Document:

Exhibit 4.08

 

 

 

KANEB PIPE LINE OPERATING PARTNERSHIP, L.P.,

ISSUER

 

VALERO L.P.,

AFFILIATE GUARANTOR

 

VALERO LOGISTICS OPERATIONS, L.P.,

AFFILIATE GUARANTOR

 

AND

 

JPMORGAN CHASE BANK,

TRUSTEE

 

FIFTH SUPPLEMENTAL INDENTURE

DATED AS OF JULY 1, 
2005

 

TO

 

INDENTURE

DATED AS OF FEBRUARY 21,
2002

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I AMENDMENTS TO THE INDENTURE

  	
   

  
	
  SECTION 1.01
  Definitions

  	
   

  
	
  SECTION 1.02
  Unconditional Affiliate Guarantee

  	
   

  
	
   

  	
   

  
	
  ARTICLE II MISCELLANEOUS

  	
   

  
	
  SECTION 2.01
  Execution as Supplemental Indenture

  	
   

  
	
  SECTION 2.02
  Responsibility for Recitals, Etc

  	
   

  
	
  SECTION 2.03
  Provisions Binding on Partnership’s and each Affiliate Guarantor’s Successors

  	
   

  
	
  SECTION 2.04
  Governing Law

  	
   

  
	
  SECTION 2.05
  Execution and Counterparts

  	
   

  
	
  SECTION 2.06
  Capitalized Terms

  	
   

  

 

i

 

FIFTH SUPPLEMENTAL
INDENTURE, dated as of July 1, 2005 (this “Fifth Supplemental Indenture”),
among Kaneb Pipe Line Operating Partnership, L.P., a Delaware limited partnership
having its principal office at 2435 North Central Expressway, Richardson, Texas
(the “Partnership”), Valero L.P., a Delaware limited partnership and an
Affiliate (as defined below) of the Partnership (“Valero”), Valero
Logistics Operations, L.P., a Delaware limited partnership and a 100%-owned
subsidiary of the Partnership (“Logistics” and together with Valero,
each an “Affiliate Guarantor” and collectively the “Affiliate
Guarantors”), and JPMorgan Chase Bank, National Association, a national
banking association, as trustee (the “Trustee”).

 

RECITALS OF THE
PARTNERSHIP

 

The Partnership and the
predecessor to the Trustee have heretofore executed and delivered the Indenture
dated as of February 21, 2002 (the “Original Indenture,”), as
amended and supplemented by (i) the First Supplemental Indenture thereto
dated as of February 21, 2002 (the “First Supplemental Indenture”),
(ii) the Second Supplemental Indenture thereto dated as of August 9,
2002 and effective as of April 4, 2002 (the “Second Supplemental Indenture”),
(iii) the Third Supplemental Indenture thereto dated and effective as of May 16,
2003 (the “Third Supplemental Indenture”) and (iv) the Fourth
Supplemental Indenture thereto dated as of May 27, 2003 (the “Fourth
Supplemental Indenture”) (the Original Indenture, as supplemented from time
to time, including without limitation pursuant to the First Supplemental
Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture,
the Fourth Supplemental Indenture and this Fifth Supplemental Indenture, being
referred to herein as the “Indenture”), providing for the issuance from
time to time of one or more series of the Partnership’s Debt Securities, the
terms of which are to be determined as set forth in Section 2.03 of the
Original Indenture.

 

Section 9.01 of the
Original Indenture provides, among other things, that the Partnership, when
authorized by Board Resolutions, and the Trustee may from time to time and at
any time, without the consent of Holders, enter into an indenture or indentures
supplemental to the Original Indenture for, among other things, the purpose of (i) adding
guarantees with respect to any or all of the Debt Securities or (ii) making
any changes that would provide any additional rights or benefits to the Holders
of the Debt Securities or that do not, taken as a whole, adversely affect the
legal rights of any Holder under the Indenture.

 

Each of the Partnership
and the Affiliate Guarantors desires that each Affiliate Guarantor execute and
deliver to the Trustee a supplemental indenture pursuant to which the Affiliate
Guarantors shall jointly and severally guarantee the payment of each and every
series of Debt Securities issued under the Indenture pursuant to a guarantee on
the terms and conditions set forth herein.

 

All acts and things
necessary to make this Fifth Supplemental Indenture the valid and binding
obligation of the Partnership and each Affiliate Guarantor, and to constitute
these presents a valid and binding supplemental indenture and agreement
according to its terms, have been done and performed.

 

Pursuant to Section 9.01
of the Original Indenture, the Trustee is authorized to execute and deliver
this Fifth Supplemental Indenture.

 

Now, Therefore, This
Fifth Supplemental Indenture Witnesseth:

 

 

That in consideration of
the premises, the Partnership, each Affiliate Guarantor and the Trustee
mutually covenant and agree, for the equal and proportionate benefit of all
Holders of each and every series of Debt Securities, as follows:

 

ARTICLE I

 

AMENDMENTS TO THE INDENTURE

 

SECTION 1.01 Definitions.  Section 1.01 of the Indenture is hereby
amended and supplemented by inserting, in the appropriate alphabetical
position, the following definitions:

 

“Affiliate” of any
specified Person means any other Person, directly or indirectly, controlling or
controlled by, or under direct or indirect common control with, such specified
Person.  For purposes of this definition,
“control,” as used with respect to any Person, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise. 
For purposes of this definition, the terms “controlling,” “controlled by”
and “under common control with” shall have correlative meanings.

 

“Affiliate Guarantees”
has the meaning specified in Section 12.01.

