Document:

exv10w2

 

EXHIBIT 10.2

GUARANTY

     THIS GUARANTY, dated as of the 29th day of June, 2005, is made by Anadarko Petroleum
Corporation, a Delaware corporation (the “Guarantor”), in favor of Maritimes & Northeast Pipeline,
L.L.C., a Delaware limited liability company (the “Beneficiary”).

PRELIMINARY STATEMENTS

     WHEREAS, Anadarko LNG Marketing LLC, a Delaware corporation (the “Customer”), is a
wholly-owned subsidiary of the Guarantor; and

     WHEREAS, pursuant to and in connection with that certain Service Agreement for Rate Schedule
MN365 between the Beneficiary and the Customer dated as of even date herewith (the “Agreement”)
(the term “Agreement” shall include the Agreement and any successor agreement entered into by the
Beneficiary and the Customer that supercedes and replaces the Agreement), the Beneficiary has
agreed to provide certain pipeline transportation services to the Customer; and

     WHEREAS, it is a condition to the Beneficiary entering into the Agreement that the Guarantor
provide this Guaranty; and

     WHEREAS, the Guarantor has agreed to execute and deliver this Guaranty with respect to the
Customer’s payment obligations under the Agreement;

     NOW THEREFORE, in consideration of the premises set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Guarantor hereby
covenants and agrees, from and after the execution and delivery of the Agreement, as follows:

	 	1.	 	Guaranty of Obligations. The Guarantor hereby irrevocably and
unconditionally guarantees to the Beneficiary, as primary obligor and not as surety,
the full and prompt payment by the Customer of all the Customer’s payment obligations
under the Agreement, strictly in accordance with the terms thereof, however created,
arising or evidenced, whether direct or indirect, primary or secondary, absolute or
contingent, joint or several, and whether now or hereafter existing or due or to become
due (such payment obligations, the “Obligations”). The Guarantor further agrees to pay
all out-of-pocket expenses (including, without limitation, reasonable expenses for
legal services) actually paid or incurred by the Beneficiary in enforcing this Guaranty
following any default by the Guarantor hereunder, whether the same shall be enforced by
a suit or otherwise. Such guaranty is an absolute, unconditional, irrevocable, present
and continuing guaranty of payment and not of collectability.
	 
	 	2.	 	Notice and Payment. If for any reason any Obligation to be paid by the
Customer shall not be paid strictly in accordance with the terms of the Agreement, the
Guarantor shall, no later than five (5) Business Days following the Guarantor’s

 

 

	 	 	 	receipt of written notice by the Beneficiary of such non-payment, pay each such
Obligation then due and owing for which the Customer shall have received notice of
non-payment at the place provided for in the Agreement, regardless of whether the
Beneficiary or anyone on behalf of it shall have instituted any suit, action or
proceeding or exhausted its remedies or taken any steps to enforce any rights
against the Customer to compel any such payment or to collect all or any part of
such amount pursuant to the provisions of the Agreement, or at law or in equity, or
otherwise, and regardless of any other condition or contingency.
	 
	 	3.	 	Waivers. The Guarantor hereby waives notice of: (i) the acceptance of
this Guaranty; (ii) notice of any default of whatsoever kind or nature or demand in the
case of such default (other than the notice set forth in the immediately preceding
Section 2 hereof); and (iii) notice of transactions between the Beneficiary and the
Customer under the Agreement.
	 
