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Exhibit 10.6    
    

  

  

   

SUBORDINATED UNIT

PURCHASE AGREEMENT  

 by and between  

 TRANSMONTAIGNE PARTNERS L.P.,  

 and  

 MSDW BONDBOOK VENTURES INC.  

 
 

SUBORDINATED UNIT PURCHASE AGREEMENT    
    

        SUBORDINATED UNIT PURCHASE AGREEMENT, dated as of May [    ], 2005 (this
"Agreement"), by and between TRANSMONTAIGNE PARTNERS L.P. ("TLP") and MSDW BONDBOOK VENTURES INC., (the
"Purchaser"). 

        In
consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereby agree as
follows: 

ARTICLE I.  

 DEFINITIONS  

        Section 1.01    Definitions.    As used in this Agreement, and unless the context requires a different meaning,
the following terms have the meanings indicated: 

        "Closing" shall have the meaning specified in Section 2.03. 

        "Closing Date" shall have the meaning specified in Section 2.03. 

        "Commission" means the United States Securities and Exchange Commission. 

        "Common Units" has the meaning specified in the Partnership Agreement. 

        "Delaware LLC Act" has the meaning specified in Section 3.02(b). 

        "Delaware LP Act" has the meaning specified in Section 3.02(a). 

        "Governmental Authority" means, with respect to a particular Person, the country, state, county, city and political subdivisions in which
such Person or such Person's Property is located or which exercises valid jurisdiction over any such Person or such Person's Property, and any court, agency, department, commission, board, bureau or
instrumentality of any of them and any monetary authority which exercises valid jurisdiction over any such Person or such Person's Property. Unless otherwise specified, all references to Governmental
Authority herein with respect to TLP means a Governmental Authority having jurisdiction over TLP, its Subsidiaries or any of their respective Properties. 

        "Indemnified Party" shall have the meaning specified in Section 5.02(c). 

        "Indemnifying Party" shall have the meaning specified in Section 5.02(c). 

        "Law" means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law, rule or
regulation. 

        "Lien" means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property,
whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including but not limited to the lien or security interest
arising from a mortgage, encumbrance, pledge, security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes. For the purpose of this Agreement, a
Person shall be deemed to be the owner of any Property which it has acquired or holds subject to a conditional sale agreement, or leases under a financing lease or other arrangement pursuant to which
title to the Property has been retained by or vested in some other Person in a transaction intended to create a financing. 

        "Offering" means the initial public offering of Common Units contemplated by the Registration Statement. 

        "Partnership Agreement" means the First Amended and Restated Agreement of Limited Partnership of TLP, attached as Appendix A to the
Registration Statement, as the same may be amended, restated or supplemented from time to time.

 

        "Permits" means, with respect to TLP or any of its Subsidiaries, any licenses, permits, variances, consents, authorizations, waivers,
grants, franchises, concessions, exemptions, orders, registrations and approvals of Governmental Authorities or other Persons necessary for the ownership, leasing, operation, occupancy and use of its
Properties and the conduct of its businesses as currently conducted. 

        "Person" 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. 

        "Property" means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible. 

        "Purchase Price" has the meaning specified in Section 2.02. 

        "Purchased Units" means 450,000 Subordinated Units to be issued and sold to the Purchaser pursuant to this Agreement. 

        "Purchaser" has the meaning specified in the introductory paragraph. 

        "Purchaser Related Parties" has the meaning specified in Section 5.02(a). 

        "Registration Rights Agreement" means the Registration Rights Agreement, to be entered into at the Closing, by and between TLP and the
Purchaser in the form attached hereto as Exhibit A. 

        "Registration Statement" means the registration statement on Form S-1 (Registration No. 333-123219)
relating to the initial public offering of Common Units, as amended when it became or becomes effective or pursuant to a post-effective amendment, including any information contained in a
prospectus subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act and deemed to be part of the Registration Statement at the time of effectiveness pursuant to
Rule 430A under the Securities Act, and also including any registration statement filed pursuant to Rule 462(b) under the Securities Act. 

        "Representatives" of any Person means the officers, directors, employees, agents, counsel, investment bankers and other representatives of
such Person. 

        "Securities Act" means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the Commission
promulgated thereunder. 

        "Subordinated Units" has the meaning specified in the Partnership Agreement. 

        "Subsidiary" means, with respect to any Person, (a) 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) 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) 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) at least a majority ownership interest or (ii) the power to elect or direct the election of a majority of the directors or other governing body of such Person. 

        "TLP" means TransMontaigne Partners L.P., a Delaware limited partnership.

 

        "TLP Entities" means TLP, TransMontaigne GP L.L.C., TransMontaigne Operating GP L.L.C., TransMontaigne Operating Company L.P., Coastal
Terminals L.L.C., TPSI Terminals L.L.C., and Razorback L.L.C. 

        "TLP Material Adverse Effect" has the meaning specified in Section 3.01. 

        "TLP Related Parties" has the meaning specified in Section 5.02(b). 

        "Transaction Documents" means, collectively, this Agreement, the Registration Rights Agreement and any and all other agreements or
instruments executed and delivered to the Purchaser by TLP or any Subsidiary of TLP hereunder or thereunder. 

ARTICLE II.  

 AGREEMENT TO SELL AND PURCHASE  

        Section 2.01    Authorization of Sale of Purchased Units.    TLP has authorized the issuance and sale to the
Purchaser of the Purchased Units. The Purchased Units shall have those rights, preferences, privileges and restrictions governing Subordinated Units reflected in the Partnership Agreement. 

        Section 2.02    Sale and Purchase.    Contemporaneously with the consummation of the Offering and subject to
the terms and conditions hereof, at the Closing TLP hereby agrees to issue and sell to the Purchaser, and the Purchaser hereby agrees to purchase from TLP, the Purchased Units, and the Purchaser
agrees to pay TLP in cash an amount per Purchased Unit equal to 82.5% of the initial public offering price of each Common Unit to be sold in the Offering (such aggregate amount, the
"Purchase Price"). 

        Section 2.03    Closing.    Subject to the terms and conditions hereof, the consummation of the purchase and
sale of the Purchased Units hereunder (the "Closing") shall take place contemporaneously with the consummation of the Offering (such date, the
"Closing Date"), at the offices of Baker Botts L.L.P., 910 Louisiana Street, Houston, Texas 77002. 

        Section 2.04    Conditions to the Closing.    

