Document:

<PAGE>
                                                                    EXHIBIT 10.6

                                                                  EXECUTION COPY

                         FIRST AMENDMENT TO GUARANTY BY
                       WILLIAMS GAS PIPELINE COMPANY, LLC

         This First Amendment dated as of October 31, 2002 (this "Amendment") to
the Guaranty dated as of July 31, 2002 (as amended and modified from time to
time, the "Guaranty"), is executed by Williams Gas Pipeline Company, LLC (the
"Guarantor"), in favor of the Financial Institutions. All capitalized terms used
herein and not otherwise defined shall have the meanings ascribed to such terms
in the Guaranty.

                                   WITNESSETH:

         WHEREAS, the parties hereto have agreed to amend certain provisions of
the Guaranty;

         NOW THEREFORE, in consideration of the mutual covenants contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree that the
Guaranty is hereby amended as follows:

1.       Amendments.

         (a) The second sentence of the first paragraph of the Guaranty is
         amended by deleting such paragraph and replacing it in its entirety
         with the following:

                  "Capitalized terms used in this Guaranty but not defined
                  herein shall have the meanings set forth for such terms in the
                  Amended and Restated Credit Agreement dated as of October 31,
                  2002, executed by The Williams Companies, Inc., as borrower
                  (the "Company"), Citicorp USA, Inc., as agent and collateral
                  agent, Bank of America N.A. as syndication agent, Citibank,
                  N.A., The Bank of Nova Scotia and Bank of America N.A. as
                  issuing banks, Salomon Smith Barney Inc., as arranger, and the
                  banks named therein (as the same may be modified, replaced,
                  refinanced, amended or supplemented from time to time, the
                  "New Credit Agreement").

         (b) Paragraph "A" of the Introduction to the Guaranty is amended by
         deleting such paragraph and replacing it in its entirety with the
         following:

                  "The Company and/or its Subsidiaries (i) have entered into
                  certain financing transactions with, and (ii) prior to the
                  date hereof, have caused certain existing letters of credit to
                  be issued by, certain agents, lenders, financial institutions
                  and other investors (such agents, lenders, financial
                  institutions and investors, and, to the extent any such
                  financing transaction consists of or includes a guaranty
                  provided by the Company and/or its Subsidiaries, each of the
                  beneficiaries of such guaranty (as set forth therein) and each
                  of the entities more fully described on Schedule III

                                      -1-

<PAGE>

                  attached hereto (collectively, the "Financial Institutions");
                  provided, however, except as expressly noted on Schedule III,
                  neither the Company nor any of its Subsidiaries shall be a
                  deemed a "Financial Institution". Such financing transactions,
                  including those entered into in connection with the New Credit
                  Agreement and the existing letters of credit, are documented
                  by certain credit, security, letter of credit and guaranty
                  documents, all as more fully set forth on Schedule I attached
                  hereto (collectively, as the same may be modified, replaced,
                  refinanced, amended or supplemented from time to time, the
                  "Credit Documents"). "Borrowers" as used herein shall mean the
                  borrowers or guarantors under any one or more of the Credit
                  Documents."

         (c) Section 6(e) of the Guaranty is hereby amended by deleting such
         Section and replacing it in its entirety with the following:

                  "The Guarantor will not create, incur, assume or suffer to
                  exist, or permit any of its Subsidiaries to create, incur,
                  assume or suffer to exist, any Debt, except that Guarantor and
                  its Subsidiaries may create, incur, assume and suffer to exist
                  Debt: (i) which constitutes unsecured intercompany
                  Indebtedness of the Guarantor or any of its Subsidiaries to
                  the Company or to any Subsidiary of the Company, provided that
                  such intercompany Indebtedness (x) was incurred or is incurred
                  in the ordinary course of the business of the Guarantor or any
                  Subsidiary and (y) is expressly subordinated to the Guaranteed
                  Obligations (intercompany indebtedness that meets all of the
                  requirements of this clause (i) is referred to in this
                  Guaranty as "Acceptable Intercompany Indebtedness") or (ii) to
                  the extent permitted by the Credit Documents (including,
                  without limitation, Debt existing as of July 31, 2002, that is
                  permitted pursuant to Section 5.2(p) of the New Credit
                  Agreement or 5.02(p) of the Multiyear Williams Credit
                  Agreement)."