 

“Affiliate Guarantor”
means each of Valero L.P., a Delaware limited partnership, and its  100%-owned subsidiary Valero Logistics
Operations, L.P., a Delaware limited partnership, in each such case until a
successor Affiliate Guarantor shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Affiliate Guarantor” shall mean
or include each Person who is then an Affiliate Guarantor hereunder.

 

SECTION 1.02 Unconditional
Affiliate Guarantee.  The Indenture
is hereby amended and supplemented by inserting the following new Article 12
immediately after Article 11 of the Indenture:

 

“ARTICLE 12

 

SECTION 12.01.           Unconditional Affiliate Guarantee.

 

For value received, each Affiliate Guarantor hereby, jointly and
severally, fully, irrevocably, unconditionally and absolutely guarantees to the
Holders and to the Trustee the due and punctual payment of the principal of,
and premium, if any, and interest on the Debt Securities and all other amounts
due and payable under this Indenture and the Debt Securities by the Partnership
(including, without limitation, all costs and expenses (including reasonable
legal fees and disbursements) incurred by the Trustee or the Holders in
connection with the enforcement of this Indenture and the Affiliate Guarantees)
(collectively for the purposes of this Article 12, the “Indenture
Obligations”), when and as such principal, premium, if any, and interest and
such other amounts shall become due and payable, whether at the Stated
Maturity, upon redemption or by declaration of acceleration or otherwise,
according to the terms of the Debt Securities and this Indenture.  The guarantees by the Affiliate Guarantors
set forth in this Article 12 are referred to herein as the “Affiliate
Guarantees.”  Without limiting the
generality of the foregoing, the Affiliate Guarantors’ liability shall extend
to all amounts that constitute part of the Indenture Obligations and would be
owed by the Partnership

 

2

 

under this Indenture and the Debt Securities but for
the fact that they are unenforceable, reduced, limited, impaired, suspended or
not allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving the Partnership.

 

Failing payment when due of any amount guaranteed pursuant to the
Affiliate Guarantees, for whatever reason, each Affiliate Guarantor will be
obligated (to the fullest extent permitted by applicable law) to pay the same
immediately to the Trustee, without set-off or counterclaim or other reduction
whatsoever (whether for taxes, withholding or otherwise).  Each Affiliate Guarantee hereunder is
intended to be a general, unsecured, senior obligation of each Affiliate
Guarantor and will rank pari passu in right of payment with all indebtedness of
such Affiliate Guarantor that is not, by its terms, expressly subordinated in
right of payment to the Affiliate Guarantee of such Affiliate Guarantor.  Each Affiliate Guarantor hereby agrees that
to the fullest extent permitted by applicable law, its obligations hereunder
shall be full, irrevocable, unconditional and absolute, irrespective of the
validity, regularity or enforceability of the Debt Securities, the Affiliate
Guarantees or this Indenture, the absence of any action to enforce the same,
any waiver or consent by any Holder with respect to any provisions hereof or
thereof, any release of any other Affiliate Guarantor, the recovery of any
judgment against the Partnership, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or
defense of such Affiliate Guarantor. 
Each Affiliate Guarantor hereby agrees that in the event of a default in
payment of the principal of, or premium, if any, or interest on the Debt
Securities of any series or any other amounts payable under this Indenture and
the Debt Securities by the Partnership, whether at the Stated Maturity, upon
redemption or by declaration of acceleration or otherwise, legal proceedings
may be instituted by the Trustee on behalf of the Holders or, subject to Section 6.04
hereof, by the Holders, on the terms and conditions set forth in this
Indenture, directly against each Affiliate Guarantor to enforce its Affiliate
Guarantees without first proceeding against the Partnership.

 

To the fullest extent permitted by applicable law, the obligations of
each Affiliate Guarantor under this Article 12 shall be as aforesaid full,
irrevocable, unconditional and absolute and shall not be impaired, modified,
discharged, released or limited by any occurrence or condition whatsoever,
including, without limitation, (i) any compromise, settlement, release,
waiver, renewal, extension, indulgence or modification of, or any change in,
any of the obligations and liabilities of the Partnership or any Affiliate
Guarantor contained in any of the Debt Securities or this Indenture, (ii) any
impairment, modification, release or limitation of the liability of the
Partnership, any Affiliate Guarantor or any of their estates in bankruptcy, or
any remedy for the enforcement thereof, resulting from the operation of any
present or future provision of any applicable Bankruptcy Law, as amended, or other
statute or from the decision of any court, (iii) the assertion or exercise
by the Partnership, any Affiliate Guarantor or the Trustee of any rights or
remedies under any of the Debt Securities or this Indenture or their delay in
or failure to assert or exercise any such rights or remedies, (iv) the
assignment or the purported assignment of any property as security for any of
the Debt Securities, including all or any part of the rights of the Partnership
or any Affiliate Guarantor under this Indenture, (v) the extension of the
time for payment by the Partnership or any Affiliate Guarantor of any payments
or other sums or any part thereof owing or payable under any of the terms and
provisions of any of the Debt Securities or this Indenture or of the time for
performance by the Partnership or any Affiliate Guarantor of any other
obligations under or arising out of any such terms and provisions or the
extension or the renewal of

 

3

 

any thereof, (vi) the modification or amendment
(whether material or otherwise) of any duty, agreement or obligation of the
Partnership or any Affiliate Guarantor set forth in this Indenture, (vii) the
voluntary or involuntary liquidation, dissolution, sale or other disposition of
all or substantially all of the assets, marshaling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment of, or other similar
proceeding affecting, the Partnership, any Affiliate Guarantor or any of their
respective assets, or the disaffirmance of any of the Debt Securities, any of
the Affiliate Guarantees or this Indenture in any such proceeding, (viii) the
release or discharge of the Partnership or any Affiliate Guarantor from the
performance or observance of any agreement, covenant, term or condition
contained in any of such instruments by operation of law, (ix) the
unenforceability of any of the Debt Securities, the Affiliate Guarantees or
this Indenture, (x) any change in the name, business, capital structure,
corporate existence, or ownership of the Partnership or any Affiliate
Guarantor, or (xi) any other circumstance which might otherwise constitute a
defense available to, or a legal or equitable discharge of, a surety or any
Affiliate Guarantor.