        The
respective obligation of each party to consummate the purchase and issuance and sale of the Purchased 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 a particular party on behalf of itself in writing, in whole or in part, to the extent permitted by applicable Law): 

          (i)  no
statute, rule, order, decree or regulation shall have been enacted or promulgated, and no action shall have been taken, by any Governmental Authority of competent
jurisdiction 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; 

         (ii)  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; 

        (iii)  the
representations and warranties of the other party contained in this Agreement shall be true and correct in all material respects both when made and at and as of
the Closing Date, as if made at and as of such time (except to the extent expressly made as of an earlier date, in which case as of such date); and 

        (iv)  the
Offering shall have been consummated.

 

        Section 2.05    Deliveries.    At the Closing, subject to the terms and conditions hereof: 

        (a)   TLP
will deliver, or cause to be delivered, to the Purchaser the Purchased Units by delivery of certificates evidencing such Purchased Units meeting the requirements of
the Partnership Agreement, all free and clear of any Liens, encumbrances or interests of any other party, and the Purchaser will make payment to TLP of the Purchase Price by wire transfer of
immediately available funds to an account designated by TLP in writing; and 

        (b)   each
party will deliver executed counterparts of the Registration Rights Agreement and the Partnership Agreement. 

        Section 2.06    Lock-Up.    Notwithstanding anything to the contrary in this Agreement or any other
Transaction Document, the Purchaser agrees not to (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to
dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any of the Purchased Units, (ii) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of any of the Purchased Units, whether any such transaction is to be settled by delivery of Common Units or Purchased Units,
in cash or otherwise, or (iii) publicly announce an intention to effect any transaction specified in clause (i) or (ii), in any case prior to the date which is 180 days after the
Closing Date. TLP shall not waive the provisions of this Section 2.06 without the prior consent of UBS Securities LLC. 

ARTICLE III.  

 REPRESENTATIONS AND WARRANTIES RELATED TO TLP  

        TLP represents and warrants to the Purchaser as follows: 

        Section 3.01    Existence.    Each of the TLP Entities has been duly formed and is validly existing as a
limited partnership or limited liability company, as the case may be, in good standing under the laws of the State of Delaware, and is, or at the Closing Date will be, duly registered or qualified to
do business and is in good standing as a foreign limited partnership or limited liability company, as the case may be, in each jurisdiction in which its ownership or lease of property or the conduct
of its businesses requires such registration or qualification, except where the failure to be so registered or qualified and in good standing would not, individually or in the aggregate, reasonably be
expected to have a material adverse effect on the business, properties, financial condition, results of operation or prospects of the TLP Entities taken as a whole (a "TLP
Material Adverse Effect"). Each of the TLP Entities has all limited partnership or limited liability company, as the case may be, power and authority necessary to own or lease
its properties currently owned or leased or to be owned or leased at the Closing, in each case in all material respects as described in the Registration Statement. None of the TLP Entities is in
default in the performance, observance or fulfillment of any provision of, in the case of TLP, the Partnership Agreement or its Certificate of Limited Partnership or, in the case of any other TLP
Entity, its respective organizational documents. 

        Section 3.02    Capitalization and Valid Issuance of Purchased Units.    

        (a)   After
the consummation of the Offering and the transactions contemplated by this Agreement, the issued and outstanding Common Units and Subordinated Units representing
limited partner interests of TLP will be as described under the caption "Capitalization" in the Registration Statement. All such units and the limited partner interests represented thereby will be
duly authorized and validly issued in accordance with the Partnership Agreement, and will be fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such
nonassessability may be affected by Sections 17-303 and 17-607 of the Delaware Revised Uniform Limited Partnership Act (the

 
"Delaware LP Act") and as otherwise described in the Registration Statement under the caption "The partnership agreement—Limited
liability"). 

        (b)   After
giving effect to the Offering and the transactions contemplated by this Agreement, TLP will, directly or indirectly, own 100% of the outstanding limited liability
company interests or partnership interests, as the case may be, in its Subsidiaries free and clear of all Liens (except for such restrictions as may exist under applicable Law and except for such
Liens as may be imposed under TLP's or TLP's Subsidiaries' credit facilities). Such limited liability company interests or, in the case of a TLP Entity that is a limited partnership, the limited
partner interests therein, as the case may be, will be duly authorized and validly issued in accordance with the limited liability company or limited partnership agreements, as the case may be, of the
respective TLP Entities, and will be fully paid (to the extent required under the applicable limited liability company agreement or limited partnership agreement) and nonassessable (except as such
nonassessability may be affected by Section 18-607 of the Delaware Limited Liability Company Act (the "Delaware LLC Act"), in the
case of a Delaware limited liability company, or Sections 17-303 and 17-607 of the Delaware LP Act in the case of a Delaware limited partnership). In the case of a TLP Entity
that is a limited partnership, the general partner interests therein will be duly authorized and validly issued in accordance with the limited partnership agreements of such TLP Entity. 

        (c)   The
Subordinated Units being purchased by the Purchaser hereunder and the limited partner interests represented thereby, will be duly authorized and validly issued in
accordance with the Partnership Agreement and, when issued and delivered to the Purchaser against payment therefor in accordance with the terms of this Agreement, will be fully paid (to the extent
required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections 17-303 and 17-607 of the Delaware LP Act and as
otherwise described in the Registration Statement under the caption "The partnership agreement—Limited liability"), and will be free of any and all Liens and restrictions on transfer,
other than restrictions on transfer under the Partnership Agreement and under applicable state and federal securities laws and other than such Liens as are created by the Purchaser. At the Closing,
the Common Units issuable upon conversion of the Purchased Units, and the limited partner interests represented thereby, upon issuance in accordance with the terms of the Subordinated Units and the
Partnership Agreement will be validly issued in accordance with the Partnership Agreement, fully paid (to the extent required by the Partnership Agreement) and nonassessable (except as such
nonassessability may be affected by Sections 17-303 and 17-607 of the Delaware LP Act and as otherwise described in the Registration Statement under the caption "The
partnership agreement—Limited liability"), and will be free of any and all Liens and restrictions on transfer, other than restrictions on transfer under the Partnership Agreement and under
applicable state and federal securities laws and other than such Liens as are created by the Purchaser. 

        (d)   The
Common Units are listed on the New York Stock Exchange. The Common Units issuable upon conversion of the Purchased Units have, subject to issuance, been approved for
listing on the New York Stock Exchange. 