         (d) Section 6(f) of the Guaranty is hereby amended by deleting such
         Section and replacing it in its entirety with the following:

                  "The Guarantor will not create, incur, assume or suffer to
                  exist any obligation or liability other than (i) Debt
                  permitted under clause (i) of Section 6(e) above, (ii) this
                  Guaranty, (iii) obligations or liabilities that are listed on
                  Schedule II hereto, (iv) contractual obligations in the nature
                  of indemnities or guaranties of performance entered into in
                  the ordinary course of business in connection with the
                  disposition of Subsidiaries or assets of Subsidiaries and (v)
                  other obligations not exceeding $100,000 in the aggregate."

         (e) Section 6(h) of the Guaranty is hereby amended by deleting such
         Section and replacing it in its entirety with the following:

                                      -2-

<PAGE>

                  "Except to the extent expressly permitted by the New Credit
                  Agreement, the Guarantor will not sell, issue or otherwise
                  dispose of, or create, assume, incur of suffer to exist any
                  Lien on or in respect of, or permit any of its Subsidiaries to
                  sell, issue or otherwise dispose of or create, assume, incur
                  or suffer to exist any Lien on or in respect of, any Equity
                  Interests or any direct or indirect interest in any Equity
                  Interests in any Important Subsidiary. As used herein
                  "Important Subsidiary" means (i) any Subsidiary of the
                  Guarantor with assets having a book value of $1,000,000,000 or
                  more, other than Williams Gas Pipelines Central, Inc. (ii) any
                  Subsidiary of the Guarantor, other than Williams Gas Pipelines
                  Central, Inc., that itself (on an unconsolidated, stand alone
                  basis) owns in excess of 5% of the book value of the
                  Consolidated Assets of the Guarantor and its Consolidated
                  Subsidiaries and (iii) each of TGPL, TGT, and NWP. "TGPL",
                  "TGT", and "NWP" are used herein as defined in the Multiyear
                  Williams Credit Agreement."

         (f) Section 6(i) of the Guaranty is hereby amended by inserting the
         following phrase at the beginning such Section:

                  "Other than with respect to Acceptable Intercompany
                  Indebtedness owing by the Borrower or by any Subsidiary of the
                  Borrower to the Guarantor or any of its Subsidiaries,".

         (g) Section 8.01 of the Guaranty is hereby amended and restated in its
         entirety and replaced with the following:

                  8.01. Amendments, Etc. Any amendment or waiver to this
                  Guaranty shall be effective only if approved by Financial
                  Institutions holding at least 51% of the principal amount of
                  the Guaranteed Obligations at the time thereof and only in the
                  specific instance and for the specific purpose for which
                  given. Provided, however, that any amendment or waiver
                  releasing the Guarantor from any liability hereunder shall
                  require the unanimous consent of all Financial Institutions
                  and be effective only in the specific instance and for the
                  specific purpose for which given. No Financial Institution may
                  be removed as a beneficiary of this Guaranty without such
                  Financial Institution's prior written consent.

         (h) Section 8.06 of the Guaranty is hereby amended and restated in its
         entirety and replaced with the following:

                  "Section 8.06 Incorporated Definitions and Provisions. All
                  defined terms and other provisions that are incorporated into
                  this Guaranty by reference to other agreements shall
                  incorporate into this Guaranty the provisions of such other
                  agreements that exist as of the date hereof; however, such
                  provisions shall be automatically modified herein by any
                  amendment or modification that takes place after the date
                  hereof in such other referenced agreement(s)."

                                      -3-

<PAGE>

         (i) Schedule I to the Guaranty is hereby amended and restated in its
         entirety with Schedule I attached hereto.

         (j) A new Schedule II to the Guaranty and a new Schedule III to the
         Guaranty are hereby added which are the documents attached as Schedule
         II and Schedule III hereto.

2. Representations and Warranties. Guarantor hereby restates as of even date
herewith all of the representations and warranties contained in Section 5 of the
Guaranty.