 

To the fullest extent permitted by applicable law, each Affiliate
Guarantor hereby (i) waives diligence, presentment, demand of payment,
notice of acceptance, filing of claims with a court in the event of the merger,
insolvency or bankruptcy of the Partnership or any Affiliate Guarantor, and all
demands and notices whatsoever, (ii) acknowledges that any agreement,
instrument or document evidencing its Affiliate Guarantees may be transferred
and that the benefit of its obligations hereunder shall extend to each Holder
of the Debt Securities without notice to them and (iii) covenants that its
Affiliate Guarantees will not be discharged except by complete performance of
the Affiliate Guarantees.  Each Affiliate
Guarantor further agrees that to the fullest extent permitted by applicable
law, if at any time all or any part of any payment theretofore applied by any
Person to any Affiliate Guarantee is, or must be, rescinded or returned for any
reason whatsoever, including without limitation, the insolvency, bankruptcy or
reorganization of such Affiliate Guarantor, such Affiliate Guarantee shall, to
the extent that such payment is or must be rescinded or returned, be deemed to
have continued in existence notwithstanding such application, and the Affiliate
Guarantees shall continue to be effective or be reinstated, as the case may be,
as though such application had not been made.

 

Each Affiliate Guarantor shall be subrogated to all rights of the
Holders and the Trustee against the Partnership in respect of any amounts paid
by such Affiliate Guarantor pursuant to the provisions of this Indenture; provided, however,
that such Affiliate Guarantor shall not be entitled to enforce or to receive
any payments arising out of, or based upon, such right of subrogation with
respect to any of the Debt Securities until all of the Debt Securities and the
Affiliate Guarantees thereof shall have been indefeasibly paid in full or
discharged.

 

A director, officer, employee, stockholder, partner, member or
unitholder, as such, of any Affiliate Guarantor shall not have any liability
for any obligations of such Affiliate Guarantor under this Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation.

 

No failure to exercise and no delay in exercising, on the part of the
Trustee or the Holders, any right, power, privilege or remedy under this Article 12
and the Affiliate

 

4

 

Guarantees shall operate as a waiver thereof, nor
shall any single or partial exercise of any rights, power, privilege or remedy
preclude any other or further exercise thereof, or the exercise of any other
rights, powers, privileges or remedies. 
The rights and remedies herein provided for are cumulative and not
exclusive of any rights or remedies provided in law or equity.  Nothing contained in this Article 12
shall limit the right of the Trustee or the Holders to take any action to
accelerate the maturity of the Debt Securities pursuant to Article 6 or to
pursue any rights or remedies hereunder or under applicable law.”

 

ARTICLE II

 

MISCELLANEOUS

 

SECTION 2.01 Execution
as Supplemental Indenture.  By its
execution and delivery of this Fifth Supplemental Indenture, each of the
undersigned Affiliate Guarantors agrees to be bound by the provisions of the
Indenture, including those of Article 12 thereof.  This Fifth Supplemental Indenture is executed
and shall be construed as an indenture supplemental to the Indenture and, as
provided in the Indenture, this Fifth Supplemental Indenture forms a part
thereof.  Except as herein expressly
otherwise defined, the use of the terms and expressions herein is in accordance
with the definitions, uses and constructions contained in the Indenture.

 

SECTION 2.02 Responsibility
for Recitals, Etc.  The recitals
herein and in the Debt Securities (except in the Trustee’s certificate of
authentication) shall be taken as the statements of the Partnership, and the
Trustee assumes no responsibility for the correctness thereof.  The Trustee makes no representations as to
the validity or sufficiency of this Fifth Supplemental Indenture or of the Debt
Securities.  The Trustee shall not be accountable
for the use or application by the Partnership of the Debt Securities or of the
proceeds thereof.

 

SECTION 2.03 Provisions
Binding on Partnership’s and each Affiliate Guarantor’s Successors.  All the covenants, stipulations, promises and
agreements contained in this Fifth Supplemental Indenture by the Partnership
and each Affiliate Guarantor shall bind its respective successors and assigns
whether so expressed or not.

 

SECTION 2.04 Governing
Law.  THIS FIFTH
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 2.05 Execution
and Counterparts.  This Fifth
Supplemental Indenture may be executed with counterpart signature pages or
in any number of counterparts, each of which shall be an original but such
counterparts shall together constitute but one and the same instrument.

 

SECTION 2.06 Capitalized
Terms.  Capitalized terms not
otherwise defined in this Fifth Supplemental Indenture shall have the
respective meanings assigned to them in the Indenture.

 

(The
remainder of this page is intentionally blank.)

 

5

 

IN WITNESS WHEREOF, the
parties hereto have caused this Fifth Supplemental Indenture to be duly
executed, all as of the day and year first above written.