        Section 3.03    No Breach.    The execution, delivery and performance by TLP of this Agreement, the
Registration Rights Agreement and all other agreements and instruments to be executed and delivered by TLP pursuant hereto or thereto or in connection with the transactions contemplated by this
Agreement, the Registration Rights Agreement or any such other agreements and instruments, and compliance by TLP with the terms and provisions hereof and thereof and the issuance and sale by TLP of
the Purchased Units, do not and will not (a) violate any provision of any Law or Permit having applicability to TLP or any of its Subsidiaries or any of their respective Properties,
(b) conflict with or result in a violation of any provision of the Certificate of Limited Partnership or other organizational documents of TLP, or the Partnership Agreement, or any
organizational documents of any of TLP's Subsidiaries, (c) require any consent, approval or notice under or result in a violation or breach of or constitute (with or without due notice or lapse
of time or both) a default (or give rise to any right of

 
termination, cancellation or acceleration) under any contract, agreement, instrument, obligation, note, bond, mortgage, license, loan or credit agreement to which TLP or any of its Subsidiaries is a
party or by which TLP or any of its Subsidiaries or any of their respective Properties may be bound, or (d) result in or require the creation or imposition of any Lien upon or with respect to
any of the Properties now owned or hereafter acquired by TLP or any of its Subsidiaries; with the exception of the conflicts stated in clause (b) of this Section 3.03, except where such
conflict, violation, default, breach, termination, cancellation, failure to receive consent or approval, or acceleration with respect to the foregoing provisions of this Section 3.03 would not,
individually or in the aggregate, reasonably be expected to have a TLP Material Adverse Effect. 

        Section 3.04    Authority.    TLP has all necessary power and authority to execute, deliver and perform its
obligations under the Transaction Documents; and the execution, delivery and performance by TLP of the Transaction Documents have been duly authorized by all necessary action on its part; and the
Transaction Documents constitute the legal, valid and binding obligations of TLP, enforceable in accordance with their terms, provided, that the enforceability thereof may be limited by
(i) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors' rights generally and by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law); and (ii) public policy, applicable laws relating to fiduciary duties and indemnification and an implied
covenant of good faith and fair dealing. 

        Section 3.05    Approvals.    No authorization, consent, approval, waiver, license, qualification or written
exemption from, nor any filing, declaration, qualification or registration with, any Governmental Authority or any other Person is required in connection with the execution, delivery or performance by
TLP of any of the Transaction Documents, except (i) for the approvals required by the Commission and under state securities or "blue sky" laws in connection with TLP's obligations under the
Registration Rights Agreement, (ii) for such consents that have been, or prior to the Closing Date will be, obtained, and (iii) for such consents that, if not obtained, would not,
individually or in the aggregate, reasonably be expected to have a TLP Material Adverse Effect. 

        Section 3.06    Private Placement.    Assuming the accuracy of the representations and warranties of the
Purchaser contained in this Agreement, the sale and issuance of the Purchased Units to the Purchaser pursuant to this Agreement is exempt from the registration requirements of the Securities Act, and
neither TLP nor any authorized agent acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemptions. 

        Section 3.07    Certain Fees.    No fees or commissions will be payable by TLP to brokers, finders, or
investment bankers with respect to the sale of any of the Purchased Units or the consummation of the transactions contemplated by this Agreement. 

ARTICLE IV.  

 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER  

        The Purchaser represents and warrants to TLP: 

        Section 4.01    Investment.    The Purchased Units are being acquired for its own account, not as a nominee or
agent, and with no intention of distributing the Purchased Units or any part thereof, and the Purchaser has no present intention of selling or granting any participation in or otherwise distributing
the same in any transaction in violation of the securities laws of the United States of America or any State, without prejudice, however, to the Purchaser's right at all times to sell or otherwise
dispose of all or any part of the Purchased Units under a registration statement under the Securities Act and applicable state securities laws or under an exemption from such registration available
thereunder. If the Purchaser should in the future decide to dispose of any of the Purchased Units, the Purchaser understands and agrees (a) that it may do so only (i) in compliance with
the

 
Securities Act and applicable state securities law, as then in effect, or (ii) in the manner contemplated by any registration statement pursuant to which such securities are being offered, and
(b) that stop-transfer instructions to that effect will be in effect with respect to such securities. 

        Section 4.02    Nature of Purchaser.    The Purchaser represents and warrants to, and covenants and agrees
with, TLP that, (a) it is an "accredited investor" within the meaning of Rule 501 of Regulation D promulgated by the Securities and Exchange Commission pursuant to the Securities
Act and (b) by reason of its business and financial experience it has such knowledge, sophistication and experience in making similar investments and in business and financial matters generally
so as to be capable of evaluating the merits and risks of the prospective investment in the Purchased Units, is able to bear the economic risk of such investment and, at the present time, would be
able to afford a complete loss of such investment. 

        Section 4.03    Receipt of Information; Authorization.    The Purchaser acknowledges that it (a) has had
access to and has reviewed the Registration Statement, and (b) has been provided a reasonable opportunity to ask questions of and receive answers from Representatives of TLP regarding matters
concerning the business of TLP and its operations and financial condition. 

        Section 4.04    Authority.    The Purchaser has all necessary power and authority to execute, deliver and
perform its obligations under the Transaction Documents; and the execution, delivery and performance by the Purchaser of the Transaction Documents have been duly authorized by all necessary action on
its part; and the Transaction Documents constitute the legal, valid and binding obligations of the Purchaser, enforceable in accordance with their terms, provided, that the enforceability thereof may
be limited by (i) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors' rights generally and by general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and (ii) public policy, applicable laws relating to fiduciary duties and indemnification
and an implied covenant of good faith and fair dealing. 

        Section 4.05    No Breach.    The execution, delivery and performance by the Purchaser of this Agreement, the
Registration Rights Agreement and all other agreements and instruments to be executed and delivered by the Purchaser pursuant hereto or thereto or in connection with the transactions contemplated by
this Agreement, the Registration Rights Agreement or any such other agreements and instruments, and compliance by the Purchaser with the terms and provisions hereof and thereof and the purchase by the
Purchaser of the Purchased Units, do not and will not (a) violate any provision of any Law or Permit having applicability to the Purchaser or any of its Subsidiaries or any of their respective
Properties, (b) conflict with or result in a violation of any provision of the organizational documents of the Purchaser, (c) require any consent, approval or notice under or result in a
violation or breach of or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation or acceleration) under any contract,
agreement, instrument, obligation, note, bond, mortgage, license, loan or credit agreement to which the Purchaser or any of its Subsidiaries is a party or by which the Purchaser or any of its
Subsidiaries or any of their respective Properties may be bound, or (d) result in or require the creation or imposition of any Lien upon or with respect to any of the Properties now owned or
hereafter acquired by the Purchaser or any of its Subsidiaries; with the exception of the conflicts stated in clause (b) of this Section 4.05, except where such conflict, violation,
default, breach, termination, cancellation, failure to receive consent or approval, or acceleration with respect to the foregoing provisions of this Section 4.05 would not, individually or in
the aggregate, reasonably be expected to have a material adverse effect on the Purchaser's ability to consummate the transactions contemplated by the Transaction Documents. 