3. Conditions to Effectiveness. This Amendment shall be deemed effective (the
"Effective Date") upon the satisfaction of the conditions precedent as set out
in Section 3.1 of that certain Amended and Restated Credit Agreement, dated as
of October 31, 2002, among Company and the Financial Institutions named therein,
without giving effect to the terms of Section 3.3.

4. Governing Law. This Amendment shall be governed by, and construed and
enforced in accordance with, the laws of the State of New York.

5. Reference to and Effect on the Guaranty. The amendments set forth herein are
limited precisely as written and shall not be deemed to be a consent or waiver
to, or modification of any other term or condition in the Guaranty or any of the
documents referred to therein. Except as expressly amended and consented hereby,
the terms and conditions of the Guaranty shall continue in full force and
effect, and as amended hereby, the Guaranty is ratified and confirmed in all
respects. On and after the Effective Date, the Guaranty shall be deemed to mean
the Guaranty as amended hereby.

6. Counterparts. This Amendment may be executed in several counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same agreement.

Schedule I:       Schedule I to Guaranty
Schedule II:      Schedule II to Guaranty
Schedule III:     Schedule III to Guaranty

                                      -4-

<PAGE>

         IN WITNESS WHEREOF, the parties hereto, acting through their duly
authorized representatives, have caused this Amendment to be signed in their
respective names.

                                      Williams Gas Pipeline Company, LLC,
                                      as Guarantor

                                      By:   /s/ James G. Ivey
                                          --------------------------------------
                                      Name:     James G. Ivey
                                            ------------------------------------
                                      Title:    Assistant Treasurer
                                            ------------------------------------

                                      [FINANCIAL INSTITUTIONS]

<PAGE>
         Each of the entities reflected on the following ten (10) pages is
executing this Amendment as a Financial Institution party to the Amended and
Restated Credit Agreement dated as of October 31, 2002 among the Company and the
Financial Institutions named therein:

<PAGE>

                                    AGENT AND COLLATERAL AGENT:

                                    CITICORP USA, INC., as Agent and Collateral
                                    Agent

                                    By:  /s/ Todd J. Mogil
                                    Name:  Todd J. Mogil
                                    Title:  Vice President

<PAGE>

                                    BANKS AND ISSUING BANKS:

                                    CITIBANK N.A., as Issuing Bank

                                    By:  /s/ Todd J. Mogil
                                    Name:  Todd J. Mogil
                                    Title:  Vice President

<PAGE>

                                    CITICORP USA, INC.

                                    By:  /s/ Todd J. Mogil
                                    Name:  Todd J. Mogil
                                    Title:  Vice President

<PAGE>

                                    THE BANK OF NOVA SCOTIA, as Canadian Issuing
                                    Bank and Bank

                                    By:
                                    Name:
                                    Title:

<PAGE>

                                    BANK OF AMERICA N.A., as Issuing Bank and
                                    Bank

                                    By:  /s/ Claire M. Liu
                                    Name:  Claire M. Liu
                                    Title:  Managing Director

<PAGE>

                                    JP MORGAN CHASE BANK

                                    By:  /s/ Robert W. Traband
                                    Name:  Robert W. Traband
                                    Title:  Vice President

<PAGE>

                                    TORONTO DOMINION (TEXAS), INC.

                                    By:   /s/ Jill Hall
                                    Name:  Jill Hall
                                    Title:  Vice President

<PAGE>

                                    CREDIT LYONNAIS NEW YORK BRANCH

                                    By:  /s/ Olivier Audermard
                                    Name:  Olivier Audermard
                                    Title:  Senior V.P.

<PAGE>

                                    MERRILL LYNCH CAPITAL CORP.

                                    By:  /s/ Carol J.E. Feeley
                                    Name:  Carol J.E. Feeley
                                    Title:  Vice President

<PAGE>

                                    LEHMAN COMMERCIAL PAPER INC.

                                    By:  /s/ Francis Chang
                                    Name:  Francis Chang
                                    Title:  Authorized Signatory

<PAGE>

                                   SCHEDULE I
                                CREDIT DOCUMENTS

NEW CREDIT FACILITY:

Amended and Restated Credit Agreement dated as of October 31, 2002 executed by
The Williams Companies, Inc., as borrower, Citicorp USA, Inc., as agent and
collateral agent, Bank of America N.A. as syndication agent, Citibank, N.A. and
Bank of America N.A. as issuing bank, Salomon Smith Barney Inc., as arranger,
and the banks named therein.

