemnified Party of such assumption or (B)&nbsp;if
the defendants in any such action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses available to the Indemnified Party that are different
from or in addition to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying Party, then the Indemnified Party shall have the right to
select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the
Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent of the Indemnified Party, unless the settlement thereof imposes no liability or
obligation on, and includes a complete release from liability of, and does not include any admission of wrongdoing or malfeasance by, the Indemnified Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.04</B> <B><U>Tax Matters</U></B>. All indemnification payments under this <U>Article VI</U> shall be treated as adjustments to
the applicable Purchaser&#146;s Total Funding Amount for all Tax purposes except as otherwise required by applicable Law. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERMINATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.01</B> <B><U>Termination</U></B>. This Agreement may be terminated at any time prior to the Initial Closing: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) by mutual written consent of the Partnership and the Purchasers possessing the right to acquire not less than majority of the Series&nbsp;D
Preferred Units; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) by written notice from either the Partnership or the Purchasers possessing the right to acquire not less than
majority of the Series&nbsp;D Preferred Units, if any Governmental Authority with lawful jurisdiction shall have issued a final order, decree or ruling or taken any other final action restraining, enjoining or otherwise prohibiting the transactions
contemplated by the Transaction Documents and such order, decree, ruling or other action is or shall have become final and nonappealable; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) by written notice from the Partnership or a Purchaser, with respect to itself but not any
other Purchaser, if the Initial Closing does not occur by 11:59&nbsp;p.m. on June&nbsp;29, 2018; <I>provided</I>, <I>however</I>, that no party may terminate this Agreement pursuant to this <U>Section</U><U></U><U>&nbsp;7.01(c)</U> if such party is,
at the time of providing such written notice, in breach of any of its obligations under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.02</B>
<B><U>Certain Effects of Termination</U></B>. In the event that this Agreement is terminated pursuant to <U>Section</U><U></U><U>&nbsp;7.01</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) except as set forth in <U>Section</U><U></U><U>&nbsp;7.02</U> or <U>8.03</U>, this Agreement shall become null and void and have no
further force or effect, but the parties shall not be released from any liability arising from or in connection with any breach hereof occurring prior to such termination; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) each of the Confidentiality Agreements shall remain in effect until such Confidentiality Agreement expires in accordance with its terms.
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.01</B> <B><U>Expenses</U></B>. At the Initial Closing, the Partnership shall pay the transaction fees to each of the entities
identified on <U>Schedule D</U> for their own accounts in the amounts designated in <U>Schedule D</U> attached hereto. The transaction fees are fully earned and shall be due and payable in full at the Initial Closing. All costs and expenses,
including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with the Transaction Documents and the transactions contemplated thereby shall be paid by the party incurring such costs and expenses;
<I>provided </I>that, if the Initial Closing occurs, promptly following receipt of an invoice therefor containing reasonable supporting detail, the Partnership shall reimburse the Purchasers for all of their reasonable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> transaction fees and expenses, including fees and expenses incurred in respect of the Purchasers&#146; advisors (including legal advisors), actually
incurred by the Purchasers prior to the Initial Closing in connection with due diligence, negotiation and consummation of the transactions contemplated by the Transaction Documents (such fees and expenses, collectively, the &#147;<B><U>Reimbursable
Expenses</U></B>&#148;) up to an amount not to exceed $725,000; <I>provided further</I> that, if (a)&nbsp;the Initial Closing does not occur or (b)&nbsp;this Agreement is terminated pursuant to <U>Section</U><U></U><U>&nbsp;7.01</U> for any reason
other than the Purchaser&#146;s failure to perform, then the Partnership shall reimburse the Purchasers for their Reimbursable Expenses up to an amount not to exceed $800,000 upon the Initial Closing Date or the date of such termination of this
Agreement, as applicable; it being understood that the expense caps set forth in this <U>Section</U><U></U><U>&nbsp;8.01</U> shall be reduced by any amounts actually paid by the Partnership to the Purchasers in respect of the Reimbursable Expenses
prior to the Initial Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.02</B> <B><U>Interpretation</U></B>. Article, Section, Schedule and Exhibit references in
this Agreement are references to the corresponding Article, Section, Schedule or Exhibit to this Agreement, unless otherwise specified. All Exhibits and Schedules to this Agreement are hereby incorporated and made a part hereof as if set forth in
full herein and are an integral part of this Agreement. All references to instruments, documents, Contracts and agreements are references to such instruments, documents, Contracts and agreements as the same may be amended, supplemented and otherwise
modified from time to time, unless otherwise specified. The word </P>
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&#147;including&#148; shall mean &#147;including but not limited to&#148; and shall not be construed to limit any general statement that it follows to the specific or similar items or matters
immediately following it. Whenever the Partnership has an obligation under the Transaction Documents, the expense of complying with that obligation shall be an expense of the Partnership unless otherwise specified. Any reference in this Agreement to
&#147;$&#148; shall mean U.S.&nbsp;dollars. Whenever any determination, consent or approval is to be made or given by a Purchaser, such action shall be in such Purchaser&#146;s sole discretion, unless otherwise specified in this Agreement. If any
provision in the Transaction Documents is held to be illegal, invalid, not binding or unenforceable, (a)&nbsp;such provision shall be fully severable and the Transaction Documents shall be construed and enforced as if such illegal, invalid, not
binding or unenforceable provision had never comprised a part of the Transaction Documents, and the remaining provisions shall remain in full force and effect, and (b)&nbsp;the parties hereto shall negotiate in good faith to modify the Transaction
Documents so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. When
calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to the Transaction Documents, the date that is the reference date in calculating such period shall be excluded. If the last day
of such period is not a Business Day, the period in question shall end on the next succeeding Business Day. Any words imparting the singular number only shall include the plural and vice versa. The words such as &#147;herein,&#148;
&#147;hereinafter,&#148; &#147;hereof&#148; and &#147;hereunder&#148; refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires. The provision of a Table of Contents, the
division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.03</B> <B><U>Survival of Provisions</U></B>. The representations and warranties set forth in
<U>Section</U><U></U><U>&nbsp;3.01</U>, <U>Section</U><U></U><U>&nbsp;3.02</U>, <U>Section</U><U></U><U>&nbsp;3.03</U>, <U>Section</U><U></U><U>&nbsp;3.13</U>, <U>Section</U><U></U><U>&nbsp;3.16</U>, <U>Section</U><U></U><U>&nbsp;3.18</U>,
<U>Section</U><U></U><U>&nbsp;4.01</U>, <U>Section</U><U></U><U>&nbsp;4.02</U>, <U>Section</U><U></U><U>&nbsp;4.04</U>, <U>Section</U><U></U><U>&nbsp;4.05(a)</U>, <U>Section</U><U></U><U>&nbsp;4.05(b)</U> and
<U>Section</U><U></U><U>&nbsp;4.05(e)</U> hereunder shall<B> </B>survive the execution and delivery of this Agreement indefinitely, the representations and warranties set forth in <U>Section</U><U></U><U>&nbsp;3.27</U> shall survive until
60&nbsp;days after the applicable statute of limitations (taking into account any extensions thereof) and the other representations and warranties set forth herein shall survive for a period of 12&nbsp;months following the Second Funding Closing
Date, regardless of any investigation made by or on behalf of the Partnership, the Purchasers. The covenants made in this Agreement or any other Transaction Document shall survive the Initial Closing and remain operative and in full force and effect
regardless of acceptance of any of the Series&nbsp;D Preferred Units and payment therefor and repayment, conversion or repurchase thereof. Regardless of any purported general termination of this Agreement, the provisions of <U>Article VI</U> and all
indemnification rights and obligations thereunder, <U>Article VII</U> and this <U>Article VIII</U> shall remain operative and in full force and effect, unless the applicable parties execute a writing that expressly (with specific references to the
applicable Section or subsection of this Agreement) terminates such rights and obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.04</B> <B><U>No Waiver:
Modifications in Writing</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Delay</U>. No failure or delay on the part of any party in exercising any right, power or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided for
herein are cumulative and are not exclusive of any remedies that may be available to a party at law or in equity or otherwise. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Specific Waiver</U>. Except as otherwise provided herein, no amendment, waiver, consent,
modification or termination of any provision of any Transaction Document (except in the case of the Partnership Agreement for amendments adopted pursuant to the provisions thereof) shall be effective unless signed by each of the parties thereto
affected by such amendment, waiver, consent, modification or termination. Any amendment, supplement or modification of or to any provision of any Transaction Document, any waiver of any provision of any Transaction Document and any consent to any
departure by the Partnership from the terms of any provision of any Transaction Document shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this
Agreement, no notice to or demand on the Partnership in any case shall entitle the Partnership to any other or further notice or demand in similar or other circumstances. Any investigation by or on behalf of any party shall not be deemed to
constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or agreement contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.05</B> <B><U>Binding Effect; Assignment</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) This Agreement shall be binding upon the parties hereto and their respective successors and permitted assigns. Except as expressly
provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and permitted assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Subject to <U>Section</U><U></U><U>&nbsp;5.04</U>, each Purchaser may assign its rights and obligations under this Agreement to any fund,
account or company managed, advised or <FONT STYLE="white-space:nowrap">sub-advised</FONT> by EIG or any Permitted Transferee; <I>provided</I> that any such assignment shall not relieve such Purchaser of any of its obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.06</B> <B><U><FONT STYLE="white-space:nowrap">Non-Disclosure</FONT></U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) This Agreement shall not impact the terms and provisions of any of the Confidentiality Agreements. The Confidentiality Agreements shall
continue to be in full force and effect, pursuant to the terms and conditions thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Other than filings made by the Partnership
with the SEC, the Partnership and any of its Representatives may disclose the identity of, or any other information concerning, the Purchasers or any of their respective Affiliates only after providing the Purchasers a reasonable opportunity to
review and comment on such disclosure (with such comments being incorporated or reflected, to the extent reasonable, in any such disclosure); <I>provided</I>, <I>however</I>, that nothing in this <U>Section</U><U></U><U>&nbsp;8.06</U> shall delay
any required filing or other disclosure with the NYSE or any Governmental Authority or otherwise hinder the NuStar Entities&#146; or their Representatives&#146; ability to timely comply with all Laws or rules and regulations of the NYSE or other
Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything to the contrary in this <U>Section</U><U></U><U>&nbsp;8.06</U>, the Partnership and
the General Partner agree that each Purchaser may (i)&nbsp;publicize its ownership in the Partnership, as well as the identity of the Partnership, the size of the investment and its pricing terms with respect to the Series&nbsp;D Preferred Units on
its internet site or in marketing materials, press releases, published &#147;tombstone&#148; announcements or any other print or electronic medium and (ii)&nbsp;display the Partnership&#146;s logo in conjunction with any such reference. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Except as described in <U>Section</U><U></U><U>&nbsp;8.06(b)</U>, prior to making any public
statements or issuing any press releases with respect to the transactions contemplated by the Transaction Documents, each party will consult with the other parties hereto and consider in good faith any comments provided by such other parties;
<I>provided</I> that no party will make any public statement or issue any press release that attributes comments to any other party or that indicates the approval of any other party of the contents of any such public statement or press release (or
portion thereof) without the prior written approval of the other parties hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.07</B> <B><U>Communications</U></B>. All
notices and demands provided for hereunder shall be in writing and shall be given by registered or certified mail, return receipt requested, telecopy, electronic mail, air courier guaranteeing overnight delivery or personal delivery to the following
addresses </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">If to the Purchasers, to the addresses set forth on <U>Schedule</U><U></U><U>&nbsp;A</U>. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">If to the Partnership, to: </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">NuStar Energy L.P. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">19003 <FONT STYLE="white-space:nowrap">IH-10</FONT> West </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">San Antonio, Texas 78257 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: Amy L. Perry, Senior Vice President, General Counsel and Corporate </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Secretary </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">with a copy to (which
shall not constitute notice): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Sidley Austin LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">1000 Louisiana Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Suite 6000
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Houston, TX 77002 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: George J. Vlahakos </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Email: gvlahakos@sidley.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to such other
address as the Partnership or the Purchasers may designate in writing. All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; upon actual receipt if sent by certified or
registered mail, return receipt requested, or regular mail, if mailed; upon actual receipt of the facsimile, if sent via facsimile; when sent, if sent by electronic mail prior to 5:00&nbsp;p.m. Houston, Texas time on a Business Day, or on the next
succeeding Business Day, if not; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.08</B> <B><U>Removal of Legend</U></B>. In connection with a sale of Series&nbsp;D Preferred Units, PIK Units or Conversion
Units by a Purchaser in reliance on Rule&nbsp;144 promulgated under the Securities Act, the applicable Purchaser or its broker shall deliver to the Partnership a broker representation letter providing to the Partnership any information the
Partnership deems necessary to determine </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
that the sale of such Series&nbsp;D Preferred Units, PIK Units or Conversion Units is made in compliance with Rule&nbsp;144 promulgated under the Securities Act, including, as may be appropriate,
a certification that the Purchaser is not an affiliate of the Partnership (as defined in Rule&nbsp;144 promulgated under the Securities Act) and a certification as to the length of time the such units have been held. Upon receipt of such
representation letter, the Partnership shall promptly remove the notation of a restrictive legend in such Purchaser&#146;s book-entry account maintained by the Partnership, including the legend referred to in <U>Section</U><U></U><U>&nbsp;4.05</U>,
and the Partnership shall bear all costs associated with the removal of such legend in the Partnership&#146;s books. At such time as the Series&nbsp;D Preferred Units, PIK Units or Conversion Units have been sold pursuant to an effective
registration statement under the Securities Act or have been held by any Purchaser for more than one year where such Purchaser is not, and has not been in the preceding three months, an affiliate of the Partnership (as defined in Rule&nbsp;144
promulgated under the Securities Act), if the book-entry account of such Purchaser still bears the notation of the restrictive legend referred to in <U>Section</U><U></U><U>&nbsp;4.05</U>, the Partnership agrees, upon request of the Purchaser or its
permitted assignee, to take all steps necessary to promptly effect the removal of the legend described in <U>Section</U><U></U><U>&nbsp;4.05</U>, and the Partnership shall bear all costs associated with the removal of such legend in the
Partnership&#146;s books, regardless of whether the request is made in connection with a sale or otherwise, so long as such Purchaser or its permitted assignee provides to the Partnership any information the Partnership deems reasonably necessary to
determine that the legend is no longer required under the Securities Act or applicable state Laws, including (if there is no such registration statement) a certification that the holder is not an affiliate of the Partnership (as defined in
Rule&nbsp;144 promulgated under the Securities Act), a covenant to inform the Partnership if it should thereafter become an affiliate (as defined in Rule&nbsp;144 promulgated under the Securities Act) and to consent to the notation of an appropriate
restriction, and a certification as to the length of time such units have been held. The Partnership shall cooperate with each Purchaser to effect the removal of the legend referred to in <U>Section</U><U></U><U>&nbsp;4.05</U> at any time such
legend is no longer appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.09</B> <B><U>Entire Agreement</U></B>. This Agreement, the other Transaction Documents,
the Confidentiality Agreements and the other agreements and documents referred to herein are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of
the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to in this Agreement, the other Transaction Documents or the
Confidentiality Agreements with respect to the rights granted by the Partnership or any of its Affiliates or the Purchasers or any of their respective Affiliates. This Agreement, the other Transaction Documents, the Confidentiality Agreements and
the other agreements and documents referred to herein or therein supersede all prior agreements and understandings among the parties with respect to such subject matter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.10</B> <B><U>Governing Law; Submission to Jurisdiction</U></B>. This Agreement, and all claims or causes of action (whether in
contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or
warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the Laws of the State of Delaware without regard to principles of conflicts of laws. Any action against any party relating to the foregoing
shall be brought in any federal or state court of competent jurisdiction located within the State of Delaware, and the parties hereto hereby irrevocably submit </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of any federal or state court located within the State of Delaware over any such action. The parties hereby irrevocably
waive, to the fullest extent permitted by applicable Law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute.
Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.11</B> <B><U>Waiver of Jury Trial</U></B>. THE PARTIES TO THIS AGREEMENT EACH HEREBY WAIVES, AND AGREES TO CAUSE ITS
AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A)&nbsp;ARISING UNDER THIS AGREEMENT OR (B)&nbsp;IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH
HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS
WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.12</B>
<B><U>Exclusive Remedy</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each party hereto hereby acknowledges and agrees that the rights of each party to consummate the
transactions contemplated hereby are special, unique and of extraordinary character and that, if any party violates or fails or refuses to perform any covenant or agreement made by it herein, the <FONT STYLE="white-space:nowrap">non-breaching</FONT>
party may be without an adequate remedy at law. If any party violates or fails or refuses to perform any covenant or agreement made by such party herein, the <FONT STYLE="white-space:nowrap">non-breaching</FONT> party subject to the terms hereof and
in addition to any remedy at law for damages or other relief, may (at any time prior to the valid termination of this Agreement pursuant to <U>Article VII</U>) institute and prosecute an action in any court of competent jurisdiction to enforce
specific performance of such covenant or agreement or seek any other equitable relief. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The sole and exclusive remedy for any and all
claims arising under, out of, or related to this Agreement or the transactions contemplated hereby, shall be the rights of indemnification set forth in <U>Article VI</U> only, and no Person will have any other entitlement, remedy or recourse,
whether in contract, tort or otherwise, it being agreed that all of such other remedies, entitlements and recourse are expressly waived and released by the parties hereto to the fullest extent permitted by Law. Notwithstanding anything in the
foregoing to the contrary, nothing in this Agreement shall limit or otherwise restrict a fraud claim brought by any party hereto or the right to seek specific performance pursuant to <U>Section</U><U></U><U>&nbsp;8.12(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.13</B> <B><U>No Recourse Against Others</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) All claims, obligations, liabilities or causes of action (whether in contract or in tort, in law or in equity, or granted by statute) that
may be based upon, in respect of, arise under, out or by reason of, be connected with or relate in any manner to this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made in, in
connection with, or as an inducement to, this Agreement), may be made only against (and are expressly limited to) the Partnership and the Purchasers. No Person other than the Partnership or the Purchasers, including no member, partner, stockholder,
Affiliate or Representative thereof, nor any member, partner, stockholder, Affiliate or Representative of any of the foregoing, shall have any liability (whether in contract or in tort, in law or in equity, or granted by statute) for any claims,
causes of action, obligations or liabilities arising under, out of, in connection with or related in any manner to this Agreement or based on, in respect of or by reason of this Agreement or its negotiation, execution, performance or breach; and, to
the maximum extent permitted by Law, each of the Partnership and the Purchasers hereby waives and releases all such liabilities, claims, causes of action and obligations against any such third Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Without limiting the foregoing, to the maximum extent permitted by Law, (i)&nbsp;each of the Partnership and the Purchasers hereby waives
and releases any and all rights, claims, demands or causes of action that may otherwise be available at law or in equity, or granted by statute, to avoid or disregard the entity form of the other or otherwise impose liability of the other on any
third Person in respect of the transactions contemplated hereby, whether granted by statute or based on theories of equity, agency, control, instrumentality, alter ego, domination, sham, single business enterprise, piercing the veil, unfairness,
undercapitalization or otherwise; and (ii)&nbsp;each of the Partnership and the Purchasers disclaims any reliance upon any third Person with respect to the performance of this Agreement or any representation or warranty made in, in connection with
or as an inducement to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.14</B> <B><U>No Third-Party Beneficiaries</U></B>. Except as set forth in
<U>Article VI</U>, nothing in this Agreement, express or implied, is intended to or shall confer upon any Person, other than the Partnership, the Purchasers and, for purposes of <U>Section</U><U></U><U>&nbsp;8.13</U> only, any member, partner,
stockholder, Affiliate or Representative of the Partnership or the Purchasers, or any member, partner, stockholder, Affiliate or Representative of any of the foregoing, any right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.15</B> <B><U>Execution in Counterparts</U></B>. This Agreement may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>[Signature Page Follows] </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first
above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>NUSTAR ENERGY L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">By:&#8194;RIVERWALK LOGISTICS, L.P., its General Partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">By: NUSTAR GP, LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President and</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Financial
Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Purchase Agreement] </P>

<p Style='page-break-before:always'>
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 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>EIG NOVA EQUITY AGGREGATOR, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">By:&#8194;EIG Nova Equity GP, LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its general partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">By:&#8194;EIG Asset Management, LLC<BR>its managing member</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Richard K. Punches, II</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Richard K. Punches, II</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Matthew Hartman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Matthew Hartman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>FS ENERGY AND POWER FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">By:&#8194;FS/EI Advisor, LLC,<BR>its Investment Advisor</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Richard K. Punches, II</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Richard K. Punches, II</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Person</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Matthew Hartman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Matthew Hartman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Person</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Purchase Agreement] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit A </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Opinion of Sidley Austin LLP </B></P>

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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt;margin-bottom:1pt">


<IMG SRC="g641307g0628075714872.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SIDLEY AUSTIN LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1000 LOUISIANA STREET</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SUITE 6000</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HOUSTON, TX 77002</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 713 495 4500</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 713 495 7799 FAX</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">AMERICA &#149; ASIA PACIFIC &#149; EUROPE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">June [&#149;], 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EIG Nova Equity Aggregator, L.P. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o EIG Management Company,
LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">333 Clay Street, Suite 3500 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FS Energy and Power Fund </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o EIG Management Company, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1700 Pennsylvania Avenue NW,
Suite 800 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC&nbsp;20006 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><I><U>23,246,650 Series D Cumulative Convertible Preferred Units issued by NuStar Energy L.P. </U></I> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies
and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as special counsel to NuStar Energy L.P., a Delaware limited partnership (the
&#147;<U>Partnership</U>&#148;), in connection with the issuance and sale by the Partnership of 23,246,650 Series D Cumulative Convertible Preferred Units representing limited partner interests in the Partnership (the &#147;<U>Preferred
Units</U>&#148;), convertible into common units representing limited partner interests in the Partnership (&#147;<U>Common Units</U>&#148;), pursuant to the Purchase Agreement, dated June&nbsp;26, 2018 (the &#147;<U>Purchase Agreement</U>&#148;),
among the Partnership and the purchasers named therein (the &#147;<U>Purchasers</U>&#148;), relating to the issuance and sale by the Partnership to the Purchasers of 15,760,441 Preferred Units (the &#147;<U>Units</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are furnishing this opinion letter to you pursuant to Section&nbsp;2.06(a) of the Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In rendering the opinions set forth herein, we have examined and relied on originals or copies, certified or otherwise identified to our
satisfaction, of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) each of the Partnership&#146;s reports that have been filed with the U.S. Securities and Exchange
Commission (the &#147;<U>SEC</U>&#148;) since January&nbsp;1, 2017 (the &#147;<U>NS SEC Documents</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the Purchase Agreement;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the Registration Rights Agreement, dated as of June&nbsp;29, 2018, among the Partnership and the Purchasers (the
&#147;<U>Registration Rights Agreement</U>&#148;); </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June [&#9679;], 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the Information Rights Agreement, dated as of June&nbsp;29, 2018, by and among the
Partnership, and EIG Management Company, LLC and FS/EIG Advisor, LLC (EIG Management Company, LLC and FS/EIG Advisor, LLC are referred to herein, collectively, as (&#147;<U>EIG</U>&#148;)) (the &#147;<U>Information Rights Agreement</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the <FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> Side Letter, dated as of June&nbsp;29, 2018, by and among the Partnership,
the Purchasers and EIG (the &#147;<U><FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> Side Letter</U>&#148;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) the Amended and
Restated Certificate of Limited Partnership of the Partnership, dated as of December&nbsp;31, 2001 and effective as of January&nbsp;1, 2002, as amended by the Amendment to Certificate of Limited Partnership dated as of March&nbsp;21, 2007 and
effective as of April&nbsp;1, 2007, certified by the Secretary of State of the State of Delaware as in effect on June&nbsp;25, 2018, and certified by the Senior Vice President, General Counsel &#150; Corporate and Commercial Law and Corporate
Secretary (the &#147;<U>Corporate Secretary</U>&#148;) of NuStar GP, LLC, a Delaware limited liability company and the general partner of the General Partner (&#147;<U>NuStar GP</U>&#148;), as in effect on the date of the resolutions described in
paragraph (m), the date of the Purchase Agreement and the date hereof (such Amended and Restated Certificate of Limited Partnership, as so amended and as so certified, being referred to herein as the &#147;<U>NuStar L.P. Certificate of Limited
Partnership</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) the Sixth Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of
November&nbsp;30, 2017, certified by the Corporate Secretary as in effect on the date of the resolutions described in paragraph (m)&nbsp;and the date of the Purchase Agreement (the &#147;<U>Sixth A&amp;R NuStar L.P. Partnership Agreement</U>&#148;);
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) the Seventh Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of June&nbsp;29, 2018, certified by
the Corporate Secretary as in effect on the date hereof (the &#147;<U>NuStar L.P. Partnership Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Certificate
of Limited Partnership of Riverwalk Logistics, L.P., a Delaware limited partnership and the general partner of the Partnership (the &#147;<U>General Partner</U>&#148;), dated June&nbsp;5, 2000, certified by the Secretary of State of the State of
Delaware as in effect on June&nbsp;25, 2018, and certified by the Corporate Secretary as in effect on the date of the resolutions described in paragraph (m), the date of the Purchase Agreement and the date hereof (such Certificate of Limited
Partnership, as so certified, being referred to herein as the &#147;<U>General Partner Certificate of Limited Partnership</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)
the First Amended and Restated Limited Partnership Agreement of the General Partner, dated as of April&nbsp;16, 2001, certified by the Corporate Secretary as in effect on the date of the resolutions described in paragraph (m), the date of the
Purchase Agreement and the date hereof (such First Amended and Restated Limited Partnership Agreement, as so certified, being referred to herein as the &#147;<U>General Partner Partnership Agreement</U>&#148;); </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June [&#9679;], 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) the Certificate of Formation of NuStar GP, dated December&nbsp;7, 1999, as amended by the
Certificate of Amendment to the Certificate of Formation, dated December&nbsp;31, 2001, and the Certificate of Amendment to the Certificate of Formation, dated effective as of April&nbsp;1, 2007, certified by the Secretary of State of the State of
Delaware as in effect on June&nbsp;25, 2018, and certified by the Corporate Secretary as in effect on the date of the resolutions described in paragraph (m), the date of the Purchase Agreement and the date hereof (such Certificate of Formation, as
so amended and as so certified, being referred to herein as the &#147;<U>NuStar GP Certificate of Formation</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) the First
Amended and Restated Limited Liability Company Agreement of NuStar GP, dated as of June&nbsp;5, 2000, as amended by the First Amendment thereto, dated December&nbsp;31, 2001, the Second Amendment thereto, dated as of June&nbsp;1, 2006, and the Third
Amendment thereto, dated July&nbsp;29, 2016, certified by the Corporate Secretary as in effect on the date of the resolutions described in paragraph (m), the date of the Purchase Agreement and the date hereof (such First Amended and Restated Limited
Liability Company Agreement, as so amended and as so certified, being referred to herein as the &#147;<U>NuStar GP LLC Agreement</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) resolutions of the (i)&nbsp;Board of Directors of NuStar GP adopted June&nbsp;13, 2018 and (ii)&nbsp;Pricing Committee designated by the
Board of Directors of NuStar GP adopted on June [26], 2018, each as certified by the Corporate Secretary; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) the Amended and Restated
Certificate of Limited Partnership of NuStar Logistics, L.P., a Delaware limited partnership (&#147;<U>NuStar Logistics</U>&#148;) effective January&nbsp;8, 2002, as amended by the Certificate of Amendment to the Amended and Restated Certificate of
Limited Partnership, dated May&nbsp;30, 2002, the Certificate of Amendment to the Amended and Restated Certificate of Limited Partnership, dated effective as of April&nbsp;1, 2007, and the Certificate of Amendment to the Amended and Restated
Certificate of Limited Partnership, dated March&nbsp;18, 2014, certified by the Secretary of State of the State of Delaware as in effect on June&nbsp;25, 2018, and certified by the Corporate Secretary as in effect on the date of the Purchase
Agreement and the date hereof (such Amended and Restated Certificate of Limited Partnership, as so amended and as so certified, being referred to herein as the &#147;<U>NuStar Logistics Certificate of Limited Partnership</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) the Second Amended and Restated Agreement of Limited Partnership of NuStar Logistics, dated as of April&nbsp;16, 2001, as amended by the
First Amendment thereto, dated effective as of April&nbsp;16, 2001, the Second Amendment thereto, dated January&nbsp;7, 2002, and the Reorganization Agreement dated as of May&nbsp;30, 2002, among NuStar Logistics, the Partnership, the General
Partner and NuStar GP, Inc., a Delaware corporation and the general partner of NuStar Logistics (&#147;<U>GP, Inc.</U>&#148;), certified by the Corporate Secretary as in effect on the date of the Purchase Agreement and the date hereof (such Second
Amended and Restated Agreement of Limited Partnership, as so amended and as so certified, being referred to herein as the &#147;<U>NuStar Logistics Partnership Agreement</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) the Certificate of Incorporation of GP, Inc., dated May&nbsp;28, 2002, as amended by the Certificate of Amendment to the Certificate of
Incorporation dated effective April&nbsp;1, 2007, certified by the Secretary of State of the State of Delaware as in effect on June&nbsp;25, 2018, and certified by the Corporate Secretary, as in effect on the date of the Purchase Agreement and the
date hereof (such Certificate of Incorporation, as so amended and as so certified, being referred to herein as the &#147;<U>GP, Inc. Certificate of Incorporation</U>&#148;); </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June [&#9679;], 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) the Bylaws of GP, Inc., dated May&nbsp;29, 2002, certified by the Corporate Secretary as
in effect on the date of the Purchase Agreement and the date hereof (such Bylaws, as so certified, being referred to herein as the &#147;<U>GP, Inc. Bylaws</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) the Certificate of Limited Partnership of NuStar Pipeline Operating Partnership L.P., a Delaware limited partnership
(&#147;<U>NuPOP</U>&#148;), dated September&nbsp;12, 1989, as amended by the Certificate of Amendment to the Certificate of Limited Partnership, dated effective as of March&nbsp;31, 2008, certified by the Secretary of State of the State of Delaware
as in effect on June&nbsp;25, 2018, and certified by the Corporate Secretary as in effect on the date of the Purchase Agreement and the date hereof (such Certificate of Limited Partnership, as so amended and as so certified, being referred to herein
as the &#147;<U>NuPOP Certificate of Limited Partnership</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) the Amended and Restated Agreement of Limited Partnership of
NuPOP, dated September&nbsp;27, 1989, as amended by the Amendment thereto, dated effective June&nbsp;30, 2003, certified by the Corporate Secretary as in effect on the date of the Purchase Agreement and the date hereof (such Amended and Restated
Agreement of Limited Partnership, as so amended and as so certified, being referred to herein as the &#147;<U>NuPOP Partnership Agreement</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) the Certificate of Formation of NuStar Pipeline Company, LLC, a Delaware limited liability company and the general partner of NuPOP and
NuStar Pipeline Partners L.P. (&#147;<U>NuStar Pipeline</U>&#148;), dated June&nbsp;21, 2001, as amended by the Certificate of Amendment to the Certificate of Formation dated effective as of March&nbsp;31, 2008, certified by the Secretary of State
of the State of Delaware as in effect on June&nbsp;25, 2018, and certified by the Corporate Secretary as in effect on the date of the Purchase Agreement and the date hereof (such Certificate of Formation, as so amended and as so certified, being
referred to herein as the &#147;<U>NuStar Pipeline Certificate of Formation</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) the Amended and Restated Limited Liability
Company Agreement of NuStar Pipeline, dated July&nbsp;16, 2001, certified by the Corporate Secretary as in effect on the date of the Purchase Agreement and the date hereof (such Amended and Restated Limited Liability Company Agreement, as so
certified, being referred to herein as the &#147;<U>NuStar Pipeline LLC Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) the Certificate of Limited Partnership
of NuStar Pipeline Partners L.P., a Delaware limited partnership (&#147;<U>NuStar Pipeline Partners</U>&#148;), dated August&nbsp;2, 1989, as amended by the Certificate of Amendment to the Certificate of Limited Partnership, dated effective as of
March&nbsp;31, 2008, certified by the Secretary of State of the State of Delaware as in effect on June&nbsp;25, 2018, and certified by the Corporate Secretary as in effect on the date of the Purchase Agreement and the date hereof (such Certificate
of Limited Partnership, as so amended and so certified, being referred to herein as the &#147;<U>NuStar Pipeline Partners Certificate of Limited Partnership</U>&#148;); </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June [&#9679;], 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) the Amended and Restated Agreement of Limited Partnership of NuStar Pipeline Partners,
dated September&nbsp;18, 1995, as revised July&nbsp;23, 1998, as amended by the Amendment thereto, dated October&nbsp;27, 2003, certified by the Corporate Secretary as in effect on the date of the Purchase Agreement and the date hereof (such Amended
and Restated Agreement of Limited Partnership, as so revised and amended and as so certified, being referred to herein as the &#147;<U>NuStar Pipeline Partners Partnership Agreement</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) the Certificate of Formation of LegacyStar Services, LLC, a Delaware limited liability company and the sole member of NuStar Pipeline
(&#147;<U>LegacyStar</U>&#148;), dated April&nbsp;9, 2001, as amended by the Certificate of Amendment to the Certificate of Formation dated effective as of March&nbsp;31, 2008, certified by the Secretary of State of the State of Delaware as in
effect on June&nbsp;25, 2018, and certified by the Corporate Secretary as in effect on the date of the Purchase Agreement and the date hereof (such Certificate of Formation, as so amended and as so certified, being referred to herein as the
&#147;<U>LegacyStar Certificate of Formation</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y) the Amended and Restated Limited Liability Company Agreement of LegacyStar,
dated as of June&nbsp;28, 2001, certified by the Corporate Secretary as in effect on the date of the Purchase Agreement and the date hereof (such Amended and Restated Limited Liability Company Agreement, as so certified, being referred to herein as
the &#147;<U>LegacyStar LLC Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z) a certificate dated the date hereof (the &#147;<U>Opinion Support
Certificate</U>&#148;), executed by the Corporate Secretary, a copy of which is attached hereto as Exhibit A; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa) each of the Applicable
Agreements (as defined below); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb) results of uniform commercial code searches each dated June&nbsp;25, 2018 conducted by Capitol
Services, Inc. and purporting to identify all effective uniform commercial code financing statements on file in the office of the Secretary of State of the State of Delaware, through June&nbsp;13, 2018, naming NuStar Holdings, NuStar GP, Riverwalk
Holdings or the General Partner as debtor (the &#147;<U>Search Reports</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have also examined and relied upon originals or
copies, certified or otherwise identified to our satisfaction, of such records of the Partnership Entities and such agreements, certificates of public officials, certificates of officers or other representatives of the Partnership Entities and
others, and such other documents, certificates and records, as we have deemed necessary or appropriate as a basis for the opinions set forth herein. In our examination, we have assumed the legal capacity of all natural persons, the genuineness of
all signatures, the authenticity of all documents submitted to or obtained by us as originals, and the conformity to authentic original documents of all documents submitted to or obtained by us as certified or photostatic copies or by facsimile or
other means of electronic transmission or which we obtained from the SEC&#146;s Electronic Data Gathering, Analysis and Retrieval system (&#147;<U>EDGAR</U>&#148;) </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June [&#9679;], 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 6
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
or other sites on the internet, and the authenticity of the originals of such latter documents. If any document we examined in printed, word processed or similar form has been filed with the SEC
on EDGAR, we have assumed that the document filed on EDGAR is identical to the document we examined, except for EDGAR formatting changes. As to facts and certain other matters and the consequences thereof materially relevant to the opinions
expressed herein and the other statements made herein, we have relied without independent investigation or verification upon, and assumed the accuracy and completeness of, (i)&nbsp;oral or written statements and representations of officers and other
representatives of the Partnership Entities (including without limitation the facts certified in the Opinion Support Certificate), (ii) statements and certifications of public officials and others and (iii)&nbsp;the representations and warranties in
the Purchase Agreement (as to factual matters). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used herein the following terms have the respective meanings set forth below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Agreements</U>&#148; means those agreements and other instruments identified on Schedule 1 to the Opinion Support
Certificate which have been certified by the Corporate Secretary as being every indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease or other agreement that is material in relation to the business, operations, affairs,
financial condition, assets, or properties of the Partnership and its subsidiaries, considered as a single enterprise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Incentive
Distribution Rights</U>&#148; has the meaning ascribed to such term under the NuStar L.P. Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>NuStar
Holdings</U>&#148; means NuStar GP Holdings, LLC, a Delaware limited liability company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Organizational Documents</U>&#148; means
the NuStar GP Certificate of Formation, the NuStar GP LLC Agreement, the General Partner Certificate of Limited Partnership, the General Partner Partnership Agreement, the NuStar L.P. Certificate of Limited Partnership, the Sixth A&amp;R NuStar L.P.
Partnership Agreement, the NuStar L.P. Partnership Agreement, the NuStar Logistics Certificate of Limited Partnership, the NuStar Logistics Partnership Agreement, the LegacyStar Certificate of Formation, the LegacyStar LLC Agreement, the NuStar
Pipeline Certificate of Formation, the NuStar Pipeline LLC Agreement, the NuStar Pipeline Partners Certificate of Limited Partnership, the NuStar Pipeline Partners Partnership Agreement, the NuPOP Certificate of Limited Partnership, the NuPOP
Partnership Agreement, the GP, Inc. Certificate of Incorporation and the GP, Inc. Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Partnership Entities</U>&#148; means
NuStar GP, the General Partner, the Partnership, NuStar Logistics, GP, Inc., LegacyStar, NuStar Pipeline, NuStar Pipeline Partners and NuPOP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Partnership Parties</U>&#148; means the Partnership, the General Partner and NuStar GP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means a natural person or a legal entity organized under the laws of any jurisdiction. </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June [&#9679;], 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 7
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Riverwalk Holdings</U>&#148; means Riverwalk Holdings, LLC, a Delaware limited
liability company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction Documents</U>&#148; means the Purchase Agreement, the Registration Rights Agreement, the
Information Rights Agreement and the <FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> Side Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based upon the foregoing and
subject to the limitations, qualifications, exceptions and assumptions set forth herein, we are of the opinion that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Each of the
Partnership Parties has been formed under the laws of the State of Delaware. Each of the Partnership Entities is validly existing as a limited partnership, limited liability company or corporation, as applicable, and in good standing under the laws
of the State of Delaware. Each of the Partnership Entities has the limited partnership, limited liability company or corporate power and authority, as the case may be, under the laws of the State of Delaware to carry on its business and own or lease
its properties as described in the NS SEC Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. NuStar Holdings is the sole member of NuStar GP, with a 100% membership interest
in NuStar GP, such membership interest has been duly authorized and validly issued in accordance with the NuStar GP LLC Agreement and is fully paid (to the extent required by the NuStar GP LLC Agreement) and is nonassessable (except as such
nonassessability may be affected by <FONT STYLE="white-space:nowrap">Section&nbsp;18-607</FONT> and <FONT STYLE="white-space:nowrap">18-804</FONT> of the Delaware Limited Liability Company Act (the &#147;<U>Delaware LLC Act</U>&#148;)); and NuStar
Holdings owns such membership interest free and clear of all liens in respect of which a uniform commercial code financing statement naming NuStar Holdings as debtor is on file in the office of the Secretary of State of the State of Delaware as of
June&nbsp;13, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. NuStar GP is the sole general partner of the General Partner with a 0.1% general partner interest in the General
Partner; such general partner interest has been duly authorized and validly issued in accordance with the General Partner Partnership Agreement; and NuStar GP owns such general partner interest free and clear of all liens&nbsp;in respect of which a
uniform commercial code financing statement naming NuStar GP as debtor is on file in the office of the Secretary of State of the State of Delaware as of June&nbsp;13, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Riverwalk Holdings is the sole limited partner of the General Partner with a 99.9% limited partner interest in the General Partner; such
limited partner interest has been duly authorized and validly issued in accordance with the General Partner Partnership Agreement and is fully paid (to the extent required under the General Partner Partnership Agreement) and nonassessable (except as
such nonassessability may be affected by matters described in <FONT STYLE="white-space:nowrap">Sections&nbsp;17-303,</FONT> <FONT STYLE="white-space:nowrap">17-607</FONT> and <FONT STYLE="white-space:nowrap">17-804</FONT> of the Delaware Revised
Uniform Limited Partnership Act (the &#147;<U>Delaware LP Act</U>&#148;)); and Riverwalk Holdings owns such limited partner interest free and clear of all liens in respect of which a uniform commercial code financing statement naming Riverwalk
Holdings as debtor is on file in the office of the Secretary of State of the State of Delaware as of June&nbsp;13, 2018. </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June [&#9679;], 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 8
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. The General Partner is the sole general partner of the Partnership with a 2% general
partner interest and 100% of the Incentive Distribution Rights in the Partnership; such general partner interest and Incentive Distribution Rights have been duly authorized and validly issued in accordance with the NuStar L.P. Partnership Agreement
and, in the case of the Incentive Distribution Rights, are fully paid (to the extent required under the NuStar L.P. Partnership Agreement) and nonassessable (except as such nonassessability may be affected by matters described in <FONT
STYLE="white-space:nowrap">Sections&nbsp;17-303,</FONT> <FONT STYLE="white-space:nowrap">17-607</FONT> and <FONT STYLE="white-space:nowrap">17-804</FONT> of the Delaware LP Act); and the General Partner owns such general partner interest and
Incentive Distribution Rights, in each case, free and clear of all liens in respect of which a uniform commercial code financing statement naming the General Partner as debtor is on file in the office of the Secretary of State of the State of
Delaware as of June&nbsp;13, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. Riverwalk Holdings and NuStar GP own 10,213,894 and 732 Common Units, respectively, as of the date
hereof; and Riverwalk Holdings and NuStar GP own such Common Units free and clear of all liens in respect of which a uniform commercial code financing statement naming either Riverwalk Holdings or NuStar GP as debtor is on file in the office of the
Secretary of State of the State of Delaware as of June&nbsp;13, 2018, other than, with respect to Riverwalk Holdings, the uniform commercial code financing statement No.&nbsp;20132498823 filed on June&nbsp;28, 2013 and the amendments and
continuation thereto, No.&nbsp;20163633532 filed on June&nbsp;16, 2016, No.&nbsp;20174239270 filed on June&nbsp;27, 2017, No.&nbsp;20180400834 filed on January&nbsp;18, 2018 and No.&nbsp;20182502777 filed on April&nbsp;12, 2018 naming Riverwalk
Holdings, as debtor, as to which we were advised by Riverwalk Holdings was filed in connection with the Revolving Credit Agreement, dated as of June&nbsp;28, 2013, among NuStar Holdings, Riverwalk Holdings and the lenders party thereto, as amended.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. Except as described in the NS SEC Documents or the Transaction Documents (i)&nbsp;there are no outstanding options, warrants or other
rights to purchase, or any restrictions upon the voting or transfer of, agreements or other obligations requiring any Partnership Entity to issue or rights to convert any securities into or exchange any securities for any equity interest of any
Partnership Entity, in each case, under any Organizational Document of such Partnership Entity or any Applicable Agreement, (ii)&nbsp;there are no preemptive rights or other similar rights to subscribe for or purchase any equity interest of any
Partnership Entity under any Organizational Document of such Partnership Entity, any Applicable Agreement or the Delaware LP Act and (iii)&nbsp;no Person has the right, which has not been waived, under any Organizational Document or any Applicable
Agreement to require the registration under the Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;) of any sale of securities issued by the Partnership, by reason of the issuance and sale of the Units as contemplated in the
Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. Each of the issuance and sale of the Units and the execution and delivery by the Partnership of the Transaction
Documents has been duly authorized by all necessary limited liability company action of NuStar GP, acting in its capacity as the general partner of the General Partner, acting in its capacity as the general partner of the Partnership. </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June [&#9679;], 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 9
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. Each of the Purchase Agreement, Registration Rights Agreement and Information Rights
Agreement has been duly authorized, executed and delivered by the Partnership and constitutes a valid and binding obligation of the Partnership, enforceable against the Partnership in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. The Units to be purchased by the Purchasers from the Partnership have been duly authorized for issuance and sale to the Purchasers
pursuant to the Purchase Agreement, and the limited partner interests represented thereby, have been duly authorized in accordance with the NuStar L.P. Partnership Agreement and, when issued and delivered to the Purchasers against payment therefor
in accordance with the terms of the Purchase Agreement, will be validly issued, fully paid (to the extent required by the NuStar L.P. Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections <FONT
STYLE="white-space:nowrap">17-303,</FONT> <FONT STYLE="white-space:nowrap">17-607</FONT> and <FONT STYLE="white-space:nowrap">17-804</FONT> of the Delaware LP Act). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. The Series D PIK Units (as defined in the NuStar L.P. Partnership Agreement) have been duly authorized pursuant to the NuStar L.P.