        Section 4.06    Restricted Securities.    The Purchaser understands that the Purchased Units it is purchasing
are characterized as "restricted securities" under the federal securities laws insofar as they are being acquired from TLP in a transaction not involving a public offering and that under such laws

 
and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances. The Purchaser understands the nature of the Purchased
Units and their limitations and subordinations as set forth in the Partnership Agreement. Specifically, the Purchaser acknowledges that the Purchased Units are subordinated to the Common Units with
respect to distributions until June 30, 2008, at the earliest date, and that there is no assurance that the Purchased Units will ever cease to be so subordinated. Additionally, the Purchaser
acknowledges that there is no active trading market for the Subordinated Units, including the Purchased Units. 

        Section 4.07    Certain Fees.    No fees or commissions will be payable by the Purchaser to brokers, finders,
or investment bankers with respect to the purchase of any of the Purchased Units or the consummation of the transactions contemplated by this Agreement. 

        Section 4.08    Legend.    It is understood that the certificates evidencing the Purchased Securities may bear
the following legend: "These securities have not been registered under the Securities Act of 1933, as amended. They 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 an opinion of counsel satisfactory to the Company that such registration is not required." 

ARTICLE V.  

 MISCELLANEOUS  

        Section 5.01    Interpretation and Survival of Provisions.    Article, Section, Schedule, and Exhibit
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 word "including" shall mean "including but not limited to." If any
provision in the Transaction Documents is held to be illegal, invalid, not binding, or unenforceable, 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. The Transaction Documents have been reviewed and negotiated by sophisticated parties with access to legal counsel and shall not be construed against the drafter. The representations and
warranties set forth herein shall survive for a period of six (6) months following the Closing Date regardless of any investigation made by or on behalf of TLP or the Purchaser. The covenants
made in this Agreement or any other Transaction Document shall survive the closing of the transactions described herein and remain operative and in full force and effect regardless of acceptance of
any of the Purchased Units and payment therefor and repayment, conversion, exercise or repurchase thereof. 

        Section 5.02    Indemnification, Costs and Expenses.    

        (a)    Indemnification by TLP.    TLP agrees to indemnify the Purchaser and its officers, directors, employees and
agents (collectively, "Purchaser Related Parties") from, 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, and promptly upon demand, pay or reimburse each of them for all reasonable costs, losses,
liabilities, damages, or expenses of any kind or nature whatsoever, including, without limitation, 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 as a result of, arising out of, or in any way
related to the breach of any of the representations, warranties or covenants of TLP contained herein, provided such claim for indemnification relating to a breach of a representation or warranty is
made prior to the expiration of such representation or warranty.

 

        (b)    Indemnification by the Purchaser.    The Purchaser agrees to indemnify the TLP Entities and their respective
officers, directors, employees and agents (collectively, "TLP Related Parties") from, 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, and promptly upon demand, pay or reimburse each of them for all
reasonable costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, including, without limitation, 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 as a result of, arising out
of, or in any way related to the breach of any of the representations, warranties or covenants of the Purchaser contained herein, provided such claim for indemnification relating to a breach of the
representations and warranties is made prior to the expiration of such representations and warranties. 

        (c)    Indemnification Procedure.    Promptly after any TLP Related Party or Purchaser Related Party (hereinafter, the
"Indemnified Party") has received notice of any indemnifiable claim hereunder, or the commencement of any action or proceeding by a third person, which
the Indemnified Party believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor hereunder (the "Indemnifying
Party") written notice of such claim or the commencement of such action or proceeding, 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 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, 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 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'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; provided,  however, that the Indemnified Party
shall be entitled (i) at its expense, to participate in the defense of such asserted liability and the
negotiations of the settlement thereof and (ii) if (A) the Indemnifying Party has failed to assume the defense and employ counsel or (B) 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, the Indemnified Party.

 

        (d)    Survival.    The parties' obligations under this Section 5.02 shall survive any termination of this
Agreement. 

        Section 5.03    No Waiver; Modifications in Writing.    

        (a)    Delay.    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 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. 

        (b)    Specific Waiver.    Except as otherwise provided herein, no amendment, waiver, consent, modification, or
termination of any provision of this Agreement or any other Transaction Document shall be effective unless signed by each of the parties hereto or thereto affected by such amendment, waiver, consent,
modification, or termination. Any amendment, supplement or modification of or to any provision of this Agreement or any other Transaction Document, or any waiver of any provision of this Agreement or
any other Transaction Document, shall be effective only in the specific instance and for the specific purpose for which made or given. 

        Section 5.04    Binding Effect; Assignment.    

        (a)    Binding Effect.    This Agreement shall be binding upon TLP, the Purchaser, 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. 

        (b)    Assignment of Rights.    All or any portion of the rights and obligations of the Purchaser under this Agreement
may not be transferred by the Purchaser without the written consent of TLP. 

        Section 5.05    Confidentiality.    Notwithstanding anything herein to the contrary, the Purchaser shall
continue to be bound by the confidentiality provisions set forth in Section 2 of that certain letter agreement dated as of May 13, 2005 by and between the parties hereto. 

        Section 5.06    Communications.    All notices and demands provided for hereunder shall be in writing and shall
be given by registered or certified mail, return receipt requested, telecopy, air courier guaranteeing overnight delivery or personal delivery to the following addresses: 

	 	(a)	 	If to the Purchaser:
	

 	

 	
 	

MSDW Bondbook Ventures Inc.

2000 Westchester Avenue, Floor 01

Purchase, New York 10577

Attention: Javed Ahmed

Facsimile: (914) 225-9301
	

 	

 	
 	

with a copy to:
	

 	

 	
 	

Morgan Stanley Capital Group Inc.

2000 Westchester Avenue, Floor 01

Purchase, New York 10577

Attention: Herb Thornhill

Facsimile: (914) 225-5715

 

	

 	

 	
 	

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, New York 1006

Attention: S.K. Kang

Facsimile: (212) 225-3999
	

 	

(b)	
 	

If to TLP:
	

 	

 	
 	

1670 Broadway, 32nd Floor

Denver, Colorado 80202-1373

Attention: President

Facsimile: (303) 626-8228
	

 	

 	
 	

with a copy to:
	

 	

 	
 	

Baker Botts L.L.P.

910 Louisiana Street

Houston, Texas 77002

Attention: Joshua Davidson, Esq.

Facsimile: (713) 229-2727

or
to such other address as TLP 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 mail, return receipt requested, or regular mail, if
mailed; when receipt is acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery. 

        Section 5.07    Entire Agreement.    This Agreement, the other Transaction Documents 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 or
therein with respect to the rights granted by TLP or any of its Affiliates or the Purchaser or any of its Affiliates set forth herein or therein. This Agreement, the other Transaction Documents and
the other agreements and documents referred to herein supersede all prior agreements and understandings between the parties with respect to such subject matter. 

