Document:

Exhibit 10.8

 

FORM OF

 

AMENDED AND RESTATED AGREEMENT

 

OF

 

LIMITED PARTNERSHIP

 

OF

 

BUCKEYE PIPE LINE COMPANY, L.P.

 

(As Amended and Restated as of
__________, 2006)

 

 

 

TABLE OF
CONTENTS

 

ARTICLE I

DEFINITIONS

ARTICLE II

ORGANIZATIONAL MATTERS

	
  Section 2.1

  	
  Formation

  	
  4

  
	
  Section 2.2

  	
  Name

  	
  4

  
	
  Section 2.3

  	
  Principal Office; Registered Office

  	
  5

  
	
  Section 2.4

  	
  Term

  	
  5

  
	
  Section 2.5

  	
  Organizational Certificate

  	
  5

  
	
  Section 2.6

  	
  Partnership Interests

  	
  5

  

ARTICLE III

PURPOSE

ARTICLE IV

CAPITAL CONTRIBUTIONS

	
  Section 4.1

  	
  Capital Contributions

  	
  6

  
	
  Section 4.2

  	
  No Preemptive Rights

  	
  6

  
	
  Section 4.3

  	
  No Interest

  	
  6

  
	
  Section 4.4

  	
  Loans from Partners

  	
  6

  
	
  Section 4.5

  	
  No Withdrawal

  	
  6

  

ARTICLE V

DISTRIBUTIONS

	
  Section 5.1

  	
  Distributions

  	
  6

  

ARTICLE VI

INCOME TAX MATTERS

	
  Section 6.1

  	
  Tax Allocations

  	
  7

  
	
  Section 6.2

  	
  Preparation of Tax Returns

  	
  7

  
	
  Section 6.3

  	
  Tax Elections

  	
  7

  
	
  Section 6.4

  	
  Tax Controversies

  	
  7

  

 

i

 

ARTICLE VII

MANAGEMENT AND OPERATION OF BUSINESS; INDEMNIFICATION

	
  Section 7.1

  	
  Powers of General Partner

  	
  8

  
	
  Section 7.2

  	
  Duties of General Partner

  	
  9

  
	
  Section 7.3

  	
  Reliance by Third Parties

  	
  9

  
	
  Section 7.4

  	
  Compensation and Reimbursement of the General Partner

  	
  10

  
	
  Section 7.5

  	
  Certain Undertakings Relating to the Separateness of the Partnership

  	
  10

  
	
  Section 7.6

  	
  Outside Activities; Contracts with Affiliates; Loans to or from
  Affiliates

  	
  11

  
	
  Section 7.7

  	
  Tax Basis and Value Determinations

  	
  13

  
	
  Section 7.8

  	
  Resolution of Conflicts of Interest; Standard of Care

  	
  13

  
	
  Section 7.9

  	
  Other Matters Concerning the General Partner

  	
  14

  
	
  Section 7.10

  	
  Limited Liability; Indemnification

  	
  14

  

ARTICLE VIII

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNER

	
  Section 8.1

  	
  Limitation of Liability

  	
  16

  
	
  Section 8.2

  	
  Management of Business

  	
  16

  
	
  Section 8.3

  	
  Outside Activities

  	
  16

  
	
  Section 8.4

  	
  Return of Capital

  	
  16

  

ARTICLE IX

BOOKS, RECORDS, ACCOUNTING AND REPORTS

	
  Section 9.1

  	
  Books, Records and Accounting

  	
  16

  
	
  Section 9.2

  	
  Fiscal Year

  	
  17

  
	
  Section 9.3

  	
  Reports

  	
  17

  

ARTICLE X

TRANSFER OF PARTNERSHIP INTERESTS; SUCCESSOR PARTNERS

	
  Section 10.1

  	
  Transfer of Partnership Interests

  	
  17

  
	
  Section 10.2

  	
  Successor Partners

  	
  17

  

ARTICLE XI

WITHDRAWAL OR REMOVAL OF THE GENERAL PARTNER

	
  Section 11.1

  	
  Withdrawal or Removal of the General Partner

  	
  18

  
	
  Section 11.2

  	
  Sale of Former General Partner’s Interest

  	
  18

  

 

ii

 

ARTICLE XII

DISSOLUTION AND LIQUIDATION

	
  Section 12.1

  	
  Dissolution

  	
  18

  
	
  Section 12.2

  	
  Reconstitution

  	
  19

  
	
  Section 12.3

  	
  Liquidation

  	
  20

  
	
  Section 12.4

  	
  Distribution in Kind

  	
  20

  
	
  Section 12.5

  	
  Cancellation of Certificate of Limited Partnership

  	
  21

  
	
  Section 12.6

  	
  Return of Capital

  	
  21

  
	
  Section 12.7

  	
  Waiver of Partition

  	
  21

  

ARTICLE XIII

AMENDMENT OF PARTNERSHIP AGREEMENT

	
  Section 13.1

  	
  Amendments Which May Be Adopted Solely by the General Partner

  	
  21

  
	
  Section 13.2

  	
  Other Amendments

  	
  22

  

ARTICLE XIV

SALE OF ALL ASSETS

ARTICLE XV

GENERAL PROVISIONS

	
  Section 15.1

  	
  Opinions Regarding Taxation as a Partnership

  	
  22

  
	
  Section 15.2

  	
  Address and Notices

  	
  23

  
	
  Section 15.3

  	
  Headings

  	
  23

  
	
  Section 15.4

  	
  Binding Effect

  	
  23

  
	
  Section 15.5

  	
  Integration

  	
  23

  
	
  Section 15.6

  	
  Waiver

  	
  23

  
	
  Section 15.7

  	
  Counterparts

  	
  23

  
	
  Section 15.8

  	
  Severability

  	
  23

  
	
  Section 15.9

  	
  Applicable Law

  	
  23

  

 

iii

 

FORM OF

AMENDED AND RESTATED

AGREEMENT

OF

LIMITED PARTNERSHIP

OF

BUCKEYE PIPE LINE COMPANY, L.P.

THIS AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP, dated as of _________ ___, 2006, is entered
into between MAINLINE L.P., a Delaware limited partnership (the “General
Partner”), and BUCKEYE PARTNERS, L.P. (the “MLP”), a Delaware limited partnership.

BACKGROUND

On December 23, 1986,
Buckeye Pipe Line Company and the MLP entered into an Agreement of Limited
Partnership of the Partnership (as amended and restated through December 15,
2004, the “Prior Partnership Agreement”).

On December 15, 2004,
Buckeye GP LLC, a Delaware limited liability company was admitted as general
partner (the “Former GP”).

In accordance with
Section 10.1 of the Prior Partnership Agreement, the Former GP has assigned and
transferred certain assets and liabilities, including all of its general
partner interest in the partnership, to the General Partner pursuant to an
Assignment and Assumption Agreement dated as of the date of this Agreement. The
General Partner has accepted the transfer of those certain assets and liabilities
and the general partner interest in the partnership, and in connection with
this amendment and restatement of the Prior Agreement, has become the general
partner of the Partnership.  In
accordance with Section 13.1(f), such changes, in the good faith opinion of the
Former GP, do not adversely affect the Limited Partner in any material respect.

ARTICLE I

DEFINITIONS

The following definitions
shall for all purposes, unless otherwise clearly indicated to the contrary,
apply to the terms used in this Agreement:

“Affiliate” means, with
respect to any Person, any other Person that directly or indirectly controls,
is controlled by, or is under common control with the Person in question; provided, however, that, for purposes of the restrictive
provisions of Sections 7.5, 7.6 and 7.8, neither the Limited Partner nor any of
its subsidiaries shall be deemed to be Affiliates of the General

 

 

Partner.  As used herein, the term “control” means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through ownership
of voting securities, by contract or otherwise. 
For purposes of this Agreement, Services Company shall be deemed an
Affiliate of the General Partner.

“Agreed Value” of any Contributed
Property means the fair market value of such property as of the time of
contribution (or, in the case of cash, the amount thereof), as determined by
the General Partner using such reasonable method of valuation as it may adopt.

“Agreement” means this
amended and restated agreement of limited partnership, as amended or amended
and restated from time to time.

“Capital Contribution”
means any Contributed Property which a Partner contributes to the Partnership.

“Certificate of Limited
Partnership” means the Amended and Restated Certificate of Limited Partnership
filed with the Secretary of State of the State of Delaware as described in the
first sentence of Section 2.5, as amended or amended and restated from time to
time.

“Code” means the Internal
Revenue Code of 1986, as amended from time to time.

“Contributed Property”
means any cash, property or other consideration (in such form as may be
permitted under the Delaware Act) contributed to the Partnership.

“Contributing Partner”
means any Partner contributing Contributed Property to the Partnership.

“Conveyance Agreement”
means the conveyance agreement, dated as of November 18, 1986, between the
Original Limited Partner and the Partnership.

“Delaware Act” means the
Delaware Revised Uniform Limited Partnership Act, as amended from time to time,
and any successor to such Act.

“Designated Expenses”
means all costs and expenses (direct or indirect) incurred by the General
Partner which are directly or indirectly related to the formation,
capitalization, business or activities of the Partnership (including, without
limitation, expenses, direct or indirect, reasonably allocated to the General
Partner by its Affiliates); provided, however,
that Designated Expenses shall not include (a) any cost or expense for which
the General Partner is not entitled to be reimbursed by reason of the proviso
at the end of Section 7.10(b); (b) any cost or expense for which the General
Partner and its Affiliates are not entitled to be reimbursed pursuant to the
terms of the Exchange Agreement; or (c) severance costs not permitted to be
reimbursed pursuant to the Management Agreement in connection with the
withdrawal of the General Partner.