All documents, instruments, agreements, certificates and notices at any time
executed and/or delivered in connection with the foregoing.

PROGENY AGREEMENTS

Parent Support Agreement dated as of December 23, 1998, made by The Williams
Companies, Inc. in favor of Castle Associates L. P. and Colchester LLC and the
other Indemnified Persons listed therein, as amended. Notwithstanding anything
in the Guaranty to the contrary, for purposes of Section 8.01 of the Guaranty,
the principal amount of this Progeny Facility shall equal the outstanding
Unrecovered Capital of the Limited Partner plus all accrued and undistributed
First Priority Return to be distributed to the Limited Partner in accordance
with Section 4.01(a) of the Castle Partnership Agreement plus all other amounts
then due and payable to the Limited Partner. As used herein, "Castle Partnership
Agreement" means the Amended and Restated Agreement of Limited Partnership of
Castle Associates L.P., dated as of December 23, 1998, by and among Garrison,
L.L.C., a Delaware limited liability company, Laughton, L.L.C., a Delaware
limited liability company, and Colchester LLC, a Delaware limited liability
company, as amended, supplemented, amended and restated or otherwise modified
from time to time. Capitalized terms used in this paragraph but not otherwise
defined herein shall have the meanings ascribed in the Castle Partnership
Agreement.

First Amended and Restated Term Loan Agreement dated as of October 31, 2002,
among The Williams Companies, Inc., as Borrower, and Credit Lyonnais New York
Branch, as Administrative Agent, and the Lenders named therein, as amended.

Second Amended and Restated Participation Agreement dated as of January 28,
2002, among Williams Oil Gathering, L.L.C., as Lessee, Williams Field Services
Company, a Delaware corporation, as Construction Agent, The Williams Companies,
Inc., a Delaware corporation, as Guarantor, Wells Fargo Bank Northwest, National
Association (formerly known as First Security Bank, National Association), as
Certificate Trustee, Wells Fargo Bank Nevada, N.A. (successor by merger to First
Security Trust Company of Nevada), as Collateral Agent, the financial
institutions named therein as the Facility Lenders and Purchasers, Bank of
America, National Association, as Administrative Agent and Administrator for the
CP Lender, Banc of America

<PAGE>

Facilities Leasing, L.L.C., as Arranger, Bank of Nova Scotia, as Syndication
Agent, and Credit Agricole Indosuez, as Documentation Agent, as amended by the
Consent and First Amendment dated as of July 31, 2002 and the Consent and Second
Amendment dated as of October 31, 2002. Second Amended and Restated
Participation Agreement dated as of January 28, 2002 among Williams Field
Services - Gulf Coast Company, L.P., a Delaware limited partnership, as Lessee,
Williams Field Services Company, a Delaware corporation, as Guarantor, Wells
Fargo Bank Northwest, National Association, (formerly known as First Security
National Bank , National Association), as Certificate Trustee, Wells Fargo Bank
Nevada N.A., (successor by merger to First Security Trust company of Nevada), as
Collateral Agent, the financial institutions named therein as Certificate
Holders, Hatteras Funding Corporation, a Delaware corporation, as CP Lender, the
financial institutions named therein as the Facility Lenders and Purchasers,
Bank of America, National Association, as Administrative Agent and Administrator
for the CP Lender, Banc of America Facilities Leasing, L.L.C., as Arranger, Bank
of Nova Scotia, as Syndication Agent, and Credit Agricole Indosuez, as
Documentation Agent, as amended by the Consent and First Amendment dated as of
July 31, 2002 and the consent and Second Amendment dated as of October 31, 2002.

$200,000,000 Term Loan Agreement dated as of January 29, 1999, among The
Williams Companies, Inc., as Borrower, and Mizuho Corporate Bank, Ltd., f/k/a
The Fuji Bank, Limited, as Administrative Agent, and the Banks named therein, as
amended.