        Section 5.08    Public Announcements.    Neither party hereto will make any public announcement or issue any
press release, or disclose to any other person, any information regarding this Agreement or the subject matter hereof without the prior consent of the other party hereto, unless otherwise required by
law or applicable stock exchange requirements or as may be required in TLP's filings with the Commission and in such event shall provide prompt notice thereof to the other party, together with a copy
of the form of proposed disclosure. 

        Section 5.09    Expenses.    Each party will bear its own expenses incident to the preparation of the
Transaction Documents; provided, however, that in the event that any party institutes legal proceedings to enforce any provision hereof (including those that survive termination of this Agreement) or
in remedy of any breach hereof, the prevailing party after entry of a final nonappealable order, will be entitled to recover reasonable attorneys' fees incurred in connection therewith. 

        Section 5.10    Governing Law.    This Agreement will be construed in accordance with and governed by the laws
of the State of New York without regard to principles of conflicts of laws. 

        Section 5.11    Execution in Counterparts.    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. 

        Section 5.12    Termination.    

        (a)   Notwithstanding
anything herein to the contrary, this Agreement shall automatically terminate if the Closing shall not have occurred on or before June 30, 2005,
unless the term hereof is extended by agreement of the parties hereto. 

        (b)   In
the event of the termination of this Agreement as provided in Section 5.10(a), this Agreement shall forthwith become null and void. In the event of such
termination, there shall be no liability on the part of any party hereto, except as set forth in Section 5.02 of this Agreement and except with respect to the requirement to comply with the
confidentiality agreement referenced in Section 5.05 in favor of TLP; provided that nothing herein shall relieve any party from any liability or obligation with respect to any willful breach of
this Agreement. 

[The
remainder of this page is intentionally left blank.] 

        IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first above written. 

	 	 	TRANSMONTAIGNE PARTNERS L.P.
	

 	
 	

 	

 
	 	 	By:	TRANSMONTAIGNE GP L.L.C., its general partner
	

 	
 	

 	

 
	 	 	By:	    
 Name:

Title:
	

 	
 	

 	

 
	 	 	MSDW BONDBOOK VENTURES INC.
	

 	
 	

 	

 
	 	 	By:	    
 Name:

Title:

 
 

Exhibit A—Form of Registration Rights Agreement    
    

See
Attached 

QuickLinks

Exhibit 10.6

SUBORDINATED UNIT PURCHASE AGREEMENT

Exhibit A—Form of Registration Rights AgreementQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.7    
    

 
 

REGISTRATION RIGHTS AGREEMENT
    
    by and between
    
    TRANSMONTAIGNE PARTNERS L.P.,
    
    and
    
    MSDW BONDBOOK VENTURES INC.    
    

 
 

REGISTRATION RIGHTS AGREEMENT    
    

        THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made and entered into as of May
[    ], 2005, by and between TRANSMONTAIGNE PARTNERS L.P., a Delaware limited partnership ("TLP"), and MSDW BONDBOOK
VENTURES INC. (the "Purchaser"). 

        This
Agreement is made in connection with the Closing of the issuance and sale of the Purchased Units pursuant to the Subordinated Unit Purchase Agreement, dated as of the date hereof,
by and between TLP and the Purchaser (the "Purchase Agreement"). TLP has agreed to provide the registration and other rights set forth in this Agreement
for the benefit of the Purchaser pursuant to the terms of the Purchase Agreement. 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 by each party hereto, the parties hereby agree as follows: 

 
 

ARTICLE I.
  DEFINITIONS    
    

        Section 1.01    Definitions. Capitalized terms used herein without definition shall have the meanings given to them in
the Purchase Agreement. The terms set forth below are used herein as so defined: 

        "Affiliate" means, with respect to a specified Person, any other Person, directly or indirectly controlling, controlled by or under direct
or indirect common control with such specified Person. For purposes of this definition, "control" (including, with correlative meanings, "controlling", "controlled by", and "under common control
with") means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise. 

        "Conversion Units" means the Common Units issuable upon conversion of the Purchased Units. 

        "Effectiveness Period" has the meaning specified therefor in Section 2.01(a) of this Agreement. 

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

        "Holder" means the Purchaser and any transferee or assignee of the Purchaser's rights under this Agreement pursuant to
Section 2.09. 

        "Included Registrable Securities" has the meaning specified therefor in Section 2.02(a) of this Agreement. 

        "Losses" has the meaning specified therefor in Section 2.07(a) of this Agreement. 

        "Managing Underwriter" means, with respect to any Underwritten Offering, the book running lead manager of such Underwritten Offering. 

        "Person" 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. 

        "Piggyback Registration" has the meaning specified therefor in Section 2.02(a) of this Agreement. 

        "Purchase Agreement" has the meaning specified therefor in the Recital of this Agreement. 

        "Purchaser" has the meaning specified therefor in the introductory paragraph of this Agreement. 

        "Registrable Securities" means the Conversion Units until such time as such securities cease to be Registrable Securities pursuant to
Section 1.02 hereof. 

        "Registration Expenses" has the meaning specified therefor in Section 2.06(a) of this Agreement. 

        "Registration Statement" has the meaning specified therefor in Section 2.01(a) of this Agreement. 

        "Selling Expenses" has the meaning specified therefor in Section 2.06(a) of this Agreement.

        "Selling Holder" means a Holder who is selling Registrable Securities pursuant to a Registration Statement. 

        "Underwritten Offering" means an offering (including an offering pursuant to a Registration Statement) in which Common Units are sold to
an underwriter on a firm commitment basis for reoffering to the public or an offering that is a "bought deal" with one or more investment banks. 

        Section 1.02    Registrable Securities. Any Registrable Security will cease to be a Registrable Security when
(a) a Registration Statement covering such Registrable Security has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such
effective Registration Statement; (b) such Registrable Security has been disposed of pursuant to any section of Rule 144 (or any similar provision then in force under the Securities
Act); or (c) such Registrable Security is held by TLP or one of its Subsidiaries. 

 
 

ARTICLE II.
  REGISTRATION RIGHTS    
    

        Section 2.01    Demand Registration. 