	 	4.	 	Effect of Guaranty. The obligations, covenants, agreements and duties
of the Guarantor hereunder shall remain in full force and effect and enforceable until
the Obligations are finally, indefeasibly and unconditionally paid in full in
accordance with the terms of the Agreement, and, to the maximum extent permitted by
law, shall in no way be affected or impaired by reason of the happening from time to
time of any other event, including, without limitation, the following, whether or not
any such event shall have occurred without notice to or the consent of the Guarantor:
(i) the waiver, compromise, settlement, termination or other release of the performance
or observance by the Customer of any or all of its agreements, covenants, terms or
conditions contained in the Agreement; (ii) the modification or amendment (whether
material or otherwise) of any obligation, covenant or agreement set forth in the
Agreement, including, without limitation, any increase in the payment obligations
thereunder, if such modification or amendment was made with the consent of the Customer
and with any required prior written notice to the Guarantor pursuant to Section 6
hereof; (iii) the voluntary or involuntary liquidation, dissolution, sale of all or
substantially all of the assets, marshaling of assets and liabilities, receivership,
conservatorship, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment of, or other similar
proceedings affecting the Customer or any of its assets or any allegation or contest of
the validity of the Agreement in any such proceeding; (iv) any set-off, counterclaim,
reduction, or diminution of any Obligation, or any defense of any kind or nature
whatsoever (other than non-performance by the Beneficiary under the Agreement or
payment by or on behalf of the Customer or the Guarantor), which the Guarantor or the
Customer may have or assert against the Beneficiary; (v) the surrender or impairment of
any security for the performance or observance of any of the Obligations; (vi) the
failure or omission on the part of the Beneficiary to enforce, ascertain or exercise
(or any delay in enforcing, ascertaining or exercising) any right, power or remedy
under or pursuant to the terms of the Agreement; (vii) any other circumstance (other
than performance) that might otherwise constitute a legal or equitable defense or
discharge of the Guarantor under this Guaranty or of a guarantor or surety with respect
to the Obligations.

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	 	5.	 	Subrogation. This Guaranty is given on the understanding and condition
that upon full and final, indefeasible payment of the Obligations and all other amounts
owed hereunder, the Guarantor shall be subrogated to the rights of the Beneficiary
against the Customer with respect to the Obligations under the Agreement or otherwise
to the extent of any or all payments made by the Guarantor hereunder. The Beneficiary
agrees to take such steps as the Guarantor may reasonably request to implement such
subrogation including, without limitation, the assignment to the Guarantor, in one or
more instruments satisfactory in form and substance to the Guarantor and the
Beneficiary, of all of the Beneficiary’s rights against the Customer under the
Agreement and under any other document or instrument delivered in connection therewith
with respect to the amounts so paid by the Guarantor.
	 
	 	6.	 	Knowledge of Agreement/Amendment of Agreement. The Guarantor confirms
that it has been provided with a copy of the Agreement, and that it is aware of the
obligations of the Customer pursuant to the Agreement. The Guarantor acknowledges that
the Beneficiary is relying on this Guaranty in entering into the Agreement. The
Agreement may not be amended in any material respect without the prior written notice
thereof to the Guarantor; provided however, that no notice is required with respect to
any amendments to the Beneficiary’s tariff, including rate schedules and general terms
and conditions.
	 
	 	7.	 	Assignment/Transfer of the Customer Interest. If the Customer shall
assign or otherwise transfer all or any part of its interest in the Agreement (the
“Assigned Interest”) as permitted under the Agreement, and if the Customer is thereby
released from its obligations under the Agreement, this Guaranty shall remain in effect
only for Obligations of the Customer accruing prior to such assignment or transfer. If
the Assigned Interest is part but not all of the Customer’s interest in the Agreement,
this Guaranty shall also remain in full force and effect with respect to the interest
which is not assigned by the Customer. Notwithstanding anything herein to the
contrary, upon an assignment, release, and consent described in the first sentence of
this Section 7, the Guarantor shall not be liable for any payments relating or arising
from the Assigned Interest from and after the date of the assignment or transfer
thereof by the Customer as permitted under the Agreement.
	 
	 	8.	 	Notices. All notices and other communications provided for hereunder,
shall be in writing (including, without limitation, telecopy) and telecopied or
delivered by hand, if to the Guarantor, addressed to it at Anadarko Petroleum
Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380 Attn: Treasurer,
Telecopy No. (832) 636-5289; or if to the Beneficiary, addressed to it at Maritimes &
Northeast Pipeline, L.L.C., 890 Winter Street, Suite 300, Waltham, Massachusetts 02415,
Attn: President, M&N Management Company, Telecopy No. (617) 560-1392; or as to any
party at such other address as shall be designated by such party in a written notice to
each other party. All such notices and other communications shall, when telecopied, be
effective when transmitted by telecopier.

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	 	9.	 	No Waiver/Remedies. No delay in exercising or omission to exercise any
right or power accruing upon any default, omission or failure of performance hereunder
shall impair any such right or power or shall be construed to be a waiver thereof, but
any such right and power may be exercised from time to time and as often as may be
deemed expedient. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law. In the event that Guarantor fails to pay or perform any of
its obligations hereunder, including the failure to make payment when due, the
Beneficiary may avail itself of all available remedies, in law or in equity, to enforce
its rights hereunder.
	 
