EXHIBIT 10.1

Sixth AMENDMENT TO THIRD AMENDED
AND RESTATED CREDIT AGREEMENT
This SIXTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Sixth
Amendment”), dated as of February 21, 2018 (the “Sixth Amendment Effective
Date”), is among MARTIN OPERATING PARTNERSHIP L.P., a Delaware limited
partnership, as borrower (the “Borrower”), MARTIN MIDSTREAM PARTNERS L.P., a
Delaware limited partnership (the “MLP”), the Lenders (as defined below) party
hereto, and ROYAL BANK OF CANADA, as administrative agent (the “Administrative
Agent”) and collateral agent for the Lenders and as L/C Issuer and a Lender.

WHEREAS, the Borrower, the MLP, the Administrative Agent, and the lenders party
thereto (the “Lenders”) are parties to that certain Third Amended and Restated
Credit Agreement dated as of March 28, 2013 (as amended by that certain First
Amendment to Third Amended and Restated Credit Agreement dated as of July 12,
2013, that certain Second Amendment to Third Amended and Restated Credit
Agreement dated as of May 5, 2014, that certain Third Amendment to Third Amended
and Restated Credit Agreement dated as of June 27, 2014, that certain Fourth
Amendment to Third Amended and Restated Credit Agreement dated as of June 23,
2015, that certain Fifth Amendment to Third Amended and Restated Credit
Agreement dated as of April 27, 2016, and as may be further renewed, extended,
amended, restated or modified from time to time, the “Credit Agreement”);

WHEREAS, the Borrower has requested that the Administrative Agent and Lenders
amend the Credit Agreement to reflect the changes set forth below; and

WHEREAS, the Administrative Agent and Lenders party hereto have agreed to such
request, subject to the terms and conditions set forth herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

Section 1.Definitions. Unless otherwise defined in this Sixth Amendment, terms
used in this Sixth Amendment that are defined in the Credit Agreement shall have
the meanings assigned to such terms in the Credit Agreement (as amended by this
Sixth Amendment). The interpretive provisions set forth in Section 1.02 of the
Credit Agreement shall apply to this Sixth Amendment.

Section 2.Amendments to Credit Agreement. In reliance on the representations,
warranties, covenants and agreements contained in this Sixth Amendment, but
subject to the satisfaction of each condition precedent set forth in Section 3
hereof, the Credit Agreement shall be amended effective as of the Sixth
Amendment Effective Date in the manner provided in this Section 2.

(a)Amended Definitions. The definitions of “Committed Borrowing”, “Committed
Loan Notice”, “Consolidated Fund Debt” and “Loan Documents” contained in
Section 1.01 of the Credit Agreement shall be amended and restated in their
entirety as follows:

“Committed Borrowing” means a borrowing (including any Inventory Financing
Sublimit Borrowing) consisting of simultaneous Committed Loans of the same Type
and having the same Interest Period made by each of the Lenders pursuant to
Section 2.01.

“Committed Loan Notice” means a notice of (a) a Committed Borrowing (including
Inventory Financing Sublimit Borrowing), (b) a conversion of Committed Loans
from one Type to the other, (c) a conversion of Committed Loans from one Class
to the other or (d) a continuation of

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Committed Loans as the same Type, pursuant to Section 2.02(a), which, if in
writing, shall be substantially in the form of Exhibit A-1 or A-2, as
applicable.

“Consolidated Funded Debt” means, as of any date of determination, for the MLP,
the Borrower and the Restricted Subsidiaries on a consolidated basis, an amount
equal to (x) the sum of (a) the outstanding principal amount of all obligations
and liabilities, whether current or long-term, for borrowed money (including
Letters of Credit and all other Obligations hereunder), (b) Attributable
Indebtedness with respect to Capital Leases, (c) Attributable Indebtedness with
respect to Synthetic Lease Obligations, and (d) without duplication, all
Guaranty Obligations with respect to Indebtedness of the type specified in
clauses (a) through (c) above, minus (y) to the extent included in clause (x)
above, the aggregate principal amount of any outstanding Inventory Financing
Sublimit Borrowing; provided, that (i) notwithstanding the foregoing, at any
time following the Qualified Factoring Program Reclassification Date, principal
or similar amounts under any Permitted Factoring Transaction shall be included
in Consolidated Funded Debt for purposes of determining the Leverage Ratio and
Senior Leverage Ratio and (ii) for purpose of clause (y) above, the outstanding
Inventory Financing Sublimit Borrowings on the last day of each month shall be
deemed to have been reduced by the Inventory Sublimit Prepayment Amount required
to be made in the immediately succeeding calendar month pursuant to Section
2.03(f).

“Loan Documents” means this Agreement, the First Amendment, the Second
Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the
Sixth Amendment, each Note, the Master Consent to Assignment, each of the
Collateral Documents, the Agent/Arranger Fee Letters, the Engagement Letter,
each Committed Loan Notice, each Compliance Certificate, the Guaranties, each
Letter of Credit Application and each other agreement, document or instrument
executed and delivered by a Loan Party from time to time in connection with this
Agreement and the Notes.

(b)New Definitions. Section 1.01 of the Credit Agreement and the list of defined
terms set forth therein shall be amended to add the following definitions to
such Section and the list of defined terms set forth therein in appropriate
alphabetical order to read in full as follows:

“Borrowing Base Certificate” means a certificate duly executed a Responsible
Officer of the Borrower, substantially in the form of Exhibit I, prepared with
respect to all Financed Eligible Inventory owned by the Borrower and its
Restricted Subsidiaries on each Inventory Financing Sublimit Borrowing Base
Date, (a) stating that the aggregate principal amount outstanding under the
Inventory Financing Sublimit Tranche, after giving effect to any Inventory
Financing Sublimit Borrowings made on or as of such Inventory Financing Sublimit
Borrowing Base Date (if any), and giving effect to any prepayment made or
required to be made contemporaneously with the delivery of such Borrowing Base
Certificate pursuant to Section 2.03(f), does not exceed the lesser of (x) the
Inventory Financing Sublimit Borrowing Base as of such Inventory Financing
Sublimit Borrowing Base Date and (y) Inventory Financing Sublimit Availability
as of such Inventory Financing Sublimit Borrowing Base Date, and (b) describing
in reasonable detail the volumes, locations, sale contracts, Sale Values, Swap
Contracts, and Hedged Values of the Financed Eligible Inventory.

“Class” means, with respect to a Committed Loan, its character as a General Loan
or an Inventory Financing Loan.

“Committed Loan Notice (Financed Inventory)” means a Committed Loan Notice that
includes the information related to (i) the applicable Inventory Financing
Sublimit Borrowing required by Sections (c) and (d) of the form of Committed
Loan Notice attached hereto as Exhibit A-1 or (ii) the conversion of General
Loans to Inventory Financing Loans required by Section 5 of the form of
Conversion/Continuation Notice attached hereto as Exhibit A-2.