“Exchange Agreement”
means the Fourth Amended and Restated Exchange Agreement, dated as of _________
___, 2006, among Holdco, the General Partner, the MLP General Partner, the
Limited Partner and the Limited Partner’s other operating partnerships, as
amended or restated from time to time.

 

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“General Partner” means
MainLine L.P., in its capacity as the general partner of the Partnership and in
its capacity as manager pursuant to the Management Agreement, and any successor
to MainLine L.P. as such general partner and manager.

“Group Member” means a
member of the Partnership Group.

“Holdco” means,
collectively MainLine Sub LLC and any entities which control MainLine Sub LLC
or are under common control with MainLine Sub LLC other than the General
Partner, the MLP General Partner, MainLine GP, Inc., the MLP and its
consolidated subsidiaries (including the Partnership).

“Indemnitee” means the
General Partner, any Affiliate of the General Partner, any Person who is or was
a director, officer, manager, member, employee or agent of the General Partner
or any such Affiliate, or any Person who is or was serving at the request of
the General Partner or any such Affiliate as a director, officer, manager,
member, partner, trustee, employee or agent of another Person.

“Limited Partner” means
the MLP, in its capacity as the limited partner of the Partnership, and any
successor to the MLP as such limited partner.

“Liquidator” has the
meaning specified in Section 12.3.

“Management Agreement”
means the Amended and Restated Management Agreement, dated as of the date of this
Agreement, between the Partnership and the General Partner, pursuant to which
the General Partner will manage the Partnership, as amended or amended and
restated from time to time.

“MLP” means Buckeye
Partners, L.P., a Delaware limited partnership.

“MLP Agreement” means the
amended and restated agreement of limited partnership, dated as of the date
hereof, governing the rights and obligations of the partners of the MLP and
certain related matters, as amended or amended and restated from time to time.

“MLP General Partner”
means Buckeye GP LLC, in its capacity as general partner of the MLP, and any
successor to Buckeye GP LLC as such general partner.

“Net Agreed Value” means,
with respect to any Contributed Property, the Agreed Value of such Contributed Property
reduced by any indebtedness either assumed by the Partnership upon contribution
of such Contributed Property or to which such Contributed Property is subject
when contributed.

“Opinion of Counsel”
means a written opinion of counsel (who may be regular counsel of the General
Partner or any of its Affiliates) acceptable to the General Partner.

“Original Limited Partner”
means Buckeye Pipe Line Company, an Ohio corporation.

“Partner” means the
General Partner or the Limited Partner.

 

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“Partnership” means
Buckeye Pipe Line Company, L.P., a Delaware limited partnership.

“Partnership Group” means
the MLP and any subsidiary of the MLP (including the Partnership), treated as a
single consolidated entity.

“Partnership Interest”
means a general partner’s or limited partner’s interest in the Partnership.

“Percentage Interest”
means, as of any date of determination, as to any Partner, the Agreed Value of
such Partner’s aggregate Capital Contributions to the Partnership divided by
the Agreed Value of the aggregate Capital Contributions made to the Partnership
by all Partners.

“Person” means an
individual, a corporation, a limited liability company, a partnership, a trust,
an unincorporated organization, an association or any other entity.

“Services Company” means
Buckeye Pipe Line Services Company, a Pennsylvania corporation.

“Special Approval” means
Special Approval as defined in the MLP Agreement.

ARTICLE II

ORGANIZATIONAL MATTERS

Section
2.1                                      Formation

Subject to the provisions
of this Agreement, the Former GP and Original Limited Partner originally formed
the Partnership as a limited partnership pursuant to the provisions of the
Delaware Act.  The Original Limited
Partner’s limited partnership interest in the Partnership was transferred (by
operation of law) to an Affiliate and the MLP purchased such limited
partnership interest.  The Partners,
pursuant to the authority contained in Article XIII of this Agreement, do
hereby amend and restate this Agreement in its entirety to continue the
Partnership as a limited partnership pursuant to the provisions of the Delaware
Act and to set forth the rights and obligations of the Partners and certain
matters related thereto.  Except as
expressly provided herein to the contrary, the rights and obligations of the
Partners and the administration, dissolution and termination of the Partnership
shall be governed by the Delaware Act.

Section
2.2                                      Name

The name of the
Partnership shall be, and the business of the Partnership shall be conducted
under the name of, “Buckeye Pipe Line Company, L.P.”; provided,
however, that (a) the Partnership’s business may be conducted under
any other name or names deemed advisable by the General Partner, (b) the
General Partner in its sole discretion may change the name of the Partnership
at any time and from time to time and (c) the name under which the Partnership
conducts business shall include “Ltd.” or “Limited Partnership” (or similar
words or letters) where necessary for purposes of maintaining the limited
liability status of the Limited Partner or otherwise complying with the laws of
any jurisdiction that so requires.

 

4

 

Section
2.3                                      Principal Office; Registered Office

(a)           The principal office of the
Partnership shall be 5002 Buckeye Road, P.O. Box 368, Emmaus, Pennsylvania
18049, or such other place as the General Partner may from time to time
designate.  The Partnership may maintain
offices at such other places as the General Partner deems advisable.

(b)           The address of the Partnership’s
registered office in the State of Delaware shall be the Corporation Trust
Center, 1209 Orange Street, in the City of Wilmington, County of New Castle,
Delaware 19801, and the name of the Partnership’s registered agent for service
of process at such address shall be The Corporation Trust Company.

Section
2.4                                      Term

The Partnership shall
continue in existence until the close of Partnership business on December 31,
2086 or until the earlier termination of the Partnership in accordance with the
provisions of Article XII.

Section
2.5                                      Organizational Certificate

An Amended and Restated
Certificate of Limited Partnership of the Partnership has been filed with the
Secretary of State of the State of Delaware as required by the Delaware
Act.  The General Partner shall cause to
be filed such other certificates or documents as may be required for the
formation, operation and qualification of a limited partnership in Delaware and
any other state in which the Partnership may elect to do business.  The General Partner shall thereafter file any
necessary amendments to the Certificate of Limited Partnership and such other
certificates and documents and do all things requisite to the maintenance of
the Partnership as a limited partnership (or as a partnership in which the
Limited Partner has limited liability) under the laws of Delaware and any other
state in which the Partnership may elect to do business.

Section
2.6                                      Partnership Interests

Effective as of the date
hereof, the Limited Partner has a 99% Partnership Interest and the General
Partner has a 1% Partnership Interest.

ARTICLE III

PURPOSE

The purpose and business
of the Partnership shall be to engage in any lawful activity for which limited
partnerships may be organized under the Delaware Act.

 

5

 

ARTICLE IV

CAPITAL CONTRIBUTIONS

Section
4.1                                      Capital Contributions

(a)           Prior to the date hereof, the
Original Limited Partner contributed to the Partnership certain assets and the
Partnership assumed certain liabilities pursuant to the Conveyance Agreement,
and the General Partner contributed to the Partnership an amount equal to
1/99th of the Net Agreed Value of the Capital Contribution then being made by
the Original Limited Partner.

(b)           Whenever the Limited Partner makes a
Capital Contribution, the General Partner may contribute to the Partnership
Contributed Property such that the Net Agreed Value of the Capital Contribution
then being made by the General Partner is equal to the product obtained by
multiplying (i) the quotient determined by dividing (A) the General Partner’s
Percentage Interest by (B) the remainder of 100% less the General Partner’s
Percentage Interest times (ii) the Net Agreed Value of the Capital Contribution
then being made by the Limited Partner. 
The General Partner shall not be obligated to make any additional
Capital Contributions to the Partnership.

Section
4.2                                      No Preemptive Rights

No Partner shall have any
preemptive, preferential or other right with respect to the issuance or sale of
securities that may be issued or sold by the Partnership.

Section
4.3                                      No Interest

No interest shall be paid
by the Partnership on Capital Contributions.

Section
4.4                                      Loans from Partners

Loans or other advances
by a Partner to or for the account of the Partnership shall not be considered
Capital Contributions.

Section
4.5                                      No Withdrawal

No Partner shall be
entitled to withdraw any part of its Capital Contributions or to receive any
distributions from the Partnership except as provided herein.

ARTICLE V

DISTRIBUTIONS

Section
5.1                                      Distributions

(a)           From time to time, not less often
than quarterly, the General Partner shall review the Partnership’s accounts to
determine whether distributions are appropriate.  The General Partner may make such cash distributions
as it, in its sole discretion, may determine, without

 

6

 

being limited to current or accumulated income or
gains, from any Partnership funds, including, without limitation, Partnership
revenues, Capital Contributions or borrowed funds.  In its sole discretion, the General Partner
may also distribute to the Partners other Partnership property or securities of
the Partnership or other entities.

All distributions shall
be made concurrently to both Partners in accordance with their respective
Percentage Interests.

(b)           Amounts paid pursuant to Section 7.4
or the Management Agreement shall not be deemed to be distributions for
purposes of this Agreement.

ARTICLE VI

INCOME TAX MATTERS

Section
6.1                                      Tax Allocations

For federal income tax
purposes, each item of income, gain, loss, deduction and credit of the
Partnership shall be in accordance with their respective Percentage Interests.

Section
6.2                                      Preparation of Tax Returns

The General Partner shall
arrange for the preparation and timely filing of all returns of Partnership
income, gains, losses, deductions, credits and other items necessary for
federal and state income tax purposes and shall use all reasonable efforts to
furnish to the Limited Partner within 90 days after the close of the taxable
year the tax information reasonably required for federal and state income tax
reporting purposes.  The classification,
realization and recognition of income, gains, losses, deductions, credits and
other items shall be on the accrual method of accounting for federal income tax
purposes, unless the General Partner shall determine otherwise in its sole
discretion.

Section
6.3                                      Tax Elections

Except as otherwise
provided herein, the General Partner shall, in its sole discretion, determine
whether to make any available election.