	 	10.	 	Governing Law; Consent to Jurisdiction. (a) THIS GUARANTY AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN
ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING
EFFECT TO THE PRINCIPLES THEREOF RELATING TO CONFLICTS OF LAW EXCEPT SECTION 5-1401 OF
THE NEW YORK GENERAL OBLIGATIONS LAW. Any legal action or proceeding against the
Guarantor with respect to this Guaranty or the Agreement may be brought in any state or
federal court in the County of New York and State of New York, and, by execution and
delivery of this Guaranty, the Guarantor hereby irrevocably accepts for itself and in
respect of its property, generally and unconditionally, the jurisdiction of the
aforesaid courts. The Guarantor hereby irrevocably designates Anadarko Petroleum
Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Treasurer for
the purpose of receiving, accepting and acknowledging for and on its behalf, and in
respect of its property, service of any and all legal process, summons, notices and
documents which may be served in any such action or proceeding. If for any reason such
designee, appointee and agent shall cease to be available to act as such, the Guarantor
agrees to designate a new designee, appointee and agent in the State of New York on the
terms and for the purposes of this provision satisfactory to the Beneficiary. The
Guarantor further irrevocably consents to the service of process out of any of the
aforementioned courts in any such action or proceeding delivered pursuant to the notice
provision contained in Section 8 of this Guaranty. Nothing herein shall affect the
right of the Beneficiary to serve process in any other manner permitted by law or to
commence legal proceedings or otherwise proceed against the Guarantor in any other
jurisdiction.

	 	(b)	 	The Guarantor hereby irrevocably waives any objection that it
may now or hereafter have to the laying of venue of any of the aforesaid
actions or proceedings arising out of or in connection with this Guaranty
brought in the courts referred to in Section 10(a) and hereby further
irrevocably waives and agrees not to plead or claim in any such court that any
such action or proceeding brought in any such court has been brought in any
inconvenient forum.

	 	11.	 	Obligation to Make Payments in Dollars. Any and all amounts due from
the Guarantor hereunder shall be made by the Guarantor in United States currency

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	 	 	 	(“Dollars”), and any such payment obligation shall not be discharged or satisfied by
any tender, or any recovery pursuant to any judgment, which is expressed or
converted into any currency other than Dollars, except to the extent such tender or
recovery shall result in the actual receipt for the account of the Beneficiary, of
the full amount of Dollars expressed to be payable in respect of the amounts due
hereunder. The obligation of the Guarantor to make payments in Dollars as aforesaid
shall be enforceable as an alternative or additional cause of action for the purpose
of recovery in Dollars expressed to be payable in respect of any amounts due
hereunder, and shall not be affected by judgment being obtained for any other sums
due under this Guaranty. All payments to be made by Guarantor under this Guaranty
or the Agreement shall be made to Beneficiary in New York.
	 
	 	12.	 	Reinstatement. The obligations of the Guarantor hereunder shall be
automatically reinstated if and to the extent that, for any reason, any payment or
performance by or on behalf of the Customer in respect of the Obligations is rescinded
or must be otherwise repaid or restored to the Customer by any holder of any of the
Obligations, whether as a result of any proceedings in bankruptcy, reorganization or
otherwise.
	 
	 	13.	 	Successors and Assigns; Benefitted Parties. This Guaranty is entered
into by the Guarantor for the benefit of the Beneficiary in accordance with the
provisions of this Guaranty and the Agreement. This Guaranty shall not be deemed to
create any right in, or to be in whole or part for the benefit of, any person other
than the Beneficiary and the Guarantor and their respective successors and permitted
assigns, including permitted assigns resulting from an assignment or pledge of the
Agreement under the provisions of any mortgage, deed of trust, indenture, bank credit
agreement, assignment, receivable sale, or similar instrument, as permitted by Article
VII of the Agreement. The Guaranty hereunder is a continuing guaranty and shall apply
to all Obligations whenever arising and shall inure to the benefit of the successor and
assigns of the Beneficiary permitted under the Agreement, and be binding upon the
Guarantor and its successors and assigns; provided, however, that the Guarantor may not
make an assignment of this Guaranty or any interest herein by operation of law or
otherwise unless it has obtained the prior written consent of the Beneficiary, which
consent may not be unreasonably withheld. Notwithstanding anything herein to the
contrary, so long as any of the Obligations remain outstanding or any amounts due and
owing by the Customer with respect thereto remain unpaid, the Guarantor may merge or
consolidate with any other corporation or dissolve or otherwise sell or dispose of all
or substantially all of its assets as an entirety, if the successor or transferee
corporation (if other than the Guarantor) shall assume the punctual performance and
observance of all covenants, conditions and obligations of this Guaranty to be
performed by the Guarantor.