 

	
   

  	
  Partnership:

  
	
   

  	
   

  
	
   

  	
  KANEB PIPE LINE
  OPERATING PARTNERSHIP, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Kaneb Pipe Line Company LLC,

  
	
   

  	
   

  	
  Its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
     /s/ Steven A. Blank

  	
   

  
	
   

  	
   

  	
  Name:  Steven
  A. Blank

  
	
   

  	
   

  	
  Title:  Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Affiliate Guarantors:

  
	
   

  	
   

  	
   

  
	
   

  	
  VALERO L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Riverwalk Logistics, L.P.,

  
	
   

  	
   

  	
  Its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Valero GP, LLC,

  	
   

  
	
   

  	
   

  	
   

  	
  Its General Partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
     /s/ Curtis V. Anastasio

  	
   

  
	
   

  	
   

  	
  Name:  Curtis
  V. Anastasio

  	
   

  
	
   

  	
   

  	
  Title:  President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  VALERO LOGISTICS OPERATIONS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Valero GP, Inc.,

  
	
   

  	
   

  	
  Its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
     /s/ Curtis V. Anastasio

  	
   

  
	
   

  	
   

  	
  Name:  Curtis
  V. Anastasio

  
	
   

  	
   

  	
  Title: 
  President

  
							

 

 

	
   

  	
  Trustee:

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

  AS TRUSTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
      /s/ Carol Logan

  	
   

  
	
   

  	
  Name:  Carol
  Logan

  
	
   

  	
  Title:  Vice
  PresidentExhibit 10.01

 

FIRST AMENDMENT

 

TO

 

5-YEAR REVOLVING CREDIT AGREEMENT

 

dated as of

 

June 30, 2005

 

among

 

VALERO LOGISTICS OPERATIONS, L.P.,

 

as Borrower,

 

VALERO L.P.,

 

JPMORGAN CHASE BANK, N.A.,

 

as Administrative Agent,

 

and

 

The Lenders Party Hereto

 

 

FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO 5-YEAR REVOLVING CREDIT
AGREEMENT (this “First
Amendment”) dated as of June 30, 2005, is among VALERO LOGISTICS OPERATIONS, L.P., a
Delaware limited partnership (the “Borrower”); VALERO L.P., a Delaware limited partnership
(the “MLP”); JPMORGAN CHASE BANK, N.A.,
as administrative agent (in such capacity, together with its successors in such
capacity, the “Administrative Agent”) for the lenders party to the
Credit Agreement referred to below (collectively, the “Lenders”); and
the undersigned Lenders.

 

R E C I T A L S

 

A.            The
Borrower, the Administrative Agent and the Lenders are parties to that certain 5-Year
Revolving Credit Agreement dated as of December 20, 2004 (the “Credit
Agreement”), pursuant to which the Lenders have made certain extensions of
credit available to the Borrower.

 

B.            The
Borrower has requested and the Lenders have agreed to amend certain provisions
of the Credit Agreement.

 

C.            NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein
contained, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

Section 1.               Defined Terms.  Each capitalized term used herein but not
otherwise defined herein has the meaning given such term in the Credit
Agreement.  Unless otherwise indicated,
all references to Sections and Schedules in this First Amendment refer to
Sections of, and Schedules to, the Credit Agreement.

 

Section 2.               Amendments to Credit Agreement.

 

2.1           Amendments to Section 1.01.

 

(a)           The definition of “Agreement”
is hereby amended in its entirety to read as follows:

 

“Agreement”
means this 5-Year Revolving Credit Agreement, as amended by the First
Amendment, as the same may be amended, modified, supplemented or restated from
time to time in accordance herewith.

 

(b)           The definition of “Consolidated
EBITDA” is hereby amended in its entirety to read as follows:

 

“Consolidated
EBITDA” means, without duplication, as to the MLP and its Subsidiaries, on
a consolidated basis for each Rolling Period, the amount equal to Consolidated
Operating Income for such period (a) plus the following to the extent
deducted from Consolidated Operating Income in such period:  (i) depreciation, amortization and other
non-cash charges for such period and (ii) cash distributions received by
the Borrower from Skelly-Belvieu Pipeline Company, and similar joint 

 

 

ventures, during such period and (b) minus
all non-cash income added to Consolidated Operating Income in such period; provided
that (i) Consolidated EBITDA shall be adjusted from time to time as
necessary to give pro forma effect to permitted acquisitions or Investments
(other than Joint Venture Interests) or sales of property by the MLP and its
Subsidiaries and (ii) Consolidated EBITDA shall be adjusted to take into
account pro forma synergies as a
result of the Acquisition in an amount equal to (A) $17,500,000 for the
Rolling Period ending on September 30, 2005, (B) $15,000,000 for the
Rolling Period ending on December 31, 2005, (C) $10,000,000 for the
Rolling Period ending on March 31, 2006 and (D) $5,000,000 for the
Rolling Period ending on June 30, 2006.

 

(c)           The definition of “Guarantor”
is hereby amended in its entirety to read as follows:

 

“Guarantor” means each of the MLP and
each Subsidiary and other Person that from time to time executes and delivers a
Subsidiary Guaranty (or becomes a party thereto by executing and delivering a
supplement thereto or otherwise), other than any such Person that is released
from such Subsidiary Guaranty in accordance with the terms thereof.

 

(d)           The definition of “Information
Memorandum” is hereby amended in its entirety to read as follows:

 

“Information Memorandum” means,
collectively, (a) the Confidential Information Memorandum dated June 2005
relating to the Borrower and the Transactions and (b) the Confidential
Information Memorandum dated November 8, 2004 relating to the Borrower and
the Transactions.

 

(e)           The definition of “Interest Period”
is hereby amended by adding the following parenthetical after the word “thereafter”
in the third line thereof:

 

“(or, with the consent of each Lender, such
other period as the Lenders and the Borrower shall mutually agree upon)”

 

(f)            The definition of “Material
Agreements” is hereby amended in its entirety to read as follows:

 

“Material Agreements” means the
Partnership Agreement (MLP) and the Indenture as each such agreement may be
amended, supplemented or otherwise modified from time to time as permitted hereby.