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“Eligible Inventory” means Petroleum Products owned by the Borrower and its
Restricted Subsidiaries, specified by the Borrower as Eligible Inventory in the
corresponding Borrowing Base Certificate or Committed Loan Notice (Financed
Inventory), as applicable, which are the subject of either (x) sales contracts
or (y) Swap Contracts (including over-the-counter commodity contracts, futures
contracts and physical forward sales contracts at fixed prices); provided, that
such Petroleum Products shall only constitute Eligible Inventory so long as
(a)(i) the Borrower or its Restricted Subsidiaries shall have lawful and
absolute title thereto (specifically excluding, however, tank bottoms and
pipeline line fill of the Borrower and its Restricted Subsidiaries classified as
long-term assets), subject only to Permitted Eligible Inventory Encumbrances and
(ii) the Collateral Agent, for the benefit of the Lenders and the Lender Swap
Parties, shall have a first priority security interest with respect to such
Petroleum Products (subject only to Permitted Eligible Inventory Encumbrances),
(b) the Collateral Agent, for the benefit of the Lenders and the Lender Swap
Parties, shall have a first priority security interest (subject only to
Permitted Eligible Inventory Encumbrances) with respect to such sales contract
or Swap Contracts, and (c) unless such requirement is waived by the Collateral
Agent, each applicable commodities intermediary in respect of any commodities
account relating to any Financed Eligible Inventory shall have executed and
delivered an Inventory Financing Control Agreement.

“Financed Eligible Inventory” means all Eligible Inventory that the purchase or
storage of which has been fully or partially financed (or deemed financed) by
Inventory Financing Loans.

“General Loans” means all Loans other than Inventory Financing Loans; provided,
that Inventory Financing Loans may be converted into General Loans in accordance
with Section 2.03(f) and Section 2.02(a).

“Hedged Value” means, as to Financed Eligible Inventory that is not subject to
sales contracts, an amount equal to the volumes of such Financed Eligible
Inventory multiplied by the prices fixed with respect thereto in the
corresponding Swap Contracts.

“Inventory Financing Control Agreement” means an agreement that perfects by
control the Lien in favor of the Collateral Agent for the benefit of the Lenders
and the Lender Swap Parties in respect of one or more commodities accounts, as
required in connection with the Inventory Financing Sublimit Tranche.

“Inventory Financing Loan” means all Loans outstanding under the Inventory
Financing Sublimit Tranche; provided, that General Loans may be converted into
Inventory Financing Loans in accordance with Section 2.02(a).

“Inventory Financing Sublimit Availability” means at any time, the lowest of (a)
the then Aggregate Committed Sums, (b) $75,000,000 and (c) solely with respect
to the period between March 1 to June 30 of each year, $10,000,000. The
Inventory Financing Sublimit is part of, and not in addition to, the Aggregate
Committed Sum.

“Inventory Financing Sublimit Borrowing” means a Committed Borrowing under the
Inventory Financing Sublimit Tranche.

“Inventory Financing Sublimit Borrowing Base” means, as determined upon the
delivery of each Borrowing Base Certificate delivered pursuant to Section
6.01(c), as of the Inventory Financing Sublimit Borrowing Base Date specified
therein, the amount equal to the product of (a) 90% and (b) an amount equal to
the sum of (in each case, as determined as of such Inventory Financing Sublimit
Borrowing Base Date) (i) the Sale Value of Financed Eligible Inventory that is
subject to sales contracts, plus (ii) the Hedged Value of Financed Eligible
Inventory that is not

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subject to sales contracts, minus (iii) all storage, transportation and other
applicable costs related to such Financed Eligible Inventory as reasonably
estimated by the Borrower.

“Inventory Financing Sublimit Borrowing Base Date” means the last day of each
calendar month.

“Inventory Financing Sublimit Tranche” has the meaning set forth in Section
2.01(c).

“Inventory Sublimit Prepayment Amount” has the meaning set forth in Section
2.03(f).

“New Financed Inventory” has the meaning set forth in Section 4.02(e).

“Permitted Eligible Inventory Encumbrances” means Liens permitted under Section
7.01 (c), (d), (f) and (l).

“Petroleum Products” means crude oil condensate, natural gas, natural gas
liquids, liquified petroleum gases, refined petroleum products or any blend
thereof.

“Sale Value” means, as to Financed Eligible Inventory that is subject to sales
contracts, an amount equal to the volumes of such Financed Eligible Inventory
multiplied by the sale price with respect thereto in the corresponding sales
contracts.

“Sixth Amendment” means that certain Sixth Amendment to Third Amended and
Restated Credit Agreement dated as of February 21, 2018 by and among the
Borrower, MLP, the other Loan Parties party thereto, the Lenders party thereto,
the Administrative Agent and the Collateral Agent.

“Sixth Amendment Effective Date” means February 21, 2018.

(c)Amendment to Section 2.01(a) of the Credit Agreement. Paragraph (a) of
Section 2.01 of the Credit Agreement shall be amended and restated in its
entirety to read in full as follows:

Subject to and in reliance upon the terms, conditions, representations and
warranties in the Loan Documents, each Lender severally, but not jointly, agrees
to make loans (including any Loan advanced under the Inventory Financing
Sublimit Tranche pursuant to Section 2.01(c), each such Loan, a “Committed
Loan”) to the Borrower from time to time on any Business Day during the period
from the Closing Date to the Maturity Date (the “Availability Period”), in an
aggregate amount not to exceed at any time outstanding the amount of such
Lender’s Pro Rata Share of one or more Committed Borrowings under the Facility,
not to exceed, when aggregated with such Lender’s Pro Rata Share of the
Outstanding Amount of the L/C Obligations, such Lender’s Committed Sum. Such
Committed Borrowings may be repaid and reborrowed from time to time in
accordance with the terms and provisions of the Loan Documents; provided, that,
each such Committed Borrowing must occur on a Business Day and no later than the
Business Day immediately preceding the Maturity Date.