Joint Venture Sponsor Agreement dated as of December 28, 2000, among The
Williams Companies, Inc., as Sponsor and Williams Field Services Company, in
favor of Prairie Wolf Investors, Arctic Fox Assets, L.L.C., Williams Energy
(Canada), Inc. and the other Indemnified Persons listed therein, as amended.
Notwithstanding anything in the Guaranty to the contrary, for purposes of
Section 8.01 of the Guaranty, the outstanding amount of this Progeny Facility
shall equal the outstanding Capital Contribution of the Joint Venture Class B
Member (each as defined in the Snow Goose Company Agreement) plus the accrued
and unpaid Class B Amount (as defined in the Snow Goose Company Agreement) plus
all other amounts then due and payable to the Joint Venture Class B Member. As
used herein, "Snow Goose Company Agreement" means the Amended and Restated
Company Agreement of Snow Goose Associates, L.L.C., a Delaware limited liability
company, Prairie Wolf Investors, L.L.C., a Delaware limited liability company,
and Snow Goose Associates, L.L.C., a Delaware limited liability company, as
amended, supplemented, amended and restated or otherwise modified from time to
time.

Letter of Credit and Reimbursement Agreement dated as of May 15, 1994, among
Tulsa Parking Authority, The Williams Companies, Inc., Bank of Oklahoma,
National Association, and Bank of America, N.A. (formerly NationsBank of Texas,
N.A.), relative to Tulsa Parking Authority First Mortgage Revenue Bonds, as
amended.

$127,000,000 Master Agreement dated as of March 6, 2000, among The Williams
Companies, Inc., as Guarantor, Williams TravelCenters, Inc. and certain other
subsidiaries of The Williams Companies, Inc., as Lessees, Atlantic Financial
Group, Ltd., as Lessor, SunTrust Bank, as Agent, Societe Generale, Southwest
Agency, as Documentation Agent, and KBC Bank, N.V., as Syndication Agent and the
Lenders named therein, as amended.

<PAGE>

PPH Sponsor Agreement dated as of December 31, 2001, by The Williams Companies,
Inc., as Sponsor, in favor of Piceance Production Holdings LLC, Plowshare
Investors LLC, and other Indemnified Persons listed in the agreement, as
amended. Notwithstanding anything in the Guaranty to the contrary, for purposes
of Section 8.01 of the Guaranty, the outstanding amount of this Progeny Facility
shall equal the outstanding Contributed Capital of the Class B Preferred Member
(each as defined in the PPH Company Agreement) plus the accrued and unpaid Class
B Priority Return (as defined in the PPH Company Agreement) plus all other
amounts then due and payable to the Class B Preferred Member. As used herein,
"PPH Company Agreement" means the Amended and Restated Limited Liability Company
Agreement of Piceance Production Holdings LLC, dated as of December 31, 2001, by
and among, Williams Production RMT Company, a Delaware corporation, Bison
Royalty LLC, a Delaware limited liability company, Plowshare Investors LLC, a
Delaware limited liability company, and Piceance Production Holdings LLC, a
Delaware limited liability company, as amended, supplemented, amended and
restated or otherwise modified from time to time.

Amended and Restated LLC Loan Agreement dated as of June 9, 2000 among
Millennium Energy Fund, L.L.C. and MEF Production Payment Trust, as amended, and
the Amended and Restated Notes Credit Agreement dated as of June 9, 2000 among
MEF Production Payment Trust as the Borrower, certain financial institutions
thereto, Credit Lyonnais as Syndication Agent, and Bank of Montreal, as Agent,
and the Transaction Documents (as defined therein) related thereto.

All documents, instruments, agreements, certificates and notices at any time
executed and/or delivered in connection with any of the foregoing.

LEGACY L/CS

See Attachment 1 attached hereto.

All documents, instruments, agreements, certificates and notices at any time
executed and/or delivered in connection with the letters of credit described on
Attachment 1.

<PAGE>

                                  ATTACHMENT 1

                                [TO BE ATTACHED]

<PAGE>

                                   SCHEDULE II
                               CERTAIN OBLIGATIONS

Obligations arising from that certain GSX Project Agreement dated April 23, 2001
among GSX Canada Limited Partnership, Georgia Strait Crossing Pipeline LP,
British Columbia Hydro and Power Authority, and Williams Gas Pipeline Company,
LLC, as amended from time to time, and agreements related thereto, not to exceed
$3 million in the aggregate outstanding at any time.