 

(g)           The definition of “Permitted
Investments” is hereby amended by: (i) deleting the word “and” at the
end of clause (c) thereof; (ii) replacing the period at the end of
clause (d) thereof with “; and”; and (iii) adding a new clause (e) to
read as follows:

 

“(e)         investments
in short term debt obligations of an issuer rated at least BBB by S&P’s or
Baa2 by Moody’s, and maturing within 30 days from the date of acquisition, in
an aggregate amount not to exceed $50,000,000 at any time.”

 

2

 

(h)           The following definitions are hereby
added where alphabetically appropriate to read as follows:

 

“First
Amendment” means the First Amendment to 5-Year Revolving Credit Agreement
dated as of June 30, 2005 among the Borrower, the MLP, the Administrative
Agent and the Lenders party thereto.

 

“Term Credit Agreement” means The 5-Year
Term Credit Agreement dated as of July 1, 2005 among the Borrower, the
MLP, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and
other agents from time to time party thereto, as the same may from time to time
be amended, modified or supplemented.

 

“UK Credit Agreement” means the
Amended and Restated Credit Agreement, dated as of July 1, 2005, between
Kaneb Terminals Limited (formerly known as ST Services, Ltd.), the MLP, Kaneb
Pipeline Operating Partnership, L.P. and SunTrust Bank, as the same may from
time to time be amended, modified or supplemented.

 

2.2           Amendment to Section 2.11(c).  Section 2.11(c) is hereby amended
by deleting “June 30, 2005” wherever it appears in the fifth line thereof
and replacing it with “September 30, 2005”.

 

2.3           Amendments to Section 3.04.

 

(a)           Section 3.04(a).  Section 3.04(a) is hereby amended
in its entirety to read as follows:

 

“(a) It has heretofore furnished to the
Lenders (i) the consolidated balance sheet and statements of income,
partners equity and cash flows of the MLP (A) as of and for the fiscal
year ended December 31, 2004, reported on by KPMG, and (B) as of and
for the fiscal quarter and the portion of the fiscal year ended March 31,
2005, certified by its chief financial officer; (ii) the consolidated
balance sheet and statements of income, partners equity and cash flows of the
Borrower (A) as of and for the fiscal year ended December 31, 2004,
certified by its chief financial officer, and (B) as of and for the fiscal
quarter and the portion of the fiscal year ended March 31, 2005, certified
by its chief financial officer; (iii) the consolidated balance sheet and
statements of income, partners equity and cash flows of KPP (A) as of and
for the fiscal year ended December 31, 2004, reported on by KPMG LLP, and (B) as
of and for the fiscal quarter and the portion of the fiscal year ended March 31,
2005, certified by its chief financial officer; and (iv) the selected
unaudited pro forma condensed combined financial data set forth in the joint
proxy statement/prospectus included in the Registration Statement on Form S-4
dated November 23, 2004 filed with the SEC in connection with the Acquisition.  Such financial statements present fairly, in
all material respects, the financial position and results of operations and
cash flows of (x) the MLP and its consolidated subsidiaries, the Borrower and
its consolidated Subsidiaries, and KPP and its consolidated subsidiaries and
(y) the pro forma consolidated financial 

 

3

 

condition of the MLP, as of such dates and
for such periods in accordance with GAAP, subject to year-end audit adjustments
and the absence of footnotes in the case of the statements referred to in
clauses (B) above.”

 

(b)           Section 3.04(b).  Section 3.04(b) is hereby amended
by deleting the number “2003” in the first line thereof and replacing it with
the number “2004”.

 

2.4           Amendments to Section 4.01.

 

(a)           Section 4.01(e).  Section 4.01(e) is hereby amended
by deleting the number “2003” in the third line thereof and replacing it with
the number “2004”.

 

(b)           Section 4.01(i).  Section 4.01(i) is hereby amended
in its entirety to read as follows:

 

“(i)          The
Administrative Agent shall have received, and shall be satisfied with the
selected unaudited pro forma condensed combined financial data set forth in the
joint proxy statement/prospectus included in the Registration Statement on Form S-4
dated November 23, 2004 filed with the SEC in connection with the
Acquisition.”

 

(c)           Section 4.01(k).  Section 4.01(k) is hereby amended in its
entirety to read as follows:

 

“(k)         The
Administrative Agent shall have received evidence satisfactory to it that all
loans, letters of credit and other obligations owing pursuant to each of (i) the
Existing Agreement, (ii) the $400,000,000 Revolving Credit Agreement dated
as of April 24, 2003 among Kaneb Pipe Line Operating Partnership, L.P., as
borrower, KPP, SunTrust Bank, as administrative agent, and the lenders party
thereto, as amended, (iii) the Loan Agreement, dated as of July 13,
2001, among KSL, KPP and Bank of Scotland, as amended, (iv) the Credit
Agreement, dated as of March 25, 1998, between Martin Oil LLC (successor
to Martin Oil Corporation) and Harris Trust and Savings Bank, as amended, and (v) the
Facility Agreement, dated as of April 16, 2003, among ST Australia Pty
Ltd, Terminals Pty Ltd, Kaneb Pipe Line Operating Partnership, L.P., and
National Australia Bank Limited, as amended, shall have been paid in full and
all commitments thereunder shall have been terminated.”

 

(d)           Section 4.01(l) and Section 4.01(m).  Section 4.01(l) and Section 4.01(m)
are hereby renumbered to be Section 4.01(m) and Section 4.01(n),
respectively, and a new Section 4.01(l) is hereby inserted to read as
follows:

 

“(l)          The Term Credit Agreement shall have
become “effective” pursuant to Section 4.01 thereof.”

 

(e)           Section 4.01.  The word “June” in the fifth line of the last
paragraph of Section 4.01 is hereby deleted and replaced with the word “September”.