(d)Addition of a new paragraph (c) to Section 2.01 of the Credit Agreement. A
new paragraph (c) shall be added to the end of Section 2.01 of the Credit
Agreement to read in its entirety as follows:

Subject to and in reliance upon the terms, conditions, representations and
warranties in the Loan Documents, each Lender agrees that, upon the request of
the Borrower, certain Committed Loans made pursuant to Section 2.01(a), as are
specified by the Borrower in the applicable Committed Loan Notice (Financed
Inventory), will be designated as part of a sublimit (the “Inventory Financing
Sublimit Tranche”) to finance (i) the purchase and sale by the Borrower or any
Restricted Subsidiary of Eligible Inventory, (ii) the Eligible Inventory subject
to a Swap

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Contract entered into by the Borrower or any Restricted Subsidiary, and (iii)
storage and transportation costs relating thereto; provided, that on the date
any such Committed Loan is so designated, the aggregate outstanding Committed
Loans under the Inventory Financing Sublimit Tranche shall not exceed the
Inventory Financing Sublimit Availability. With respect to any Inventory
Financing Sublimit Borrowing, such Inventory Financing Borrowing shall be deemed
to have been used to finance the Eligible Inventory specified in the applicable
Committed Loan Notice (Financed Inventory) in accordance with clause (i), (ii)
and (iii) of the preceding sentence, regardless of the manner in which the
proceeds of such Inventory Financing Sublimit Borrowing are actually applied.

(e)Amendment to Section 2.02(a) of the Credit Agreement. Paragraph (a) of
Section 2.02 of the Credit Agreement shall be amended by (i) inserting the text
“or one Class to the other” immediately after the text “one Type to the other”
contained in the first sentence of such paragraph and (ii) deleting both clause
(v) thereof and the word “and” immediately before such clause (v) and replacing
them with the following new clauses to read in their entirety as follows:

(v) the Class of Committed Loans to be borrowed or to which existing Committed
Loans are to be converted, (vi) in case of an Inventory Financing Sublimit
Borrowing, the certifications required by Section 4.02(e) and (vii) if
applicable, the duration of the Interest Period with respect thereto.

(f)Amendment to Section 2.03(a) of the Credit Agreement. Paragraph (a) of
Section 2.03 of the Credit Agreement shall be amended by (i) inserting the text
“and Class(es)” immediately after the text “prepayment and the Type(s)”
contained in the second sentence of such Section and (ii) adding a new sentence
to the end of such Section to read in its entirety as follows:

Any notice of prepayment that fails to specify the Class of any Committed Loan
being prepaid shall be deemed to have specified such Class to be a General Loan.

(g)Addition of a new paragraph (f) to Section 2.03 of the Credit Agreement. A
new paragraph (f) shall be added to Section 2.03 of the Credit Agreement to read
in its entirety as follows:

Inventory Financing Sublimit Borrowings. If on any Inventory Financing Sublimit
Borrowing Base Date the aggregate outstanding Inventory Financing Sublimit
Borrowings exceed the lesser of (x) the Inventory Financing Sublimit
Availability and (y) the Inventory Sublimit Borrowing Base (such excess, the
“Inventory Sublimit Prepayment Amount”), then, on or prior to the tenth Business
Day of the calendar month immediately succeeding such Inventory Financing
Sublimit Borrowing Base Date, the Borrower shall (i) prepay the outstanding
Inventory Financing Sublimit Borrowings, (ii) convert outstanding Inventory
Sublimit Borrowings to General Loans or (iii) prepay the outstanding Inventory
Financing Sublimit Borrowings and convert outstanding Inventory Sublimit
Borrowings to General Loans, in any case of the foregoing clauses (i), (ii) or
(iii), in an amount equal to the Inventory Sublimit Prepayment Amount for such
Inventory Financing Sublimit Borrowing Base Date.

(h)Addition of a new paragraph (g) to Section 2.03 of the Credit Agreement. A
new paragraph (g) shall be added to Section 2.03 of the Credit Agreement to read
in its entirety as follows:

Prepayment Class. Unless otherwise specified in the applicable prepayment notice
delivered pursuant to Section 2.03(a), or in writing by the Borrower prior to
such prepayment, all prepayments pursuant to Section 2.03(a), (b) or (c) shall
be deemed to be prepayments of first, General Loans and then, to the extent no
General Loans are outstanding, Inventory Financing Loans.

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(i)Addition of a new paragraph (e) to Section 4.02 of the Credit Agreement. A
new paragraph (e) shall be added to the end of paragraph (d) of Section 4.02 of
the Credit Agreement to read in its entirety as follows:

In case of any Inventory Financing Sublimit Borrowing, (i) all of the Petroleum
Products to which such Inventory Financing Sublimit Borrowing relates (the “New
Financed Inventory”) shall constitute Eligible Inventory, (ii) the price risk
relating to such New Financed Inventory shall have been fully hedged pursuant to
a Swap Contract or sold forward pursuant to a sales contract (subject to
immaterial deficiencies described in Section 6.19(b)) and (iii) the Borrower
shall have delivered to the Administrative Agent a Committed Loan Notice
(Financed Inventory), whereby the Borrower certifies (A) as to the clauses (i)
and (ii) above, and (B) that the principal amount of such Inventory Financing
Sublimit Borrowing does not exceed an amount equal to the product of (a) 90% and
(b) an amount equal to the sum of (in each case, as determined as of such
Inventory Financing Sublimit Borrowing Base Date) (x) the Sale Value of Financed
Eligible Inventory that is subject to sales contracts, plus (y) the Hedged Value
of Financed Eligible Inventory that is not subject to sales contracts, minus (z)
all storage, transportation and other applicable costs related to such Financed
Eligible Inventory as reasonably estimated by the Borrower.

(j)Amendment to Sections 6.01(a) and 6.01(b) of the Credit Agreement. Paragraph
(a) of Section 6.01 of the Credit Agreement shall be amended by deleting the
word “and” at the end of the paragraph, and paragraph (b) of Section 6.01 of the
Credit Agreement shall be amended by replacing the punctuation “.” at the end of
the paragraph with the phrase “; and”.

(k)Addition of a new paragraph (c) to Section 6.01 of the Credit Agreement. A
new paragraph (c) shall be added to the end of Section 6.01 of the Credit
Agreement to read in its entirety as follows:
so long as any Inventory Financing Loans are outstanding, on or prior to the
tenth Business Day of each calendar month, a Borrowing Base Certificate
providing information as of the last day of the immediately preceding calendar
month.

(l)Amendment to Section 6.09 of the Credit Agreement. Section 6.09 of the Credit
Agreement shall be amended and restated in its entirety to read in full as
follows:

Section 6.09 Books and Records.     (a) Maintain in all material respects proper
books of record and account (including the Eligible Inventory and the Swap
Contracts and sales contracts related thereto), in which full, true and correct
entries in conformity with GAAP consistently applied shall be made of all
financial transactions and matters involving its assets and business, and (b)
maintain such books of record and account (including the Eligible Inventory and
the Swap Contracts and sales contracts related thereto) in material conformity
with all applicable requirements of any Governmental Authority having regulatory
jurisdiction over it.

(m) Addition of a new Section 6.19 to the Credit Agreement. Section 6.19 of the
Credit Agreement shall be added to the end of Article VI to read in its entirety
as follows:

Section 6.19 Inventory Financing Sublimit Tranche.
    