Partnership Agreement and, assuming the distribution of the Series D PIK Units, if any, is properly authorized by the General Partner, when such Series D PIK Units are issued in accordance with the terms of the NuStar L.P. Partnership Agreement,
such Series D PIK Units will be duly authorized, validly issued, fully paid (to the extent required by the NuStar L.P. Partnership Agreement) and non nonassessable (except as such nonassessability may be affected by Sections <FONT
STYLE="white-space:nowrap">17-303,</FONT> <FONT STYLE="white-space:nowrap">17-607</FONT> and <FONT STYLE="white-space:nowrap">17-804</FONT> of the Delaware LP Act). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. The Series D Conversion Common Units (as defined in the NuStar L.P. Partnership Agreement) have been duly authorized pursuant to the
NuStar L.P. Partnership Agreement and, when issued upon conversion or redemption of the Units in accordance with the terms of the NuStar L.P. Partnership Agreement, will be duly authorized, validly issued, fully paid (to the extent required by the
NuStar L.P. Partnership Agreement) and non nonassessable (except as such nonassessability may be affected by Sections <FONT STYLE="white-space:nowrap">17-303,</FONT> <FONT STYLE="white-space:nowrap">17-607</FONT> and
<FONT STYLE="white-space:nowrap">17-804</FONT> of the Delaware LP Act). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. The NuStar L.P. Partnership Agreement has been duly
authorized, executed and delivered by, and constitutes a valid and binding agreement of the General Partner and is enforceable against the General Partner in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. None of (i)&nbsp;the execution, delivery and performance of the Transaction Documents by the Partnership or the consummation of the
transactions contemplated thereby, (ii)&nbsp;the execution and delivery of the NuStar L.P. Agreement by the General Partner or (iii)&nbsp;the issuance and sale by the Partnership of the Units to the Purchasers pursuant to the Purchase Agreement
(A)&nbsp;violated, violates or will violate the Organizational Documents of the Partnership, (B)&nbsp;resulted, results or will result in a breach of, or a default (or an event which, with notice or lapse of time or both, would constitute such a
default) under, any Applicable Agreement, (C)&nbsp;created, creates or will create any security interest in, or lien upon, any of the property or assets of any Partnership Entity pursuant to any Applicable Agreement, (D)&nbsp;violated,
</P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June [&#9679;], 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 10
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
violates or will violate any terms or provisions of (i)&nbsp;any applicable federal laws of the United States of America, (ii)&nbsp;the Delaware General Corporation Law (&#147;<U>DGCL</U>&#148;),
(iii) the Delaware LP Act, (iv)&nbsp;the Delaware LLC Act or (v)&nbsp;any applicable laws of the State of Texas. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. No Governmental
Approval (as defined below) which has not been obtained or made and is not in full force and effect, was or is required for (i)&nbsp;the execution, delivery and performance of the Transaction Documents by the Partnership or the consummation of the
transactions contemplated thereby, except as may be required in connection with the Partnership&#146;s obligations under the Registration Rights Agreement to register the resale of the Units or the Series D Conversion Common Units under the
Securities Act, or (ii)&nbsp;the issuance and sale of the Units by the Partnership to the Purchasers pursuant to the Purchase Agreement, or performance by the Partnership of its obligations thereunder. As used in this paragraph,
&#147;<U>Governmental Approval</U>&#148; means any consent, approval, license, authorization or order of any executive, legislative, judicial, administrative or regulatory body of the State of Delaware, the State of Texas or the United States of
America, pursuant to (i)&nbsp;the DGCL, (ii)&nbsp;the Delaware LP Act, (iii)&nbsp;the Delaware LLC Act, (iv)&nbsp;applicable federal laws of the United States of America or (v)&nbsp;applicable laws of the State of Texas. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. The Partnership is not, and immediately after giving effect to the issuance and sale of the Units and the application of the proceeds
therefrom it will not be, required to be registered as an &#147;investment company&#148; as defined in the Investment Company Act of 1940, as amended (the &#147;<U>40 Act</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. Assuming the accuracy of the representations and warranties of the Purchasers and the Partnership contained in the Purchase Agreement, the
offer, issuance and sale of the Units by the Partnership to the Purchasers in accordance with the Purchase Agreement, including the issuance of the Series D Conversion Common Units to such Purchasers upon conversion of the Units in accordance with
the NuStar L.P. Partnership Agreement (assuming such conversion takes place as of the date hereof), are exempt from the registration requirements of the Securities Act; <I>provided</I>, <I>however</I>, that no opinion is expressed as to any
subsequent sale or resale of the Units or the Series D Conversion Common Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is limited to matters arising under the
(i)&nbsp;applicable laws of the State of Texas, (ii)&nbsp;applicable federal laws of the United States of America, (iii)&nbsp;Delaware LP Act, (iv)&nbsp;Delaware LLC Act, (v)&nbsp;DGCL and (vi)&nbsp;with respect to the opinions in paragraphs 1, 2,
3, 4, 5 and 6 above, our review of the documents and other items described in paragraphs (i), (ii) and (iii)&nbsp;below. References herein to &#147;applicable laws&#148; mean those laws, rules and regulations that, in our experience, are normally
applicable to transactions of the type contemplated by the Purchase Agreement, without our having made any special investigation as to the applicability of any specific law, rule or regulation, and that are not the subject of a specific opinion
herein referring expressly to a particular law or laws; <I>provided however</I>, that such references (including without limitation those appearing in paragraphs 14 and 15 above) do not include any municipal or other local laws, rules or
regulations, or any antifraud, environmental, labor, securities or blue sky laws, 40 Act, tax, insurance or antitrust, laws, rules or regulations. </P>

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</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our opinions expressed herein are subject to the following additional assumptions and
qualifications: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The opinions set forth in paragraph 1 above as to the formation of the Partnership Parties and the valid existence and
good standing of the Partnership Entities under the laws of the State of Delaware are based solely upon our review of certificates and other communications from the appropriate public officials of the State of Delaware. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The opinions in paragraphs 2, 3, 4, 5, 6 and 7(i) above as to the ownership of the issued and outstanding equity interests in the Persons
referred to in such paragraphs are based solely upon our review of, and we have relied solely on, the Organizational Documents of the Persons identified in such paragraphs. We have assumed that such Organizational Documents of each such Person
accurately reflect the ownership of all the issued and outstanding equity interests of each such Person as of the respective dates of such Organizational Documents, and we express no opinion as to (and assume that there has not been) any resale,
transfer or issuance of any equity interest of any such Person subsequent to the respective dates of such Organizational Documents other than with respect to the opinion in paragraph 4 with respect to which we were advised by Riverwalk Holdings that
the limited partner interest referred to therein were transferred to Riverwalk Holdings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) With respect to the opinions expressed in
paragraphs 2, 3, 4, 5 and 6 above, as to whether the ownership of the interests in the Persons referred to in such paragraphs are free and clear of the liens described in such paragraphs, our opinions are based solely upon our review of, and we have
relied solely on the Search Reports, and we have assumed the completeness and accuracy of the Search Reports and that the methodology utilized in generating the Search Reports was effective to disclose all effective uniform commercial code financing
statements naming NuStar Holdings, NuStar GP, Riverwalk Holdings or the General Partner as debtor. Furthermore, we have assumed that any uniform commercial code financing statement filed in the office of the Secretary of State of the State of
Delaware naming NuStar Holdings, NuStar GP, Riverwalk Holdings or the General Partner as debtor on file in the office of the Secretary of State of the State of Delaware would have been properly filed and indexed in the records of the Secretary of
State of the State of Delaware and appear in the Search Reports. We wish to point out that the Search Reports purport to disclose all effective uniform commercial code financing statements name NuStar Holdings, NuStar GP, Riverwalk Holdings or the
General Partner, as debtor, on file in the Office of the Secretary of State of the State of Delaware only through June&nbsp;13, 2018, and our opinions referred to in the first sentence of this paragraph (iii)&nbsp;are as of that date only. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) The opinions in paragraphs 9 and 13 above may be: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer or other
similar laws relating to or affecting the rights of creditors generally; </P>

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</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) subject to the application of general principles of equity (regardless of
whether considered in a proceeding in equity or at law), including, without limitation, the possible unavailability of specific performance, injunctive relief or any other equitable remedy and concepts of materiality, reasonableness and the effect
of the judicial imposition of an implied covenant of good faith and fair dealing; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) subject to the effect of
applicable law relating to fiduciary duties and to limitations on rights to indemnity and contribution arising under applicable law or public policy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) We express no opinion as to the validity, effect or enforceability of any provisions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) purporting to establish evidentiary standards or limitations periods for suits or proceedings to enforce such documents or
otherwise, to establish certain determinations (including determinations of contracting parties and judgments of courts) as conclusive or conclusive absent manifest error, to commit the same to the discretion of any Person or permit any Person to
act in its sole judgment or to waive rights to notice; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) relating to severability or separability; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) providing for an increase in an interest rate or the payment of additional interest upon the occurrence of certain defaults
or the failure to perform certain obligations or imposing liquidated damages or penalties; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) purporting to limit the
liability of, or to exculpate, any Person, including without limitation any provision that purports to waive liability for violation of securities laws; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) purporting to obligate any party to conform to a standard that may not be objectively determinable or employing items that
are vague or have no commonly accepted meaning in the context in which used; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) purporting to require that all
amendments, waivers and terminations be in writing or the disregard of any course of dealing or usage of trade; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)
purporting to require disregard of mandatory choice of law principles that could require application of a law other than the law expressly chosen to govern the instrument in which such provisions appear; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) purporting to bind a Person that is not a party to such document; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) purporting to impose transfer restrictions to the extent that a transfer occurs by operation of law; </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June [&#9679;], 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 13
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) pursuant to which the any party agrees to agree in the future on any
matter; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) to the effect that the failure to exercise or delay in exercising rights or remedies will not impair or
operate as a waiver of such rights or remedies; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) purporting to obligate a party to cause other Persons to act in a
certain way insofar as such provision relates to the actions of such other Persons; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) regarding any obligation or
agreement to use best efforts, reasonable best efforts or commercially reasonable efforts or any similar obligation or agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) regarding choice of law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) regarding the grant of any power of attorney; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) requiring any party to take further action or to enter into further agreements or instruments or to provide further
assurances; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) requiring the payment of attorneys&#146; fees where such payment is contrary to law or public policy;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18) purporting to waive punitive, special or exemplary damages; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(19) purporting to provide for the survival of representations and warranties beyond the applicable statute of limitations; or
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(20) regarding forum selection. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) In rendering the opinion expressed in paragraph 13 above, we express no opinion with respect to Section&nbsp;12.2 or Section&nbsp;14.5(b)
of the NuStar L.P. Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) In rendering the opinion expressed in paragraph 13 above, we note that (i)&nbsp;with
respect to Section&nbsp;12.5 of the NuStar L.P. Partnership Agreement, under the Delaware LP Act, the existence of the Partnership as a separate legal entity shall continue, and the Partnership will not terminate under the Delaware LP Act, until a
certificate of cancellation of the MLP Certificate is filed with the Secretary of State and becomes effective and (ii)&nbsp;in addition to the events of dissolution listing in Section&nbsp;12.1 of the NuStar L.P. Partnership Agreement, under the
Delaware LP Act, the Partnership may dissolve at any time there are no limited partners of the Partnership, unless the Partnership is continued in accordance with the Delaware L.P. Act. Additionally, we have assumed that the NuStar L.P. Partnership
Agreement constitutes the entire agreement among the parties thereto with respect to the subject matter thereof, including with respect to the admission of partners to, and the formation, operation and termination of, the Partnership. </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June [&#9679;], 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 14
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) We note that the transfer restrictions contained in the Purchase Agreement, the
Registration Rights Agreement and the Information Rights Agreement may be subject to <FONT STYLE="white-space:nowrap">9-406</FONT> and <FONT STYLE="white-space:nowrap">9-408</FONT> of the Delaware Uniform Commercial Code, 6 <U>Del. C.</U> &#167; <FONT
STYLE="white-space:nowrap">1-101,</FONT> <U>et</U> <U>seq</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) In rendering the opinions set forth in paragraph 14(B) above
regarding Applicable Agreements, we express no opinion as to any breach of or default under any financial covenant, any provision requiring a mathematical, accounting or financial computation or determination or any cross default or cross
acceleration provisions triggered by another instrument or agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) With respect to each instrument or agreement referred to in or
otherwise relevant to the opinions set forth herein (each, an &#147;<U>Instrument</U>&#148;), we have assumed, to the extent relevant to the opinions set forth herein, that (i)&nbsp;each party to such Instrument (if not a natural person) was duly
organized or formed, as the case may be, and was at all relevant times and is validly existing and in good standing under the laws of its jurisdiction of organization or formation, as the case may be, and had at all relevant times and has full
right, power and authority to execute, deliver and perform its obligations under such Instrument and (ii)&nbsp;such Instrument has been duly authorized, executed and delivered by, and was at all relevant times and is a valid, binding and enforceable
agreement or obligation, as the case may be, of, each party thereto; provided that we make no such assumption insofar as any of the foregoing matters relates to any Partnership Party and is expressly covered by our opinions set forth in paragraphs
1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12 or 13 above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) In rendering our opinion set forth in paragraph 16 above, we have relied as to
all factual matters exclusively on the certificate, dated as of the date of this letter, of Jorge A. del Alamo, Senior Vice President and Controller of<B> </B>NuStar GP, and have assumed that the certifications and representations as to such factual
matters set forth therein were true and correct as of the dates set forth therein, are true and correct on the date hereof and will remain true and correct at all times through and including the date on which the Partnership shall have expended all
of the proceeds from the sale of the Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is being furnished only to you in connection with the sale of the Units under the
Purchase Agreement and is solely for your benefit and is not to be used, circulated, quoted or otherwise referred to for any other purpose or relied upon by any other Person, including any Person who acquires any Units from or through you or any
subsequent Person who acquires any Units, without our express written permission. The opinions expressed herein are as of the date hereof only and are based on laws, orders, contract terms and provisions, and facts as of such date, and we disclaim
any obligation to update this opinion letter after such date or to advise you of changes of facts stated or assumed herein or any subsequent changes in law. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit B </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Seventh Amended and Restated Agreement of Limited Partnership </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit C </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Registration Rights Agreement </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit D </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Information Rights Agreement </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION RIGHTS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This INFORMATION RIGHTS AGREEMENT, dated as of June&nbsp;29, 2018 (this &#147;<B><U>Agreement</U></B>&#148;), is entered into by and among
NuStar Energy L.P., a Delaware limited partnership (the &#147;<B><U>Partnership</U></B>&#148;), and EIG Management Company, LLC and FS/EIG Advisor, LLC (EIG Management Company, LLC and FS/EIG Advisor, LLC are referred to herein, collectively, as
&#147;<B><U>EIG</U></B>&#148;), on its own behalf and on behalf of the Purchasers. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Series D Cumulative Convertible Preferred Unit Purchase
Agreement, dated as of June&nbsp;26, 2018 (the &#147;<B><U>Purchase Agreement</U></B>&#148;), among the Partnership and the Purchasers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, pursuant to, and subject to the terms and conditions of, the Purchase Agreement, the Partnership has agreed to issue and sell
Series D Cumulative Convertible Preferred Units representing limited partner interests in the Partnership (the &#147;<B><U>Preferred Units</U></B>&#148;) to the Purchasers; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Partnership has agreed to provide EIG with certain information rights pursuant to the terms of this Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, it is a condition to the respective obligations of the parties to consummate the transactions contemplated by the Purchase
Agreement that each of the parties hereto execute and deliver this Agreement, contemporaneously with the initial closing of the transactions contemplated by the Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW THEREFORE</B>, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.</B>
<B><U>Information</U></B><U> </U><B><U>Rights</U></B>. For so long as the Purchasers and Affiliates of the Purchasers collectively hold at least a majority of the Preferred Units issued on the Initial Closing Date, the Partnership shall provide to
EIG, subject to appropriate provisions for withholding or redacting information that the Partnership confirms in writing (email will suffice) to EIG is necessary to maintain privilege or comply with confidentiality obligations to third parties: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) a single copy of the same information packets that are provided to (i)&nbsp;the Board of Directors or any similar governing body
(collectively, the &#147;<B><U>Board</U></B>&#148;) responsible for managing the business of the Partnership in connection with each meeting of the Board or (ii)&nbsp;a committee or <FONT STYLE="white-space:nowrap">sub-committee</FONT> of the Board
(other than the Conflicts Committee, as defined in the Partnership Agreement) in connection with a meeting thereof pertaining to the approval of (x)&nbsp;a material project, merger, acquisition or divestiture not previously presented to the Board
and with respect to which the Partnership would be required to file a Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> (y)&nbsp;the Partnership&#146;s annual budget or (z)&nbsp;the Partnership&#146;s long-range strategic plan
(collectively, the matters in (x), (y) and (z)&nbsp;are referred to herein as &#147;<B><U>Material Matters</U></B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) a single
copy of all special notifications delivered to (i)&nbsp;the Board or (ii)&nbsp;any committee or <FONT STYLE="white-space:nowrap">sub-committee</FONT> of the Board (other than the Conflicts Committee, as defined in the Partnership Agreement)
pertaining to the approval of a Material Matter; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) a single copy of the minutes from each meeting of (i)&nbsp;the Board or (ii)&nbsp;any
committee or <FONT STYLE="white-space:nowrap">sub-committee</FONT> of the Board (other than the Conflicts Committee, as defined in the Partnership Agreement) pertaining to the approval of a Material Matter; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) a notification prior to the Partnership entering into any asset acquisitions, divestitures or contributions with a value in excess of
$10&nbsp;million, other than to or among subsidiaries of the Partnership; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the right to a quarterly conference call between EIG and
NuStar GP&#146;s Chief Executive Officer and additional conference calls between EIG and NuStar GP&#146;s Chief Executive Officer as reasonably requested by EIG; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) the right to participate in discussions with NuStar GP&#146;s management regarding any corporate conversion or similar transaction by the
Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At any time EIG may deliver written notice (an &#147;<B><U><FONT STYLE="white-space:nowrap">Opt-Out</FONT> Notice</U></B>&#148;) to the
Partnership requesting that EIG no longer receive any information or materials from the Partnership pursuant to this <U>Section</U><U></U><U>&nbsp;1</U>; <I>provided, however</I>, that, for so long as the Purchasers and Affiliates of the Purchasers
collectively hold at least a majority of the Preferred Units issued on the Initial Closing Date, EIG may later revoke any such <FONT STYLE="white-space:nowrap">Opt-Out</FONT> Notice in writing. For the avoidance of doubt, nothing in this Agreement
shall provide EIG with the right to attend meetings of the Board, any committee or <FONT STYLE="white-space:nowrap">sub-committee</FONT> thereof or management. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.</B> <B><U>Confidentiality</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) &#147;<B><U>Confidential Information</U></B>&#148; means any and all of the information and materials provided by the Partnership to EIG
and its Representatives (as defined below) pursuant to this Agreement. Such Confidential Information shall consist of any and all tangible and intangible information, whether oral or in writing or in any other medium (including, but not limited to,
computer data), provided by the Partnership or its Representatives to EIG or EIG&#146;s Representatives. The term &#147;Confidential Information&#148; shall not apply to information and data which (i)&nbsp;at the time of disclosure, is generally
available to the public, (ii)&nbsp;after disclosure by the Partnership, becomes published or generally available to the public, other than through any act or omission on the part of EIG or its Representatives in violation of this Agreement,
(iii)&nbsp;was or is developed by EIG or its Representatives without the use of Confidential Information, (iv)&nbsp;was or is acquired by EIG or its Representatives from a source other than the Partnership or its Representatives, provided such
source is not, to EIG&#146;s or such Representative&#146;s knowledge, bound by a confidentiality agreement with the Partnership or its Representatives or otherwise prohibited from transmitting the information to EIG or such Representative by a
contractual obligation, with respect to such information, or (v)&nbsp;is approved for public disclosure by the Partnership or its Representatives. For the purposes of this Agreement &#147;<B><U>Representatives</U></B>&#148; shall mean (i)&nbsp;with
respect to the Partnership, the directors, officers, employees, agents, accountants, attorneys, advisors and consultants of the Partnership, its General Partner or its Subsidiaries and (ii)&nbsp;with respect to EIG, the directors, officers and
employees of EIG who have a need to know the Confidential Information in connection with the investment by the Purchasers in the Preferred Units pursuant to the Purchase Agreement or the ownership or disposition of the Preferred Units by the
Purchasers pursuant to the Partnership Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Except to the extent permitted by this <U>Section</U><U></U><U>&nbsp;2</U>, EIG and its