 

4

 

2.5           Amendment to Section 6.01.  Section 6.01 is hereby amended in its
entirety to read as follows:

 

“Section 6.01.  Indebtedness.  It will not, and will not permit any of its
subsidiaries to, create, incur, assume or permit to exist any Indebtedness,
except:

 

(a)           Indebtedness created under this
Agreement;

 

(b)           Indebtedness created under the Term
Credit Agreement, the principal amount of which does not exceed $525,000,000 in
the aggregate at any time;

 

(c)           Indebtedness created under the UK
Credit Agreement, the principal amount of which does not exceed £21,000,000 in
the aggregate at any time;

 

(d)           Indebtedness of the MLP to any Subsidiary
and of any Subsidiary to the MLP or any other Subsidiary to the extent
permitted by Section 6.04, so long as the MLP and the Borrower are in
compliance with Section 5.10;

 

(e)           Guarantees by the MLP of Indebtedness
of any Subsidiary and by any Guarantor of Indebtedness of the MLP or any other
Subsidiary and by any Subsidiary that is not a Guarantor of Indebtedness of any
other Subsidiary that is not a Guarantor; and

 

(f)            other Indebtedness of the MLP and
any Subsidiary; provided that, both before and after such Indebtedness
is created, incurred or assumed, no Event of Default shall have occurred and be
continuing under this Agreement, including, without limitation, an Event of
Default with respect to (i) the Consolidated Interest Coverage Ratio set forth
in Section 6.11(a) and (ii) the Consolidated Debt Coverage Ratio
set forth in Section 6.11(b).

 

Notwithstanding the foregoing or anything to
the contrary contained herein, the MLP and the Borrower will not permit the
aggregate principal amount of Indebtedness of Subsidiaries that are not
Guarantors (other than Indebtedness described on Schedule 6.01) at any
time to exceed 5% of Consolidated Net Worth.”

 

2.6           Amendment to Section 6.02(c)(i).  Section 6.02(c)(i) is hereby
amended in its entirety to read as follows:

 

“(i) such security interest secures
Indebtedness permitted by clause (f) of Section 6.01,”

 

2.7           Amendment to Section 6.08(b)(i).  Section 6.08(b)(i) is hereby
amended in its entirety to read as follows:

 

“(i) the foregoing shall not apply to restrictions
and conditions imposed by law, by this Agreement, by the Term Credit Agreement
or by the UK Credit Agreement,”

 

2.8           Amendment to Section 6.11.  Section 6.11 is hereby amended in its
entirety to read as follows:

 

5

 

“Section 6.11.        Financial Condition Covenants.  The MLP will not permit at any time (a) its
Consolidated Interest Coverage Ratio to be less than 3.00 to 1.00 or (b) its
Consolidated Debt Coverage Ratio to be in excess of (i) 5.00 to 1.00 for
any Rolling Period ending on or before June 30, 2006 and (ii) 4.75 to
1.00 for any Rolling Period ending on or subsequent to September 30, 2006;
provided that if at any time the MLP or any of its Subsidiaries consummates an
acquisition (including the Acquisition) for which the MLP or any of its
Subsidiaries has paid aggregate net consideration of at least $100,000,000,
then, for the two Rolling Periods the last day of which immediately follow the
date on which such acquisition is consummated, the numerator of the maximum
Consolidated Debt Coverage Ratio otherwise permitted above shall be increased
by 0.5; thereafter, compliance shall be determined by reverting back to clause (i) or
(ii) above, as applicable.”

 

2.9           Amendments to
Schedules.  Schedule 3.06, Schedule 6.01
and Schedule 6.08 are hereby amended and restated in their entirety to
read as set forth on the attached Schedule 3.06, Schedule 6.01 and Section 6.08,
respectively.

 

Section 3.               Conditions Precedent.  This First Amendment shall not become effective
until the date on which each of the following conditions is satisfied (or
waived in accordance with Section 10.02 of the Credit Agreement) (the “Effective
Date”):

 

3.1           The Administrative
Agent and the Lenders shall have received all fees and other amounts due and
payable, if any, in connection with this First Amendment on or prior to the
Effective Date.

 

3.2           The Administrative
Agent shall have received from all of the Lenders, the Borrower and the MLP,
counterparts (in such number as may be requested by the Administrative Agent)
of this First Amendment signed on behalf of such Persons.

 

3.3           The Administrative
Agent shall have received such other documents as the Administrative Agent or
special counsel to the Administrative Agent may reasonably request.

 

3.4           No Default shall
have occurred and be continuing, after giving effect to the terms of this First
Amendment.

 

Section 4.               Miscellaneous.

 

4.1           Confirmation.  The provisions of the Credit Agreement, as
amended by this First Amendment, shall remain in full force and effect
following the effectiveness of this First Amendment.

 

4.2           Ratification and
Affirmation; Representations and Warranties.  The Borrower and the MLP each hereby (a) acknowledges
the terms of this First Amendment; (b) ratifies and affirms its
obligations under, and acknowledges, renews and extends its continued liability
under, each Loan Document to which it is a party and agrees that each Loan
Document to which it is a party remains in full force and effect, except as
expressly amended hereby, notwithstanding the amendments contained herein and (c) represents
and warrants to the Lenders that as of the date hereof, after giving effect to
the terms of this First Amendment:  (i) all
of the 

 

6

 

representations and warranties
contained in each Loan Document to which it is a party are true and correct,
unless such representations and warranties are stated to relate to a specific
earlier date, in which case, such representations and warranties shall continue
to be true and correct as of such earlier date and (ii) no Default has
occurred and is continuing.  