(a) The Borrower shall provide prompt notice of any change, amendment or
modification that occurs with respect to a Swap Contract or sales contract
related to Financed Eligible Inventory to the extent that such change, amendment
or modification relates to the timing or amount of payments thereunder or would
cause a prepayment to be required under Section 2.03(f).

(b) The Borrower shall, and shall cause each of the Restricted Subsidiaries to,
maintain full Swap Contracts or forward sale contracts at all times with respect
to Financed Eligible Inventory; provided, that the unavailability of derivatives
with respect to the precise type of Petroleum Product

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that constitutes given Financed Eligible Inventory, basis differentials that
cannot be fully hedged, or similar circumstances, shall not result in given
Financed Eligible Inventory being considered to be not “fully hedged” for the
purpose of this clause (b), so long as the Borrower is in good faith attempting
to cause its commodity price risk with respect to such Financed Eligible
Inventory to be minimized as reasonably possible.

(n)Amendment to Section 7.02(a)(xi) of the Credit Agreement. Section 7.02(a)(xi)
of the Credit Agreement shall be amended by replacing the text “$1,000,000” with
the text “$2,000,000”.

(o)Amendment to Section 7.14(b) of the Credit Agreement. Section 7.14(b) of the
Credit Agreement shall be amended and restated in its entirety to read as
follows:

Leverage Ratio. Permit the Leverage Ratio as of the end of any fiscal quarter to
be greater than:

(i) with respect to the fiscal quarters ending in March and June of 2018, 5.75
to 1.00;

(ii) with respect to the fiscal quarters ending in September and December of
2018 and March of 2019, 5.50 to 1.00; and

(iii) with respect to each fiscal quarter ending in June of 2019 and thereafter,
5.25 to 1.00, except that the Borrower may elect a maximum Leverage Ratio of
5.50 to 1.00 for the last day of the fiscal quarter in which an Acquisition or
an acquisition of the equity interests of one or more new Restricted
Subsidiaries has occurred and for the two fiscal quarters immediately following
such acquisition (the “Acquisition Step-up Election”); provided that (i) such
acquisition shall have a purchase price of at least $50,000,000, (ii) any
Restricted Subsidiary acquired in connection with such acquisition shall remain
designated as a Restricted Subsidiary at all times during the effectiveness of
the Acquisition Step-up Election and (iii) after the conclusion of the
applicable time period for any Acquisition Step-up Election, the Borrower must
wait at least one full fiscal quarter before making another Acquisition Step-up
Election.

(p)Amendment to Section 7.14(c) of the Credit Agreement. Section 7.14(c) of the
Credit Agreement shall be amended and restated in its entirety to read as
follows:

Senior Leverage Ratio. Permit the Senior Leverage Ratio as of the end of any
fiscal quarter to be greater than 3.25 to 1.00.

(q)Replacement of Exhibit A-1 to the Credit Agreement. Exhibit A-1 to the Credit
Agreement shall be replaced in its entirety with Annex I attached hereto.

(r)Replacement of Exhibit A-2 to the Credit Agreement. Exhibit A-2 to the Credit
Agreement shall be replaced in its entirety with Annex II attached hereto.

(s)Addition of Exhibit I to the Credit Agreement. A new Exhibit I as Annex III
attached hereto shall be added after the end of Exhibit H to the Credit
Agreement. The phrase “I Borrowing Base Certificate” shall be added to the end
of the list of exhibits in the table of contents of the Credit Agreement.

Section 3.Conditions of Effectiveness. This Sixth Amendment shall not be
effective until the date each of the following conditions precedent has been
satisfied:

(a)the Administrative Agent has received a counterpart of this Sixth Amendment
(which may be by telecopy or other electronic transmission) executed by the
Borrower, the MLP, the other Loan Parties, the Administrative Agent, and Lenders
constituting Required Lenders;

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(b)the Administrative Agent has received a certificate signed by a Responsible
Officer of the Borrower certifying that (i) the representations and warranties
contained in Article V of the Credit Agreement are true and correct in all
material respects on and as of such date (unless such representations and
warranties specifically refer to an earlier date, in which case such
representations and warranties shall be true and correct in all material
respects as of such earlier date), (ii) no Default or Event of Default has
occurred and is continuing under the Credit Agreement as of such date, (iii)
since December 31, 2016, there has been no event or circumstance that has or
could reasonably be expected to have a Material Adverse Effect, (iv) there is no
litigation, investigation or proceeding known to and affecting the Borrower or
any affiliate for which the Borrower is required to give notice under the Credit
Agreement, and (v) no action, suit, investigation or proceeding is pending or,
to the knowledge of such officer, threatened in any court or before any
arbitrator or Governmental Authority by or against the Borrower, any Guarantor,
the MLP’s general partner, or any of their respective properties that could
reasonably be expected to have a Material Adverse Effect; and

(c)the Borrower has paid (i) an amendment fee to the Administrative Agent (for
the benefit of each Lender party hereto) in an aggregate amount equal to 0.10%
of each such Lender’s Commitment as of the date hereof and (ii) the
Administrative Agent’s reasonable legal fees and expenses to the extent invoiced
prior to closing;

(d)the Administrative Agent has received such other documents as may be
reasonably required by the Administrative Agent, including a Borrowing Base
Certificate and Committed Loan Notice (Financed Inventory) with respect to the
Loans deemed to be Inventory Financing Loans on the date hereof.

Section 4.Representations and Warranties. In order to induce the Administrative
Agent and the Lenders to enter into this Sixth Amendment, each Loan Party
represents and warrants to the Administrative Agent and to each Lender that:

(a)This Sixth Amendment, the Credit Agreement as amended hereby, and each Loan
Document have been duly authorized, executed, and delivered by the Borrower and
the applicable Loan Parties and constitute their legal, valid, and binding
obligations enforceable in accordance with their respective terms (subject, as
to the enforcement of remedies, to applicable bankruptcy, reorganization,
insolvency, moratorium, and similar laws affecting creditors’ rights generally
and to general principles of equity).

(b)The representations and warranties set forth in Article V of the Credit
Agreement and in the Collateral Documents are true and correct in all material
respects on and as of the Sixth Amendment Effective Date, after giving effect to
this Sixth Amendment, as if made on and as of the Sixth Amendment Effective
Date, except to the extent such representations and warranties relate solely to
an earlier date.

(c)As of the date hereof, after giving effect to this Sixth Amendment, no
Default or Event of Default has occurred and is continuing or would result
immediately after giving effect to this Sixth Amendment and the transactions
contemplated hereby.

(d)No Loan Party has any defense to payment, counterclaim or rights of set-off
with respect to the Obligations on the date hereof.