Section
6.4                                      Tax Controversies

Subject to the provisions
hereof, the General Partner is designated as the Tax Matters Partner (as
defined in Section 6231 of the Code) and is authorized and required to
represent the Partnership (at the Partnership’s expense) in connection with all
examinations of the Partnership’s affairs by tax authorities, including
resulting administrative and judicial proceedings, and to expend Partnership
funds for professional services and costs associated therewith.  The Limited Partner agrees to cooperate with
the General Partner and to do or refrain from doing any and all things
reasonably required by the General Partner to conduct such proceedings.

 

7

 

ARTICLE VII

MANAGEMENT AND OPERATION OF BUSINESS; INDEMNIFICATION

Section
7.1                                      Powers of General Partner

Except as otherwise
expressly provided in this Agreement, all powers to control and manage the
business and affairs of the Partnership shall be exclusively vested in the
General Partner, and the Limited Partner shall not have any power to control or
manage the business and affairs of the Partnership.

In addition to the powers
now or hereafter granted a general partner of a limited partnership under
applicable law or which are granted to the General Partner under any other
provisions of this Agreement, the General Partner is hereby authorized and
empowered, in the name of and on behalf of the Partnership, to do and perform
any and all acts and things which it deems appropriate or necessary in the
conduct of the business and affairs of the Partnership, including, without
limitation, the following:

(a)           to lend or borrow money, to assume,
guarantee or otherwise become liable for indebtedness and other liabilities and
to issue evidences of indebtedness;

(b)           to buy, lease (as lessor or lessee),
sell, mortgage, encumber or otherwise acquire or dispose of any or all of the
assets of the Partnership (subject to the provisions of Article XIV);

(c)           to own, use and invest the assets of
the Partnership;

(d)           to purchase or sell products,
services and supplies;

(e)           to make tax, regulatory and other
filings, and to render periodic and other reports to governmental agencies or
bodies having jurisdiction over the assets or business of the Partnership;

(f)            to open, maintain and close bank
accounts and to draw checks and other orders for the payment of money;

(g)           to negotiate, execute and perform any
contracts, conveyances or other instruments;

(h)           to distribute Partnership cash;

(i)            to utilize the services of officers
and employees of the General Partner or of any other Persons and to select and
dismiss employees (if any) and outside attorneys, accountants, consultants and
contractors;

(j)            to maintain insurance for the
benefit of the Partnership and the Partners;

(k)           to form, participate in or contribute
or loan cash or property to limited or general partnerships, joint ventures,
limited liability companies, corporations or similar arrangements;

 

8

 

(l)            to expand the business activities in
which the Partnership is engaged or engage in new business activities by
acquisition or internal development; and

(m)          to conduct litigation and incur legal
expenses and otherwise deal with or settle claims or disputes;

in each case at such
times and upon such terms and conditions as the General Partner deems
appropriate or necessary, and subject to any express restrictions contained
elsewhere in this Agreement.

Section
7.2                                      Duties of General Partner

The General Partner shall
manage the business and affairs of the Partnership in the manner the General
Partner deems appropriate or necessary. 
Without limiting the generality of the foregoing, the General Partner’s
duties shall include the following:

(a)           to take possession of the assets of
the Partnership;

(b)           to staff and operate the business of
the Partnership with the officers and employees of the General Partner or of
other Persons;

(c)           to render or cause to be rendered
engineering, environmental and other technical services and perform or cause to
be performed financial, accounting, logistical and other administrative
functions for the Partnership;

(d)           to render such reports and make such
periodic and other filings as may be required under applicable federal, state
and local laws, rules and regulations;

(e)           to provide or cause to be provided
purchasing, procurement, repair, and other services for the Partnership; and

(f)            to conduct the business and affairs
of the Partnership in accordance with this Agreement and all applicable laws,
rules and regulations;

in each case in such a
manner as the General Partner deems appropriate or necessary.

Section
7.3                                      Reliance by Third Parties

Notwithstanding anything
to the contrary in this Agreement, any Person dealing with the Partnership
shall be entitled to assume that the General Partner has full power and
authority to encumber, sell or otherwise use in any manner any and all assets
of the Partnership and to enter into any contracts on behalf of the
Partnership, and such Person shall be entitled to deal with the General Partner
as if it were the Partnership’s sole party in interest, both legally and
beneficially.  The Limited Partner hereby
waives any and all defenses or other remedies which may be available against
such Person to contest, negate or disaffirm any action of the General Partner
in connection with any such dealing.  In
no event shall any Person dealing with the General Partner or its representatives
be obligated to ascertain that the terms of this Agreement have been complied
with or to inquire into the necessity or expedience of any act or action of the
General

 

9

 

Partner or its
representatives.  Each and every
certificate, document or other instrument executed on behalf of the Partnership
by the General Partner or its representatives shall be conclusive evidence in
favor of any and every Person relying thereon or claiming thereunder that (a)
at the time of the execution and delivery of such certificate, document or
instrument, this Agreement was in full force and effect, (b) the Person
executing and delivering such certificate, document or instrument was duly
authorized and empowered to do so for and on behalf of the Partnership and (c)
such certificate, document or instrument was duly executed and delivered in
accordance with the terms and provisions of this Agreement and is binding upon
the Partnership.

Section
7.4                                      Compensation and
Reimbursement of the General Partner

(a)           Except as provided in this Section
7.4 or elsewhere in this Agreement, the Management Agreement or any other
agreement contemplated or permitted hereby, the General Partner shall not be
compensated for its services as General Partner to the Partnership.

(b)           The General Partner shall be promptly
reimbursed for all Designated Expenses, in addition to any reimbursement as a
result of indemnification in accordance with Section 7.10 hereof or Section
3.02 of the Management Agreement.  The
General Partner shall determine such Designated Expenses in any reasonable
manner determined by it.

(c)           The General Partner may propose and
adopt fringe benefit plans, including, without limitation, plans comparable to
those that covered employees employed by the predecessor to the Partnership and
plans involving the issuance of direct or indirect equity interests in the
Partnership, for the benefit of employees of the Partners, the Partnership or
any of their respective Affiliates, in respect of services performed, or
obligated to be performed, directly or indirectly, for the benefit of the
Partnership.

Section
7.5                                      Certain Undertakings
Relating to the Separateness of the Partnership

(a)           The Partnership shall conduct its
business and operations separate and apart from those of any other Person
(including Holdco), except the General Partner, MainLine GP, Inc., the MLP
General Partner and the Partnership Group, in accordance with this Section 7.5.

(b)           The Partnership shall maintain (i)
its books and records, (ii) its accounts, and (iii) its financial statements,
separate from those of any other Person, except the Partnership Group.

(c)           The Partnership shall not commingle
or pool its assets with those of any other Person, except the Partnership
Group, and shall maintain its assets in a manner that is not costly or
difficult to segregate, ascertain or otherwise identify as separate from those
of any other Person.  The funds of the
Partnership shall be deposited in such account or accounts as shall be
designated by the General Partner, and shall not be commingled with the funds
of the General Partner or any of its Affiliates.  All withdrawals from or charges against such
accounts shall be made by the General Partner or by its agents on behalf of the
Partnership.  Funds of the Partnership
may be invested as determined by the General Partner.

(d)           The Partnership shall (i) conduct its
business in its own name or in the names of its subsidiaries, (ii) use separate
stationery, invoices, and checks, (iii) correct any known

 

10

 

misunderstanding regarding its separate identity, and
(iv) generally hold itself out as an entity separate from any other Person.

(e)           The Partnership (i) shall pay its own
liabilities from its own funds, (ii) shall maintain adequate capital in light
of its contemplated business operations, (iii) shall not guarantee or become
obligated for the debts of any other Person, except Group Members and except
for the Partnership’s obligations under the Services Agreement, (iv) shall not
hold out its credit as being available to satisfy the obligations of any other
Person, except Group Members, MainLine GP, Inc., the MLP General Partner and
except for the Partnership’s obligations under the Services Agreement, (v)
shall not acquire obligations or debt securities of Holdco and (vi) shall not
pledge its assets to secure the obligations of any other Person or make loans
or advances to any Person, except Group Members or the General Partner pursuant
to Section 7.6(j); provided that the Partnership may engage in any transaction
described in clauses (iii)-(vi) of this Section 7.5(e) if Special Approval has
been obtained for such transaction and either (A) the Audit Committee of the
Board of Directors of the MLP General Partner has determined, or has obtained
reasonable written assurance from a nationally recognized firm of independent
public accountants or a nationally recognized investment banking or valuation
firm, that the borrower or recipient of the credit extension is not then
insolvent and will not be rendered insolvent as a result of such transaction or
(B) in the case of transactions described in clause (v), such transaction is
completed through a public auction or a National Securities Exchange.

(f)            The Partnership shall (i) observe
all partnership formalities and other formalities required by its
organizational documents, the laws of the jurisdiction of its formation, or
other laws, rules, regulations and orders of governmental authorities
exercising jurisdiction over it, (ii) engage in transactions with Holdco in
conformity with the requirements of this Section, and (iii) subject to the
terms of the Exchange Agreement, promptly pay, from its own funds, and on a
current basis, its allocable share of general and administrative expenses,
capital expenditures, and costs for shared services performed by Holdco.  Each material contract between the
Partnership or another Group Member, on the one hand, and Holdco, on the other
hand, shall be in writing.

(g)           Failure by the Partnership to comply
with any of the obligations set forth above shall not affect the status of the
Partnership as a legal entity, with its separate assets and separate
liabilities.

Section
7.6                                      Outside Activities; Contracts with
Affiliates; Loans to or from Affiliates

(a)           The General Partner shall not have
any business interests or engage in any business activities except for those
relating to the Partnership.