 

4.3           Loan Document.  This First Amendment is a “Loan Document” as
defined and described in the Credit Agreement and all of the terms and
provisions of the Credit Agreement relating to Loan Documents shall apply
hereto.

 

4.4           Counterparts.  This First Amendment may be executed by one
or more of the parties hereto in any number of separate counterparts, and all
of such counterparts taken together shall be deemed to constitute one and the
same instrument.  Delivery of this First
Amendment by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof.

 

4.5           NO ORAL AGREEMENT.  THIS FIRST AMENDMENT, THE CREDIT AGREEMENT AND
THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH
REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL
AGREEMENTS OF THE PARTIES.  THERE ARE NO
ORAL AGREEMENTS BETWEEN THE PARTIES.

 

4.6           GOVERNING LAW.  THIS FIRST AMENDMENT (INCLUDING, BUT NOT
LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

[SIGNATURES BEGIN NEXT PAGE]

 

7

 

IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly
executed as of the date first written above.

 

	
   

  	
  VALERO
  LOGISTICS OPERATIONS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Valero
  GP, Inc., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/
  Steven A. Blank

  	
   

  
	
   

  	
   

  	
   

  	
  Steven
  A. Blank

  
	
   

  	
   

  	
   

  	
  Senior
  Vice President and

  
	
   

  	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  VALERO
  L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Riverwalk
  Logistics, L.P., its General

  
	
   

  	
   

  	
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Valero
  GP, LLC, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/
  Steven A. Blank

  	
   

  
	
   

  	
   

  	
   

  	
  Steven
  A. Blank

  
	
   

  	
   

  	
   

  	
  Senior
  Vice President and

  
	
   

  	
   

  	
   

  	
  Chief
  Financial Officer

  
							

 

S-1

 

	
   

  	
  JPMORGAN
  CHASE BANK, N.A., individually 

  and as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Robert C. Mertensotto

  	
   

  
	
   

  	
   

  	
  Name:
   Robert C. Mertensotto

  	
   

  
	
   

  	
   

  	
  Title:
   Managing Director

  	
   

  

 

S-2

 

	
   

  	
  SUNTRUST
  BANK, individually and as

  Syndication Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  David Edge

  	
   

  
	
   

  	
   

  	
  Name:
   David Edge

  	
   

  
	
   

  	
   

  	
  Title:
   Managing Director

  	
   

  

 

S-3

 

	
   

  	
  BARCLAYS
  BANK PLC, individually and as Co-

  Documentation Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Gary B. Wenslow

  	
   

  
	
   

  	
   

  	
  Name:
   Gary B. Wenslow

  	
   

  
	
   

  	
   

  	
  Title:
   Associate Director

  	
   

  

 

S-4

 

	
   

  	
  MIZUHO
  CORPORATE BANK (USA), 

  individually and as Co-Documentation Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Takahiko Ueda

  	
   

  
	
   

  	
   

  	
  Name:
   Takahiko Ueda

  	
   

  
	
   

  	
   

  	
  Title:
   Senior Vice President

  	
   

  

 

S-5

 

	
   

  	
  ROYAL
  BANK OF CANADA, individually and as

  
	
   

  	
  Co-Documentation
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Linda M. Stephens

  	
   

  
	
   

  	
   

  	
  Name:
   Linda M. Stephens

  	
   

  
	
   

  	
   

  	
  Title:
   Authorized Signatory

  	
   

  

 

S-6

 

	
   

  	
  THE
  BANK OF TOKYO-MITSUBISHI, LTD.,

  individually and as Co-Managing Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Kelton Glasscock

  	
   

  
	
   

  	
   

  	
  Name:
   Kelton Glasscock

  	
   

  
	
   

  	
   

  	
  Title:
   Vice-President & Manager

  	
   

  

 

S-7

 

	
   

  	
  BANK
  OF AMERICA, N.A., individually and as

  Co-Managing Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Claire Liu

  	
   

  
	
   

  	
   

  	
  Name:
   Claire Liu

  	
   

  
	
   

  	
   

  	
  Title:
   Senior Vice President

  	
   

  

 

S-8

 

	
   

  	
  THE
  BANK OF NOVA SCOTIA, individually and 

  as Co-Managing Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  William E. Zarrett

  	
   

  
	
   

  	
   

  	
  Name:
   William E. Zarrett

  	
   

  
	
   

  	
   

  	
  Title:
   Managing Director

  	
   

  

 

S-9

 

	
   

  	
  BNP
  PARIBAS, individually and as

  
	
   

  	
  Co-Managing
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Mark A. Cox

  	
   

  
	
   

  	
   

  	
  Name:
   Mark A. Cox

  	
   

  
	
   

  	
   

  	
  Title:
   Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Larry Robinson

  	
   

  
	
   

  	
   

  	
  Name:
   Larry Robinson

  	
   

  
	
   

  	
   

  	
  Title:
   Director

  	
   

  

 

S-10

 

	
   

  	
  CITIBANK,
  N.A., individually and as

  Co-Managing Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Amy K. Pincu

  	
   

  
	
   

  	
   

  	
  Name:
   Amy K. Pincu

  	
   

  
	
   

  	
   

  	
  Title:
   Attorney-In-Fact

  	
   

  

 

S-11

 

	
   

  	
  THE
  ROYAL BANK OF SCOTLAND plc

  individually and as Co-Managing Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Paul McDonagh

  	
   

  
	
   

  	
   

  	
  Name:
   Paul McDonagh

  	
   

  
	
   

  	
   

  	
  Title:
   Senior Vice President

  	
   

  

 

S-12

 

	
   

  	
  BAYERISCHE
  HYPO-UND VEREINSBANK

  
	
   

  	
  AG,
  NEW YORK BRANCH, individually and as

  
	