<PAGE>

                                  SCHEDULE III

NEW CREDIT AGREEMENT

1.       Citicorp USA, Inc., as Agent on behalf of the Lenders party to that
         certain Amended and Restated Credit Agreement dated as of October 31,
         2002 by and among The Williams Companies, Inc. as Borrower, the Lenders
         party thereto, Citibank, N.A., Bank of America N.A. and The Bank of
         Nova Scotia as Issuing Banks, Bank of America N.A. as Syndication
         Agent, Salomon Smith Barney Inc. as Arranger, and Citicorp USA, Inc.,
         as Agent and Collateral Agent.

PROGENY FACILITIES

1.       Castle Associates L.P.* and Colchester LLC and the other Indemnified
         Persons and Guaranteed Parties as parties to or beneficiaries of that
         certain Parent Support Agreement dated as of December 23, 1998 by The
         Williams Companies, Inc. in favor of Castle Associates L. P. and
         Colchester LLC and the other Indemnified Persons listed therein, as
         amended (the "Castle Parent Support Agreement"), and related
         transaction documents. Capitalized terms used but not otherwise defined
         in this paragraph 1 have the meanings ascribed in the Castle Parent
         Support Agreement.

2.       Credit Lyonnais New York Branch, as Administrative Agent on behalf of
         the Lenders party to the First Amended and Restated Term Loan Agreement
         dated as of October 31, 2002 among The Williams Companies, Inc., as
         Borrower, and Credit Lyonnais New York Branch, as Administrative Agent,
         and the Lenders named therein, as amended.

3.       First Security Bank, N.A. as Certificate Trustee on behalf of the
         Certificate Holders, Wells Fargo Bank Nevada, N.A., as Collateral
         Agent, and Bank of America, N.A., as Administrative Agent and
         Administrator under that certain Second Amended and Restated
         Participation Agreement, dated as of January 28, 2002, among Williams
         Oil Gathering, L.L.C., as Lessee, Williams Field Services Company, as
         Construction Agent, The Williams Companies, Inc., as Guarantor, First
         Security Bank, N.A. as Certificate Trustee, the Certificate Holders
         party thereto, Wells Fargo Bank Nevada, N.A., as Collateral Agent, Bank
         of America, N.A., as Administrative Agent and Administrator, as
         amended.

4.       First Security Bank, N.A. as Certificate Trustee on behalf of the
         Certificate Holders, Wells Fargo Bank Nevada, N.A., as Collateral
         Agent, and Bank of America, N.A., as Administrative Agent and
         Administrator under that certain Second Amended and Restated
         Participation Agreement, dated as of January 28, 2002, among Williams
         Field Services - Gulf Coast Company, L.P., as Lessee, Williams Field
         Services Company, as Construction Agent, The Williams Companies, Inc.,
         as Guarantor, First Security Bank, N.A. as Certificate Trustee, the
         Certificate Holders party thereto, Wells Fargo Bank Nevada, N.A., as
         Collateral Agent, Bank of America, N.A., as Administrative Agent and
         Administrator, as amended.

<PAGE>

5.       Mizuho Corporate Bank, Ltd., f/k/a The Fuji Bank, Limited, as
         Administrative Agent on behalf of the Banks party to the $200,000,000
         Term Loan Agreement, dated as of January 29, 1999, among The Williams
         Companies, Inc., as Borrower, and The Fuji Bank, Limited, as
         Administrative Agent, and the Banks named therein, as amended.

6.       Prairie Wolf Investors, L.L.C. and Snow Goose Associates, L.L.C*. and
         the other Indemnified Persons (as defined in the Joint Venture Sponsor
         Agreement) as parties to or beneficiaries of that certain Joint Venture
         Sponsor Agreement, dated as of December 28, 2000, among The Williams
         Companies, Inc., as Sponsor and Williams Field Services Company, in
         favor of Prairie Wolf Investors, L.L.C., Arctic Fox Assets, L.L.C.,
         Williams Energy (Canada), Inc. and the other Indemnified Persons listed
         therein, as amended, and related transaction documents.