(b)           Any Affiliate of the General Partner
and any director, officer, manager, member, partner or employee of the General
Partner or any of its Affiliates shall be entitled to and may have business
interests and engage in business activities in addition to those relating to
the Partnership, including business interests and activities in direct
competition with the Partnership, for their own account and for the account of
others, without having or incurring any obligation to offer any interest in
such businesses or activities to the Partnership or either Partner.  Neither the

 

11

 

Partnership nor either of the Partners shall have any
rights by virtue of this Agreement or the partnership relationship governed
hereby in any such business interests.

(c)           The Limited Partner hereby approves,
ratifies and confirms the execution, delivery and performance of the Conveyance
Agreement and the Management Agreement and agrees that the General Partner is
authorized to execute, deliver and perform the other agreements, acts,
transactions and matters contemplated hereby on behalf of the Partnership
without any further approval or vote of the Limited Partner, notwithstanding
any other provision of this Agreement.

(d)           Subject to the provisions of Section
7.4(a), the General Partner and its Affiliates may enter into contracts with,
or render services to, the Partnership, provided that such contracts or
services are on terms that are fair and reasonable to the Partnership.  The contracts and services approved, ratified
or confirmed pursuant to Section 7.6(c) shall be deemed to satisfy the terms of
this Section 7.6(d).

(e)           Neither the General Partner nor any
of its Affiliates shall sell, transfer or convey property to, or purchase
property from, the Partnership, directly or indirectly, except pursuant to
transactions that are fair and reasonable to the Partnership.  The conveyance of property pursuant to the
Conveyance Agreement shall be deemed to satisfy the terms of this Section
7.6(e).

(f)            The General Partner or its
Affiliates may, but shall be under no obligation to, lend to any Group Member,
upon the written request of any Group Member to the General Partner or any of
its Affiliates, funds needed or desired by the Group Member for such periods of
time and in such amounts as the Audit Committee of the MLP General Partner may
determine; provided, however, that in any such case the lending party may not
(i) charge the borrowing party interest at a rate greater than the rate that
would be charged the borrowing party or (ii) impose terms less favorable to the
borrowing party than would be charged or imposed on the borrowing party by
unrelated lenders on comparable loans made on an arm’s-length basis (without
reference to the lending party’s financial abilities or guarantees).  The borrowing party shall reimburse the
lending party for any costs (other than any additional interest costs) incurred
by the lending party in connection with the borrowing of such funds.  No Group Member may lend funds to Holdco.

(g)           The Partnership may lend or
contribute to any Group Member, and any Group Member may borrow from the
Partnership, funds on terms and conditions established in the sole discretion
of the General Partner; provided, however, that the Partnership may not charge
the Group Member interest at a rate less than the rate that would be charged to
the Group Member (without reference to the General Partner’s financial
abilities or guarantees) by unrelated lenders on comparable loans.  The foregoing authority shall be exercised by
the General Partner in its sole discretion and shall not create any right or
benefit in favor of any Group Member or any other Person.

(h)           The General Partner may itself, or
may enter into an agreement with any of its Affiliates to, render services to a
Group Member or to the General Partner in the discharge of its duties as
general partner of the Partnership.  Any
services rendered to a Group Member by the General Partner or any of its
Affiliates shall be on terms that are fair and reasonable to the Partnership;
provided, however, that the requirements of this Section 7.6(h) shall be deemed

 

12

 

satisfied as to (i) any transaction approved by
Special Approval, or (ii) any transaction, the terms of which are objectively
demonstrable to be no less favorable to the Partnership Group than those
generally being provided to or available from unrelated third parties.  The provisions of Section 7.4 shall apply to
the rendering of services described in this Section 7.6(h).

(i)            The General Partner and its
Affiliates will have no obligation to permit any Group Member to use any
facilities or assets of the General Partner and its Affiliates, except as may
be provided in written contracts entered into from time to time specifically
dealing with such use, nor shall there be any obligation on the part of the
General Partner or its Affiliates to enter into such contracts.

(j)            Subject to the provisions of Section
7.5(e), the Partnership may lend funds to the General Partner or any of its
Affiliates for such periods of time and in such amounts as the Audit Committee
of the MLP General Partner may determine; provided, however, that the
Partnership may not lend funds to the General Partner or an Affiliate unless
such funds consist of funds available after provision for working capital and
such reserves as the General Partner deems appropriate and such loan shall bear
interest at the rate (including points or other financing charges or fees) that
the General Partner would be charged by unrelated lenders on comparable loans.

Section
7.7                                      Tax Basis and Value Determinations

To the extent that the
General Partner is required pursuant to the provisions of this Agreement to
establish fair market values or allocate amounts realized, tax basis, Agreed
Values or Net Agreed Values, the General Partner shall establish such values
and make such allocations in a manner that is reasonable and fair to the
Limited Partner, taking into account all applicable laws, governmental
regulations, rulings and decisions.  The
General Partner may, in its sole discretion, modify or revise such allocations
in order to comply with such laws, governmental regulations, rulings or
decisions or to the extent it otherwise deems such modification or revision
appropriate or necessary.  The General
Partner is authorized, to the extent deemed by it to be appropriate or
necessary, to utilize the services of an independent appraiser in establishing
such values or allocations and the General Partner shall in such cases be
entitled to rely on the values or allocations established by such independent
appraiser.

Section
7.8                                      Resolution of Conflicts of Interest;
Standard of Care

(a)           Unless otherwise expressly provided
in this Agreement, the Management Agreement or any other agreement contemplated
hereby, (i) whenever a conflict of interest exists or arises between the
General Partner or any of its Affiliates, on the one hand, and the Partnership
or the Limited Partner, on the other hand, or (ii) whenever this Agreement, the
Management Agreement or any other agreement contemplated hereby provides that
the General Partner or any of its Affiliates shall act in a manner which is, or
provide terms which are, fair and/or reasonable to the Partnership or the
Limited Partner, the General Partner or such Affiliate shall resolve such
conflict of interest, take such action or provide such terms considering, in
each case, the relative interests of each party to such conflict, agreement,
transaction or situation and the benefits and burdens relating to such
interests, any customary or accepted industry practices, and any applicable
generally accepted accounting or engineering practices or principles, and in

 

13

 

the absence of bad faith by the General Partner or
such Affiliate, the resolution, action or terms so made, taken or provided by
the General Partner or such Affiliate shall not constitute a breach of this
Agreement or any other agreement contemplated hereby or a breach of any
standard of care or duty imposed hereby or under the Delaware Act or any other
applicable law, rule or regulation.

(b)           Whenever this Agreement, the
Management Agreement or any other agreement contemplated hereby provides that
the General Partner or any of its Affiliates is permitted or required to make a
decision (i) in its “discretion” or under a grant of similar authority or
latitude, the General Partner or such Affiliate shall be entitled, to the
extent permitted by applicable law, to consider only such interests and factors
as it desires and shall have no duty or obligation to give any consideration to
any interest of or factors affecting the Partnership or the Limited Partner, or
(ii) in its “good faith” or under another express standard, the General Partner
or such Affiliate shall act under such express standard and, except as required
by applicable law, shall not be subject to any other or different standards
imposed by this Agreement, any other agreement contemplated hereby or
applicable law.

Section
7.9                                      Other Matters Concerning the General
Partner

(a)           The General Partner may rely and
shall be protected in acting or refraining from acting upon any certificate,
document or other instrument believed by it to be genuine and to have been
signed or presented by the proper party or parties.

(b)           The General Partner may consult with
legal counsel, accountants, appraisers, management consultants, investment
bankers, and other consultants and advisors selected by it and shall be fully
protected in relying on any opinion or advice of any such Person as to matters
which the General Partner believes to be within such Person’s professional or expert
competence in connection with any action taken or suffered or omitted by the
General Partner hereunder in good faith and in accordance with such opinion or
advice.

(c)           The General Partner may exercise any
of the powers granted to it by this Agreement and perform any of the duties
imposed upon it hereunder either directly or by or through its agents, and the
General Partner shall not be responsible for any misconduct or negligence on
the part of any such agent appointed by the General Partner in good faith.

Section
7.10                                Limited Liability; Indemnification

(a)           Notwithstanding anything to the
contrary in this Agreement, and except to the extent required by applicable
law, no Indemnitee shall be liable to the Partnership or any Partner for any
action taken or omitted to be taken by such Indemnitee in its capacity as a
person of the type described in the definition of the term “Indemnitee”,
provided that such Indemnitee acted in good faith and such action or omission
does not involve the gross negligence or willful misconduct of such
Indemnitee.  The termination of any
action, suit or proceeding by judgment, order, settlement, conviction or upon a
plea of nolo contendere, or its equivalent, shall not, of itself, create a
presumption that an Indemnitee did not act in good faith or that an action or
omission involves gross negligence or willful misconduct.

 

14

 

(b)           The Partnership shall, to the extent
permitted by applicable law, indemnify each Indemnitee against expenses
(including legal fees and expenses), judgments, fines and amounts paid in
settlement, actually and reasonably incurred by such Indemnitee, in connection
with any threatened, pending or completed claim, demand, action, suit or
proceeding to which such Indemnitee was or is a party or is threatened to be
made a party, by reason of (i) such Indemnitee’s status as a General Partner,
any Affiliate of the General Partner, any Person who is or was a director,
officer, manager, member, employee or agent of the General Partner or any such
Affiliate, or any Person who is or was serving at the request of the General
Partner or any such Affiliate as a director, officer, manager, member, partner,
trustee, employee or agent of another Person or (ii) any action taken or
omitted to be taken by such Indemnitee in any capacity referred to in clause
(i) of this Section 7.10(b), relating to this Agreement or the property,
business, affairs or management of the Partnership (provided the Indemnitee
acted in good faith and the act or omission which is the basis of such action,
suit or proceeding does not involve the gross negligence or willful misconduct
of such Indemnitee).