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	 	14.	 	Representations and Warranties. The Guarantor hereby represents and
warrants as follows:

	 	(a)	 	The Guarantor is a corporation duly organized, validly existing
and in good standing under the laws of Delaware;
	 
	 	(b)	 	The execution, delivery and performance by the Guarantor of
this Guaranty, and the consummation by the Guarantor of the transactions
contemplated hereby are within the Guarantor’s corporate powers, have been duly
authorized by all necessary corporate action, and do not (i) contravene the
Guarantor’s charter or bylaws, (ii) violate any law, rule, regulation, order,
writ, judgment, injunction, decree, determination or award presently applicable
to it, (iii) conflict with or result in the breach of, or constitute a default
under, any contract, loan agreement, indenture, mortgage, deed of trust, lease
or other instrument presently binding on or affecting the Guarantor or by which
its properties are now bound; or (iv) result in or require the creation or
imposition of any lien upon or with respect to any of its properties.
	 
	 	(c)	 	No authorization or approval or other action by, and no notice
to or filing with, any governmental authority or regulatory body or any other
third party which has not been obtained or filed is required for the due
execution, delivery or performance by the Guarantor of this Guaranty.
	 
	 	(d)	 	This Guaranty has been duly executed and delivered by the
Guarantor and constitutes the legal, valid and binding obligation of the
Guarantor, enforceable against the Guarantor in accordance with the terms
hereto except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, liquidation, moratorium or similar laws affecting
creditors’ rights generally and by the application of general equitable
principles which may limit the availability of certain remedies.

     IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed and delivered
as of the date first above written.

	 	 	 	 	 
	 	 	ANADARKO PETROLEUM CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	/s/ James R. Larson
	 

	 	 	 	 
	 

	 	Name:	 	James R. Larson
	 

	 	Title:	 	Chief Financial Officer and

Senior Vice President, Finance

6exv10w3

 

EXHIBIT 10.3

GUARANTY

     THIS GUARANTY, dated as of the 29th day of June, 2005, is made by Anadarko Petroleum
Corporation, a Delaware corporation (the “Guarantor”), in favor of Maritimes & Northeast Pipeline,
L.L.C., a Delaware limited liability company (the “Beneficiary”).

PRELIMINARY STATEMENTS

     WHEREAS, Anadarko LNG Marketing LLC, a Delaware corporation (the “Customer”), is a
wholly-owned subsidiary of the Guarantor; and

     WHEREAS, Beneficiary and Customer are parties to that certain Precedent Agreement dated as of
even date herewith (the “Agreement”) (the term “Agreement” shall include the Agreement and any
successor agreement entered into by the Beneficiary and the Customer that supercedes and replaces
the Agreement); and

     WHEREAS, it is a condition to the Beneficiary entering into the Agreement that the Guarantor
provide this Guaranty; and

     WHEREAS, the Guarantor has agreed to execute and deliver this Guaranty with respect to the
Customer’s payment obligations under the Agreement;

     NOW THEREFORE, in consideration of the premises set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Guarantor hereby
covenants and agrees, from and after the execution and delivery of the Agreement, as follows:

	 	1.	 	Guaranty of Obligations. The Guarantor hereby irrevocably and
unconditionally guarantees to the Beneficiary, as primary obligor and not as surety,
the full and prompt payment by the Customer of all the Customer’s payment obligations
under the Agreement, strictly in accordance with the terms thereof, however created,
arising or evidenced, whether direct or indirect, primary or secondary, absolute or
contingent, joint or several, and whether now or hereafter existing or due or to become
due (such payment obligations, the “Obligations”). The Guarantor further agrees to pay
all out-of-pocket expenses (including, without limitation, reasonable expenses for
legal services) actually paid or incurred by the Beneficiary in enforcing this Guaranty
following any default by the Guarantor hereunder, whether the same shall be enforced by
a suit or otherwise. Such guaranty is an absolute, unconditional, irrevocable, present
and continuing guaranty of payment and not of collectability.
	 