Representatives shall keep the Confidential Information confidential. EIG may describe Confidential Information to a Purchaser, any of EIG&#146;s Affiliates, any of their respective partners, members, unitholders or investors, and any Permitted
Transferee, if such recipient is subject to a confidentiality agreement with respect to the Confidential Information that is no less restrictive than the terms and conditions of this Agreement. EIG agrees to be responsible for the breach of this
Agreement by any of its Representatives, any Purchaser, any of EIG&#146;s Affiliates, any of their respective partners, members, unitholders or investors, and any Permitted Transferee, except that EIG shall not be liable for breaches by any of its
Representatives, any Purchaser, any of EIG&#146;s Affiliates, any of their respective partners, members, unitholders or investors, and any Permitted Transferee that executes a confidentiality agreement with the Partnership. Notwithstanding anything
to the contrary contained in this Agreement and for the avoidance of doubt, EIG and its Representatives may not share any materials received pursuant to this Agreement or copies thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) EIG hereby acknowledges that it is aware, and that it will advise its Representatives, any Purchaser, any of EIG&#146;s Affiliates, any of
their respective partners, members, unitholders or investors, and any Permitted Transferee who are informed of Confidential Information which is the subject of this Agreement, that the United States securities laws prohibit any person who has
received material, <FONT STYLE="white-space:nowrap">non-public</FONT> information concerning an issuer from purchasing or selling securities of such issuer or from communicating such information to any other person under the circumstances in which
it is reasonably foreseeable that such person is likely to purchase or sell such securities, and EIG has sufficient policies and procedures in place to abide by the applicable securities laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) With regard to Confidential Information, except as otherwise permitted herein, EIG agrees: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) not to use the Confidential Information for any other purpose other than in connection with the investment in the Preferred Units by the
Purchasers pursuant to the Purchase Agreement or the ownership or disposition of the Preferred Units by the Purchasers pursuant to the Partnership Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) at any time after the Purchasers and Affiliates of the Purchasers collectively hold less than a majority of the Preferred Units issued on
the Initial Closing Date, promptly after written notice is provided by the Partnership to EIG, except to the extent that complying with such request would be prohibited by law, regulation, litigation, or EIG&#146;s internal document retention
compliance policies, to either return the Confidential Information to the Partnership or to confirm in writing (email will suffice) that the Confidential Information has been destroyed; <I>provided however</I> that EIG may retain Confidential
Information stored in standard archival or computer <FONT STYLE="white-space:nowrap">back-up</FONT> systems or pursuant to professional accounting obligations, and such information shall remain subject to the confidentiality obligations provided
herein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) to maintain the Confidential Information as confidential by the use of commercially reasonable internal procedures; and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) to ensure its Representatives to which the Confidential Information may be described are
informed of the confidential nature of the Confidential Information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything to the contrary contained herein, for
the purposes of this Agreement, no provision of this Agreement shall be applicable to the direct or indirect portfolio companies of investment funds, accounts or companies advised or managed by EIG or its Affiliates (each, an &#147;<B><U>Excluded
Entity</U></B>&#148;), except to the extent, if any, that an Excluded Entity has actually received Confidential Information from or through EIG or its Representatives. Furthermore, the Partnership acknowledges that EIG and its Affiliates&#146;
employees serve as directors and observers of portfolio companies and such portfolio companies will not be deemed to have received Confidential Information solely due to the dual role of any such employees so long as such employee does not provide
any Confidential Information to such portfolio companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) EIG and its Representatives shall be permitted to disclose the Confidential
Information in order to comply with any request or requirement by applicable law, statute, regulation, rule, or any court, governmental, regulatory or administrative agency or authority, or nationally or internationally recognized stock exchange or
other self-regulatory organization; <I>provided</I>, <I>however</I>, that in the event that EIG is required to disclose any part or all of the Confidential Information, EIG shall, to the extent practicable and permitted by law, promptly notify the
Partnership, and EIG will use commercially reasonable efforts to cooperate with the Partnership, at the Partnership&#146;s sole cost, to obtain a protective order or other appropriate remedy to maintain the confidential nature of the Confidential
Information; <I>provided further</I>, that if EIG or such Representative discloses any part of the Confidential Information in compliance with this <U>Section</U><U></U><U>&nbsp;2(f)</U>, EIG or such Representative shall disclose only that portion
of the Confidential Information which it is legally required to disclose (upon the advice of counsel, which may be <FONT STYLE="white-space:nowrap">in-house</FONT> counsel). Notwithstanding anything to the contrary herein, if EIG or its
Representatives become subject to a routine audit, examination or broad request for information by a governmental, judicial, regulatory or administrative authority or self-regulatory organization that is not specific to the Confidential Information
provided hereunder, they shall be permitted to disclose any and all information (including Confidential Information) EIG deems to be responsive to such request without any notice requirement nor liability hereunder. Notwithstanding anything to the
contrary herein, EIG and its Representatives may disclose and retain Confidential Information to the extent such disclosure or retention is necessary to establish EIG&#146;s rights under this Agreement, EIG&#146;s or its Representatives&#146;
compliance with the terms of this Agreement, or in connection with any dispute arising under this Agreement or in connection with the investment in the Preferred Units by the Purchasers pursuant to the Purchase Agreement or the ownership or
disposition of the Preferred Units by the Purchasers pursuant to the Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) EIG&#146;s and its Representatives&#146;
obligations under this <U>Section</U><U></U><U>&nbsp;2</U> shall continue for as long as the Confidential Information remains Confidential Information; <I>provided</I>, that any Confidential Information shall cease to be Confidential Information no
later than two (2)&nbsp;years following such time that the Purchasers and Affiliates of the Purchasers collectively hold less than a majority of the Preferred Units issued on the Initial Closing Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.</B> <B><U>Miscellaneous</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Communications</U>. All notices and other communications provided for in this Agreement shall be in writing and shall be given as
provided in the Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Entire Agreement</U>. This Agreement is intended by the parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than
those set forth or referred to herein with respect to the rights granted by the parties hereto or any of their respective Affiliates set forth herein. This Agreement supersedes all prior agreements and understandings between the parties with respect
to subject matter hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Interpretation</U>. Section references in this Agreement are references to the corresponding Section to
this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified
from time to time, unless otherwise specified. The words &#147;include,&#148; &#147;includes&#148; and &#147;including&#148; or words of similar import shall be deemed to be followed by the words &#147;without limitation.&#148; Whenever any
determination, consent or approval is to be made or given by a party under this Agreement, such action shall be in such party&#146;s sole discretion unless otherwise specified. If any provision in this Agreement is held to be illegal, invalid, not
binding or unenforceable, (i)&nbsp;such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never comprised a part of this Agreement, and the
remaining provisions shall remain in full force and effect, and (ii)&nbsp;the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in
order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. When calculating the period of time before which, within which or following which any act is to be done or step taken
pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is not a Business Day, the period in question shall end on the next succeeding Business Day. Any words
imparting the singular number only shall include the plural and vice versa. The words such as &#147;herein,&#148; &#147;hereinafter,&#148; &#147;hereof&#148; and &#147;hereunder&#148; refer to this Agreement as a whole and not merely to a
subdivision in which such words appear unless the context otherwise requires. The division of this Agreement into Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized
in construing or interpreting this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Governing Law; Submission to Jurisdiction</U>. This Agreement, and all claims or
causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or
related to any representation or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the Laws of the State of Delaware without regard to principles of conflicts of laws. Any action against any
party relating to the foregoing shall be brought in any federal or state court of competent jurisdiction located within the State of Delaware, and the parties hereto hereby irrevocably submit to the
<FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of any federal or state court located within the State of Delaware over any such action. The parties hereby irrevocably waive, to the fullest
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
extent permitted by applicable Law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for
the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Waiver of Jury Trial</U>. THE PARTIES TO THIS AGREEMENT EACH HEREBY WAIVES, AND AGREES TO CAUSE ITS AFFILIATES TO WAIVE, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (i)&nbsp;ARISING UNDER THIS AGREEMENT OR (ii)&nbsp;IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN
RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH HEREBY AGREES AND CONSENTS THAT ANY
SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE
PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>No Waiver; Modifications in Writing</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Delay</U>. No failure or delay on the part of any party in exercising any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not
exclusive of any remedies that may be available to a party at law or in equity or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) <U>Specific Waiver</U>. Except as
otherwise provided herein, no amendment, waiver, consent, modification or termination of any provision of this Agreement shall be effective unless signed by each of the parties hereto affected by such amendment, waiver, consent, modification or
termination. Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement and any consent to any departure by a party from the terms of any provision of this Agreement shall be
effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on a party in any case shall entitle such party to any other or
further notice or demand in similar or other circumstances. Any investigation by or on behalf of any party shall not be deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or
agreement contained herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Binding Effect</U>. This Agreement shall be binding upon the parties hereto and their respective
successors and permitted assigns. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and
permitted assigns. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Specific Performance</U>. Damages in the event of breach of this Agreement by a party
hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, shall have the right to seek an injunction or other equitable
relief in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction
or competence of the court to grant such an injunction or other equitable relief. The existence of this right shall not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person may have. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Investment Opportunities</U>. The Partnership acknowledges that, in the ordinary course of business, EIG is engaged through separate
platforms in the origination of loans (including the provision of debt financing for transactions similar to the investment in the Preferred Units pursuant to the Purchase Agreement) and purchase and sale of securities and syndicated bank debt and
that nothing in this Agreement shall restrict such activities of such other platforms, provided that none of the Confidential Information is used in connection therewith. The Partnership further acknowledges that EIG or it Representatives may, in
the ordinary course of its or their business, evaluate investments in the energy industry and is or are actively seeking to invest in energy related projects in a variety of areas. The Partnership understands that EIG and its Representatives will
retain certain mental impressions of the Confidential Information which are indistinguishable from generalized industry knowledge. Accordingly, the Partnership agrees that, subject to the terms of this Agreement, EIG and its Representatives are not
precluded from pursuing such investments solely because of such retained mental impressions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>Business Development Company</U>.
Notwithstanding anything to the contrary contained herein, and for the avoidance of doubt, nothing in this Agreement shall prohibit the purchase or sale of debt securities issued by, or loans made to, the Partnership by any <FONT
STYLE="white-space:nowrap">closed-end</FONT> management investment company that (i)&nbsp;has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, and (ii)&nbsp;is advised by EIG or its
Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <U>No Third-Party Beneficiaries</U>. Nothing in this Agreement, express or implied, is intended or shall confer upon any
Person, other than the Partnership or EIG, any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Execution in Counterparts</U>. This Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature pages follow</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first above written. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>NUSTAR ENERGY L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">RIVERWALK LOGISTICS, L.P.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">NUSTAR GP, LLC, its General Partner</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Name:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Title:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Information Rights Agreement </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EIG MANAGEMENT COMPANY, LLC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FS/EIG ADVISOR, LLC,</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">on their own behalf and on behalf of
the Purchasers</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>EIG Management Company,
LLC</B></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Name:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Title:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Name:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Title:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>FS/EIG Advisor, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Name:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Title:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Name:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Title:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Information Rights Agreement </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit E</U></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Non-Solicitation Side Letter </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">June&nbsp;29, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EIG Nova Equity Aggregator, L.P. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o EIG Management Company,
LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">333 Clay Street, Suite 3500 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Matthew Hartman </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With copy to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EIG Nova Equity Aggregator, L.P. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o EIG Management Company,
LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">333 Clay Street, Suite 3500 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Austin Pearson </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FS Energy and Power Fund </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o EIG Management Company, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1700 Pennsylvania Avenue NW, Suite </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800 Washington, DC&nbsp;20006
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Eric Long </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">with copy to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FS Energy and Power Fund </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o EIG Management Company, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1700 Pennsylvania Avenue NW, Suite 800 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC&nbsp;20006
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Andrew P. Jamison </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><I>NuStar Energy L.P. Series D Cumulative Convertible Preferred Units</I> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is made
to that certain Series D Cumulative Convertible Preferred Unit Purchase Agreement, dated June&nbsp;26, 2018 (the &#147;<U>Purchase Agreement</U>&#148;), among NuStar Energy L.P., a Delaware limited partnership (the &#147;<U>Partnership</U>&#148;)
and the Purchasers. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter agreement (this &#147;<U>Letter Agreement</U>&#148;) is made by and among the Partnership, the Purchasers and EIG Management
Company, LLC and FS/EIG Advisor, LLC (EIG Management Company, LLC and FS/EIG Advisor, LLC are referred to herein, collectively, as &#147;<U>EIG</U>&#148;), on its own behalf and on behalf of the Purchasers. </P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Partnership, EIG and each of the Purchasers, severally and not jointly, agree to the
following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Non-Solicitation</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Without the consent of the board of directors of NuStar GP, LLC (the &#147;<U>Partnership Board</U>&#148;) or the board of directors of
NSH (the &#147;<U>NSH Board</U>&#148;) or their respective successor governing bodies, as applicable, or as otherwise recommended by the Partnership Board or the NSH Board or their respective successor governing bodies, as applicable, from and after
the Initial Closing Date until the date on which EIG, the Purchasers and their respective Affiliates (as defined below) (1)&nbsp;do not beneficially own any Series D Preferred Units and (2)&nbsp;beneficially own less than 5% of the Common Units, EIG
and the Purchasers shall not, and shall cause their respective Affiliates not to, directly or indirectly, knowingly or willingly make or in any way participate in any &#147;solicitation&#148; of &#147;proxies&#148; (as such terms are used in Rule
14a-1 of Regulation 14A under the Exchange Act) or written consents to vote, seek to influence, or advise any third party with respect to the voting of any voting securities of the Partnership or NSH in respect of any Proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;Affiliate&#148; means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries
Controls, is Controlled by or is under common Control with, the Person in question. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;Control&#148; and its derivatives shall mean,
with respect to any Person, the possession, directly or indirectly, through one or more intermediaries, by any Person or group of the power or authority, through ownership of voting securities, by contract or otherwise, to appoint a majority of the
board of directors or similar governing body of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;Proposal&#148; means any proposal or offer from or by a third party
relating to: (i)&nbsp;any direct or indirect acquisition or purchase of all or substantially all of the assets of the Partnership or NSH (in each case, inclusive of their respective subsidiaries); (ii)&nbsp;any direct or indirect acquisition or
purchase (by merger, consolidation or otherwise) of a majority of the voting securities of the Partnership or NSH; (iii)&nbsp;the removal (or approving the removal) of the General Partner as the general partner of the Partnership and/or the election
of a successor general partner of the Partnership; or (iv)&nbsp;the removal of any member of the Partnership Board or the NSH Board or their respective successor governing bodies and/or seeking the election of any person as a director not having
been nominated by the Partnership Board or the NSH Board or their respective successor governing bodies other than in respect of the rights provided to a Series D Preferred Unit holder in connection with a Series D Preferred Unit distribution
default in accordance with the Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything to the contrary contained herein, and for the
avoidance of doubt, nothing in this Agreement shall: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) prohibit EIG, the Purchasers or their respective Affiliates from
privately communicating with, including making any offer or proposal to, the Partnership Board or the NSH Board; </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) restrict EIG, the Purchasers or their respective Affiliates from selling or
transferring any of their Partnership Securities (as defined in the Partnership Agreement) subject to any restrictions relating thereto contained in the Partnership Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) restrict in any manner how a Purchaser votes its Series D Preferred Units or Common Units subject to any restrictions
relating thereto contained in the Partnership Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) prohibit the purchase or sale of debt securities issued by,
or loans made to, the Partnership, NSH or their respective subsidiaries or Affiliates by any closed-end management investment company that (A)&nbsp;has elected to be regulated as a business development company under the Investment Company Act of
1940, as amended, and (B)&nbsp;is advised by EIG or its Affiliates; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) apply to any direct or indirect portfolio
companies of investment funds, accounts or companies advised or managed by EIG or its Affiliates unless such portfolio company (A)&nbsp;otherwise satisfies the definition of &#147;Affiliates&#148; hereunder or (B)&nbsp;is a Purchaser or a Permitted
Transferee of Series D Preferred Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Third Party Proposal</U>. In the event that EIG, any of the Purchasers or any of their
respective Affiliates receives a Proposal from a third party, the recipient of such Proposal shall promptly provide notice thereof to the Partnership and shall not cooperate with such third party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Communications</U>. Except as provided pursuant to <U>Section&nbsp;1(b)(i)</U> above, all notices and other communications provided for
in this Agreement shall be in writing and shall be given as provided in the Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Amendment and Waiver</U>. No
amendment, modification, termination or cancellation of this Letter Agreement shall be effective unless it is in writing signed by the Partnership, EIG and the Purchasers. No waiver of any of the provisions of this Letter Agreement shall be deemed
or shall constitute a waiver of any other provision hereof (whether or not similar) and any waiver or any consent to any departure from the terms of any provision of this Letter Agreement shall be effective only in the specific instance and for the
specific purpose for which made or given and shall not constitute a continuing waiver or consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Entire Agreement</U>. This Letter
Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are
no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the subject matter hereof. This Letter Agreement supersedes all prior agreements and understandings between the parties with
respect to subject matter hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Specific Performance</U>. Damages in the event of breach of this Letter Agreement by a party
hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, shall have the right to seek an injunction or other equitable
relief in any court of competent </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of
lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief. The existence of this right shall not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person
may have. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Governing Law; Submission to Jurisdiction</U>. This Letter Agreement, and all claims or causes of action (whether in
contract or tort) that may be based upon, arise out of or relate to this Letter Agreement or the negotiation, execution or performance of this Letter Agreement (including any claim or cause of action based upon, arising out of or related to any
representation or warranty made in or in connection with this Letter Agreement), will be construed in accordance with and governed by the Laws of the State of Delaware without regard to principles of conflicts of laws. Any action against any party
relating to the foregoing shall be brought in any federal or state court of competent jurisdiction located within the State of Delaware, and the parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of any federal or state court
located within the State of Delaware over any such action. The parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought
in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Waiver of Jury Trial</U>. THE PARTIES TO THIS LETTER AGREEMENT EACH HEREBY WAIVES, AND AGREES TO CAUSE ITS
AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (i)&nbsp;ARISING UNDER THIS AGREEMENT OR (ii)&nbsp;IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS LETTER AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS LETTER
AGREEMENT EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS LETTER AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS LETTER
AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.