        (a)   Demand Registration. If a Holder holds Registrable Securities that it desires to sell, and if (but only if), after
consultation with legal counsel, the Holder determines in good faith that there is reasonable uncertainty as to whether Rule 144 of the Securities Act (or any successor rule or regulation to
Rule 144) or another exemption from registration is available to enable such Holder to dispose of the number of Registrable Securities it desires to sell at the time it desires to do so without
registration under the Securities Act, then, at the option and upon the written request of the Holder (such written request to affirm that the Holder has consulted with legal counsel regarding whether
Rule 144 or another exemption from registration is available), TLP shall file with the Commission as expeditiously as possible after receiving such written request, and use reasonable best
efforts to cause to become effective and remain effective for a period of not less than six months following its effective date or such shorter period as shall terminate when all Registrable
Securities covered by such registration statement have been sold (the "Effectiveness Period"), a registration statement under the Securities Act (including, as provided below or as otherwise elected
by TLP, a shelf registration statement permitted by Rule 415 under the Securities Act) registering the offering and sale of the number of Registrable Securities specified by the Holder
("Registration Statement"); provided, however, that TLP shall not be required to effect more than four registrations pursuant to this Section 2.01; and provided further, that TLP shall not be
required to effect the registration of fewer than the lesser of 200,000 Registrable Securities (as adjusted to account for any split or reverse split of the Common Units) or the number of Registrable
Securities currently outstanding and held by all Holders. Notwithstanding anything herein to the contrary, no Holder will be entitled to demand that any Registrable Securities be registered pursuant
to this Section 2.01(a) if such Registrable Securities were outstanding at the time of any prior registration effected by TLP pursuant to this Section 2.01. If the Holders' demand
registration rights will be permanently exhausted pursuant to this Section 2.01(a) following the then-current demand, then the Registration Statement for the
then-current demand shall be a shelf registration statement permitted by Rule 415 under the Securities Act if so elected by the Holder. 

        (b)   Delay Rights. Notwithstanding anything to the contrary contained herein, if TLP determines in good faith that any
requested registration of Registrable Securities would be materially detrimental to TLP because such registration would (i) materially interfere with a significant acquisition, reorganization
or other similar transaction involving TLP, (ii) require premature disclosure of material information that TLP has a bona fide business purpose for preserving as confidential or
(iii) render TLP unable to comply with requirements under applicable securities laws, then TLP shall have the right to postpone such requested registration for a period of not more than six
months after receipt of the Holder's request, such right pursuant to this Section 2.01(b) not to be utilized more than once in any twelve-month period. Upon disclosure of such information or
the termination of the condition described above, TLP shall provide prompt notice to the Selling Holders whose Registrable Securities were to be included in the requested registration, and shall
promptly terminate any suspension of sales

it has put into effect and shall take such other actions to permit registered sales of Registrable Securities as contemplated in this Agreement. 

        Section
2.02    Piggyback Registration. 

        (a)   Participation. If TLP at any time proposes to file a registration statement with respect to an Underwritten
Offering of Common Units for its own account or to register any Common Units for its own account for sale to the public in an Underwritten Offering other than (x) a registration relating solely
to employee benefit plans, (y) a registration relating solely to a Rule 145 transaction, or (z) a registration on any registration form which does not permit secondary sales, does
not include substantially the same information as would be required to be included in a registration statement covering the sale of Registrable Securities or would require that TLP effectuate a
post-effective amendment to such registration statement to permit such Registrable Securities to be covered by the registration statement, then, as soon as practicable following the
engagement of counsel to TLP to prepare the documents to be used in connection with an Underwritten Offering, TLP shall give notice of such proposed Underwritten Offering to the Holders and such
notice shall offer the Holders the opportunity to include in such Underwritten Offering such number of Registrable Securities (the "Included Registrable
Securities") as each such Holder may request in writing (a "Piggyback Registration"); provided, however, that TLP shall not be
required to offer such opportunity to Holders if TLP has been advised by the Managing Underwriter that the inclusion of Registrable Securities for sale for the benefit of the Holders will have an
adverse effect on the price or distribution of the Common Units. The notice required to be provided in this Section 2.02(a) to Holders shall be provided on a business day pursuant to
Section 3.01 hereof and receipt of such notice shall be confirmed by each Holder. Each Holder shall then have seven calendar days to request inclusion of Registrable Securities in the
Underwritten Offering. If no request for inclusion from a Holder is received within the specified time, such Holder shall have no further right to participate in such Piggyback Registration. 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, TLP shall determine for any reason not to undertake
or to delay such Underwritten Offering, TLP may, at its election, give written notice of such determination to the Selling Holders and, (x) in the case of a determination not to undertake such
Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated Underwritten Offering, and (y) in the case of a
determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities for the same period as the delay in the Underwritten Offering. Any Selling
Holder shall have the right to withdraw such Selling Holder's request for inclusion of such Selling Holder's Registrable Securities in such offering by giving written notice to TLP of such withdrawal
up to and including the time of pricing of such offering. 

        (b)   Priority of Piggyback Registration. If the Managing Underwriter or Underwriters of any proposed Underwritten Offering of
Common Units included in a Piggyback Registration advises TLP that the total amount of Common Units which the Selling Holders and any other Persons intend to include in such offering exceeds the
number which can be sold in such offering without being reasonably likely to have an adverse effect on the price 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 be reduced to equal the number of Registrable Securities that such Managing Underwriter or Underwriters advises TLP can be sold
without having such adverse effect, with such reduction to be allocated pro rata among the Selling Holders who have requested participation in the
Piggyback Registration (based, for each such Selling Holder, on the percentage derived by dividing (A) the number of Registrable Securities proposed to be sold by such Selling Holder in such
offering by (B) the aggregate number of Common Units proposed to be sold by all Selling Holders). 

        Section 2.03    Underwritten Offering. 

        (a)   Demand Registration.    In the event that a Selling Holder elects to dispose of Registrable Securities under a
Registration Statement pursuant to an Underwritten Offering, TLP shall enter into an underwriting agreement in customary form with the Managing Underwriter or Underwriters, which

shall include, among other provisions, indemnities to the effect and to the extent provided in Section 2.07, and shall take all such other reasonable actions as are requested by the Managing
Underwriter in order to expedite or facilitate the registration and disposition of the Registrable Securities. 

        (b)   General Procedures.    In connection with any Underwritten Offering under this Agreement, TLP shall be entitled
to select the Managing Underwriter or Underwriters, unless the registration is in respect of at least 450,000 Registrable Securities (as adjusted to account for any split or reverse split of the
Common Units), in which case the Selling Holders shall be entitled to select the Managing Underwriter or Underwriters, subject to approval by TLP (such approval not to be unreasonably withheld). In
connection with an Underwritten Offering, each Selling Holder and TLP shall be obligated to enter into an underwriting agreement which 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 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. Each Selling Holder may, at its option, require that any or all of the representations and warranties by, and the other agreements
on the part of, TLP to and for the benefit of such underwriters also be made to and for such Selling Holder's benefit and that any or all of the conditions precedent to the obligations of such
underwriters under such underwriting agreement also be conditions precedent to its obligations. No Selling Holder shall be required to make any representations or warranties to or agreements with TLP
or the underwriters other than representations, warranties or agreements regarding such Selling Holder and its ownership of the securities being registered on its behalf and its intended method of
distribution and any other representation required by law. If any Selling Holder disapproves of the terms of an underwriting, such Selling Holder may elect to withdraw therefrom by notice to TLP and
the Managing Underwriter prior to the time of pricing of such offering. 