   

  	
  Co-Managing
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Yoram Dankner

  	
   

  
	
   

  	
   

  	
  Name:
   Yoram Dankner

  	
   

  
	
   

  	
   

  	
  Title:
   Managing Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Shannon Batchman

  	
   

  
	
   

  	
   

  	
  Name:
   Shannon Batchman

  	
   

  
	
   

  	
   

  	
  Title:
   Director

  	
   

  

 

S-13

 

	
   

  	
  KEYBANK
  NATIONAL ASSOCIATION,

  individually and as Co-Managing Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Kevin D. Smith

  	
   

  
	
   

  	
   

  	
  Kevin
  D. Smith

  	
   

  
	
   

  	
   

  	
  Vice
  President

  	
   

  

 

S-14

 

	
   

  	
  SUMITOMO
  MITSUI BANKING CORPORATION,

  individually and as Co-Managing Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  William M. Ginn

  	
   

  
	
   

  	
   

  	
  Name:
   William M. Ginn

  	
   

  
	
   

  	
   

  	
  Title:
   General Manager

  	
   

  

 

S-15

 

	
   

  	
  CALYON
  NEW YORK BRANCH, individually

  and as Co-Managing Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Olivier Andenaro

  	
   

  
	
   

  	
   

  	
  Name:
   Olivier Andenaro

  	
   

  
	
   

  	
   

  	
  Title:
   Managing Director

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:
   Phillipe Soustra

  	
   

  
	
   

  	
   

  	
  Title:
   Executive Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

S-16

 

	
   

  	
  WELLS
  FARGO BANK, NATIONAL

  ASSOCIATION, individually and as

  Co-Managing Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Richard Gould 

  	
   

  
	
   

  	
   

  	
  Name:
   Richard Gould

  	
   

  
	
   

  	
   

  	
  Title:
   Vice President

  	
   

  

 

S-17

 

	
   

  	
  LEHMAN
  BROTHERS BANK, FSB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Janine M. Shugan

  	
   

  
	
   

  	
   

  	
  Name:
   Janine M. Shugan

  	
   

  
	
   

  	
   

  	
  Title:
   Authorized Signatory

  	
   

  

 

S-18

 

	
   

  	
  UBS
  LOAN FINANCE LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Wilfred V. Saint

  	
   

  
	
   

  	
   

  	
  Name:
   Wilfred V. Saint

  	
   

  
	
   

  	
   

  	
  Title:
   Director, Banking Product Services, US

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Richard L. Tavrow

  	
   

  
	
   

  	
   

  	
  Name:
   Richard L. Tavrow

  	
   

  
	
   

  	
   

  	
  Title:
   Director, Banking Product Services, US

  	
   

  

 

S-19

 

	
   

  	
  COMPASS
  BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  D.G. Mills

  	
   

  
	
   

  	
   

  	
  Name:
   D.G. Mills

  	
   

  
	
   

  	
   

  	
  Title:
   Senior Vice President

  	
   

  

 

S-20

 

	
   

  	
  BANK
  HAPOALIM B.M.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Lenroy Hackett

  	
   

  
	
   

  	
   

  	
  Name:
   Lenroy Hackett

  	
   

  
	
   

  	
   

  	
  Title:
   First Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/
  Marc Bosc

  	
   

  
	
   

  	
   

  	
  Name:
   Marc Bosc

  	
   

  
	
   

  	
   

  	
  Title:
   Vice President

  	
   

  

 

S-21

 

SCHEDULE 3.06

 

Disclosed Matters

 

Grace Litigation.  All actions, suits, proceedings, claims and
Environmental Liabilities arising out of or related to the Otis pipeline
as described in each of KPP’s Annual Report on Form 10K for the year ended
December 31, 2004 and KSL’s Annual Report on Form 10K for the year
ended December 31, 2004.

 

PEPCO
Litigation.  All actions, suits,
proceedings, claims and Environmental Liabilities arising out of or related to
the Potomac Electric Power Company pipeline as described in each of KPP’s
Annual Report on Form 10K for the year ended December 31, 2004 and
KSL’s Annual Report on Form 10K for the year ended December 31, 2004.

 

Schedule 3.06

 

 

SCHEDULE 6.01

 

Existing Indebtedness

 

Indebtedness
not to exceed £21,000,000 under Credit Agreement between Kaneb Pipe Line
Operating Partnership, L.P. and ST Services, LTD., as borrowers, and SunTrust
Bank, Atlanta, as Lender dated January 29, 1999 as amended or restated
from time to time (or replaced but no increases thereof).

 

Schedule 6.01

 

 

SCHEDULE 6.08

 

Existing Restrictions

 

The Indenture.

 

First Supplemental Indenture,
dated as of July 15, 2002, to the Indenture.

 

Second Supplemental Indenture,
dated as of March 19, 2003, to the Indenture.

 

Third Supplemental Indenture,
dated as of July 1, 2005, to the Indenture.

 

The Indenture, dated as of February 21,
2002, between Kaneb Pipe Line Operating Partnership, L.P., as issuer, and
JPMorgan Chase Bank, as trustee, relating to the issuance of senior debt
securities (the “KPOP Indenture”).

 

First Supplemental Indenture,
dated as of February 21, 2002, to the KPOP Indenture.

 

Second Supplemental Indenture,
dated as of August 9, 2002, to the KPOP Indenture.

 

Third Supplemental Indenture,
dated as of May 16, 2003, to the KPOP Indenture.

 

Fourth Supplemental Indenture,
dated as of May 27, 2003, to the KPOP Indenture.

 

Fifth
Supplemental Indenture, dated as of July 1, 2005, to the KPOP Indenture.

 

Schedule 6.08

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