<U>Assignment</U>. This Letter Agreement may not be transferred or assigned (whether by operation of law or otherwise) by the parties without the prior written consent of the other parties and shall not be binding on any third party transferees of
the Purchasers other than Permitted Transferees; <I>provided</I>, <I>however</I>, that, as a condition to acquiring Series D Preferred Units as a Permitted Transferee, each such Permitted Transferee must agree in a writing in the form set forth on
Annex A hereto to be bound by the provisions of this Letter Agreement. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Severability</U>. In case any one or more of the provisions contained in this Letter
Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Letter Agreement, and such invalid, illegal or unenforceable
provision shall be reformed and construed so that it will be valid, legal and enforceable to the maximum extent permitted by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.
<U>Counterparts</U>. This Letter Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, including facsimile or .pdf counterparts, each of which counterparts, when so executed and delivered,
shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Letter Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature page follows</I>]<I> </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing correctly sets forth our understanding of the subject matter hereof, please so
indicate by executing this Letter Agreement in the space provided below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">NUSTAR ENERGY L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Riverwalk Logistics, L.P., its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">NuStar GP, LLC, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="98%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Acknowledged and agreed, as of the date first written above:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EIG MANAGEMENT COMPANY, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FS/EIG
ADVISOR, LLC,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">on their own behalf and on behalf of the Purchasers</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">EIG Management Company, LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Name:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Title:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD HEIGHT="16" COLSPAN="4"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Name:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Title:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">FS/EIG Advisor, LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Name:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Title:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Name:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to
Letter Agreement </I></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>EIG NOVA EQUITY AGGREGATOR, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">EIG Nova Equity GP, LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">EIG Asset Management, LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>FS ENERGY AND POWER FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">FS/EIG Advisor, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">its Investment Advisor</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to
Letter Agreement </I></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Annex A </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Form of Joinder </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Date] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NuStar Energy L.P. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19003 IH-10 West </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">San Antonio, Texas 78257 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reference is made to the Letter Agreement, dated as of the <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2018 (the &#147;<U>Letter Agreement</U>&#148;) between the Partnership, EIG and the Purchasers. Capitalized terms used but not defined herein shall have the meaning
assigned to such terms in the Letter Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned, a Permitted Transferee, acknowledges that it: (i)&nbsp;has been given a copy of the
Letter Agreement and (ii)&nbsp;has reviewed all provisions of the Letter Agreement. Accordingly, the undersigned, as a condition to being a Permitted Transferee, agrees to be bound by the provisions of the Letter Agreement as a Purchaser, and to
cause its Affiliates to comply with the provisions of the Letter Agreement, until such time as the undersigned and its Affiliates (1)&nbsp;do not beneficially own any Series D Preferred Units and (2)&nbsp;beneficially own less than 5% of the Common
Units, and all provisions of such Letter Agreement are expressly applicable to Affiliates of the undersigned. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Permitted Transferee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit F </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of NuStar GP, LLC Waiver </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">June&nbsp;29, 2018 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is
hereby made to that certain Series D Cumulative Convertible Preferred Unit Purchase Agreement, dated as of June&nbsp;26, 2018, by and among NuStar Energy L.P. (the &#147;Partnership&#148;) and each of the Purchasers set forth in Schedule A thereto
(the &#147;Purchase Agreement&#148;), pursuant to which the Partnership has agreed to issue and sell an aggregate of 23,660,386 Series D Preferred Units representing limited partner interests in the Partnership for a cash purchase price of
$590&nbsp;million. Capitalized terms used but not defined herein shall have the meaning given such terms in the Purchase Agreement. NuStar GP, in its own capacity and in its capacity as the general partner of the General Partner, in its capacity as
the general partner of the Partnership, hereby waives any preemptive rights it may hold pursuant to Section&nbsp;5.7 of the Partnership Agreement, with respect to the offering, issuance and sale of Series D Preferred Units pursuant to the Purchase
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned executes this General Partner Waiver, effective as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">NUSTAR GP, LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule&nbsp;A </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:80.00pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Purchaser and Address</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Series&nbsp;D&nbsp;Preferred<BR>Initial Closing<BR>Units</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Series&nbsp;D<BR>Preferred<BR>Second&nbsp;Closing<BR>Units</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EIG Nova Equity Aggregator, L.P.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">c/o EIG Management Company, LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">333 Clay Street, Suite 3500</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attn: Matthew Hartman</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">With a copy to (which shall not constitute notice):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>11,753,549</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,582,936</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EIG Nova Equity Aggregator, L.P.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">c/o EIG Management Company, LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">333 Clay Street, Suite 3500</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attn: Austin Pearson</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">FS Energy and Power Fund</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">c/o EIG Management Company, LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1700 Pennsylvania Avenue NW, Suite 800</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Washington, DC&nbsp;20006</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attn: Eric Long</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">with a copy to (which shall not constitute notice):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,006,892</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,903,273</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">FS Energy and Power Fund</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">c/o EIG Management Company, LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1700 Pennsylvania Avenue NW, Suite 800</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Washington, DC&nbsp;20006</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attn: Andrew P. Jamison</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,760,441</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,486,209</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule A-1 </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule&nbsp;B </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Material Subsidiaries </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NuStar Logistics,
L.P. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NuStar Permian Transportation and Storage, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NuStar
Pipeline Operating Partnership L.P. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NuStar Terminals N.V. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shore Terminals LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">St. Linden Terminal, LLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule B-1 </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule&nbsp;C </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Permitted Transferees </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of
this Purchase Agreement, Permitted Transferees means: (i)&nbsp;Atlantic Trust Company, N.A., (ii) Abu Dhabi Investment Authority, (iii)&nbsp;Anchorage Capital Partners (iv)&nbsp;Goldman Sachs&nbsp;&amp; Co., LLC, (v)&nbsp;Highbridge Capital
Management, LLC, (vi)&nbsp;Magnetar Capital LLC, (vii)&nbsp;Mubadala Investment Company, (viii)&nbsp;TPG Capital, or (ix)&nbsp;an investment fund, investment account or investment company, that is managed, advised or
<FONT STYLE="white-space:nowrap">sub-advised</FONT> by any of the entities listed in (i)&nbsp;through (viii) above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule C-1 </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule D </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Transaction Fees </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EIG Management Company, LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,400,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">FS Energy and Power Fund</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,250,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Transaction Fees</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>20,650,000.00</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Reimbursable Expenses </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EIG Management Company, LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">725,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Reimbursable Expenses</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>725,000.00</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule D-1 </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>5
<FILENAME>d641307dex102.htm
<DESCRIPTION>EX-10.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AGREEMENT </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">among
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUSTAR ENERGY L.P. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WILLIAM E. GREEHEY </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>June&nbsp;26, 2018 </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE I DEFINITIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accounting Procedures and Interpretation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE II AGREEMENT TO SELL AND PURCHASE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Sale and Purchase</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Mutual Conditions at the Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Conditions to the Purchaser&#146;s Obligations at the Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Conditions to the Partnership&#146;s Obligations at the Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Deliveries at the Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Further Assurances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE III REPRESENTATIONS AND WARRANTIES AND COVENANTS RELATED TO THE
PARTNERSHIP</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Existence</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capitalization and Valid Issuance of Units</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Material Adverse Change</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Registration Required</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Conflicts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Authority; Enforceability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Listing and Maintenance Requirements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IV REPRESENTATIONS AND WARRANTIES AND COVENANTS OF THE PURCHASER</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Capacity; Validity of Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Breach</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Unregistered Securities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Sufficient Funds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE V COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Conduct of Business</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Listing of Units</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Use of Proceeds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VI INDEMNIFICATION, COSTS AND EXPENSES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indemnification by the Partnership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indemnification by the Purchaser</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indemnification Procedure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tax Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VII TERMINATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Certain Effects of Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VIII MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Expenses</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Interpretation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Survival of Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Waiver: Modifications in Writing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Binding Effect; Assignment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-Disclosure</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Communications</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Entire Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Governing Law; Submission to Jurisdiction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Waiver of Jury Trial</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Exclusive Remedy</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Recourse Against Others</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Third-Party Beneficiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Execution in Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This <B>PURCHASE AGREEMENT</B>, dated as of June&nbsp;26, 2018 (this &#147;<B><U>Agreement</U></B>&#148;), is entered into by and between
<B>NUSTAR ENERGY L.P.</B>, a Delaware limited partnership (the &#147;<B><U>Partnership</U></B>&#148;) and <B>WILLIAM E. GREEHEY</B> (the &#147;<B><U>Purchaser</U></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Partnership desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Partnership, the
Purchased Common Units (as defined below), in accordance with the provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW THEREFORE</B>, in consideration of
the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.01</B> <B><U>Definitions</U></B>. Unless otherwise defined in this Agreement, terms shall have the same meaning as in
the Partnership Agreement (as defined below). As used in this Agreement, the following terms have the meanings indicated: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Affiliate</U></B>&#148; means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term &#147;control&#148; means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through ownership of voting securities, by contract or otherwise. For the avoidance of doubt, for purposes of this Agreement, the Partnership Entities, on the one hand, and the Purchaser, on the other, shall not be
considered Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Agreement</U></B>&#148; has the meaning set forth in the introductory paragraph of this Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Business Day</U></B>&#148; means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking
institutions in the State of New York or State of Texas are authorized or required by Law or other governmental action to close. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Closing</U></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.02</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Closing Date</U></B>&#148; means June&nbsp;29, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Common Unit Purchase Price</U></B>&#148; means $24.17. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Common Units</U></B>&#148; means common units representing limited partner interests in the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Contract</U></B>&#148; means any contract, agreement, indenture, note, bond, mortgage, deed of trust, loan, instrument, lease,
license, commitment or other arrangement, understanding, undertaking, commitment or obligation, whether written or oral. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Delaware LP Act</U></B>&#148; means the Delaware Revised Uniform Limited Partnership
Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Exchange Act</U></B>&#148; means the Securities Exchange Act of 1934, as amended from time to time, and the rules and
regulations of the SEC promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Funding Amount</U></B>&#148; means an amount equal to the Common Unit Purchase
Price multiplied by the number of Purchased Common Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>GAAP</U></B>&#148; means generally accepted accounting principles
in the United States of America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>General Partner</U></B>&#148; means Riverwalk Logistics, L.P., the general partner of the
Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Governmental Authority</U></B>&#148; means, with respect to a particular Person, any country, state, county,
city and political subdivision in which such Person or such Person&#146;s Property is located or which exercises valid jurisdiction over any such Person or such Person&#146;s Property, and any court, agency, department, commission, board, bureau,
official or other regulatory authority (including self-regulated organizations or other <FONT STYLE="white-space:nowrap">non-governmental</FONT> regulatory authorities) or instrumentality of any of them and any monetary authority which exercises
valid jurisdiction over any such Person or such Person&#146;s Property. Unless otherwise specified, all references to Governmental Authority herein with respect to the Partnership mean a Governmental Authority having jurisdiction over the
Partnership Entities or any of their respective Properties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Indemnified Party</U></B>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;6.03(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Indemnifying Party</U></B>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;6.03(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Knowledge</U></B>&#148; means, with respect to the NuStar Parties, the actual
knowledge of Brad Barron and Tom Shoaf. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Law</U></B>&#148; means any statute, law ordinance, regulation, rule, order, code,
governmental restriction, decree, injunction or other requirement of law, or any judicial or administrative interpretation thereof, of any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Lien</U></B>&#148; means any mortgage, pledge, lien (statutory or otherwise), encumbrance, security interest, security agreement,
conditional sale, trust receipt, charge or claim or a lease, consignment or bailment, preference or priority, assessment, deed of trust, easement, servitude or other encumbrance upon or with respect to any property of any kind. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Material Adverse Effect</U></B>&#148; means any change, effect, event or occurrence that, individually or in the aggregate, has
had or would reasonably be expected to have a material adverse effect on (a)&nbsp;the business, condition (financial or otherwise) or results of operations of the Partnership Entities, taken as a whole or (b)&nbsp;the ability of any of the
Partnership Entities, as applicable, to perform their obligations under this Agreement; <I>provided, however</I>, that any adverse changes, effects, events or occurrences resulting from or due to any of the following shall be disregarded in
determining whether there has been a Material Adverse Effect: (i)&nbsp;changes, effects, events or occurrences generally affecting the United States or global economy, the financial, credit, debt, securities or other capital markets or political,
legislative or regulatory conditions or changes </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
in the industries in which the Partnership Entities operate (including changes, effects, events or occurrences generally affecting the prices of commodities); (ii)&nbsp;changes in any Laws or
regulations applicable to the Partnership Entities or applicable accounting regulations or principles or the interpretation thereof, to the extent not directly and exclusively impacting the Partnership Entities; (iii)&nbsp;acts of war or terrorism
(or the escalation of the foregoing) or natural disasters or other acts of God; (iv)&nbsp;any change in the market price or trading volume of the securities of the Partnership Entities (it being understood and agreed that the foregoing shall not
preclude any other Party to this Agreement from asserting that any facts or occurrences giving rise to or contributing to such change that are not otherwise excluded from the definition of Material Adverse Effect should be deemed to constitute, or
be taken into account in determining whether there has been, or would reasonably be expected to be, a Material Adverse Effect); (v)&nbsp;any failure of any of the Partnership Entities to meet any internal or external projections, forecasts or
estimates of revenues, earnings or other financial or operating metrics for any period (it being understood and agreed that the foregoing shall not preclude any other Party to this Agreement from asserting that any facts or occurrences giving rise
to or contributing to such change that are not otherwise excluded from the definition of Material Adverse Effect should be deemed to constitute, or be taken into account in determining whether there has been, or would reasonably be expected to be, a
Material Adverse Effect); (vi)&nbsp;any legal proceedings commenced by or involving any current or former holder of equity interests in the Partnership (on their own or on behalf of the Partnership) arising out of or relating to this Agreement, the
transactions contemplated hereby, the Merger Agreement or the transactions contemplated thereby; (vii)&nbsp;any nonpayment or nonperformance by Petr&oacute;leos de Venezuela, S.A. that results in a loss of revenues or increased liabilities to the
Partnership; and (viii)&nbsp;the execution, announcement or pendency of this Agreement or the consummation of the transactions contemplated hereby or of a reduction in the quarterly distribution of the Partnership Entities (it being understood and
agreed that the foregoing shall not preclude any other Party to this Agreement from asserting that any facts or occurrences giving rise to or contributing to such change that are not otherwise excluded from the definition of Material Adverse Effect
should be deemed to constitute, or be taken into account in determining whether there has been, or would reasonably be expected to be, a Material Adverse Effect). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Merger Agreement</U></B>&#148; means the Agreement and Plan of Merger dated February&nbsp;7, 2018 by and among the Partnership,
the General Partner, NuStar GP, Marshall Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of the Partnership, NSH and Riverwalk Holdings, as may be amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NS SEC Documents</U></B>&#148; means the Partnership&#146;s forms, registration statements, reports, schedules and statements
filed (but not furnished) by it under the Exchange Act or the Securities Act, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NSH</U></B>&#148; NuStar GP
Holdings, LLC, a Delaware limited liability company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NuStar Entities</U></B>&#148; means, collectively, the Partnership and
the Partnership&#146;s Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NuStar GP</U></B>&#148; means NuStar GP, LLC, the general partner of the General
Partner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NuStar Parties</U></B>&#148; means, collectively, NuStar GP, the General Partner and the Partnership. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>NYSE</U></B>&#148; means the New York Stock Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Organizational Documents</U></B>&#148; means, as applicable, an entity&#146;s agreement or certificate of limited partnership,
limited liability company agreement, certificate of formation, certificate or articles of incorporation, bylaws or other similar organizational documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Partnership</U></B>&#148; has the meaning set forth in the introductory paragraph of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Partnership Agreement</U></B>&#148; means the Sixth Amended and Restated Agreement of Limited Partnership of the Partnership,
dated as of November&nbsp;30, 2017, as amended from time to time in accordance with the terms thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Partnership
Entities</U></B>&#148; means, collectively, the NuStar Parties and NuStar Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Partnership Related Parties</U></B>&#148;
has the meaning specified in <U>Section</U><U></U><U>&nbsp;6.02</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Permits</U></B>&#148; means such permits, consents,
licenses, franchises, certificates and authorization of Governmental Authorities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Person</U></B>&#148; means any individual,
corporation, company, voluntary association, partnership, joint venture, trust, limited liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Property</U></B>&#148; means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or
intangible (including intellectual property rights). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Purchaser</U></B>&#148; has the meaning specified in the introductory
paragraph of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Purchaser Related Parties</U></B>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;6.01</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Purchased Common Units</U></B>&#148; means the 413,736 Common Units purchased by the
Purchaser pursuant to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Representatives</U></B>&#148; means, with respect to a specified Person, the investors,
officers, directors, managers, employees, agents, advisors, counsel, accountants, investment bankers and other representatives of such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Riverwalk Holdings</U></B>&#148; means Riverwalk Holdings, LLC, a Delaware limited liability company and wholly owned subsidiary
of NSH. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>SEC</U></B>&#148; means the United States Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Securities Act</U></B>&#148; means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the
SEC promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Third-Party Claim</U></B>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;6.03(b)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.02</B> <B><U>Accounting Procedures and Interpretation</U></B>. Unless otherwise
specified herein, all accounting terms used herein shall be interpreted, all determinations with respect to accounting matters hereunder shall be made, and all financial statements of the Partnership and certificates and reports as to financial
matters required to be furnished to the Purchaser hereunder shall be prepared, in accordance with GAAP applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto or, in the case of unaudited
statements, as permitted by <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> promulgated by the SEC) and in compliance as to form in all material respects with applicable accounting requirements and with the published rules and regulations of
the SEC with respect thereto. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT TO SELL AND PURCHASE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.01</B> <B><U>Sale and Purchase</U></B>. Subject to the terms and conditions hereof, at the Closing, the Purchaser hereby
agrees to purchase from the Partnership, and the Partnership hereby agrees to issue and sell to the Purchaser, the Purchased Common Units, upon receipt by the Partnership of the Funding Amount on the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.02</B> <B><U>Closing</U></B>. The consummation of the purchase and sale of the Purchased Common Units (the
&#147;<B><U>Closing</U></B>&#148;) shall take place at the offices of Sidley Austin LLP, 1000 Louisiana St., Suite 6000, Houston, Texas 77002 (or such other location as agreed to by the Partnership and the Purchaser). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.03</B> <B><U>Mutual Conditions at the Closing</U></B>. The respective obligations of each party to consummate the purchase and
sale of the Purchased Common Units at the Closing shall be subject to the satisfaction, on or prior to the Closing Date, of each of the following conditions (any or all of which may be waived by a party on behalf of itself in writing, in whole or in
part, to the extent permitted by applicable Law): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) no statute, rule, order, decree or regulation shall have been enacted or
promulgated, and no action shall have been taken, by any Governmental Authority which temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated hereby or makes
the transactions contemplated hereby illegal; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) there shall not be pending any suit, action or proceeding by any Governmental
Authority seeking to restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.04</B>
<B><U>Conditions to the Purchaser</U></B><B><U>&#146;</U></B><B><U>s Obligations at the Closing</U></B>. The obligation of the Purchaser to consummate its purchase of the Purchased Common Units shall be subject to the satisfaction on or prior to the
Closing Date of each of the following conditions (any or all of which may be waived by the Purchaser in writing, in whole or in part, to the extent permitted by applicable Law): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the representations and warranties of the Partnership contained in this Agreement shall be true and correct in all material respects
(other than those representations and warranties </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
contained in <U>Section</U><U></U><U>&nbsp;3.01</U>, <U>Section</U><U></U><U>&nbsp;3.02</U>, or <U>Section</U><U></U><U>&nbsp;3.07</U>, or other representations and warranties that are qualified
by materiality or Material Adverse Effect, which, in each case, shall be true and correct in all respects) when made and as of the Closing Date (except that representations and warranties made as of a specific date shall be required to be true and
correct in all material respects as of such date only); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the Partnership shall have performed and complied in all material respects
with all of the covenants and agreements contained in this Agreement that are required to be performed or complied with by it on or prior to the Closing Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the NYSE shall have authorized, upon official notice of issuance, the listing of the Purchased Common Units; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) no notice of delisting from the NYSE shall have been received by the Partnership with respect to the Purchased Common Units; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) there shall not have occurred a Material Adverse Effect; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) the Partnership shall have delivered, or caused to be delivered, to the Purchaser the Partnership&#146;s closing deliverables described in