Section 5.Effect of Amendment.

(a)This Sixth Amendment (i) except as expressly provided herein, shall not be
deemed to be a consent to the modification or waiver of any other term or
condition of the Credit Agreement or of any of the instruments or agreements
referred to therein, and (ii) shall not prejudice any right or rights which the
Administrative Agent, the Collateral Agent, or the Lenders may now or hereafter
have under or in connection with the Credit Agreement, as amended by this Sixth
Amendment. Except as otherwise expressly provided by this Sixth Amendment, all
of the terms, conditions and provisions of the Credit Agreement shall remain the
same. It is declared and agreed by each of the parties hereto that the Credit
Agreement, as amended hereby, shall continue in

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full force and effect, and that this Sixth Amendment and such Credit Agreement
shall be read and construed as one instrument.

(b)Each of the undersigned Guarantors is executing this Sixth Amendment in order
to evidence that it hereby consents to and accepts the terms and conditions of
this Sixth Amendment and the transactions contemplated thereby, agrees to be
bound by the terms and conditions hereof, and ratifies and confirms that each
Guaranty and each of the other Loan Documents to which it is a party is, and
shall remain, in full force and effect after giving effect to this Sixth
Amendment. The Borrower and each of the other Loan Parties hereby confirm and
agree that all Liens and other security now or hereafter held by the Collateral
Agent for the benefit of the Lenders as security for payment of the Obligations
are the legal, valid, and binding obligations of the Borrower and the Loan
Parties, remain in full force and effect, are unimpaired by this Sixth
Amendment, and are hereby ratified and confirmed as security for payment of the
Obligations.

(c)No failure or delay on the part of the Administrative Agent or the Lenders to
exercise any right or remedy under the Credit Agreement, any other Loan Document
or applicable law shall operate as a waiver thereof, nor shall any single
partial exercise of any right or remedy preclude any other or further exercise
of any right or remedy, all of which are cumulative and may be exercised without
notice except to the extent notice is expressly required (and has not been
waived) under the Credit Agreement, the other Loan Documents and applicable law.

(d)Upon and after the execution of this Amendment by each of the parties hereto,
each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof” or words of like import referring to the Credit Agreement, and each
reference in the other Loan Documents to “the Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement, shall mean
and be a reference to the Credit Agreement as modified hereby.

Section 6.Miscellaneous. This Sixth Amendment shall for all purposes be
construed in accordance with and governed by the laws of the State of New York
and applicable federal law. The captions in this Sixth Amendment are for
convenience of reference only and shall not define or limit the provisions
hereof. This Sixth Amendment may be executed in separate counterparts, each of
which when so executed and delivered shall be an original, but all of which
together shall constitute one instrument. In proving this Sixth Amendment, it
shall not be necessary to produce or account for more than one such counterpart.
Delivery of an executed counterpart of this Sixth Amendment by telecopier or
other electronic means shall be effective as delivery of a manually executed
counterpart of this Sixth Amendment.

Section 7.Entire Agreement. THE CREDIT AGREEMENT (AS AMENDED BY THIS SIXTH
AMENDMENT) AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN
THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES.

Remainder of Page Intentionally Blank.
Signature Pages to Follow.

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have caused this Sixth Amendment to be
duly executed and delivered by their proper and duly authorized officers as of
the date and year first above written.
MARTIN OPERATING PARTNERSHIP L.P.,
a Delaware limited partnership,
as Borrower

By:    MARTIN OPERATING GP LLC,
its General Partner

By:    MARTIN MIDSTREAM PARTNERS L.P.,
its Sole Member

By:    MARTIN MIDSTREAM GP LLC,
its General Partner

By:      /s/ Robert D. Bondurant     
Robert D. Bondurant,
Executive Vice President, Treasurer and
Chief Financial Officer

--------------------------------------------------------------------------------

MARTIN MIDSTREAM PARTNERS L.P.,
a Delaware limited partnership,
as a Guarantor

By:    MARTIN MIDSTREAM GP LLC,
its General Partner

By:    /s/ Robert D. Bondurant     
Robert D. Bondurant,
Executive Vice President, Treasurer and
Chief Financial Officer

--------------------------------------------------------------------------------

MARTIN OPERATING GP LLC,
a Delaware limited liability company,
as a Guarantor

By:    MARTIN MIDSTREAM PARTNERS L.P.,
its Sole Member

By:    MARTIN MIDSTREAM GP LLC,
its General Partner

By:    /s/ Robert D. Bondurant     
Name:    Robert D. Bondurant,
Title:    Executive Vice President, Treasurer and
Chief Financial Officer

--------------------------------------------------------------------------------

MARTIN MIDSTREAM FINANCE CORP.,
a Delaware corporation,
as a Guarantor

By:    /s/ Robert D. Bondurant     
Name:    Robert D. Bondurant,
Title:    Executive Vice President and
Chief Financial Officer

--------------------------------------------------------------------------------

MOP MIDSTREAM HOLDINGS LLC,
a Delaware limited liability company,
as a Guarantor

By:    /s/ Robert D. Bondurant     
Name:    Robert D. Bondurant,
Title:    Executive Vice President, Treasurer and
Chief Financial Officer

--------------------------------------------------------------------------------

TALEN’S MARINE & FUEL, LLC,
a Louisiana limited liability company,
as a Guarantor

By:    /s/ Robert D. Bondurant     
Name:    Robert D. Bondurant,
Title:    Executive Vice President, Treasurer and
Chief Financial Officer

--------------------------------------------------------------------------------

MARTIN MIDSTREAM NGL HOLDINGS, LLC, a Delaware limited liability company,
as a Guarantor

By: /s/ Robert D. Bondurant     
Name:    Robert D. Bondurant
Title:
Executive Vice President and Chief

Financial Officer

--------------------------------------------------------------------------------

MARTIN MIDSTREAM NGL HOLDINGS II, LLC, a Delaware limited liability company,
as a Guarantor

By: /s/ Robert D. Bondurant     
Name:    Robert D. Bondurant
Title:
Executive Vice President and Chief

Financial Officer

--------------------------------------------------------------------------------

CARDINAL GAS STORAGE PARTNERS LLC,
a Delaware limited liability company,
as a Guarantor

By: /s/ Robert D. Bondurant     
Name:    Robert D. Bondurant
Title:    Executive Vice President

--------------------------------------------------------------------------------

PERRYVILLE GAS STORAGE LLC,
a Delaware limited liability company,
as a Guarantor

By: /s/ Robert D. Bondurant     
Name:    Robert D. Bondurant
Title:    Executive Vice President