(c)           Expenses (including legal fees and
expenses) incurred in defending any claim, demand, action, suit or proceeding
subject to Section 7.10(b) shall be paid by the Partnership in advance of the
final disposition of such claim, demand, action, suit or proceeding upon
receipt of an undertaking (which need not be secured) by or on behalf of the
Indemnitee to repay such amount if it shall ultimately be determined, by a
court of competent jurisdiction, that the Indemnitee is not entitled to be
indemnified by the Partnership as authorized hereunder.

(d)           The indemnification provided by
Section 7.10(b) shall be in addition to any other rights to which an Indemnitee
may be entitled and shall continue as to an Indemnitee who has ceased to serve
in a capacity for which the Indemnitee is entitled to indemnification and shall
inure to the benefit of the heirs, successors, assigns, administrators and
personal representatives of the Indemnitee.

(e)           To the extent commercially
reasonable, the Partnership shall purchase and maintain insurance on behalf of
the Indemnitees against any liability which may be asserted against or expense
which may be incurred by an Indemnitee in connection with the Partnership’s
activities, whether or not the Partnership would have the power to indemnify an
Indemnitee against such liability under the provisions of this Agreement.

(f)            An Indemnitee shall not be denied
indemnification in whole or in part under Section 7.10(b) because the
Indemnitee had an interest in the transaction with respect to which the
indemnification applies if the transaction was otherwise permitted by the terms
of this Agreement.

(g)           The provisions of this Section 7.10
are for the benefit of the Indemnitees and the heirs, successors, assigns,
administrators and personal representatives of the Indemnitees and shall not be
deemed to create any rights for the benefit of any other Persons.

 

15

 

ARTICLE VIII

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNER

Section
8.1                                      Limitation of Liability

The Limited Partner shall
have no liability under this Agreement (including, without limitation, liability
under Section 7.10) except as provided in Section 4.1.

Section
8.2                                      Management of Business

The Limited Partner shall
not take part in the operation, management or control (within the meaning of
the Delaware Act) of the Partnership’s business, transact any business in the
Partnership’s name or have the power to sign documents for or otherwise bind
the Partnership.

Section
8.3                                      Outside Activities

The Limited Partner shall
be entitled to and may have business interests and engage in business
activities in addition to those relating to the Partnership, including business
interests and activities in direct competition with the Partnership.  Neither the Partnership nor the General
Partner shall have any rights by virtue of this Agreement or the Partnership relationship
created hereby in any business ventures of the Limited Partner.

Section
8.4                                      Return of Capital

The Limited Partner shall
not be entitled to the withdrawal or return of its Capital Contribution, except
to the extent, if any, that distributions made pursuant to this Agreement or
upon termination of the Partnership may be considered as such by law and then
only to the extent provided for in this Agreement.

ARTICLE IX

BOOKS, RECORDS, ACCOUNTING AND REPORTS

Section
9.1                                      Books, Records and Accounting

The General Partner shall
keep or cause to be kept books and records with respect to the Partnership’s
business, which books and records shall at all times be kept at the principal
office of the Partnership.  Any books and
records maintained by the Partnership in the regular course of its business,
including books of account and records of Partnership proceedings, may be kept
on, or be in the form of, punch cards, disks, magnetic tape, photographs,
micrographics or any other information storage device, provided that the
records so kept are convertible into clearly legible written form within a
reasonable period of time.  The books of
the Partnership shall be maintained, for financial reporting purposes, on the
accrual basis, or on a cash basis adjusted periodically to an accrual basis, as
the General Partner shall determine in its sole discretion, in accordance with
generally accepted accounting principles and applicable law.

 

16

 

Section
9.2                                      Fiscal Year

The fiscal year of the
Partnership for financial reporting purposes shall be the calendar year, unless
the General Partner shall determine otherwise in its sole discretion.

Section
9.3                                      Reports

(a)           As soon as practicable, but in no
event later than 90 days after the close of each fiscal year, the General
Partner shall deliver to the Limited Partner reports containing financial
statements of the Partnership for the fiscal year, presented in accordance with
generally accepted accounting principles, including a balance sheet, statement
of income, statement of Partners’ capital and statement of changes in financial
position, such statements to be audited by a nationally recognized firm of
independent public accountants selected by the General Partner.

(b)           As soon as practicable, but in no
event later than 45 days after the close of each calendar quarter, except the
last calendar quarter of each fiscal year, the General Partner shall deliver to
the Limited Partner a quarterly report for the calendar quarter containing such
financial and other information as the General Partner deems appropriate.

ARTICLE X

TRANSFER OF PARTNERSHIP INTERESTS; SUCCESSOR PARTNERS

Section
10.1                                Transfer of Partnership Interests

Neither Partner may
transfer any of its Partnership Interest unless (a) all of its Partnership
Interest is being transferred and the transferee assumes all of the rights and
obligations of such Partner hereunder, (b) the transfer is to an Affiliate of
such Partner or is in connection with a Partner’s merger or consolidation with,
or a transfer of all or substantially all of a Partner’s assets to, another
Person, or the transfer is approved by the other Partner, and (c) the
Partnership receives an Opinion of Counsel that such transfer would not result
in the loss of limited liability of the Limited Partner or cause the
Partnership to be treated as an association taxable as a corporation for
federal income tax purposes.

Section
10.2                                Successor Partners

Any Person becoming a
successor General Partner pursuant to Section 11.1 or the proviso to Section
12.1 or the transferee of the entire Partnership Interest of a Partner pursuant
to Section 10.1 shall be admitted to the Partnership as a successor Partner,
effective as of the date an amendment or restatement of the Certificate of Limited
Partnership is filed with the Secretary of State of the State of Delaware
effecting such substitution; provided, however,
that no such successor shall be so admitted until it has agreed in writing to
assume the former Partner’s obligations hereunder.  This Agreement and the Certificate of Limited
Partnership shall be amended as appropriate to reflect the termination of the
former Partner and the admission of the successor Partner.

 

17

 

ARTICLE XI

WITHDRAWAL OR REMOVAL OF THE GENERAL PARTNER

Section
11.1                                Withdrawal or Removal of the General
Partner

(a)           Subject to regulatory approval, upon
the withdrawal of the MLP General Partner from the Limited Partner, the General
Partner shall withdraw from the Partnership, effective as of the date on which
the MLP General Partner’s withdrawal is effective.  If a successor MLP General Partner is
approved as permitted by Section 13.1(a) of the MLP Agreement, the Person so
approved (or its designated Affiliate) shall become the successor General
Partner.  If no successor MLP General
Partner is approved, the Partnership shall be dissolved pursuant to Section
12.1.

(b)           The removal of the MLP General
Partner from the Limited Partner shall also constitute the removal of the General
Partner from the Partnership, effective as of the date on which the MLP General
Partner’s removal is effective.  The
Person approved as successor MLP General Partner (or its designated Affiliate)
shall become the successor General Partner.

Section
11.2                                Sale of Former General Partner’s Interest

If any Person becomes a
successor General Partner pursuant to Sections 11.1 or 12.2 or the proviso to
Section 12.1, such successor shall purchase from the former General Partner,
and the former General Partner shall sell to such successor, the Partnership
Interest of the former General Partner for an amount in cash equal to the fair
market value thereof, determined as of the effective date of the departure of
the former General Partner.  Such fair
market value shall be determined by agreement between the former General
Partner and its successor or, failing agreement within 30 days after the date
the successor General Partner is so admitted, by a firm of independent
appraisers jointly selected by the former General Partner and its successor
(or, if the former General Partner and its successor cannot agree on the
selection of such a firm within 45 days after the date the successor General
Partner is so admitted, by a firm of independent appraisers selected by two firms,
one of which will be selected by the former General Partner and the other of
which will be selected by the successor).

ARTICLE XII

DISSOLUTION AND LIQUIDATION

Section
12.1                                Dissolution

The Partnership shall be
dissolved, and its affairs wound up, upon:

(a)           expiration of its term as provided in
Section 2.4;

(b)           withdrawal of the General Partner
pursuant to Section 11.1 (unless a Person becomes a successor General Partner
prior to or on the effective date of such withdrawal);

 

18

 

(c)           bankruptcy or dissolution of the
General Partner, or any other event that results in the General Partner ceasing
to be a general partner in the Partnership (other than by reason of a
withdrawal or removal pursuant to Section 11.1 or a transfer pursuant to
Section 10.1);

(d)           an election by the General Partner to
dissolve the Partnership which is approved by the Limited Partner; or

(e)           dissolution of the Limited Partner
(unless the Limited Partner (if a partnership) is continued or reconstituted in
accordance with its partnership agreement);

provided,
however, that the
Partnership shall not be dissolved upon an event described in Section 12.1(b)
if, within 90 days of such event, the Limited Partner agrees in writing to
continue the business of the Partnership and to the appointment of a successor
General Partner.

For purposes of this
Section 12.1, bankruptcy of the General Partner shall be deemed to have
occurred when (i) it commences a voluntary proceeding seeking liquidation, reorganization
or other relief under any bankruptcy, insolvency or other similar law now or
hereafter in effect, (ii) it seeks, consents to or acquiesces in the
appointment of a trustee, receiver or liquidator for it or for all or any
substantial part of its properties, (iii) it is adjudged a bankrupt or
insolvent, or has entered against it a final and nonappealable order for
relief, under any bankruptcy, insolvency or similar law now or hereafter in
effect, (iv) it executes and delivers a general assignment for the benefit of
its creditors, (v) it files an answer or other pleading admitting or failing to
contest the material allegations of a petition filed against it in any
involuntary proceeding of the nature described in clause (i) above, or (vi)(1)
any involuntary proceeding of the nature described in clause (i) above has not
been dismissed 120 days after the commencement thereof or (2) the appointment
without its consent or acquiescence of a trustee, receiver or liquidator for it
or for all or any substantial part of its properties has not been vacated or
stayed within 90 days of such appointment, or (3) such appointment has been
stayed but is not vacated within 90 days after the expiration of any such stay.