<U>Section</U><U></U><U>&nbsp;2.06(a)</U>, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.05</B> <B><U>Conditions to the
Partnership</U></B><B><U>&#146;</U></B><B><U>s Obligations at the Closing</U></B>. The obligation of the Partnership to consummate the sale and issuance of the Purchased Common Units to the Purchaser shall be subject to the satisfaction on or prior
to the Closing Date of each of the following conditions (any or all of which may be waived by the Partnership in writing, in whole or in part, to the extent permitted by applicable Law): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the representations and warranties of the Purchaser contained in this Agreement shall be true and correct in all material respects (other
than those representations and warranties that are qualified by materiality, which, in each case, shall be true and correct in all respects) when made and as of the Closing Date (except that representations and warranties made as of a specific date
shall be required to be true and correct in all material respects as of such date only); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the Purchaser shall have performed and
complied in all material respects with all of the covenants and agreements contained in this Agreement that are required to be performed or complied with by him on or prior to the Closing Date; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the Purchaser shall have delivered, or caused to be delivered, to the Partnership the applicable closing deliverables described in
<U>Section</U><U></U><U>&nbsp;2.06(b)</U>, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.06</B> <B><U>Deliveries at the Closing</U></B>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Deliveries of the Partnership at the Closing</U>. At the Closing, the Partnership shall deliver, or cause to be delivered, to the
Purchaser: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) A fully executed &#147;Supplemental Listing Application&#148; approving the Purchased Common Units for
listing by the NYSE, upon official notice of issuance; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Evidence of issuance of the Purchased Common Units credited to book-entry
accounts maintained by the transfer agent of the Partnership, bearing a restrictive notation meeting the requirements of the Partnership Agreement, free and clear of any Liens, other than transfer restrictions under this Agreement, the Partnership
Agreement or the Delaware LP Act and applicable federal and state securities Laws and those created by the Purchaser; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) A certificate of the Executive Vice President and Chief Financial Officer of NuStar GP, on behalf of the Partnership,
dated the Closing Date, certifying, in such capacity, to the effect that the conditions set forth in <U>Section</U><U></U><U>&nbsp;2.04(a)</U> and <U>Section</U><U></U><U>&nbsp;2.04(b)</U> contained herein have been satisfied; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) A cross-receipt executed by the Partnership and delivered to the Purchaser acknowledging the receipt by the Partnership of
the Funding Amount from the Purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Deliveries of the Purchaser at the Closing</U>. At the Closing, the Purchaser, shall
deliver or cause to be delivered to the Partnership: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) A cross-receipt executed by the Purchaser and delivered to the
Partnership acknowledging the receipt by the Purchaser of the Purchased Common Units from the Partnership; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) a
certificate of the Purchaser, dated the Closing Date, to the effect that the conditions set forth in <U>Section</U><U></U><U>&nbsp;2.05(a)</U> and <U>Section</U><U></U><U>&nbsp;2.05(b)</U> have been satisfied; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Payment of the Purchaser&#146;s Funding Amount payable by wire transfer of immediately available funds to an account
designated in advance of the Closing Date by the Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.07</B> <B><U>Further Assurances</U></B>. From time to time
after the date hereof, without further consideration, the Partnership and the Purchaser shall use their commercially reasonable efforts to take, or cause to be taken, all actions necessary or appropriate to consummate the transactions contemplated
by this Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES AND COVENANTS RELATED TO THE PARTNERSHIP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Partnership represents and warrants to and covenants with the Purchaser as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.01</B> <B><U>Existence</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each of the Partnership Entities has been duly formed or incorporated, as the case may be, and is validly existing as a corporation,
limited partnership or limited liability company, as the case may be, and is in good standing under the Laws of its jurisdiction of incorporation or formation, as the case may be, with full corporate, limited partnership or limited liability company
power and authority (i)&nbsp;to own, lease and operate its Properties and to conduct its business as described in the NS SEC Documents, (ii)&nbsp;to execute and deliver this Agreement and consummate </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the transactions contemplated hereby, (iii)&nbsp;in the case of the Partnership, to issue, sell and deliver the Purchased Common Units, (iv)&nbsp;in the case of the General Partner, to act as the
general partner of the Partnership and (v)&nbsp;in the case of NuStar GP, to act as the general partner of the General Partner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each
of the Partnership Entities is duly qualified to do business as a foreign limited partnership or limited liability company, as the case may be, and is in good standing in each jurisdiction where the ownership or lease of its Properties or the
conduct of its business requires such qualification, except for any failures to be so qualified and in good standing that would not, individually or in the aggregate, (i)&nbsp;constitute a Material Adverse Effect or (ii)&nbsp;subject the limited
partners of the Partnership to any material liability or disability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Organizational Documents of each of the Partnership Entities
have been, and, on the Closing Date, the Partnership Agreement will be, duly authorized, executed and delivered by the Partnership Entities, as applicable, and, assuming the due authorization, valid execution and delivery by the other parties
thereto (other than the Partnership Entities), each Organizational Document is, and, on the Closing Date, the Partnership Agreement will be, a valid and legally binding agreement of the Partnership Entities, as applicable, enforceable against such
parties in accordance with its terms; <I>provided</I> that, with respect to each agreement described in this <U>Section</U><U></U><U>&nbsp;3.01(c)</U>, the enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws relating to or affecting creditors&#146; rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); <I>provided</I>
<I>further</I>, that the indemnity, contribution and exoneration provisions contained in any of such agreements may be limited by applicable laws and public policy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.02</B> <B><U>Capitalization and Valid Issuance of Units</U></B>. The Purchased Common Units and the limited partner interests
represented thereby will be duly authorized by the Partnership prior to the Closing and, when issued and delivered to the Purchaser against payment therefor in accordance with the terms of this Agreement, will be validly issued, fully paid (to the
extent required by the Partnership Agreement) and <FONT STYLE="white-space:nowrap">non-assessable</FONT> (except as such nonassessability may be affected by matters described in <FONT STYLE="white-space:nowrap">Sections&nbsp;17-303,</FONT> <FONT
STYLE="white-space:nowrap">17-607</FONT> and <FONT STYLE="white-space:nowrap">17-804</FONT> of the Delaware LP Act) and will be free of any and all Liens and restrictions on transfer, other than (i)&nbsp;restrictions on transfer under the
Partnership Agreement, this Agreement or applicable state and federal securities Laws, (ii)&nbsp;such Liens as are created by the Purchaser and (iii)&nbsp;such Liens as arise under the Partnership Agreement or the Delaware LP Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.03</B> <B><U>No Material Adverse Change</U></B>. Since December&nbsp;31, 2017, except as described in the NS SEC Documents,
there has not been any Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.04</B> <B><U>No Registration Required</U></B>. Assuming the accuracy of
the representations and warranties of the Purchaser contained in <U>ARTICLE IV</U>, the issuance and sale of the Purchased Common Units to the Purchaser pursuant to this Agreement is exempt from registration requirements of the Securities Act, and
neither the Partnership nor, to the Partnership&#146;s Knowledge, any Person acting on its behalf, has taken nor will take any action hereafter that would cause the loss of such exemption. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.05</B> <B><U>No Default</U></B>. None of the Partnership Entities is in
(i)&nbsp;violation of the Organizational Documents, (ii)&nbsp;violation of any statute, law, rule or regulation, or any judgment, order or decrees of anybody having jurisdiction over it or (iii)&nbsp;breach or default (or an event which, with notice
or lapse of time or both, would constitute such an event) in the performance of any term, covenant or condition contained in any bond, debenture, note or any other evidence of indebtedness or in any agreement, indenture, lease or other instrument to
which it is a party or by which it or any of its properties is subject, which breach, default or violation, in the case of (ii)&nbsp;and (iii), individually or in the aggregate, has had, or would, if continued, reasonably be expected to have, a
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.06</B> <B><U>No Conflicts</U></B>. As of the Closing Date, none of the offering and sale by the
Partnership of the Purchased Common Units, the execution, delivery and performance of this Agreement by the NuStar Parties or the consummation of any other transactions contemplated hereby (i)&nbsp;conflicts with or will conflict with, or
constitutes or will constitute a violation of, the Organizational Documents of any of the Partnership Entities, (ii)&nbsp;conflicts with or will conflict with, or constitutes or will constitute a breach or violation of, or a default (or an event
that, with notice or lapse of time or both, would constitute such a default) under, any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which
any of the Partnership Entities is a party or by which any of them are bound or to which any of their respective properties is subject, (iii)&nbsp;violates or will violate any statute, law, rule or regulation, or any judgment, order or decrees of
any Governmental Authority having jurisdiction over any of the Partnership Entities or any of their properties or assets, or (iv)&nbsp;will result in the creation or imposition of any Lien upon any property or assets of any of the Partnership
Entities, except, in the case of clauses&nbsp;(ii), (iii) and (iv), for such conflicts, breaches, violations, defaults or Liens as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.07</B> <B><U>Authority; Enforceability</U></B>. The Partnership has all requisite power and authority under the Partnership
Agreement and the Delaware LP Act to issue, sell and deliver the Purchased Common Units, in accordance with and upon the terms and conditions set forth in this Agreement and the Partnership Agreement. All limited partnership and limited liability
company action, as the case may be, required to be taken by the Partnership Entities or any of their partners or members for the authorization, issuance, sale and delivery of the Purchased Common Units, the execution and delivery of this Agreement
and the consummation of the transactions contemplated hereby shall have been validly taken. No approval from the holders of outstanding Common Units is required under the Partnership Agreement or the rules of the NYSE in connection with the
Partnership&#146;s issuance and sale of the Purchased Common Units to the Purchaser. This Agreement has been duly and validly authorized, executed and delivered by the Partnership. This Agreement constitutes the legal, valid and binding obligations
of the Partnership, enforceable in accordance with its terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.08</B> <B><U>Listing and Maintenance Requirements</U></B>.
The Common Units are listed on the NYSE, and the Partnership has not received any notice of delisting. The issuance and sale of the Purchased Common Units do not contravene NYSE rules and regulations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES AND COVENANTS OF THE PURCHASER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Purchaser represents and warrants and covenants to the Partnership as follows with respect to himself: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.01</B> <B><U>Capacity; Validity of Agreement</U></B>. The Purchaser has the requisite legal capacity and authority to enter
into, deliver and perform his obligations under this Agreement. This Agreement has been duly executed and delivered by the Purchaser and constitutes a legal, valid and binding obligation of the Purchaser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.02</B> <B><U>No Breach</U></B>. The execution, delivery and performance of this Agreement by the Purchaser and the
consummation by the Purchaser of the transactions contemplated hereby will not (a)&nbsp;conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any material agreement to which the
Purchaser is a party or by which the Purchaser is bound or to which any of the property or assets of the Purchaser is subject, or (b)&nbsp;violate any Law of any Governmental Authority or body having jurisdiction over the Purchaser or the property
or assets of the Purchaser, except in the case of clauses&nbsp;(a) and (b), for such conflicts, breaches, violations or defaults as would not prevent the consummation of the transactions hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.03</B> <B><U>Unregistered Securities</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Accredited Investor Status; Sophisticated Purchaser</U>. The Purchaser is an &#147;accredited investor&#148; within the meaning of
Rule&nbsp;501 under the Securities Act and is able to bear the risk of its investment in the Purchased Common Units. The Purchaser has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and
risks of the purchase of the Purchased Common Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Information</U>. The Purchaser has been furnished with all materials relating
to the business, finances and operations of the Partnership that have been requested and materials relating to the offer and sale of the Purchased Common Units that have been requested by the Purchaser. The Purchaser and its Representatives have
been afforded the opportunity to ask questions of the Partnership. Neither such inquiries nor any other due diligence investigations conducted at any time by the Purchaser and its Representatives shall modify, amend or affect the Purchaser&#146;s
right (i)&nbsp;to rely on the Partnership&#146;s representations and warranties contained in <U>ARTICLE III</U> above or (ii)&nbsp;to indemnification or any other remedy based on, or with respect to the accuracy or inaccuracy of, or compliance with,
the representations, warranties, covenants and agreements in this Agreement. The Purchaser understands that its purchase of the Purchased Common Units involves a high degree of risk. The Purchaser has sought such accounting, legal and tax advice as
it has considered necessary to make an informed investment decision with respect to its acquisition of the Purchased Common Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)
<U>Residency</U>. The Purchaser shall cooperate reasonably with the Partnership to provide any information necessary for any applicable securities filings. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Legends</U>. The Purchaser understands that, until such time as the Purchased Common Units
have been sold pursuant to an effective registration statement under the Securities Act, or the Purchased Common Units are eligible for resale pursuant to Rule&nbsp;144 promulgated under the Securities Act without any restriction as to the number of
securities as of a particular date that can then be immediately sold, the Purchased Common Units will bear a restrictive legend as provided in the Partnership Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Purchase Representation</U>. The Purchaser is purchasing the Purchased Common Units for his own account and not with a view to
distribution in violation of any Laws. The Purchaser has been advised and understands that the Purchased Common Units have not been registered under the Securities Act or under the &#147;blue sky&#148; laws of any jurisdiction and may be resold only
if registered pursuant to the provisions of the Securities Act (or if eligible, pursuant to the provisions of Rule&nbsp;144 promulgated under the Securities Act or pursuant to another available exemption from the registration requirements of the
Securities Act). The Purchaser has been advised and understands that the Partnership, in issuing the Purchased Common Units, is relying upon, among other things, the representations and warranties of the Purchaser contained in this <U>ARTICLE IV</U>
in concluding that such issuance is a &#147;private offering&#148; and is exempt from the registration provisions of the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Rule</U><U></U><U>&nbsp;144</U>. The Purchaser has been advised of and is aware of the provisions of Rule&nbsp;144 promulgated under
the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Reliance by the Partnership</U>. The Purchaser understands that the Purchased Common Units are being offered
and sold in reliance on a transactional exemption from the registration requirements of federal and state securities Laws and that the Partnership is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments
and understandings of the Purchaser set forth herein in order to determine the applicability of such exemptions and the suitability of the Purchaser to acquire the Purchased Common Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.04</B> <B><U>Sufficient Funds</U></B>. The Purchaser will have available to him at the Closing sufficient funds to enable the
Purchaser to pay in full at the Closing the Funding Amount in immediately available cash funds. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.01</B> <B><U>Conduct of Business</U></B>. Except where failing use such efforts would not have a Material Adverse Effect,
during the period commencing on the date of this Agreement and ending on the Closing Date each of the Partnership Entities will use commercially reasonable efforts to (i)&nbsp;conduct its business in the ordinary course of business (other than as
contemplated by the Merger Agreement) and (ii)&nbsp;preserve intact its existence and business organization, Permits, goodwill and present business relationships with all material customers, suppliers, licensors, distributors and others having
significant business relationships with the Partnership Entities (or any of them), to the extent the Partnership believes in its sole discretion that such relationships are and continue to be beneficial to the Partnership Entities and their
businesses; <I>provided</I>, <I>however</I>, that during such period, the Partnership shall provide reasonably prompt written notice to the Purchaser regarding any material adverse developments in respect of the foregoing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.02</B> <B><U>Listing of Units</U></B>. Prior to the Closing, the Partnership will
use its commercially reasonable efforts to obtain approval for listing, subject to notice of issuance, of the Purchased Common Units on the NYSE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.03</B> <B><U>Use of Proceeds</U></B>. The Partnership shall use the proceeds of the offering of the Purchased Common Units to
repay indebtedness of the Partnership or for general partnership purposes. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION, COSTS AND EXPENSES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.01</B> <B><U>Indemnification by the Partnership</U></B>. The Partnership agrees to indemnify the Purchaser and its
Representatives (collectively, the &#147;<B><U>Purchaser Related Parties</U></B>&#148;) from costs, losses, liabilities, damages or expenses of any kind or nature whatsoever, and hold each of them harmless against, any and all actions, suits,
proceedings (including any investigations, litigation or inquiries), demands and causes of action, and, in connection therewith, promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind
or nature whatsoever (including the reasonable fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted
against or involve any of them), whether or not involving a Third-Party Claim, as a result of, arising out of, or in any way related to (a)&nbsp;the failure of any of the representations or warranties made by the Partnership contained herein to be
true and correct in all material respects (other than those representations and warranties contained in <U>Section</U><U></U><U>&nbsp;3.01</U>, <U>Section</U><U></U><U>&nbsp;3.02</U>, or <U>Section</U><U></U><U>&nbsp;3.07</U>, or other
representations and warranties that are qualified by materiality or Material Adverse Effect, which, in each case, shall be true and correct in all respects) when made and as of the Closing Date (except for any representations and warranties made as
of a specific date, which shall be required to be true and correct in all material respects as of such date only) or (b)&nbsp;the breach of any covenants of the Partnership contained herein; <I>provided </I>that, in the case of the immediately
preceding clause&nbsp;(a), such claim for indemnification is made prior to the expiration of the survival period of such representation or warranty; <I>provided</I>,<I> further</I>, that for purposes of determining when an indemnification claim has
been made, the date upon which the Purchaser Related Party shall have given notice (stating in reasonable detail the basis of the claim for indemnification) to the Partnership shall constitute the date upon which such claim has been made; and
<I>provided</I>, <I>further</I>, that the aggregate liability of the Partnership to the Purchaser and its Representatives pursuant to this <U>Section</U><U></U><U>&nbsp;6.01</U> shall not be greater in amount than the Funding Amount as of the date
of the Indemnification notice described in <U>Section</U><U></U><U>&nbsp;6.03(a)</U>. No Purchaser Related Party shall be entitled to recover special, indirect, exemplary, lost profits, speculative or punitive damages under this
<U>Section</U><U></U><U>&nbsp;6.01</U>;<I> provided</I>,<I> however</I>, that such limitation shall not prevent any Purchaser Related Party from recovering under this <U>Section</U><U></U><U>&nbsp;6.01</U> for any such damages to the extent that
such damages are payable to a third party in connection with any Third-Party Claims. Notwithstanding anything contained in this Agreement, no provision contained herein shall limit, restrict or otherwise alter the right of the Purchaser to
indemnification by any of the Partnership Entities under any other agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.02</B> <B><U>Indemnification by the
Purchaser</U></B>. The Purchaser agrees to indemnify the Partnership, the General Partner, NuStar GP and their respective Representatives (collectively, the &#147;<B><U>Partnership Related Parties</U></B>&#148;) from, all costs, losses, liabilities,
damages, or expenses of any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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kind or nature whatsoever, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands, and causes of action,
and, in connection therewith, promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel and all other
reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them), whether or not involving a Third-Party Claim, as a result of,
arising out of, or in any way related to (a)&nbsp;the failure of any of the representations or warranties made by the Purchaser contained herein to be true and correct in all material respects as of the date made (except to the extent any
representation or warranty includes the word &#147;material,&#148; Material Adverse Effect or words of similar import, with respect to which such representation or warranty, or applicable portions thereof, must have been true and correct in all
respects) or (b)&nbsp;the breach of any of the covenants or obligations of any the Purchaser contained herein (including failure to deliver payment pursuant to the Funding Amount); <I>provided </I>that, in the case of the immediately preceding
<U>clause</U><U></U><U>&nbsp;(a)</U>, such claim for indemnification relating to a breach of any representation or warranty is made prior to the expiration of the survival period of such representation or warranty; and <I>provided</I>,<I>
further</I>, that for purposes of determining when an indemnification claim has been made, the date upon which a Partnership Related Party shall have given notice (stating in reasonable detail the basis of the claim for indemnification) to the
Purchaser shall constitute the date upon which such claim has been made; and <I>provided</I>, <I>further</I>,<I> </I>that the liability of any Purchaser shall not be greater in amount than the Funding Amount plus any distributions paid to the
Purchaser with respect to the Purchased Common Units. No Partnership Related Party shall be entitled to recover special, indirect, exemplary, lost profits, speculative or punitive damages under this <U>Section</U><U></U><U>&nbsp;6.02</U>;<I>
provided</I>,<I> however</I>,<I> </I>that such limitation shall not prevent any Partnership Related Party from recovering under this <U>Section</U><U></U><U>&nbsp;6.02</U> for any such damages to the extent that such damages are payable to a third
party in connection with any Third-Party Claims. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.03</B> <B><U>Indemnification Procedure</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) A claim for indemnification for any matter not involving a Third-Party Claim may be asserted by notice to the party from whom
indemnification is sought; <I>provided</I>,<I> however</I>,<I> </I>that failure to so notify the indemnifying party shall not preclude the indemnified party from any indemnification which it may claim in accordance with this <U>Article VI</U>,
except as otherwise provided in <U>Section</U><U></U><U>&nbsp;6.01</U> and <U>Section</U><U></U><U>&nbsp;6.02</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Promptly after any
Partnership Related Party or Purchaser Related Party (hereinafter, the &#147;<B><U>Indemnified Party</U></B>&#148;) has received notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third person,
which the Indemnified Party believes in good faith is an indemnifiable claim under this Agreement (each a &#147;<B><U>Third-Party Claim</U></B>&#148;), the Indemnified Party shall give the indemnitor hereunder (the &#147;<B><U>Indemnifying
Party</U></B>&#148;) written notice of such Third-Party Claim, but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent that the
Indemnifying Party is materially prejudiced by such failure. Such notice shall state the nature and the basis of such Third-Party Claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own expense
and by its own counsel who shall be reasonably acceptable to the Indemnified Party, any such matter as long as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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the Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle, it shall promptly, and in no event later than ten (10)&nbsp;days,
notify the Indemnified Party of its intention to do so, and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof. Such cooperation
shall include, but shall not be limited to, furnishing the Indemnifying Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party&#146;s possession or control. Such cooperation of
the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the Indemnifying
Party diligently pursues such defense, the Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; <I>provided</I>,
<I>however</I>, that the Indemnified Party shall be entitled (i)&nbsp;at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (ii)&nbsp;if (A)&nbsp;the Indemnifying Party has,
within ten (10)&nbsp;Business Days of when the Indemnified Party provides written notice of a Third-Party Claim, failed (1)&nbsp;to assume the defense or employ counsel reasonably acceptable to the Indemnified Party or (2)&nbsp;to notify the
Indemnified Party of such assumption or (B)&nbsp;if the defendants in any such action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses
available to the Indemnified Party that are different from or in addition to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying Party,
then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related
to such participation to be reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent of the Indemnified Party, unless
the settlement thereof imposes no liability or obligation on, and includes a complete release from liability of, and does not include any admission of wrongdoing or malfeasance by, the Indemnified Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.04</B> <B><U>Tax Matters</U></B>. All indemnification payments under this <U>Article VI</U> shall be treated as adjustments to
the applicable Purchaser&#146;s Funding Amount for all Tax purposes except as otherwise required by applicable Law. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERMINATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.01</B> <B><U>Termination</U></B>. This Agreement may be terminated at any time prior to the Closing: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) by mutual written consent of the Partnership and the Purchaser; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) by written notice from either the Partnership or the Purchaser, if any Governmental Authority with lawful jurisdiction shall have issued a
final order, decree or ruling or taken any other final action restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement and such order, decree, ruling or other action is or shall have become final and
nonappealable; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) by written notice from the Partnership or the Purchaser, if the Closing does not occur by
11:59&nbsp;p.m. on June&nbsp;29, 2018; <I>provided</I>, <I>however</I>, that no party may terminate this Agreement pursuant to this <U>Section</U><U></U><U>&nbsp;7.01(c)</U> if such party is, at the time of providing such written notice, in breach
of any of its obligations under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.02</B> <B><U>Certain Effects of Termination</U></B>. In the event that
this Agreement is terminated pursuant to <U>Section</U><U></U><U>&nbsp;7.01</U>, except as set forth in <U>Section</U><U></U><U>&nbsp;7.02</U> or <U>8.03</U>, this Agreement shall become null and void and have no further force or effect, but the
parties shall not be released from any liability arising from or in connection with any breach hereof occurring prior to such termination. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.01</B> <B><U>Expenses</U></B>. All costs and expenses, including fees and disbursements of counsel, financial advisors and
accountants, incurred in connection with this Agreement and the transactions contemplated thereby shall be paid by the party incurring such costs and expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.02</B> <B><U>Interpretation</U></B>. Article, Section, Schedule and Exhibit references in this Agreement are references to the
corresponding Article, Section, Schedule or Exhibit to this Agreement, unless otherwise specified. All Exhibits and Schedules to this Agreement are hereby incorporated and made a part hereof as if set forth in full herein and are an integral part of
this Agreement. All references to instruments, documents, Contracts and agreements are references to such instruments, documents, Contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless
otherwise specified. The word &#147;including&#148; shall mean &#147;including but not limited to&#148; and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it.