	 	2.	 	Notice and Payment. If for any reason any Obligation to be paid by the
Customer shall not be paid strictly in accordance with the terms of the Agreement, the
Guarantor shall, no later than five (5) Business Days following the Guarantor’s receipt
of written notice by the Beneficiary of such non-payment, pay each such Obligation then
due and owing for which the Customer shall have received notice

 

 

	 	 	 	of non-payment at the place provided for in the Agreement, regardless of whether the
Beneficiary or anyone on behalf of it shall have instituted any suit, action or
proceeding or exhausted its remedies or taken any steps to enforce any rights
against the Customer to compel any such payment or to collect all or any part of
such amount pursuant to the provisions of the Agreement, or at law or in equity, or
otherwise, and regardless of any other condition or contingency.
	 
	 	3.	 	Waivers. The Guarantor hereby waives notice of: (i) the acceptance of
this Guaranty; (ii) notice of any default of whatsoever kind or nature or demand in the
case of such default (other than the notice set forth in the immediately preceding
Section 2 hereof); and (iii) notice of transactions between the Beneficiary and the
Customer under the Agreement.
	 
	 	4.	 	Effect of Guaranty. The obligations, covenants, agreements and duties
of the Guarantor hereunder shall remain in full force and effect and enforceable until
the Obligations are finally, indefeasibly and unconditionally paid in full in
accordance with the terms of the Agreement, and, to the maximum extent permitted by
law, shall in no way be affected or impaired by reason of the happening from time to
time of any other event, including, without limitation, the following, whether or not
any such event shall have occurred without notice to or the consent of the Guarantor:
(i) the waiver, compromise, settlement, termination or other release of the performance
or observance by the Customer of any or all of its agreements, covenants, terms or
conditions contained in the Agreement; (ii) the modification or amendment (whether
material or otherwise) of any obligation, covenant or agreement set forth in the
Agreement, including, without limitation, any increase in the payment obligations
thereunder, if such modification or amendment was made with the consent of the Customer
and with any required prior written notice to the Guarantor pursuant to Section 6
hereof; (iii) the voluntary or involuntary liquidation, dissolution, sale of all or
substantially all of the assets, marshaling of assets and liabilities, receivership,
conservatorship, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment of, or other similar
proceedings affecting the Customer or any of its assets or any allegation or contest of
the validity of the Agreement in any such proceeding; (iv) any set-off, counterclaim,
reduction, or diminution of any Obligation, or any defense of any kind or nature
whatsoever (other than non-performance by the Beneficiary under the Agreement or
payment by or on behalf of the Customer or the Guarantor), which the Guarantor or the
Customer may have or assert against the Beneficiary; (v) the surrender or impairment of
any security for the performance or observance of any of the Obligations; (vi) the
failure or omission on the part of the Beneficiary to enforce, ascertain or exercise
(or any delay in enforcing, ascertaining or exercising) any right, power or remedy
under or pursuant to the terms of the Agreement; (vii) any other circumstance (other
than performance) that might otherwise constitute a legal or equitable defense or
discharge of the Guarantor under this Guaranty or of a guarantor or surety with respect
to the Obligations.

2

 

	 	5.	 	Subrogation. This Guaranty is given on the understanding and condition
that upon full and final, indefeasible payment of the Obligations and all other amounts
owed hereunder, the Guarantor shall be subrogated to the rights of the Beneficiary
against the Customer with respect to the Obligations under the Agreement or otherwise
to the extent of any or all payments made by the Guarantor hereunder. The Beneficiary
agrees to take such steps as the Guarantor may reasonably request to implement such
subrogation including, without limitation, the assignment to the Guarantor, in one or
more instruments satisfactory in form and substance to the Guarantor and the
Beneficiary, of all of the Beneficiary’s rights against the Customer under the
Agreement and under any other document or instrument delivered in connection therewith
with respect to the amounts so paid by the Guarantor.
	 
	 	6.	 	Knowledge of Agreement/Amendment of Agreement. The Guarantor confirms
that it has been provided with a copy of the Agreement, and that it is aware of the
obligations of the Customer pursuant to the Agreement. The Guarantor acknowledges that
the Beneficiary is relying on this Guaranty in entering into the Agreement. The
Agreement may not be amended in any material respect without the prior written notice
thereof to the Guarantor; provided however, that no notice is required with respect to
any amendments to the Beneficiary’s tariff, including rate schedules and general terms
and conditions.
	 