--------------------------------------------------------------------------------

ARCADIA GAS STORAGE, LLC,
a Texas limited liability company,
as a Guarantor

By: /s/ Robert D. Bondurant     
Name:    Robert D. Bondurant
Title:    Executive Vice President

--------------------------------------------------------------------------------

CADEVILLE GAS STORAGE LLC,
a Delaware limited liability company,
as a Guarantor

By: /s/ Robert D. Bondurant     
Name:    Robert D. Bondurant
Title:    Executive Vice President

--------------------------------------------------------------------------------

MONROE GAS STORAGE COMPANY, LLC,
a Delaware limited liability company,
as a Guarantor

By: /s/ Robert D. Bondurant     
Name:    Robert D. Bondurant
Title:    Executive Vice President

--------------------------------------------------------------------------------

ROYAL BANK OF CANADA,
as Administrative Agent and Collateral Agent

By: /s/ Rodica Dutka     
Name:    Rodica Dutka
Title:    Manager, Agency

--------------------------------------------------------------------------------

ROYAL BANK OF CANADA,
as a Lender and as L/C Issuer

By: /s/ Jason S. York     
Name: Jason S. York
Title: Authorized Signatory

--------------------------------------------------------------------------------

Wells Fargo Bank, N.A.,
as Syndication Agent and a Lender

By: /s/ Charles D. Kirkham     
Name:    Charles D. Kirkham
Title:    Managing Director

--------------------------------------------------------------------------------

ABN AMRO CAPITAL USA LLC,
as Co-Documentation Agent and a Lender

By: /s/ Darrell Holley     
Name:    Darrell Holley
Title:    Managing Director

By: /s/ Kaylan Hopson     
Name:    Kaylan Hopson
Title:    Vice President

--------------------------------------------------------------------------------

REGIONS BANK,
as Co-Documentation Agent and a Lender

By: /s/ Cody Chance     
Name:    Cody Chance
Title:    Vice President

--------------------------------------------------------------------------------

BNP PARIBAS,
as a Lender

By: /s/ Joe Onischuk     
Name:    Joe Onischuk
Title:    Managing Director

By: /s/ Mark Renaud     
Name:    Mark Renaud
Title:    Managing Director

--------------------------------------------------------------------------------

CAPITAL ONE, NATIONAL ASSOCIATION,
as a Lender

By: /s/ Christopher Kuna     
Name:    Christopher Kuna
Title:    Vice President

--------------------------------------------------------------------------------

NATIXIS,
as a Lender

By: /s/ Jarrett Price     
Name:    Jarrett Price
Title:    Director

By: /s/ Brice le Foyer     
Name: Brice le Foyer
Title:    Director

--------------------------------------------------------------------------------

SUNTRUST BANK,
as a Lender

By: /s/ Carmen Malizia     
Name:    Carmen Malizia
Title:    Director
    

--------------------------------------------------------------------------------

BANK OF AMERICA, N.A.,
as a Lender

By: /s/ Jo Ann Vasquez     
Name:    Jo Ann Vasquez
Title:    Vice President

--------------------------------------------------------------------------------

BRANCH BANKING AND TRUST COMPANY,
as a Lender

By: /s/ Lincoln LaCour     
Name:    Lincoln LaCour
Title:    Vice President

--------------------------------------------------------------------------------

COMPASS BANK,
as a Lender

By: /s/ Jay S. Tweed     
Name:    Jay S. Tweed
Title:    Senior Vice President

--------------------------------------------------------------------------------

COMERICA BANK,
as a Lender

By: /s/ Jessica Burgess     
Name:    Jessica Burgess
Title:    Vice President
    

--------------------------------------------------------------------------------

CADENCE BANK, N.A.,
as a Lender

By: /s/ David Anderson     
Name:    David Anderson
Title:    Senior Vice President

--------------------------------------------------------------------------------

SUMITOMO MITSUI BANKING CORPORATION,
as a Lender

By: /s/ James D. Weinstein     
Name:    James D. Weinstein
Title:    Managing Director

--------------------------------------------------------------------------------

GOLDMAN SACHS Bank USA,
as a Lender

By: /s/ Chris Lam     
Name:    Chris Lam
Title:    Authorized Signatory

--------------------------------------------------------------------------------

PNC BANK, NATIONAL ASSOCIATION,
as a Lender

By: /s/ Sean Piper     
Name:    Sean Piper
Title:    AVP

--------------------------------------------------------------------------------

RAYMOND JAMES BANK, N.A.,
as a Lender

By: /s/ John Harris     
Name:    John Harris
Title:    Managing Director
    

--------------------------------------------------------------------------------

ANNEX I

EXHIBIT A-1

FORM OF COMMITTED LOAN NOTICE

Date: ___________, _____
To:    Royal Bank of Canada, as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Third Amended and Restated Credit Agreement
dated as of March 28, 2013 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement”; the terms
defined therein being used herein as therein defined), among Martin Operating
Partnership L.P., a Delaware limited partnership (the “Borrower”), Martin
Midstream Partners L.P., a Delaware limited partnership (the “MLP”), Royal Bank
of Canada, as Administrative Agent and Collateral Agent, and the Lenders from
time to time party thereto.

The undersigned hereby requests:

1.
Status Information

(a)
Outstanding amount of Committed Loans under the Revolver Facility prior to the
Committed Borrowing requested herein: $____________

(b)
Principal amount of Committed Loans under the Facility available to be borrowed:
$______________

2.
Amount of Committed Borrowing: $___________

3.
Requested date of Committed Borrowing: _________________, 20__.

4.
Requested Type of Committed Loan and applicable Dollar amount:

(a)    Base Rate Loan for $________________________.

(b)    Eurodollar Rate Loan with Interest Period of:

(i)
one month for        $_______________

(ii)
two months for        $_______________

(iii)
three months for    $_______________

(iv)
six months for        $_______________

(v)
twelve months for    $_______________

5.
Purpose of Loan: is the purpose of the Loan to fund Quarterly Distributions?

___
Yes

___
No

6.    Inventory Financing Sublimit Borrowing: is this Loan an Inventory
Financing Sublimit Borrowing?

___
Yes

___
No

The undersigned hereby certifies that the following statements will be true on
the date of the proposed Committed Borrowing after giving effect thereto and to
the application of the proceeds therefrom:

(a)    the representations and warranties of the Borrower, the MLP, each other
Guarantor executing a Guaranty, and to the extent applicable, the other
Subsidiaries, contained in Article V of the Agreement are true and correct in
all material respects as though made on and as of such date (except such
representations and warranties which expressly refer to an earlier date, which
are true and correct in all material respects as of such earlier date);

(b)    no Default or Event of Default has occurred and is continuing, or would
result from such proposed Committed Borrowing;