   
        Section 2.04 Registration Procedures. In connection with its obligations contained in Section 2.01, TLP will, as
expeditiously as possible: 

        (a)   prepare
and file with the Commission such amendments and supplements to the Registration Statement and the prospectus used in connection therewith as may be necessary to
keep the 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 the Registration Statement; 

        (b)   furnish
to each Selling Holder (i) as far in advance as reasonably practicable before filing the Registration Statement or any supplement or amendment thereto,
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 Commission), 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 the Registration Statement or supplement or amendment thereto,
and (ii) such number of copies of the 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; 

        (c)   if
applicable, use its reasonable best efforts to register or qualify the Registrable Securities covered by the Registration Statement 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, provided that TLP will 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 which would subject it to general service of process in any such jurisdiction where
it is not then so subject; 

        (d)   promptly
notify each Selling Holder and each underwriter, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of
(i) the filing of the Registration Statement 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 post-effective amendment thereto, when the same has become effective; and (ii) any written comments from the Commission with respect to any filing
referred to in clause (i) and any written request by the Commission for amendments or supplements to the Registration Statement or any prospectus or prospectus supplement thereto; 

        (e)   immediately
notify each Selling Holder and each underwriter, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of
(i) the happening of any event as a result of which the prospectus or prospectus supplement contained in the Registration Statement, 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 light of the circumstances then existing;
(ii) the issuance or threat of issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, or the initiation of any proceedings for that purpose; or
(iii) the receipt by TLP 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, TLP 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 action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; in the event that TLP gives
any such notice, the Effectiveness Period shall be extended by the number of days from and including the date of the giving of such notice to and including the date when (i) each Selling Holder
shall have received copies of the supplemented or amended prospectus or (ii) the stop order, suspension, threat thereof or proceedings related thereto have been removed; 

        (f)    upon
request and subject to applicable confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal letters or other correspondence with
the Commission 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; 

        (g)   in
the case of an Underwritten Offering, furnish upon request, (i) an opinion of counsel for TLP, dated the date of the closing under the underwriting agreement,
and (ii) a "cold comfort" letter, dated the date of the closing under the underwriting agreement signed by the independent public accountants who have certified TLP's financial statements
included or incorporated by reference into the Registration Statement, and each of the opinion and the "cold comfort" letter shall be in customary form and covering substantially the same matters with
respect to the Registration Statement (and the prospectus and any prospectus supplement included therein) and as are customarily covered in opinions of issuer's counsel and in accountants' letters
delivered to the underwriters in Underwritten Offerings of securities, and such other matters as such underwriters may reasonably request; 

        (h)   otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as
reasonably practicable, an earnings statement covering the period of at least 12 months, but not more than 18 months, beginning with the first full calendar month after the effective
date of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 

        (i)    make
available to the appropriate representatives of the Managing Underwriter and Selling Holders access to such information and TLP personnel as is reasonable and
customary to enable such parties to establish a due diligence defense under the Securities Act; provided that, with respect to any representatives of the Selling Holders, TLP need not disclose any
information to any such representative unless and until such representative has entered into a confidentiality agreement with TLP; 

        (j)    cause
all such Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized quotation system on which
similar securities issued by TLP are then listed; 

        (k)   use
its reasonable best efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be
necessary by virtue of the business and operations of TLP to enable the Selling Holders to consummate the disposition of such Registrable Securities; 

        (l)    provide
a transfer agent and registrar for all Registrable Securities covered by the Registration Statement not later than the effective date thereof; and 

        (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 such Registrable Securities. 

        Each
Selling Holder, upon receipt of notice from TLP of the happening of any event of the kind described in subsection (e) of this Section 2.04, shall forthwith discontinue
disposition of the

 
Registrable Securities until such Selling Holder's receipt of the copies of the supplemented or amended prospectus contemplated by subsection (e) of this Section 2.04 or until it is
advised in writing by TLP 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 TLP, such Selling Holder will, or will request the Managing Underwriter or underwriters, if any, to deliver to TLP (at TLP's expense) all copies in their possession or control, other than
permanent file copies then in such Selling Holder's possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 

        Section 2.05  Cooperation by Holders. TLP shall have no obligation to include in a Registration Statement or Piggyback Registration
units of a Holder who has failed to timely furnish such information which, in the opinion of counsel to TLP, is reasonably required in order for the Registration Statement or related prospectus or
prospectus supplement to comply with the Securities Act. 

        Section 2.06
Expenses.

        (a)   Certain Definitions. "Registration Expenses" means all expenses incident to TLP's performance under or compliance with
this Agreement to effect the registration of Registrable Securities, and the disposition of such securities, including, without limitation, all registration, filing, securities exchange listing and
NYSE fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the National Association of Securities Dealers, Inc.,
transfer taxes and fees of transfer agents and registrars, all word processing, duplicating and printing expenses, the fees and disbursements of counsel and independent public accountants for TLP,
including the expenses of any special audits or "cold comfort" letters required by or incident to such performance and compliance, and reasonable fees and disbursements of Holders' counsel incurred in
connection with the exercise of such Holders' rights hereunder, not to exceed $100,000 per registration. In addition, TLP shall not be responsible for any "Selling
Expenses," which means all underwriting fees, discounts and selling commissions allocable to the sale of the Registrable Securities. 

        (b)   Expenses. TLP will pay all reasonable Registration Expenses in connection with each Registration Statement, whether or
not such Registration Statement becomes effective or any sale is made pursuant to such Registration Statement. Each Selling Holder shall pay all Selling Expenses in connection with any sale of its
Registrable Securities hereunder. 

        Section 2.07
Indemnification.

        (a)   By TLP. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement,
TLP will indemnify and hold harmless each Selling Holder thereunder, its directors and officers, and each underwriter, pursuant to the applicable underwriting agreement with such underwriter, of
Registrable Securities thereunder and each Person, if any, who controls such Selling Holder or underwriter within the meaning of the Securities Act and the Exchange Act, against any losses, claims,
damages, expenses or liabilities (including reasonable attorneys' fees and expenses) (collectively, "Losses"), joint or several, to which such Selling
Holder or underwriter or controlling 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) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement, any preliminary prospectus
or final prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, and will reimburse each such Selling Holder,
its directors and officers, each such underwriter and each

 
such controlling Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss or actions or proceedings; provided, however, that TLP
will 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 such Selling Holder, such underwriter or such controlling Person in writing specifically for use in the Registration Statement. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of such Selling Holder or any such director, officer or controlling Person, and shall survive the transfer of such securities
by such Selling Holder. 