	 	7.	 	Assignment/Transfer of the Customer Interest. If the Customer shall
assign or otherwise transfer all or any part of its interest in the Agreement (the
“Assigned Interest”) as permitted under the Agreement, and if the Customer is thereby
released from its obligations under the Agreement, this Guaranty shall remain in effect
only for Obligations of the Customer accruing prior to such assignment or transfer. If
the Assigned Interest is part but not all of the Customer’s interest in the Agreement,
this Guaranty shall also remain in full force and effect with respect to the interest
which is not assigned by the Customer. Notwithstanding anything herein to the
contrary, upon an assignment, release, and consent described in the first sentence of
this Section 7, the Guarantor shall not be liable for any payments relating or arising
from the Assigned Interest from and after the date of the assignment or transfer
thereof by the Customer as permitted under the Agreement.
	 
	 	8.	 	Notices. All notices and other communications provided for hereunder,
shall be in writing (including, without limitation, telecopy) and telecopied or
delivered by hand, if to the Guarantor, addressed to it at Anadarko Petroleum
Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Treasurer,
Telecopy No. (832) 636-5289; or if to the Beneficiary, addressed to it at Maritimes &
Northeast Pipeline, L.L.C., 890 Winter Street, Suite 300, Waltham, Massachusetts 02415,
Attn: President, M&N Management Company, Telecopy No. (617) 560-1392; or as to any
party at such other address as shall be designated by such party in a written notice to
each other party. All such notices and other communications shall, when telecopied, be
effective when transmitted by telecopier.

3

 

	 	9.	 	No Waiver/Remedies. No delay in exercising or omission to exercise any
right or power accruing upon any default, omission or failure of performance hereunder
shall impair any such right or power or shall be construed to be a waiver thereof, but
any such right and power may be exercised from time to time and as often as may be
deemed expedient. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law. In the event that Guarantor fails to pay or perform any of
its obligations hereunder, including the failure to make payment when due, the
Beneficiary may avail itself of all available remedies, in law or in equity, to enforce
its rights hereunder.
	 
	 	10.	 	Governing Law; Consent to Jurisdiction. (a) THIS GUARANTY AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN
ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING
EFFECT TO THE PRINCIPLES THEREOF RELATING TO CONFLICTS OF LAW EXCEPT SECTION 5-1401 OF
THE NEW YORK GENERAL OBLIGATIONS LAW. Any legal action or proceeding against the
Guarantor with respect to this Guaranty or the Agreement may be brought in any state or
federal court in the County of New York and State of New York, and, by execution and
delivery of this Guaranty, the Guarantor hereby irrevocably accepts for itself and in
respect of its property, generally and unconditionally, the jurisdiction of the
aforesaid courts. The Guarantor hereby irrevocably designates Anadarko Petroleum
Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Treasurer for
the purpose of receiving, accepting and acknowledging for and on its behalf, and in
respect of its property, service of any and all legal process, summons, notices and
documents which may be served in any such action or proceeding. If for any reason such
designee, appointee and agent shall cease to be available to act as such, the Guarantor
agrees to designate a new designee, appointee and agent in the State of New York on the
terms and for the purposes of this provision satisfactory to the Beneficiary. The
Guarantor further irrevocably consents to the service of process out of any of the
aforementioned courts in any such action or proceeding delivered pursuant to the notice
provision contained in Section 8 of this Guaranty. Nothing herein shall affect the
right of the Beneficiary to serve process in any other manner permitted by law or to
commence legal proceedings or otherwise proceed against the Guarantor in any other
jurisdiction.

	 	(b)	 	The Guarantor hereby irrevocably waives any objection that it
may now or hereafter have to the laying of venue of any of the aforesaid
actions or proceedings arising out of or in connection with this Guaranty
brought in the courts referred to in Section 10(a) and hereby further
irrevocably waives and agrees not to plead or claim in any such court that any
such action or proceeding brought in any such court has been brought in any
inconvenient forum.