Whenever the Partnership has an obligation under this Agreement, the expense of complying with that obligation shall be an expense of the Partnership unless otherwise specified. Any reference in this Agreement to &#147;$&#148; shall mean
U.S.&nbsp;dollars. Whenever any determination, consent or approval is to be made or given by the Purchaser, such action shall be in the Purchaser&#146;s sole discretion, unless otherwise specified in this Agreement. If any provision in this
Agreement is held to be illegal, invalid, not binding or unenforceable, (a)&nbsp;such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never
comprised a part of this Agreement, and the remaining provisions shall remain in full force and effect, and (b)&nbsp;the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. When calculating the period of time before which, within which or following
which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is not a Business Day, the period in question shall end on the
next succeeding Business Day. Any words imparting the singular number only shall include the plural and vice versa. The words such as &#147;herein,&#148; &#147;hereinafter,&#148; &#147;hereof&#148; and &#147;hereunder&#148; refer to this Agreement
as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires. The provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the insertion of
headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.03</B> <B><U>Survival of Provisions</U></B>. The representations and warranties
set forth in <U>Section</U><U></U><U>&nbsp;3.01</U>, <U>Section</U><U></U><U>&nbsp;3.02</U>, <U>Section</U><U></U><U>&nbsp;3.07</U>, <U>Section</U><U></U><U>&nbsp;4.01</U>, <U>Section</U><U></U><U>&nbsp;4.03(a)</U>,
<U>Section</U><U></U><U>&nbsp;4.03(b)</U> and <U>Section</U><U></U><U>&nbsp;4.03(e)</U> hereunder shall<B> </B>survive the execution and delivery of this Agreement indefinitely and the other representations and warranties set forth herein shall
survive for a period of 12&nbsp;months following the Closing Date, regardless of any investigation made by or on behalf of the Partnership or the Purchaser. The covenants made in this Agreement shall survive the Closing and remain operative and in
full force and effect regardless of acceptance of any of the Purchased Common Units and payment therefor and repayment, conversion or repurchase thereof. Regardless of any purported general termination of this Agreement, the provisions of <U>ARTICLE
VI</U> and all indemnification rights and obligations thereunder, <U>ARTICLE VII</U> and this <U>ARTICLE VIII</U> shall remain operative and in full force and effect, unless the applicable parties execute a writing that expressly (with specific
references to the applicable Section or subsection of this Agreement) terminates such rights and obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.04</B>
<B><U>No Waiver: Modifications in Writing</U></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Delay</U>. No failure or delay on the part of any party in exercising any
right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The
remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to a party at law or in equity or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Specific Waiver</U>. Except as otherwise provided herein, no amendment, waiver, consent, modification or termination of any provision
of this Agreement (except in the case of the Partnership Agreement for amendments adopted pursuant to the provisions thereof) shall be effective unless signed by each of the parties. Any amendment, supplement or modification of or to any provision
of this Agreement, any waiver of any provision of this Agreement and any consent to any departure by the Partnership from the terms of any provision of this Agreement shall be effective only in the specific instance and for the specific purpose for
which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on the Partnership in any case shall entitle the Partnership to any other or further notice or demand in similar or other circumstances. Any
investigation by or on behalf of any party shall not be deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or agreement contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.05</B> <B><U>Binding Effect; Assignment</U></B>. This Agreement shall be binding upon the parties hereto and their respective
successors and permitted assigns. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and
permitted assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.06</B> <B><U><FONT STYLE="white-space:nowrap">Non-Disclosure</FONT></U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Other than filings made by the Partnership with the SEC, the Partnership and any of its Representatives may disclose the identity of, or
any other information concerning, the Purchaser or any of his respective Affiliates only after providing the Purchaser a reasonable opportunity to review and comment on such disclosure (with such comments being incorporated
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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or reflected, to the extent reasonable, in any such disclosure); <I>provided</I>, <I>however</I>, that nothing in this <U>Section</U><U></U><U>&nbsp;8.06</U> shall delay any required filing or
other disclosure with the NYSE or any Governmental Authority or otherwise hinder the NuStar Entities&#146; or their Representatives&#146; ability to timely comply with all Laws or rules and regulations of the NYSE or other Governmental Authority.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Except as described in <U>Section</U><U></U><U>&nbsp;8.06(a)</U>, prior to making any public statements or issuing any press releases
with respect to the transactions contemplated by this Agreement, each party will consult with the other parties hereto and consider in good faith any comments provided by such other parties; <I>provided</I> that no party will make any public
statement or issue any press release that attributes comments to any other party or that indicates the approval of any other party of the contents of any such public statement or press release (or portion thereof) without the prior written approval
of the other parties hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.07</B> <B><U>Communications</U></B>. All notices and demands provided for hereunder shall be
in writing and shall be given by registered or certified mail, return receipt requested, telecopy, electronic mail, air courier guaranteeing overnight delivery or personal delivery to the following addresses </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">If to the Purchaser, to: </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">William E. Greehey </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">19003 <FONT STYLE="white-space:nowrap">IH-10</FONT> West </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">San Antonio, Texas 78257 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">If to the Partnership, to: </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">NuStar Energy L.P. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">19003 <FONT STYLE="white-space:nowrap">IH-10</FONT> West </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">San Antonio, Texas 78257 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention: Amy L. Perry, Senior Vice President, General Counsel and Corporate </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Secretary </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">with a copy to (which shall not constitute notice): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Sidley Austin LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">1000 Louisiana Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Suite 6000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Houston, TX 77002 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention: George J. Vlahakos </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email: gvlahakos@sidley.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or
to such other address as the Partnership or the Purchaser may designate in writing. All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; upon actual receipt if sent by
certified or registered mail, return receipt requested, or regular mail, if mailed; upon actual receipt of the facsimile, if sent via facsimile; when sent, if sent by electronic mail prior to 5:00&nbsp;p.m. Houston, Texas time on a Business Day, or
on the next succeeding Business Day, if not; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.08</B> <B><U>Entire Agreement</U></B>. This Agreement and the other agreements
and documents referred to herein are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter
contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to in this Agreement, with respect to the rights granted by the Partnership or any of its Affiliates or the
Purchaser or any of his Affiliates. This Agreement and the other agreements and documents referred to herein or therein supersede all prior agreements and understandings among the parties with respect to such subject matter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.09</B> <B><U>Governing Law; Submission to Jurisdiction</U></B>. This Agreement, and all claims or causes of action (whether in
contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or
warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the Laws of the State of Delaware without regard to principles of conflicts of laws. Any action against any party relating to the foregoing
shall be brought in any federal or state court of competent jurisdiction located within the State of Delaware, and the parties hereto hereby irrevocably submit to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of any federal
or state court located within the State of Delaware over any such action. The parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any objection which they may now or hereafter have to the laying of venue of any such
dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.10</B> <B><U>Waiver of Jury Trial</U></B>. THE PARTIES TO THIS AGREEMENT EACH HEREBY
WAIVES, AND AGREES TO CAUSE ITS AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A)&nbsp;ARISING UNDER THIS AGREEMENT OR (B)&nbsp;IN ANY WAY CONNECTED WITH OR
RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE
PARTIES TO THIS AGREEMENT EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS
AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.11</B> <B><U>Exclusive Remedy</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each party hereto hereby acknowledges and agrees that the rights of each party to consummate the transactions contemplated hereby are
special, unique and of extraordinary character and that, if any party violates or fails or refuses to perform any covenant or agreement made by it herein, the <FONT STYLE="white-space:nowrap">non-breaching</FONT> party may be without an adequate
remedy at law. If any party violates or fails or refuses to perform any covenant or agreement made by such party herein, the <FONT STYLE="white-space:nowrap">non-breaching</FONT> party subject to the terms hereof and in addition to any remedy at law
for damages or other relief, may (at any time prior to the valid termination of this Agreement pursuant to <U>ARTICLE VII</U>) institute and prosecute an action in any court of competent jurisdiction to enforce specific performance of such covenant
or agreement or seek any other equitable relief. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The sole and exclusive remedy for any and all claims arising under, out of, or
related to this Agreement or the transactions contemplated hereby, shall be the rights of indemnification set forth in <U>Article VI</U> only, and no Person will have any other entitlement, remedy or recourse, whether in contract, tort or otherwise,
it being agreed that all of such other remedies, entitlements and recourse are expressly waived and released by the parties hereto to the fullest extent permitted by Law. Notwithstanding anything in the foregoing to the contrary, nothing in this
Agreement shall limit or otherwise restrict a fraud claim brought by any party hereto or the right to seek specific performance pursuant to <U>Section</U><U></U><U>&nbsp;8.11(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.12</B> <B><U>No Recourse Against Others</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) All claims, obligations, liabilities or causes of action (whether in contract or in tort, in law or in equity, or granted by statute) that
may be based upon, in respect of, arise under, out or by reason of, be connected with or relate in any manner to this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made in, in
connection with, or as an inducement to, this Agreement), may be made only against (and are expressly limited to) the Partnership and the Purchaser. No Person other than the Partnership or the Purchaser, including no member, partner, stockholder,
Affiliate or Representative thereof, nor any member, partner, stockholder, Affiliate or Representative of any of the foregoing, shall have any liability (whether in contract or in tort, in law or in equity, or granted by statute) for any claims,
causes of action, obligations or liabilities arising under, out of, in connection with or related in any manner to this Agreement or based on, in respect of or by reason of this Agreement or its negotiation, execution, performance or breach; and, to
the maximum extent permitted by Law, each of the Partnership and the Purchaser hereby waives and releases all such liabilities, claims, causes of action and obligations against any such third Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Without limiting the foregoing, to the maximum extent permitted by Law, (i)&nbsp;each of the Partnership and the Purchaser hereby waives
and releases any and all rights, claims, demands or causes of action that may otherwise be available at law or in equity, or granted by statute, to avoid or disregard the entity form of the other or otherwise impose liability of the other on any
third Person in respect of the transactions contemplated hereby, whether granted by statute or based on theories of equity, agency, control, instrumentality, alter ego, domination, sham, single business enterprise, piercing the veil, unfairness,
undercapitalization or otherwise; and (ii)&nbsp;each of the Partnership and the Purchaser disclaims any reliance upon any third Person with respect to the performance of this Agreement or any representation or warranty made in, in connection with or
as an inducement to this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.13</B> <B><U>No Third-Party Beneficiaries</U></B>. Except as set forth in
<U>Article VI</U>, nothing in this Agreement, express or implied, is intended to or shall confer upon any Person, other than the Partnership, the Purchaser and, for purposes of <U>Section</U><U></U><U>&nbsp;8.12</U> only, any member, partner,
stockholder, Affiliate or Representative of the Partnership, any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.14</B> <B><U>Execution in Counterparts</U></B>. This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>[Signature Page Follows] </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first
above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>NUSTAR ENERGY L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">RIVERWALK LOGISTICS, L.P., its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">NUSTAR GP, LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Name: Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Title: Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page of the Purchase Agreement (Greehey) </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>WILLIAM E. GREEHEY</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ William E. Greehey</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page of the Purchase Agreement (Greehey) </I></P>
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>6
<FILENAME>d641307dex103.htm
<DESCRIPTION>EX-10.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.3</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Execution Version </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIFTH AMENDMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>dated as of </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>June&nbsp;29, 2018 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>among </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUSTAR
LOGISTICS, L.P., </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUSTAR ENERGY L.P., </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JPMORGAN CHASE BANK, N.A., </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as Administrative Agent, </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>and </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Lenders
Party Hereto </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIFTH AMENDMENT TO AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS FIFTH AMENDMENT</B><B> TO AMENDED AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT</B> (this
&#147;<U>Fifth Amendment</U>&#148;) dated as of June&nbsp;29, 2018 is among <B>NUSTAR LOGISTICS, L.P.</B>, a Delaware limited partnership (the &#147;<U>Borrower</U>&#148;); <B>NUSTAR ENERGY L.P., </B>a Delaware limited partnership (the
&#147;<U>MLP</U>&#148;); <B>NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.</B>, a Delaware limited partnership (the &#147;<U>Subsidiary Guarantor</U>&#148; and, together with the Borrower and the MLP, the &#147;<U>Obligors</U>&#148;); <B>JPMORGAN CHASE
BANK, N.A.</B>, as administrative agent (in such capacity, together with its successors in such capacity, the &#147;<U>Administrative Agent</U>&#148;) for the lenders party to the Credit Agreement referred to below (collectively, the
&#147;<U>Lenders</U>&#148;); and the undersigned Lenders. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>R E C I T A L S </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. The Borrower, the MLP, the Administrative Agent and the Lenders are parties to that certain Amended and Restated <FONT
STYLE="white-space:nowrap">5-Year</FONT> Revolving Credit Agreement dated as of October&nbsp;29, 2014 (as amended, modified or supplemented prior to the date hereof, the &#147;<U>Credit Agreement</U>&#148;), pursuant to which the Lenders have made
certain extensions of credit available to the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. The Subsidiary Guarantor is a party to that certain Amended and Restated
Subsidiary Guaranty Agreement dated as of October&nbsp;29, 2014 made by each of the Guarantors (as defined therein) in favor of the Administrative Agent (the &#147;<U>Subsidiary Guaranty</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. The Borrower has requested and the Lenders have agreed to amend certain provisions of the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <U>Defined Terms</U>. Each capitalized
term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement. Unless otherwise indicated, all references to Sections in this Fifth Amendment refer to Sections of the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <U>Amendments to Credit Agreement</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 <U>Amendments to Section</U><U></U><U>&nbsp;1.01</U>. Section&nbsp;1.01 is hereby amended as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each of the following definitions is hereby amended and restated in its entirety to read as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Calculation Date</U>&#148; means (a)&nbsp;December&nbsp;28, 2018, (b) each day as the Administrative Agent shall from
time to time designate in its sole discretion as a &#147;Calculation Date&#148; and (c)&nbsp;each Extension Effective Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change in Control</U>&#148; means any of the following events: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 100% (and not less than 100%) of the issued and outstanding Equity Interests of the general partner of the Borrower shall
cease to be owned, directly or indirectly, or the Borrower shall cease to be Controlled, by the MLP; or </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) 100% (and not less than 100%) of the limited partnership interests of the
Borrower shall cease to be owned in the aggregate, directly or indirectly, by the MLP; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) prior to the Simplification
Effective Time, the occurrence of any transaction that results in any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) other than a Permitted Holder becoming the Beneficial Owner,
directly or indirectly, of more than 50% of the general partner interests in the MLP; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) a &#147;Change of
Control&#148; or &#147;Change in Control&#148; (or similar event) occurs under the Series D Preferred Units; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) from
and after the Simplification Effective Time: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) 100% (and not less than 100%) of the issued and outstanding Equity
Interests of the general partner of the MLP shall cease to be owned, directly or indirectly, or the general partner of the MLP shall cease to be Controlled, directly or indirectly, by the MLP; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Riverwalk Logistics ceases to be the sole general partner of the MLP; or NuStar GP ceases to be the sole general partner
of Riverwalk Logistics; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the acquisition of ownership, directly or indirectly, beneficially or of record, by any
&#147;person&#148; or &#147;group&#148; (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity
Interests of the MLP; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the board of directors (or other equivalent governing body) of NuStar GP ceases to be the
applicable governing body of the MLP; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) occupation of a majority of the seats (other than vacant seats) on the board
of directors (or other equivalent governing body) of NuStar GP by Persons who were not (A)&nbsp;directors of NuStar GP as of the Simplification Effective Time, or nominated or appointed by the board of directors (or other equivalent governing body)
of NuStar GP or (B)&nbsp;appointed by directors so nominated or appointed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commitment</U>&#148; means, with
respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender&#146;s Revolving Credit
Exposure hereunder, as such commitment may be (a)&nbsp;reduced from time to time pursuant to Section&nbsp;2.07 and (b)&nbsp;reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section&nbsp;2.17 or
Section&nbsp;10.04. The amount of each Lender&#146;s Commitment as of the Fifth Amendment Effective Date is set forth on Schedule 2.01, or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender
shall have assumed its Commitment, as applicable. The aggregate amount of the Lenders&#146; Commitments as of the Fifth Amendment Effective Date is $1,575,000,000. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hybrid Equity Securities</U>&#148; means, on any date (the
&#147;<U>determination date</U>&#148;), any securities issued by the MLP, the Borrower or a financing vehicle of the Borrower or the MLP, other than common stock, that meet the following criteria: (a)&nbsp;the Borrower demonstrates that such
securities receive at least 50% equity credit from at least two Nationally Recognized Statistical Rating Organizations (NRSROs) and (b)&nbsp;such securities require no repayments or prepayments and no mandatory redemptions or repurchases, in each
case, prior to at least 91 days after the Maturity Date (determined as of the date of issuance thereof). As used in this definition, &#147;mandatory redemption&#148; shall not include conversion of a security into common stock. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pro Forma Compliance</U>&#148; means, for any date of determination, that the MLP is in pro forma compliance with
(i)&nbsp;the Consolidated Debt Coverage Ratio covenant set forth in Section&nbsp;6.11, as such ratio is recomputed using (a)&nbsp;Consolidated Debt as of the last day of the most recently ended fiscal quarter of the MLP for which financial
statements have been delivered pursuant to Section&nbsp;5.01(a) or Section&nbsp;5.01(b) plus any additional Indebtedness incurred pursuant to Section&nbsp;6.01(a) and Section&nbsp;6.01(f) since such last day (giving effect to any repayments and
prepayments of Indebtedness since such last day) over (b)&nbsp;Consolidated EBITDA for the then most recent Rolling Period for which financial statements have been delivered pursuant to Section&nbsp;5.01(a) or Section&nbsp;5.01(b) and (ii)&nbsp;the
Consolidated Interest Coverage Ratio covenant set forth in Section&nbsp;6.12, as such ratio is recomputed using (a)&nbsp;Consolidated EBITDA for the then most recent Rolling Period for which financial statements have been delivered pursuant to
Section&nbsp;5.01(a) or Section&nbsp;5.01(b) over (b)&nbsp;Consolidated Interest Expense for the then most recent Rolling Period for which financial statements have been delivered pursuant to Section&nbsp;5.01(a) or Section&nbsp;5.01(b), determined
on a pro forma basis as if any Indebtedness incurred since the last day of such Rolling Period and any Indebtedness incurred on such date of determination, and the application of proceeds therefrom (including any repayments and prepayments of
Indebtedness with such proceeds), had occurred at the beginning of such Rolling Period. For the avoidance of doubt, for this purpose, Consolidated EBITDA shall be adjusted to give pro forma effect to permitted acquisitions or Investments (other than
Joint Ventures) or sales of property by the MLP and its Restricted Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The following definitions are hereby added to
Section&nbsp;1.01 in their appropriate alphabetical order: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Interest Expense</U>&#148; means, for any