        (b)   By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless TLP, its
directors and officers, and each Person, if any, who controls TLP within the meaning of the Securities Act or of the Exchange Act to the same extent as the foregoing indemnity from TLP 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 the Registration Statement or
prospectus relating to the Registrable Securities, or any amendment or supplement thereto; provided,  however, 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. 

        (c)   Notice. 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 the omission so to notify the
indemnifying party shall not relieve it from any liability which it may have to any indemnified party except to the extent that the failure to so notify the indemnifying party actually and materially
prejudices the indemnifying party. In any action brought against any indemnified party, the indemnified party 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 so to assume and undertake the defense thereof, the
indemnifying party shall not be liable to such indemnified party under this Section 2.07 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; provided,  however, that, (i) if the indemnifying party
has failed to assume the defense and employ counsel or (ii) 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 indemnified party shall settle any action brought against it with respect to which it is entitled to indemnification hereunder without the consent of the indemnifying
party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnifying party. 

        (d)   Contribution. If for any reason the indemnification provided for in this Section 2.07 is unavailable to an
indemnified party or is insufficient to hold it 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 Losses as between the
indemnifying party on the one hand and the indemnified party on the other, in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions which resulted in such Losses, as well as any other relevant equitable considerations;  provided, however, 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' 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 pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the first sentence of this paragraph. 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 or defending any Loss which is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 

        (e)   Other Indemnification. The provisions of this Section 2.07 shall be in addition to any other rights to
indemnification or contribution which an indemnified party may have pursuant to law, equity, contract or otherwise. 

        Section 2.08
Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the
Commission that may permit the sale of the Registrable Securities to the public without registration, TLP agrees to use its reasonable best efforts to: 

        (a)   make
and keep public information regarding TLP available, as those terms are understood and defined in Rule 144 of the Securities Act, at all times from and after
the date hereof; 

        (b)   file
with the Commission in a timely manner all reports and other documents required of TLP under the Securities Act and the Exchange Act at all times from and after the
date hereof; and 

        (c)   for
so long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request a copy of the most recent annual or quarterly report of TLP, and
such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without
registration. 

        Section 2.09
Transfer or Assignment of Registration Rights. The rights to cause TLP to register Registrable Securities granted to
the Purchaser by TLP under this Article II may be transferred or assigned by the Purchaser to one or more transferee(s) or assignee(s) of such Registrable Securities, provided that
(a) TLP is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee and identifying the securities with respect to which such
registration rights are being transferred or assigned, and (b) each such transferee assumes in writing responsibility for its portion of the obligations of the Purchaser under this Agreement.
TLP will notify as promptly as practicable any such transferee or assignee with respect to whom a notice address is provided of TLP's receipt of any request for registration pursuant to this
Agreement.

 

        Section 2.10
Restrictions on Public Sale by Holders of Registrable Securities. Each Holder of Registrable Securities subject to the
Registration Statement agrees not to effect any public sale or distribution of the Registrable Securities during the 90 calendar day period beginning on the date of a prospectus or prospectus
supplement filed with the Commission with respect to the pricing of an Underwritten Offering, provided that the duration of the foregoing restrictions shall be no longer than the duration of the
shortest restriction generally imposed by the underwriters on the officers or directors or any other unitholder of TLP on whom a restriction is imposed. 

 
 

ARTICLE III.
  MISCELLANEOUS    
    

        Section 3.01    Communications.    All notices and other communications provided for or permitted hereunder
shall be made in writing by facsimile, courier service or personal delivery: 

        (a)   if
to the Purchaser, at the most current addresses given by the Purchaser to TLP in accordance with the provisions of this Section 3.01, which addresses initially
are, with respect to the Purchaser, the addresses set forth in the Purchase Agreement, 

        (b)   if
to a transferee of the Purchaser, to such Holder at the address provided pursuant to Section 2.09 above, and 

        (c)   if
to TLP, at 1670 Broadway, 32nd Floor, Denver, Colorado 80202-1373, notice of which is given in accordance with the provisions of this Section 3.01. 

        All
such notices and communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt is acknowledged, if sent via facsimile or
sent via Internet electronic mail; and when actually received, if sent by any other means. 

        Section 3.02    Successor and Assigns.    Subject to Section 2.09, this Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 

        Section 3.03    Recapitalization, Exchanges, etc. Affecting the Common Units.    The provisions of this
Agreement shall apply to the full extent set forth herein with respect to any and all units of TLP or any successor or assign of TLP (whether by merger, consolidation, sale of assets or otherwise)
which may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, recapitalizations and the like occurring
after the date of this Agreement. 

        Section 3.04    Specific Performance.    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, will 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 will
not preclude any such Person from pursuing any other rights and remedies at law or in equity which such Person may have. 

        Section 3.05    Counterparts.    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. 

        Section 3.06    Headings.    The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 

        Section 3.07    Governing Law.    The laws of the State of New York shall govern this Agreement without regard
to principles of conflict of laws. 

        Section 3.08    Severability of Provisions.    Any provision of this Agreement which 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. 

        Section 3.9    Entire Agreement.    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 TLP set forth herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

        Section 3.10    Amendment.    This Agreement may be amended only by means of a written amendment signed by TLP
and the Holders of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without
the consent of such Holder. 

        Section 3.11    No Presumption.    In the event 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. 

        Section 3.12    Tax Year.    The Purchaser represents and warrants to TLP that its taxable year ends on
November 30. The Purchaser will promptly notify TLP of any change or proposed change to its taxable year. 

        [The
remainder of this page is intentionally left blank.] 

        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

	

 	
 	
TRANSMONTAIGNE PARTNERS L.P.
	

 	
 	

By:	
 	

TransMontaigne GP L.L.C.,

Its General Partner
	

 	
 	

By:	
 	

	 	 	Name:

Title:	 	 
	

 	
 	
MSDW BONDBOOK VENTURES INC.
	

 	
 	

By:	
 	

    

	 	 	Name:

Title:	 	 

QuickLinks

Exhibit 10.7

REGISTRATION RIGHTS AGREEMENT by and between TRANSMONTAIGNE PARTNERS L.P., and MSDW BONDBOOK VENTURES INC.

REGISTRATION RIGHTS AGREEMENT

ARTICLE I. DEFINITIONS

ARTICLE II. REGISTRATION RIGHTS

ARTICLE III. MISCELLANEOUS

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