	 	11.	 	Obligation to Make Payments in Dollars. Any and all amounts due from
the Guarantor hereunder shall be made by the Guarantor in United States currency

4

 

	 	 	 	(“Dollars”), and any such payment obligation shall not be discharged or satisfied by
any tender, or any recovery pursuant to any judgment, which is expressed or
converted into any currency other than Dollars, except to the extent such tender or
recovery shall result in the actual receipt for the account of the Beneficiary, of
the full amount of Dollars expressed to be payable in respect of the amounts due
hereunder. The obligation of the Guarantor to make payments in Dollars as aforesaid
shall be enforceable as an alternative or additional cause of action for the purpose
of recovery in Dollars expressed to be payable in respect of any amounts due
hereunder, and shall not be affected by judgment being obtained for any other sums
due under this Guaranty. All payments to be made by Guarantor under this Guaranty
or the Agreement shall be made to Beneficiary in New York.
	 
	 	12.	 	Reinstatement. The obligations of the Guarantor hereunder shall be
automatically reinstated if and to the extent that, for any reason, any payment or
performance by or on behalf of the Customer in respect of the Obligations is rescinded
or must be otherwise repaid or restored to the Customer by any holder of any of the
Obligations, whether as a result of any proceedings in bankruptcy, reorganization or
otherwise.
	 
	 	13.	 	Successors and Assigns; Benefitted Parties. This Guaranty is entered
into by the Guarantor for the benefit of the Beneficiary in accordance with the
provisions of this Guaranty and the Agreement. This Guaranty shall not be deemed to
create any right in, or to be in whole or part for the benefit of, any person other
than the Beneficiary and the Guarantor and their respective successors and permitted
assigns, including permitted assigns resulting from an assignment or pledge of the
Agreement under the provisions of any mortgage, deed of trust, indenture, bank credit
agreement, assignment, receivable sale, or similar instrument, as permitted by Article
VII of the Agreement. The Guaranty hereunder is a continuing guaranty and shall apply
to all Obligations whenever arising and shall inure to the benefit of the successor and
assigns of the Beneficiary permitted under the Agreement, and be binding upon the
Guarantor and its successors and assigns; provided, however, that the Guarantor may not
make an assignment of this Guaranty or any interest herein by operation of law or
otherwise unless it has obtained the prior written consent of the Beneficiary, which
consent may not be unreasonably withheld. Notwithstanding anything herein to the
contrary, so long as any of the Obligations remain outstanding or any amounts due and
owing by the Customer with respect thereto remain unpaid, the Guarantor may merge or
consolidate with any other corporation or dissolve or otherwise sell or dispose of all
or substantially all of its assets as an entirety, if the successor or transferee
corporation (if other than the Guarantor) shall assume the punctual performance and
observance of all covenants, conditions and obligations of this Guaranty to be
performed by the Guarantor.

5

 

	 	14.	 	Representations and Warranties. The Guarantor hereby represents and
warrants as follows:

	 	(a)	 	The Guarantor is a corporation duly organized, validly existing
and in good standing under the laws of Delaware;
	 
	 	(b)	 	The execution, delivery and performance by the Guarantor of
this Guaranty, and the consummation by the Guarantor of the transactions
contemplated hereby are within the Guarantor’s corporate powers, have been duly
authorized by all necessary corporate action, and do not (i) contravene the
Guarantor’s charter or bylaws, (ii) violate any law, rule, regulation, order,
writ, judgment, injunction, decree, determination or award presently applicable
to it, (iii) conflict with or result in the breach of, or constitute a default
under, any contract, loan agreement, indenture, mortgage, deed of trust, lease
or other instrument presently binding on or affecting the Guarantor or by which
its properties are now bound; or (iv) result in or require the creation or
imposition of any lien upon or with respect to any of its properties.
	 
	 	(c)	 	No authorization or approval or other action by, and no notice
to or filing with, any governmental authority or regulatory body or any other
third party which has not been obtained or filed is required for the due
execution, delivery or performance by the Guarantor of this Guaranty.
	 
	 	(d)	 	This Guaranty has been duly executed and delivered by the
Guarantor and constitutes the legal, valid and binding obligation of the
Guarantor, enforceable against the Guarantor in accordance with the terms
hereto except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, liquidation, moratorium or similar laws affecting
creditors’ rights generally and by the application of general equitable
principles which may limit the availability of certain remedies.

     IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed and delivered
as of the date first above written.

	 	 	 	 	 
	 	 	ANADARKO PETROLEUM CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	/s/ James R. Larson
	 

	 	 	 	 
	 

	 	Name:	 	James R. Larson
	 

	 	Title:	 	Chief Financial Officer and 

Senior Vice President, Finance

6

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