period, the sum (determined without duplication) of (a)&nbsp;the consolidated interest expense of the MLP and its Restricted Subsidiaries for such period, whether paid or accrued, determined in accordance with GAAP, and (b)&nbsp;all cash dividend
payments or other cash distributions in respect of any series of preferred equity of the MLP or its Restricted Subsidiaries made during such period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Interest Coverage Ratio</U>&#148; means, for any Rolling Period, the ratio of (a)&nbsp;Consolidated
EBITDA for such Rolling Period to (b)&nbsp;Consolidated Interest Expense for such Rolling Period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fifth Amendment
Effective Date</U>&#148; has the meaning given such term in that certain Fifth Amendment to Amended and Restated <FONT STYLE="white-space:nowrap">5-Year</FONT> Revolving Credit Agreement dated as of June&nbsp;29, 2018 among the Borrower, the MLP,
the Subsidiary Guarantor, the Administrative Agent, and the Lenders party thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series D Preferred
Units</U>&#148; means the MLP&#146;s Series D Cumulative Convertible Preferred Units representing limited partner interests in the MLP issued or to be issued pursuant to the Partnership Agreement (MLP). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Clause (b)&nbsp;of the definition of &#147;Indebtedness&#148; is hereby amended by adding the
phrase &#147;other than the Series D Preferred Units&#148; immediately after the phrase &#147;sinking fund provisions&#148; appearing therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 <U>Amendment to Section</U><U></U><U>&nbsp;2.07</U>. Section&nbsp;2.07 is hereby amended by adding a new clause (d)&nbsp;to read in its
entirety as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) On December&nbsp;28, 2018, the total Commitments shall be reduced automatically (without any
further action) by an amount equal to $175,000,000. Such reduction of the Commitments shall be permanent and shall be made ratably among the Lenders in accordance with their respective Commitments. In connection therewith, after giving effect to
such automatic reduction of the total Commitments, the Borrower shall prepay the Borrowings (and/or cash collateralize LC Exposure) to the extent required by Section&nbsp;2.09(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3 <U>Amendment to Section</U><U></U><U>&nbsp;5.01(c)</U>. Section&nbsp;5.01(c) is hereby amended by replacing the reference to
&#147;Section&nbsp;6.11&#148; with a reference to &#147;Section&nbsp;6.11 and Section&nbsp;6.12&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4 <U>Amendment to
Section</U><U></U><U>&nbsp;6.09</U>. Section&nbsp;6.09 is hereby amended and restated in its entirety to read as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.09 <U>Limitation on Modifications of Other Agreements</U>. It will not, and will not permit any of its
Restricted Subsidiaries to, amend, modify or change, or consent to any amendment, modification or change to, any of the terms of, the Partnership Agreement (MLP)&nbsp;(a) in any manner relating to the Series D Preferred Units, to the extent that
such amendment, modification or change is adverse to the Lenders in any material respect (it being agreed that any change to the terms of the Series D Preferred Units resulting in the Series D Preferred Units ceasing to have at least 50% equity
credit from at least two Nationally Recognized Statistical Rating Organizations (NRSROs) shall be deemed to be materially adverse to the Lenders) or (b)&nbsp;in any manner not relating to the Series D Preferred Units, except to the extent the same
could not reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.5 <U>Amendment to Article VI</U>. Article VI is hereby amended by
(a)&nbsp;replacing the phrase &#147;Financial Condition Covenant&#148; in the title of Section&nbsp;6.11 with the phrase &#147;Consolidated Debt Coverage Ratio&#148; and (b)&nbsp;adding a new Section&nbsp;6.12 and a new Section&nbsp;6.13, each to
read in its entirety as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.12 <U>Consolidated Interest Coverage Ratio</U>. The MLP will not permit,
as of the last day of each Rolling Period, commencing with the Rolling Period ending June&nbsp;30, 2018, the Consolidated Interest Coverage Ratio for the Rolling Period ending on such day, to be less than 1.75 to 1.00. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.13 <U>Limitation on Series D Preferred Unit Issuances</U>. From and after the Fifth Amendment Effective Date,
without the prior written consent of the Required Lenders, the MLP will not issue any Series D Preferred Units, other than Series D Preferred Units in an aggregate amount not to exceed $200,000,000. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.6 <U>Amendment to Schedules</U>. Schedule 2.01 is hereby amended and restated in its entirety
in the form attached hereto as Schedule 2.01. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <U>Conditions Precedent</U>. This Fifth Amendment shall not become effective until the date
on which each of the following conditions is satisfied (or waived in accordance with Section&nbsp;10.02) (the &#147;<U>Fifth Amendment Effective Date</U>&#148;): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1 The Administrative Agent shall have received from the Required Lenders, the Borrower, the MLP and the Subsidiary Guarantor, counterparts
(in such number as may be requested by the Administrative Agent) of this Fifth Amendment signed on behalf of such Persons. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2 The
Administrative Agent and the Lenders shall have received all fees and other amounts due and payable, if any, in connection with this Fifth Amendment on or prior to the Fifth Amendment Effective Date, including (i)&nbsp;to the extent invoiced,
reimbursement or payment of all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses required to be reimbursed or paid by the Borrower pursuant to the Credit Agreement and (ii)&nbsp;an amendment fee
payable to the Administrative Agent, for the account of each Lender that has executed this Fifth Amendment (each such Lender, a &#147;<U>Consenting Lender</U>&#148;), in an amount equal to the product of 0.10% multiplied by such Consenting
Lender&#146;s Commitment (as such term is amended by Section&nbsp;2.1(a) of this Fifth Amendment) on the Fifth Amendment Effective Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.3 The Administrative Agent shall have received a certificate of a Responsible Officer of the MLP certifying that (a)&nbsp;prior to or
concurrently with the Fifth Amendment Effective Date, the MLP has issued Series D Preferred Units and received proceeds in a gross amount of not less than approximately $400,000,000, (b) Moody&#146;s has confirmed to the MLP that the Series D
Preferred Units will receive 100% equity credit from Moody&#146;s (it being understood that the official public pronouncement of such equity credit rating is expected occur reasonably promptly after the Fifth Amendment Effective Date) and Fitch
Ratings has confirmed to the MLP that the Series D Preferred Units will receive 50% equity credit from Fitch Ratings and (c)&nbsp;after giving pro forma effect to such issuance and the use of proceeds thereof, no Event of Default shall have occurred
and be continuing, and the MLP shall be in Pro Forma Compliance (as such term is amended by Section&nbsp;2.1(a) of this Fifth Amendment). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.4 The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative
Agent may reasonably request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Administrative Agent is hereby authorized and directed to declare this Fifth Amendment to be effective
(and the Fifth Amendment Effective Date shall occur) when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section&nbsp;3 or the waiver of such
conditions as permitted in Section&nbsp;10.02, which must occur prior to 1:00 p.m., New York City time, on August&nbsp;15, 2018 (and, in the event such conditions are not so satisfied or waived prior to such time, the Administrative Agent shall no
longer be authorized to declare this Fifth Amendment to be effective (and the Fifth Amendment Effective Date shall not occur)). Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <U>Miscellaneous</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1
<U>Confirmation</U>. The provisions of the Credit Agreement, as amended by this Fifth Amendment, shall remain in full force and effect following the effectiveness of this Fifth Amendment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 <U>Ratification and Affirmation; Representations and Warranties</U>. Each Obligor hereby:
(a)&nbsp;acknowledges the terms of this Fifth Amendment; (b)&nbsp;ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan
Document to which it is a party remains in full force and effect, except as expressly amended hereby, after giving effect to the amendments contained herein; (c)&nbsp;agrees that from and after the Fifth Amendment Effective Date each reference to
the Credit Agreement in the Subsidiary Guaranty and the other Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this Fifth Amendment; and (d)&nbsp;represents and warrants to the Lenders that as of the date
hereof, after giving effect to the terms of this Fifth Amendment: (i)&nbsp;all of the representations and warranties contained in each Loan Document to which it is a party are true and correct, unless such representations and warranties are stated
to relate to a specific earlier date, in which case, such representations and warranties shall continue to be true and correct as of such earlier date and (ii)&nbsp;no Default has occurred and is continuing.<U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.3 <U>Loan Document</U>. This Fifth Amendment is a &#147;Loan Document&#148; as defined and described in the Credit Agreement and all of the
terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.4 <U>Counterparts</U>. This Fifth Amendment
may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Fifth Amendment by facsimile or
email transmission shall be effective as delivery of a manually executed counterpart hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.5 <U>NO ORAL AGREEMENT</U>. THIS FIFTH
AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.6 <U>GOVERNING LAW</U>. THIS FIFTH AMENDMENT (INCLUDING,
BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURES BEGIN ON NEXT PAGE] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to be duly executed as of
the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">NUSTAR LOGISTICS, L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">NuStar GP, Inc., its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">NUSTAR ENERGY L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Riverwalk Logistics, L.P., its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">NuStar GP, LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">NuStar Pipeline Company, LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Thomas R. Shoaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JPMORGAN CHASE BANK, N.A., as a Lender and as Administrative Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Travis Watson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Travis Watson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MIZUHO BANK, LTD., as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Donna DeMagistris</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Donna DeMagistris</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Signature</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PNC BANK, NATIONAL ASSOCIATION, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Sean Piper</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Sean Piper</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">AVP</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SUNTRUST BANK, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Carmen Malizia</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Carmen Malizia</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Borden Tennant</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Borden Tennant</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BANK OF AMERICA, N.A., as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Kimberly Miller</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Kimberly Miller</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MUFG BANK, LTD., FORMERLY KNOWN AS THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Stephen W. Warfel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Stephen W. Warfel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BARCLAYS BANK PLC, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s Sydney G. Dennis</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Sydney G. Dennis</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COMPASS BANK, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Mark H. Wolf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Mark H. Wolf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">DNB CAPITAL LLC, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Robert Dupree</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Robert Dupree</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ James Grubb</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">James Grubb</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">First Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ROYAL BANK OF CANADA, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Kristan Spivey</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Kristan Spivey</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SUMITOMO MITSUI BANKING CORPORATION, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ James Weinstein</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">James Weinstein</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">U.S. BANK NATIONAL ASSOCIATION, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Mark Salierno</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Mark Salierno</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BANK OF NOVA SCOTIA, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Joe Lattanzi</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Joe Lattanzi</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BRANCH BANKING AND TRUST COMPANY, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Lincoln LaCour</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Lincoln LaCour</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CITIBANK, N.A., as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Michael Zeller</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michael Zeller</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COMERICA BANK, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ L. J. Perenyi</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">L. J. Perenyi</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">FROST BANK, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ M. Luke Healy</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">M. Luke Healy</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">FIRST COMMERCIAL BANK NEW YORK BRANCH, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Bill Wang</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Bill Wang</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President &amp; General Manager</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Annie Dorval</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Annie Dorval</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Signature</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND RESTATED <FONT STYLE="white-space:nowrap">5-YEAR</FONT> REVOLVING CREDIT AGREEMENT </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE 2.01 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Commitments </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:33.45pt; display:inline; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>LENDER</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>COMMITMENT</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank, N.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">93,600,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mizuho Bank, Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">93,600,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PNC Bank, National Association</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">93,600,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SunTrust Bank</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">93,600,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Wells Fargo Bank, National Association</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">93,600,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank of America, N.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Barclays Bank PLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Compass Bank</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Citibank, N.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deutsche Bank AG New York Branch</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">DNB Capital LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Royal Bank of Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sumitomo Mitsui Banking Corporation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Toronto-Dominion Bank, New York Branch</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Bank of Nova Scotia</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">MUFG Bank, Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U.S. Bank National Association</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Branch Banking and Trust Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">45,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Comerica Bank</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">45,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">First Commercial Bank New York Branch</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">22,500,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Frost Bank</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">22,500,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,575,000,000.00</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>7
<FILENAME>d641307dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NuStar Energy Announces Initial Closing of Private Placement of Series D Cumulative </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Convertible Preferred Units to EIG and Closing of Private Placement of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Common Units to William E. Greehey </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAN
</B><B>ANTONIO</B>, June 29, 2018 &#150; NuStar Energy L.P. (NYSE: NS) (the &#147;Partnership&#148;) today announced the initial closing of the issuance of $400&nbsp;million of Series D Cumulative Convertible Preferred Units representing limited
partner interests in the Partnership (the &#147;Preferred Units&#148;) to investment funds managed by EIG Management Company, LLC and FS/EIG Advisor, LLC, the advisor to FS Energy&nbsp;&amp; Power Fund. The purchasers have agreed to purchase the
remaining $190&nbsp;million of Preferred Units at a second closing, scheduled to occur on July&nbsp;13, 2018. In addition, the Partnership has closed the issuance of $10&nbsp;million of common units representing limited partner interests in the
Partnership (&#147;Common Units&#148;) to William E. Greehey. The aggregate net proceeds of approximately $566.8&nbsp;million from the sale of the Preferred Units and Common Units will be used for general partnership purposes, including the
repayment of debt and the funding of growth capital expenditures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The securities offered in the private placements have not been registered under the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities
Act and applicable state laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release is neither an offer to sell nor a solicitation of an offer to purchase the securities described herein.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>About NuStar Energy L.P. and NuStar GP Holdings, LLC (NYSE: NSH) </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Partnership is a publicly traded master limited partnership based in San Antonio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NSH is a publicly traded limited liability company that owns the general partner interest, an approximate 11&nbsp;percent common limited partner interest and
the incentive distribution rights in the Partnership. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Important Information for Investors and Unitholders </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&nbsp;7, 2018, the Partnership, Riverwalk Logistics, L.P., NuStar GP, LLC, Marshall Merger Sub LLC, a wholly owned subsidiary of the Partnership
(&#147;Merger Sub&#148;), Riverwalk Holdings, LLC and NSH entered into an Agreement and Plan of Merger pursuant to which Merger Sub will merge with and into NSH with NSH being the surviving entity, such that the Partnership will be the sole member
of NSH following the merger. In connection with the proposed merger, the Partnership has filed a registration statement (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-223671),</FONT> which includes its preliminary prospectus, a
preliminary proxy statement of NSH and other materials, with the SEC. The registration statement was declared effective by the SEC on June&nbsp;15, 2018 and the definitive proxy statement/prospectus has been mailed to NSH unitholders. INVESTORS AND
UNITHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT HAVE BEEN OR WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY
CONTAIN OR WILL CONTAIN </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IMPORTANT INFORMATION ABOUT THE PARTNERSHIP, NSH AND THE PROPOSED TRANSACTION. The information in this
communication is for informational purposes only and is neither an offer to purchase, nor an offer to sell, subscribe for or buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the
proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements
of Section&nbsp;10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. Investors and unitholders may obtain a free copy of the proxy statement/prospectus and other documents (when available) containing
important information about the Partnership and NSH through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by the Partnership will be available free of charge on the Partnership&#146;s website at
www.nustarenergy.com under the tab &#147;Investors&#148; or by contacting the Partnership&#146;s Investor Relations at investorrelations@nustarenergy.com. Copies of the documents filed with the SEC by NSH will be available free of charge on
NSH&#146;s website at www.nustargpholdings.com under the tab &#147;Investors&#148; or by contacting NSH&#146;s investor relations at investorrelations@nustarenergy.com. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Partnership and its general partner, the directors and certain of the executive officers of NuStar GP, LLC and NSH and its directors and certain of its
executive officers may be deemed to be participants in the solicitation of proxies from the unitholders of NSH in connection with the proposed merger. Information about the directors and executive officers of NuStar GP, LLC is set forth in the
Partnership&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017 and subsequent statements of changes in beneficial ownership on file with the SEC. Information about the directors and
executive officers of NSH is set forth in NSH&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017 and subsequent statements of changes in beneficial ownership on file with the SEC.
These documents can be obtained free of charge from the sources listed above. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be
contained in the proxy statement/prospectus and other relevant materials filed or to be filed with the SEC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Forward-Looking Statements
</U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release includes &#147;forward-looking statements&#148; as defined by the SEC. All statements, other than statements of historical
fact, included herein that address activities, events or developments that the Partnership or NSH expects, believes or anticipates will or may occur in the future, including the expected second closing of the sale of the Preferred Units and
anticipated benefits and other aspects of the proposed merger, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the possibility that
the merger will not be completed prior to the August&nbsp;8, 2018 outside termination date, required approvals by unitholders and regulatory agencies, the possibility that the anticipated benefits from the proposed mergers cannot be fully realized,
the possibility that costs or difficulties related to integration of the two companies will be greater than expected, the impact of competition and other risk factors included in the reports filed with the SEC by the Partnership or NSH. Readers are
cautioned not to place undue reliance </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
on these forward-looking statements, which speak only as of their dates. Except as required by law, neither the Partnership nor NSH intends to update or revise its forward-looking statements,
whether as a result of new information, future events or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investors: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chris Russell, Treasurer and Vice President Investor Relations: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">210-918-3507</FONT></FONT>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Media/Communications: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mary Rose Brown, Executive Vice President and Chief Administrative Officer:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">210-918-2314</FONT></FONT> </P>
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