[(c)    all of the Petroleum Products to which this Committed Borrowing relates
(the “New Financed Inventory”) constitutes Eligible Inventory, and the price
risk relating to the New Financed Inventory is fully hedged pursuant to a Swap
Contract or sold forward pursuant to a sales contract (subject to immaterial
deficiencies described in Section 6.19(b) of the Agreement)]1; and

[(d)    the amount of this Committed Borrowing does not exceed an amount equal
to the product of (a) (a) 90% and (b) an amount equal to the sum of (in each
case, as determined as of such Inventory Financing Sublimit Borrowing Base Date)
(i) the Sale Value of Financed Eligible Inventory that is subject to sales
contracts, plus (ii) the Hedged Value of Financed Eligible Inventory that is not
subject to sales contracts, minus (iii) all storage, transportation and other
applicable costs related to such Financed Eligible Inventory as reasonably
estimated by the Borrower.]2 

[signature page follows]

Signature Page to
Committed Loan Notice

--------------------------------------------------------------------------------

1 This section should be included in the Committed Loan Notice only if the
Committed Loan Notice covers an Inventory Financing Sublimit Borrowing.
2 This section should be included in the Committed Loan Notice only if the
Committed Loan Notice covers an Inventory Financing Sublimit Borrowing.

--------------------------------------------------------------------------------

The Committed Borrowing requested herein complies with Section 2.01 of the
Agreement.

MARTIN OPERATING PARTNERSHIP L.P.,
a Delaware limited partnership, as Borrower

By:    MARTIN OPERATING GP LLC,
its General Partner

By:    MARTIN MIDSTREAM PARTNERS L.P.,
its Sole Member

By:    MARTIN MIDSTREAM GP LLC,
its General Partner

By:                        
Name:                 
Title:                     

--------------------------------------------------------------------------------

ANNEX II

EXHIBIT A-2

FORM OF CONVERSION/CONTINUATION NOTICE

Date: _____________, ____

To:    Royal Bank of Canada, as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Third Amended and Restated Credit Agreement
dated as of March 28, 2013 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement”; the terms
defined therein being used herein as therein defined), among Martin Operating
Partnership L.P., a Delaware limited partnership (the “Borrower”), Martin
Midstream Partners L.P., a Delaware limited partnership (the “MLP”), Royal Bank
of Canada, as Administrative Agent and Collateral Agent, and the Lenders from
time to time party thereto.

The undersigned hereby requests:
1.
Amount of [conversion] [continuation]: $_____________

2.
Existing rate (check applicable blank):    

(a)
Base Rate:            ________

(b)    Eurodollar Rate with
Interest Period of:
(i)    one month        ________
(ii)    two months        ________
(iii)    three months        ________
(iv)    six months         ________
(v)    twelve months        ________

--------------------------------------------------------------------------------

3.
If a Eurodollar Rate Loan, date of the last day of the Interest Period for such
Loan: ______________, 20__.    

4.    [The Loan described above is to be [converted] [continued] as follows:] To
be included for conversions unrelated to Inventory Financing Loan conversions.
(a)
Requested date of [conversion] [continuation]: _______________, 20__.

(b)    Requested Type of Loan and applicable Dollar amount:
(i)    Base Rate Loan for $_____________
(ii)    Eurodollar Rate Loan with Interest Period of:
(A)    one month for        $_______________
(B)    two months for        $_______________
(C)    three months for    $_______________
(D)    six months for        $_______________
(E)    twelve months for    $_______________

5. [The Loan described above is to be converted as follows:]4 
(a)
Requested date of conversion: _______________, 20__.

(b)
[Inventory Financing Loans/General Loans] in the amount of $_____________ to be
converted into [General Loans/Inventory Financing Loans].

(c)
[The undersigned hereby certifies that the following statements will be true on
the date of the conversion date after giving effect thereto:]5 

--------------------------------------------------------------------------------

3 To be included for conversions unrelated to Inventory Financing Loan
conversions.
4 To be included for conversions of Class.
5 To be included for conversions from General Loans to Inventory Financing
Loans.

--------------------------------------------------------------------------------

(i)    all of the Petroleum Products to which this conversion relates (the “New
Financed Inventory”) constitutes Eligible Inventory, and the price risk relating
to the New Financed Inventory is fully hedged pursuant to a Swap Contract or
sold forward pursuant to a sales contract (subject to immaterial deficiencies
described in Section 6.19(b) of the Agreement)]; and
(ii) the amount of General Loans being converted to Inventory Financing Loans
(together with all other Inventory Financing Loans outstanding on the conversion
date) will not exceed an amount equal to the product of (a) 90% and (b) an
amount equal to the sum of (in each case, as determined as of such Inventory
Financing Sublimit Borrowing Base Date) (i) the Sale Value of Financed Eligible
Inventory that is subject to sales contracts, plus (ii) the Hedged Value of
Financed Eligible Inventory that is not subject to sales contracts, minus (iii)
all storage, transportation and other applicable costs related to such Financed
Eligible Inventory as reasonably estimated by the Borrower.]

    

--------------------------------------------------------------------------------

The [conversion] [continuation] requested herein complies with Section 2.02 of
the Agreement.

MARTIN OPERATING PARTNERSHIP L.P.,
a Delaware limited partnership, as Borrower

By:    MARTIN OPERATING GP LLC,
its General Partner

By:    MARTIN MIDSTREAM PARTNERS L.P.,
its Sole Member

By:    MARTIN MIDSTREAM GP LLC,
its General Partner

By:                        
Name:                 
Title:                     
    

--------------------------------------------------------------------------------

ANNEX III
EXHIBIT I
FORM OF BORROWING BASE CERTIFICATE
[date]
To:    Royal Bank of Canada, as Administrative Agent
[address]
Attn:

This Borrowing Base Certificate (this “Certificate”) is being delivered This
Certificate must be delivered on or prior to the tenth Business Day of the
calendar month pursuant to Section 6.01(c) of that certain Third Amended and
Restated Credit Agreement dated as of March 28, 2013 (as the same may be
amended, restated or otherwise modified from time to time, the “Credit
Agreement”) among Martin Operating Partnership L.P., a Delaware limited
partnership, as borrower (the “Borrower”), Martin Midstream Partners L.P., a
Delaware limited partnership (the “MLP”), the Lenders party thereto, and Royal
Bank of Canada, as administrative agent (in such capacity, and together with its
permitted successors, the “Administrative Agent”).Capitalized terms used but not
defined herein shall have the meanings assigned to them in the Credit Agreement.
The undersigned, Responsible Officer of the Borrower, hereby certifies on behalf
of the Borrower the following:

1.
The Inventory Financing Sublimit Borrowing Base Date to which this Certificate
applies is [_____]. The Inventory Financing Sublimit Borrowing Base Date shall
be the last day of the calendar month immediately preceding the month in which
this Certificate is delivered.