Section
12.2                                Reconstitution

Upon dissolution of the
Partnership in accordance with Sections 12.1(b) or (c), and a failure of all
Partners to agree to continue the business of the Partnership and to the
appointment of a successor General Partner as provided in the proviso to
Section 12.1, then within 180 days after the event described in Sections
12.1(b) or (c), the remaining Partners may elect to reconstitute the
Partnership and continue its business by forming a new partnership on terms
identical to those set forth in this Agreement and having as a general partner
a Person approved by such Partners.  Upon
any such election by such Partners, all Partners shall be bound thereby and
shall be deemed to have consented thereto. 
Unless such an election is made within such 180-day period, the
Partnership shall conduct only activities necessary to wind up its
affairs.  If such an election is made
within such 180-day period, then (a) the reconstituted partnership shall
continue until the end of the term set forth in Section 2.4 unless earlier
dissolved in accordance with this Article XII and (b) all necessary steps shall
be taken to cancel this Agreement and the Certificate of Limited Partnership
and to enter into a new partnership agreement and certificate of limited
partnership; provided that the right to reconstitute and to continue the
business of the Partnership shall not exist and may not be exercised unless the
Partnership has received an

 

19

 

Opinion of Counsel
that (i) the exercise of the right would not result in the loss of limited
liability of the Limited Partner and (ii) neither the Partnership nor the
reconstituted partnership would be treated as an association taxable as a
corporation for federal income tax purposes.

Section
12.3                                Liquidation

Upon dissolution of the
Partnership, unless the Partnership is reconstituted pursuant to Section 12.2,
the General Partner, or in the event the General Partner has withdrawn from the
Partnership, been removed or dissolved or become bankrupt (as defined in
Section 12.1), a liquidator or liquidating committee approved by the Limited
Partner shall be the liquidator of the Partnership (the “Liquidator”).  The Liquidator (if other than the General
Partner) shall be entitled to receive such compensation for its services as may
be approved by the Limited Partner.  The
Liquidator shall agree not to resign at any time without 15 days’ prior written
notice and (if other than the General Partner) may be removed at any time, with
or without cause, by notice of removal approved by the Limited Partner.  Upon dissolution, resignation or removal of
the Liquidator, a successor and substitute Liquidator (who shall have and
succeed to all rights, powers and obligations of the original Liquidator)
shall, within 30 days thereafter, be approved by the Limited Partner.  Except as expressly provided in this Article
XII, the Liquidator approved in the manner provided herein shall have and may
exercise, without further authorization or approval of any of the parties
hereto, all of the powers conferred upon the General Partner under the terms of
this Agreement (but subject to all of the applicable limitations, contractual
and otherwise, upon the exercise of such powers, other than the limitation on
sale set forth in Article XIV) to the extent appropriate or necessary in the
good faith judgment of the Liquidator to carry out the duties and functions of
the Liquidator hereunder for and during such period of time as shall be
reasonably required in the good faith judgment of the Liquidator to complete
the winding-up and liquidation of the Partnership as provided for herein.  The Liquidator shall liquidate the assets of
the Partnership and apply and distribute the proceeds of such liquidation in
the following order of priority, unless otherwise required by mandatory
provisions of applicable law:

(a)           to creditors of the Partnership
(including Partners); and

(b)           in accordance with their respective
Percentage Interests;

provided,
however, that the
Liquidator may place in escrow a reserve of cash or other assets of the
Partnership for contingent liabilities in an amount determined by the
Liquidator to be appropriate for such purposes.

Section
12.4                                Distribution in Kind

Notwithstanding the
provisions of Section 12.3 requiring the liquidation of the assets of the Partnership,
but subject to the order of priorities set forth therein, if on dissolution of
the Partnership the Liquidator determines that an immediate sale of part or all
of the Partnership’s assets would be impractical or would cause undue loss to
the Partners, the Liquidator may, in its sole discretion, defer for a
reasonable time the liquidation of any assets except those necessary to satisfy
liabilities of the Partnership and may, in its sole discretion, distribute to
the Partners, as tenants in common, in lieu of cash, and as their interests may
appear in accordance with the

 

20

 

provisions of
Section 12.3(b), undivided interests in such Partnership assets as the
Liquidator deems not suitable for liquidation. 
Any distributions in kind shall be subject to such conditions relating
to the disposition and management thereof as the Liquidator deems reasonable
and equitable and to any joint ownership agreements or other agreements
governing the ownership and operation of such properties at such time.  The Liquidator shall determine the fair
market value of any property distributed in kind using such reasonable method
of valuation as it may adopt.

Section
12.5                                Cancellation of Certificate of Limited
Partnership

Upon the completion of
the distribution of Partnership property pursuant to Sections 12.3 and 12.4,
the Partnership shall be terminated, and the Liquidator (or the Limited Partner
if necessary) shall cause the cancellation of the Certificate of Limited
Partnership and all qualifications of the Partnership as a foreign limited
partnership in jurisdictions other than the State of Delaware and shall take
such other actions as may be necessary to terminate the Partnership.

Section
12.6                                Return of Capital

The General Partner shall
not be personally liable for the return of the Capital Contributions of the
Limited Partner, or any portion thereof, it being expressly understood that any
such return shall be made solely from Partnership assets.

Section
12.7                                Waiver of Partition

Each Partner hereby
waives any rights to partition of the Partnership property.

ARTICLE XIII

AMENDMENT OF PARTNERSHIP AGREEMENT

Section
13.1                                Amendments Which May Be Adopted Solely by
the General Partner

The General Partner may
amend any provision of this Agreement without the consent of the Limited
Partner, and may execute, swear to, acknowledge, deliver, file and record
whatever documents may be required in connection therewith, to reflect:

(a)           a change in the name of the
Partnership, in the location of the principal place of business of the
Partnership or in the registered office or registered agent of the Partnership;

(b)           a change that the General Partner
deems appropriate or necessary to (i) qualify, or continue the qualification
of, the Partnership as a limited partnership (or a partnership in which the
Limited Partner has limited liability) under the laws of any state or
jurisdiction or (ii) ensure that the Partnership will not be treated as an
association taxable as a corporation for federal income tax purposes;

 

21

 

(c)           a change that the General Partner in
its sole discretion deems appropriate or necessary to satisfy any requirements,
conditions or guidelines contained in any order, rule or regulation of any
federal or state agency or contained in any federal or state statute;

(d)           a change that is appropriate or
necessary, as determined by an Opinion of Counsel, to prevent the Partnership,
the General Partner, its Affiliates and their respective directors and officers
from in any manner being subjected to the provisions of the Investment Company
Act of 1940, as amended, the Investment Advisers Act of 1940, as amended, or “plan
asset” regulations adopted under the Employee Retirement Income Security Act of
1974, as amended, whether or not substantially similar to plan asset
regulations currently applied or proposed by the United States Department of
Labor;

(e)           a change that is required or
contemplated by any provision of this Agreement, including, without limitation,
Section 10.2;

(f)            a change that in the good faith
opinion of the General Partner does not adversely affect the Limited Partner in
any material respect; or

(g)           any changes or events similar to the
foregoing.

Section
13.2                                Other Amendments

Amendments to this
Agreement (other than amendments adopted pursuant to Section 13.1) shall be
effective only when approved by both Partners.

ARTICLE XIV

SALE OF ALL ASSETS

Without the prior
approval of the Limited Partner, the General Partner shall not, acting on
behalf of the Partnership, sell or otherwise dispose of, or consent to the sale
or other disposition of, all or substantially all of the assets owned directly
or indirectly by the Partnership.

ARTICLE XV

GENERAL PROVISIONS

Section
15.1                                Opinions Regarding Taxation as a
Partnership

Notwithstanding any other
provisions of this Agreement, the requirement, as a condition to any action
proposed to be taken under this Agreement, that the Partnership receive an
Opinion of Counsel that the proposed action would not result in the Partnership
being treated as an association taxable as a corporation for federal income tax
purposes (a) shall not be applicable to the extent that the Partnership is at
such time treated in all material respects as an association taxable as a
corporation for federal income tax purposes and (b) shall be deemed satisfied
by an Opinion of Counsel containing conditions, limitations and qualifications
which are acceptable to the General Partner in its sole discretion.

 

22

 

Section
15.2                                Address and Notices

Any notice to the
Partnership, the General Partner or the Limited Partner shall be deemed given
if received by it in writing at the principal office of the Partnership
designated pursuant to Section 2.3.

Section
15.3                                Headings

All article or section
headings in this Agreement are for convenience only and shall not be deemed to
control or affect the meaning or construction of any of the provisions hereof.

Section
15.4                                Binding Effect

This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
successors and assigns.

Section
15.5                                Integration

This Agreement
constitutes the entire agreement among the parties pertaining to the subject
matter hereof and supersedes all prior agreements and understandings pertaining
thereto.

Section
15.6                                Waiver

No failure by any party
to insist upon the strict performance of any covenant, duty, agreement or
condition of this Agreement or to exercise any right or remedy consequent upon
a breach thereof shall constitute waiver of any such breach or any other
covenant, duty, agreement or condition.

Section
15.7                                Counterparts

This Agreement may be
executed in any number of counterparts, all of which together shall constitute
one agreement binding on both of the parties hereto.  Each party shall become bound by this
Agreement immediately upon affixing its signature hereto.