2.
The aggregate principal amount borrowed and outstanding under the Inventory
Financing Sublimit Tranche on the Inventory Financing Sublimit Borrowing Base
Date, after giving effect to any Inventory Financing Sublimit Borrowings
designated on such Inventory Financing Sublimit Borrowing Base Date [pursuant to
clause 7 below], after giving effect to any prepayment made (but not required to
be made) on the Inventory Financing Sublimit Borrowing Base Date, but without
giving effect to any prepayment required to be made contemporaneously with the
delivery of this Certificate pursuant to Section 2.03(f) of the Credit
Agreement, is equal to $[____].

3.
The Inventory Financing Sublimit Availability of the Inventory Financing
Sublimit Borrowing Base is equal to $[____]. The lowest of (a) the then
Aggregate Committed Sums, (b) $75,000,000 and with regard to the period between
March 1 to June 30 of each year, $10,000,000. The Inventory Financing Sublimit
is part of, and not in addition to, the Aggregate Committed Sum.

4.
The calculation of the Inventory Financing Sublimit Borrowing Base as of the
Inventory Financing Sublimit Borrowing Base Date is set forth on Exhibit A
hereto. Such Inventory Financing Sublimit Borrowing Base is equal to $[_____].

5.
The amount calculated pursuant to clause 2 above that is in excess of the lower
of the amounts calculated pursuant to each clauses 3 and 4 above (if any) is
equal to $[____]. This is the Inventory Sublimit Prepayment Amount for the
Inventory Financing Sublimit Borrowing Base Date. Contemporaneously with the
delivery of this Certificate, the Borrower hereby notifies the Administrative
Agent pursuant to Section 2.03(f) of the Credit Agreement that the Borrower has
made [a prepayment of Inventory Financing Sublimit Borrowings][conversion of
Inventory Financing Loans to General Loans pursuant to Section [8] hereof] in
the Inventory Sublimit Prepayment Amount (if any) in accordance with Section
2.03(f) of the Credit Agreement.

--------------------------------------------------------------------------------

6.
The aggregate principal amount borrowed and outstanding under the Inventory
Financing Sublimit Tranche, after giving effect to any Inventory Financing
Sublimit Borrowings designated on the Inventory Financing Sublimit Borrowing
Base Date (if any) [pursuant to clause 7 below] and after giving effect to any
prepayment or conversion to General Loans required to be made contemporaneously
with the delivery of this Certificate pursuant to Section 2.03(f) of the Credit
Agreement and pursuant to clause 5 above, does not exceed the lesser of (x) the
Inventory Financing Sublimit Borrowing Base as of the Inventory Financing
Sublimit Borrowing Base Date and (y) the Inventory Financing Sublimit
Availability as of the Inventory Financing Sublimit Borrowing Base Date.

7.
[The Borrower hereby requests the conversion of General Loans to, and
designation of such Loans as, Inventory Financing Loans as of the Inventory
Financing Sublimit Borrowing Base Date in a principal amount equal to $[_____].
The Borrower hereby certifies that the following statements are true as of such
Inventory Financing Sublimit Borrowing Base Date:

(i)
all of the Petroleum Products to which such requested Inventory Financing
Sublimit Borrowing relates (the “New Financed Inventory”) constitute Eligible
Inventory;

(ii)
the price risk relating to such New Financed Inventory has been fully hedged
pursuant to a Swap Contract or sold forward pursuant to a sales contract
(subject to immaterial deficiencies described in Section 6.19(b) of the Credit
Agreement);

(iii)
the principal amount of such Inventory Financing Sublimit Borrowing does not
exceed an amount equal to the product of (a) 90% and (b) an amount equal to the
sum of (in each case, as determined as of such Inventory Financing Sublimit
Borrowing Base Date) (x) the Sale Value of Financed Eligible Inventory that is
subject to sales contracts, plus (y) the Hedged Value of Financed Eligible
Inventory that is not subject to sales contracts, minus (z) all storage,
transportation and other applicable costs related to such Financed Eligible
Inventory as reasonably estimated by the Borrower.]9 

8.
[The Borrower hereby requests the conversion of Inventory Financing Loans to
General Loans in a principal amount equal to $[ ] as of the Inventory Financing
Sublimit Borrowing Base Date.]10 

9.
The following table sets forth true, complete and correct information related to
Financed Eligible Inventory owned by Borrower or any Restricted Subsidiary on
the Inventory Financing Sublimit Borrowing Base Date.

--------------------------------------------------------------------------------

9 Include if plan is to deem an Inventory Financing Sublimit Borrowing as a
General Loan as of the Inventory Financing Sublimit Borrowing Base Date.
10 Include if plan is to deem General Loans as Inventory Financing Sublimit
Borrowings as of the Inventory Financing Sublimit Borrowing Base Date.

--------------------------------------------------------------------------------

I. Total Volume of Financed Eligible Inventory:
II. Location of Financed Eligible Inventory:
State
County
Volume (Barrels/MMBTU)
 
 
 

III. Financed Eligible Inventory Subject to Sales Contracts:
Counterparty
Contract Number
Contract Date
 (i.e. End Date)
Volume
(Barrels/MMBTU)
Sale Price
Sale Value
 
 
 
 
 
 

IV. Financed Eligible Inventory Subject to Swap Contracts:
Counterparty
Contract Number
Contract Date
 (i.e. End Date)
Volume
(Barrels/MMBTU)
Hedge Price
Hedge Value
 
 
 
 
 
 

[signature page follows]

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the
first date written above.

MARTIN OPERATING PARTNERSHIP L.P.,
a Delaware limited partnership, as Borrower

By:    MARTIN OPERATING GP LLC,
its General Partner

By:    MARTIN MIDSTREAM PARTNERS L.P.,
its Sole Member

By:    MARTIN MIDSTREAM GP LLC,
its General Partner

By:                        
Name:                 
Title:                     
        

--------------------------------------------------------------------------------

Exhibit A

Inventory Financing Sublimit Borrowing Base Calculation

I. Sale Value

A. Volume of Financed Eligible Inventory subject to sales contracts

B. Sale price of such Financed Eligible Inventory

Sale Value = A * B

II. Hedged Value

A. Volume of Financed Eligible Inventory not subject to sales contracts

B. Prices fixed with respect thereto in corresponding Swap Contracts

C. Hedged Value = A* B

III. Inventory Financing Sublimit Borrowing Base

A. Sale Value (from I. above)

B. Hedged Value (from II. above)

C. All storage, transportation and other applicable costs related to such
Financed Eligible Inventory as reasonably estimated by the Borrower

D. A + B - C

Inventory Financing Sublimit Borrowing Base = D * 90%