Section
15.8                                Severability

If any provision of this
Agreement is or becomes invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions hereof, or of
such provision in other respects, shall not be affected thereby.

Section
15.9                                Applicable Law

This Agreement shall be
governed by and construed and enforced in accordance with the laws of the State
of Delaware.

 

23

 

IN WITNESS
WHEREOF, this Agreement has been duly executed by the Partners as of the date
first above written.

 

 

	
   

  	
  MAINLINE L.P.,
  as General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MAINLINE GP,
  INC., as General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Robert B.
  Wallace

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice
  President, Finance and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BUCKEYE
  PARTNERS, L.P.,

  
	
   

  	
  as Limited
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BUCKEYE GP LLC,

  
	
   

  	
   

  	
  as General
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Stephen C.
  Muther

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice
  President— Administration and Secretary

  

 

 

 

 

 

SIGNATURE PAGE

[Amended
and Restated Agreement of Limited Partnership of Buckeye Pipe Line Company,
L.P.]

 

 

24Exhibit 10.9

 

 

 

FORM OF

 

THIRD AMENDED AND RESTATED
MANAGEMENT AGREEMENT

 

Dated as of _________ ___, 2006

 

Between

 

BUCKEYE PIPE LINE COMPANY, L.P.

 

and

 

MAINLINE L.P.

 

 

 

 

 

TABLE OF CONTENTS

 

	
  Article I

  	
  Engagement of
  the Manager

  	
  1

  
	
   

  	
   

  	
   

  
	
  Article II

  	
  Powers and
  Duties of the Manager

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 2.1

  	
  Powers of the Manager

  	
  2

  
	
  Section 2.2

  	
  Duties of the Manager

  	
  3

  
	
  Section 2.3

  	
  Outside Activities

  	
  4

  
	
   

  	
   

  	
   

  
	
  Article III

  	
  Liability of
  the Manager; Indemnification

  	
  4

  
	
   

  	
   

  	
   

  
	
  Section 3.1

  	
  Liability of the Manager

  	
  4

  
	
  Section 3.2

  	
  Indemnification

  	
  4

  
	
   

  	
   

  	
   

  
	
  Article IV

  	
  Reimbursement

  	
  5

  
	
   

  	
   

  	
   

  
	
  Article V

  	
  No Interest
  Conveyed to the Manager

  	
  6

  
	
   

  	
   

  	
   

  
	
  Article VI

  	
  Termination;
  Successor Manager

  	
  6

  
	
   

  	
   

  	
   

  
	
  Section 6.1

  	
  Termination

  	
  6

  
	
  Section 6.2

  	
  Successor Manager

  	
  6

  
	
   

  	
   

  	
   

  
	
  Article VII

  	
  Reports,
  Records and Access

  	
  6

  
	
   

  	
   

  	
   

  
	
  Article VIII

  	
  General
  Provisions

  	
  7

  
	
   

  	
   

  	
   

  
	
  Section 8.1

  	
  Reliance by Third Parties

  	
  7

  
	
  Section 8.2

  	
  Address and Notices

  	
  7

  
	
  Section 8.3

  	
  Headings

  	
  7

  
	
  Section 8.4

  	
  Binding Effect

  	
  7

  
	
  Section 8.5

  	
  Integration

  	
  7

  
	
  Section 8.6

  	
  Waiver

  	
  7

  
	
  Section 8.7

  	
  Counterparts

  	
  7

  
	
  Section 8.8

  	
  Accounting Principles

  	
  8

  
	
  Section 8.9

  	
  Severability

  	
  8

  
	
  Section 8.10

  	
  Applicable Law

  	
  8

  
				

 

i

 

THIRD
AMENDED AND RESTATED MANAGEMENT AGREEMENT

THIS THIRD AMENDED AND
RESTATED MANAGEMENT AGREEMENT (this “Agreement”), dated as of _________ ___,
2006, is entered into between BUCKEYE PIPE LINE COMPANY, L.P., a Delaware
limited partnership (the “Partnership”), and MAINLINE L.P., a Delaware limited
partnership (the “Manager”).

WITNESSETH:

WHEREAS, the Partnership
was formed to engage in any lawful activity for which limited partnerships may
be organized under the laws of the State of Delaware;

WHEREAS, the Partnership
and Buckeye GP LLC entered into an Amended and Restated Management Agreement
dated as of December 15, 2004 (the “Prior Agreement”);

WHEREAS, Buckeye GP LLC
assigned and transferred certain assets and liabilities, including its interest
in the Prior Agreement and its general partner interest in the Partnership, to
the Manager pursuant to an Assignment and Assumption Agreement dated as of the
date of this Agreement; and

WHEREAS, the Partnership
and the Manager desire to amend and restate the Prior Agreement to confirm the
Partnership’s engagement of the Manager to manage, operate, direct and exercise
full and exclusive control over the business and affairs of the Partnership,
and the Manager’s acceptance of such appointment, in accordance with the terms
and conditions hereinafter set forth.

NOW, THEREFORE, the
parties hereto, intending to be legally bound hereby, agree as follows:

ARTICLE I            

ENGAGEMENT OF THE MANAGER

The Partnership hereby
engages the Manager as the Partnership’s managing agent, and the Manager
accepts its engagement by the Partnership, to manage, operate, direct and
exercise full and exclusive control over the business and affairs of the
Partnership, subject to the restrictions contained in this Agreement, the
Amended and Restated Agreement of Limited Partnership, dated as of _________
___, 2006, between the Manager and the Partnership (as amended from time to
time, the “Partnership Agreement”), and the Amended and Restated Agreement of
Limited Partnership, dated as of _________ ___, 2006 (as amended from time to
time, the “MLP Partnership Agreement”), of Buckeye Partners, L.P., a Delaware
limited partnership (the “MLP”). 
Individual members of the group consisting of the MLP and its
consolidated subsidiaries (including the Partnership) are referred to herein as
“Group Members.”

 

 

ARTICLE II           

POWERS AND DUTIES OF THE MANAGER

Section
2.1                                      Powers of the Manager

Subject to such
limitations as may be imposed by law, this Agreement, the Partnership Agreement
or the MLP Partnership Agreement (including any provisions relating to
separateness of the Partnership from other entities), the Manager is hereby
authorized and empowered, in the name of and on behalf of the Partnership, to
do and perform any and all acts and things which it deems appropriate or
necessary in the conduct of the business and affairs of the Partnership,
including, without limitation, the following:

(a)           to lend or borrow money, to assume,
guarantee or otherwise become liable for indebtedness and other liabilities and
to issue evidences of indebtedness;

(b)           to buy, lease (as lessor or lessee),
sell, mortgage, encumber or otherwise acquire or dispose of any or all of the
assets of the Partnership;

(c)           to own, use and invest the assets of
the Partnership;

(d)           to purchase or sell products,
services and supplies;

(e)           to make tax, regulatory and other
filings with, and to render periodic and other reports to, governmental
agencies or bodies having jurisdiction over the assets or business of the
Partnership;

(f)            to open, maintain and close bank
accounts and to draw checks and other orders for the payment of money;

(g)           to negotiate, execute and perform any
contracts, conveyances or other instruments;

(h)           to make allocations of income and
deductions of the Partnership and make distributions in accordance with the
Partnership Agreement;

(i)            to utilize the services of officers
and employees of the Manager or of any other entities and to select and dismiss
employees (if any) and outside attorneys, accountants, consultants and
contractors;

(j)            to maintain insurance for the
benefit of the Partnership and its partners;

(k)           to form, participate in or contribute
or loan cash or property to limited or general partnerships, limited liability
companies, corporations, other entities, joint ventures or similar
arrangements;

(l)            to expand the business activities in
which the Partnership is engaged or engage in new business activities by
acquisition or internal development; and

 

2

 

(m)          to conduct litigation and incur legal
expenses and otherwise deal with or settle claims or disputes;

in each case at such
times and upon such terms and conditions as the Manager deems appropriate or
necessary and subject to any express restrictions on such powers as provided in
the Partnership Agreement. The parties hereto acknowledge that so long as the
Manager is the general partner of the Partnership under the Partnership
Agreement (the “General Partner”), the Manager shall have and be entitled to
exercise all of the same hereunder as the General Partner is entitled to have
and entitled to exercise under the Partnership Agreement.

Section
2.2                                      Duties of the Manager

The Manager shall manage
the business and affairs of the Partnership in the manner which the Manager
deems appropriate or necessary.  Without
limiting the generality of the foregoing, the Manager’s duties shall include
the following:

(a)           to take possession of the assets and
properties of the Partnership;

(b)           to staff and operate the business of
the Partnership with the officers and employees of the Manager or of other
entities;

(c)           to render or cause to be rendered
engineering, environmental and other technical services and perform or cause to
be performed financial, accounting, logistical and other administrative
functions for the Partnership;

(d)           to render such reports and make such
periodic and other filings as may be required under applicable federal, state
and local laws, rules and regulations;

(e)           to provide or cause to be provided
purchasing, procurement, repair and other services for the Partnership;

(f)            to prepare, on an annual and
quarterly basis, financial statements of the Partnership, which, in the case of
annual financial statements, shall have been audited by a nationally recognized
firm of independent certified public accountants selected by the Manager, and
to furnish to the Partnership such other information and reports concerning the
conduct of the business and affairs of the Partnership as the Partnership shall
reasonably require;

(g)           to deposit all funds of the
Partnership in such account or accounts as shall be designated by the Manager
(which funds shall not be commingled with the funds of the Manager);

(h)           to maintain records of the assets
owned by the Partnership and books of account and to make such records and
books of account available for inspection by the Partnership or its duly
authorized representatives during regular business hours at the principal
office of the Manager;

(i)            to prepare and distribute in a
timely manner to all partners of the Partnership tax information reasonably
required for federal, state and local income tax reporting purposes;

 

3

 

(j)            to cause to be filed such
certificates and to do such other acts as may be required by law to qualify and
maintain the Partnership as a limited partnership in all relevant
jurisdictions; and

(k)           to conduct the business and affairs
of the Partnership in accordance with the Partnership Agreement and all
applicable laws, rules and regulations;

in each case in such a
manner as the Manager deems appropriate or necessary.

Section
2.3                                      Outside Activities

Subject to such
limitations as may be imposed pursuant to the terms of the Partnership
Agreement, the affiliates of the Manager (but not including any Group
Member)  shall be entitled to and may
have business interests and engage in business activities in addition to those
relating to the business of the Partnership, including business interests and
activities in direct competition with the Partnership, for their own accounts
and for the account of others, without having or incurring any obligation to
offer any interest in such businesses or activities to the Partnership or any
of its partners. Neither the Partnership nor any of its partners shall have any
rights by virtue of this Agreement or the relationship created hereby in any
such business interests.

ARTICLE III

LIABILITY OF THE MANAGER; INDEMNIFICATION

Section
3.1                                      Liability of the Manager

Notwithstanding anything
to the contrary in this Agreement, and except to the extent required by
applicable law, neither the Manager, any affiliate of the Manager, any person
who is or was a director, officer, manager, member, employee or agent of the
Manager or any such affiliate or any person who is or was serving at the
request of the Manager or any such affiliate as a director, officer, manager,
member, partner, trustee, employee or agent of another person (each an “Indemnitee”
and collectively, the “Indemnitees”) shall be liable to the Partnership or any
of its partners for any action taken or omitted to be taken by such Indemnitee,
provided that such Indemnitee acted in good faith and such action or omission
does not involve the gross negligence or willful misconduct of such Indemnitee.
The termination of any action, suit or proceeding by judgment, order,
settlement, conviction or upon a plea of nolo contendere, or its equivalent,
shall not, of itself, create a presumption that an action or omission involves
bad faith or willful misconduct.

Section
3.2                                      Indemnification

(a)           The Partnership shall, to the fullest
extent permitted by applicable law, indemnify each Indemnitee against expenses
(including legal fees and expenses), judgments, fines and amounts paid in
settlement, actually and reasonably incurred by such Indemnitee, in connection
with any threatened, pending or completed claim, demand, action, suit or
proceeding to which such Indemnitee was or is a party or is threatened to be
made a party by reason of the Indemnitee’s status as (x) a general partner or
affiliate thereof or (y) a director, officer, manager, member, partner,
employee, or agent of the Manager or an affiliate or (z) a person serving at
the

 

4

 

request of the Manager in another entity in a similar
capacity and which relates to this Agreement or the property, business, affairs
or management of the Partnership (provided the Indemnitee acted in good faith
and the act or omission which is the basis of such demand, claim, action, suit
or proceeding does not involve the gross negligence or willful misconduct of
such Indemnitee).

(b)           Expenses (including legal fees and
expenses) incurred in defending any proceeding subject to Section 3.2(a) shall
be paid by the Partnership in advance of the final disposition of such
proceeding upon receipt of an undertaking (which need not be secured) by or on
behalf of the Indemnitee to repay such amount if it shall ultimately be
determined, by a court of competent jurisdiction, that the Indemnitee is not
entitled to be indemnified by the Partnership as authorized hereunder.

(c)           The indemnification provided by
Section 3.2(a) shall be in addition to any other rights to which an Indemnitee
may be entitled and shall continue as to an Indemnitee who has ceased to serve
in a capacity for which the Indemnitee is entitled to indemnification and shall
inure to the benefit of the heirs, successors, assigns, administrators and
personal representatives of the Indemnitee.

(d)           To the extent commercially
reasonable, the Partnership shall purchase and maintain insurance on behalf of
the Indemnitees against any liability which may be asserted against or expense
which may be incurred by such Indemnitees in connection with the Partnership’s
activities, whether or not the Partnership would have the power to indemnify
such Indemnitees against such liability under the provisions of this Agreement.

(e)           An Indemnitee shall not be denied
indemnification in whole or in part under Section 3.2(a) because the Indemnitee
had an interest in the transaction with respect to which the indemnification
applies if the transaction was otherwise permitted by the terms of this
Agreement and the Partnership Agreement.

(f)            The provisions of this Article III
are for the benefit of the Indemnitees and the heirs, successors, assigns,
administrators and personal representatives of the Indemnitees and shall not be
deemed to create any rights for the benefit of any other persons.

(g)           As used in this Agreement, the term “affiliate”
means, with respect to any person, any other person that directly or indirectly
controls, is controlled by, or is under common control with, the person in
question.

ARTICLE IV          

REIMBURSEMENT

Except as otherwise
provided in the Fourth Amended and Restated Exchange Agreement, dated as of
_________ ___, 2006, among Holdco, the Manager, the Partnership, Buckeye GP
LLC, the MLP and other Group Members, the Partnership shall promptly reimburse
the Manager for all costs and expenses (direct or indirect) incurred by the
Manager which are directly or indirectly related to the business or activities
of the Partnership (including, without limitation, expenses, direct or
indirect, reasonably allocated to the Manager by its affiliates).

 

5

 

The Partnership
shall also promptly reimburse any former Manager for all such costs incurred by
it after a successor becomes the Manager hereunder. If the former Manager has
been removed, these costs may include any severance costs required as a result
of such former Manager ceasing to be the Manager of the Partnership.

ARTICLE V           

NO INTEREST CONVEYED TO THE MANAGER

This Agreement is a
management agreement only and does not convey to the Manager any right, title
or interest in or to any assets of the Partnership, except that the Manager
shall have and is hereby granted a license to enter upon and use such assets
for the purpose of performing its duties and obligations hereunder.

ARTICLE VI          

TERMINATION; SUCCESSOR MANAGER

Section
6.1                                      Termination

Upon dissolution and
liquidation of the Partnership, this Agreement shall terminate.

Section
6.2                                      Successor Manager

In the event the General
Partner withdraws or is removed from the Partnership and a successor becomes
the General Partner, the successor General Partner shall automatically become
the Manager of the Partnership and shall succeed to all of the rights and
obligations of the Manager hereunder (provided that such succession shall not
affect the rights of any former Manager to reimbursement provided by Article IV
hereof), and the former Manager and its successor shall execute an instrument
evidencing such succession. As soon as practicable after the effective date of
such succession, the former Manager shall, at the cost and expense of the
Partnership, deliver all records, data and information pertaining to the
business and affairs of the Partnership to the successor Manager.

ARTICLE VII        

REPORTS, RECORDS AND ACCESS

The Manager shall
prepare, maintain and furnish all reports, records and information required by
the Partnership Agreement.

 

6

 

ARTICLE VIII       

GENERAL PROVISIONS

Section
8.1                                      Reliance by Third Parties

Notwithstanding anything
to the contrary in this Agreement, no lender, purchaser or other person shall
be required to look to the application of proceeds hereunder or to verify any
representation by the Manager as to the extent of the interest in the
Partnership’s assets that the Manager is entitled to encumber, sell or
otherwise use, and any such lender, purchaser or other person shall be entitled
to rely exclusively on the representations of the Manager as to its authority
to enter into such financing or sale arrangements and shall be entitled to deal
with the Manager, without joinder of any other persons, as if it were the sole
party in interest therein, both legally and beneficially.

Section
8.2                                      Address and Notices

Any notice under this
Agreement to the Partnership or the Manager shall be deemed given if received
by it in writing at the principal office of the Partnership designated in the
Partnership Agreement.

Section
8.3                                      Headings

All article or section
headings in this Agreement are for convenience only and shall not be deemed to
control or affect the meaning or construction of any of the provisions hereof.

Section
8.4                                      Binding Effect

This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
successors but shall not be assignable except as provided in Section 6.2.

Section
8.5                                      Integration

This Agreement
constitutes the entire agreement among the parties pertaining to the subject
matter hereof and supersedes all prior agreements and understandings pertaining
thereto.

Section
8.6                                      Waiver

No failure by any party
to insist upon the strict performance of any covenant, duty, agreement or
condition of this Agreement or to exercise any right or remedy consequent upon
a breach thereof shall constitute a waiver of any such breach or of any other
covenant, duty, agreement or condition.

Section
8.7                                      Counterparts

This Agreement may be
executed in any number of counterparts, all of which together shall constitute
one agreement binding on the parties hereto.

 

7

 

Section
8.8                                      Accounting Principles

All financial reports
requested to be rendered under this Agreement shall be prepared in accordance
with generally accepted accounting principles.

Section
8.9                                      Severability

If any provision of this
Agreement is or becomes invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions hereof, or of
such provision in other respects, shall not be affected thereby.

Section
8.10                                Applicable Law

This Agreement shall be
governed by and construed and enforced in accordance with the laws of the
Commonwealth of Pennsylvania.

 

8

 

IN WITNESS WHEREOF, this
Agreement has been duly executed by the parties hereto as of the date first
above written.

	
   

  	
  PARTNERSHIP:

  
	
   

  	
   

  	
   

  
	
   

  	
  BUCKEYE
  PIPE LINE COMPANY, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MAINLINE L.P.,
  as General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MAINLINE GP,
  INC., as General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Stephen C.
  Muther

  
	
   

  	
   

  	
  Senior Vice President-Administration,

  
	
   

  	
   

  	
  General Counsel
  and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
  MANAGER:

  
	
   

  	
   

  	
   

  
	
   

  	
  MAINLINE
  L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MAINLINE GP,
  INC., as General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Robert B.
  Wallace

  
	
   

  	
   

  	
  Senior Vice
  President — Finance and

  
	
   

  	
   

  	
  Chief Financial
  Officer

  
				

 

9

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