7.       Tulsa Parking Authority and Bank of America, N.A. (formerly NationsBank
         of Texas, N.A.) as parties to that certain Letter of Credit and
         Reimbursement Agreement, dated as of May 15, 1994, among Tulsa Parking
         Authority, The Williams Companies, Inc., Bank of Oklahoma, National
         Association, and Bank of America, N.A. (formerly NationsBank of Texas,
         N.A.), relative to Tulsa Parking Authority First Mortgage Revenue
         Bonds, as amended, and related transaction documents.

8.       Atlantic Financial Group, Ltd., as Lessor, and SunTrust Bank, as Agent
         on behalf of the Lenders party to that certain Master Agreement, dated
         as of March 6, 2000, among The Williams Companies, Inc., as Guarantor,
         Williams TravelCenters, Inc. and certain other subsidiaries of The
         Williams Companies, Inc., as Lessees, Atlantic Financial Group, Ltd.,
         as Lessor, SunTrust Bank, as Agent, Societe Generale, Southwest Agency,
         as Documentation Agent, KBC Bank, N.V., as Syndication Agent, and the
         Lenders party thereto, as amended, and related transaction documents.

9.       Piceance Production Holdings LLC*, Plowshare Investors LLC and the
         other Indemnified Persons (as defined in the PPH Sponsor Agreement) as
         parties to or beneficiaries of that certain PPH Sponsor Agreement,
         dated as of December 31, 2001, by The Williams Companies, Inc., as
         Sponsor, in favor of Piceance Production Holdings LLC, Plowshare
         Investors LLC, and other Indemnified Persons listed in the agreement,
         as amended, and related transaction documents.

10.      The Guaranteed Parties under that certain Amended and Restated Payment
         and Performance Guaranty, Indemnity and Undertaking made by The
         Williams Companies, Inc. in favor of the Guaranteed Parties, dated
         October 31, 2002, as amended, and related transaction documents.

<PAGE>

11.      The Guaranteed Parties under that certain First Amendment to
         Performance Guaranty, Indemnity and Undertaking (Initial LLC Asset)
         made by The Williams Companies, Inc. in favor of the Guaranteed
         Parties, dated October 31, 2002, as amended, and related transaction
         documents.

LEGACY L/CS

1.       Each issuer of a letter of credit as set forth on Attachment 1 attached
         to Schedule I to the Guaranty.

*Notwithstanding anything in the Guaranty to the contrary, the entities marked
with an asterisk shall be deemed to be "Financial Institutions" for purposes of
the Guaranty for so long as any Person not an affiliate of the Company owns an
Equity Interest in such entity.

<PAGE>

THE WILLIAMS COMPANIES, INC.

LEGACY LETTERS OF CREDIT - FOR PURPOSE OF PRO RATA DISTRIBUTION OF NET CASH
PROCEEDS FROM ASSET SALES

AS OF 10-31-02

<Table>
<Caption>
LETTER OF                                      ACCOUNT
CREDIT #                                        PARTY                                    BENEFICIARY
---------                                      -------                                   -----------
<S>                                <C>                                          <C>
ABN-AMRO
S815546                            Wilpro Energy Services  PIGAP II Ltd         PDVSA Petroleo y Gas SA

     Total ABN-AMRO

BANK OF AMERICA
C7269699                           MAPCO, Inc.                                  Old Republic Insurance Company
C7269707                           MAPCO, Inc.                                  ACE Insurance Company of Texas
3020403                            WilPro Energy Services (El Furrial) Ltd      Citibank, N.A.
7409323                            The Williams Companies, Inc.                 PDVSA Petroleo y Gas, S.A.
3037033                            Barrett Resources Corporation                Oklahoma Tax Commission
5535821l135652                     TWC                                          Tulsa Parking Authority

     Total Bank of America

JPMORGAN CHASE
P-389157                           The Williams Companies, Inc.                 Citicorp North America Inc. as RCE Agent (Castle)
P-299538                           Wilpro Energy Services (PIGAP II) Limited    PDVSA Petroleo y Gas,  S.A.
P-219203                           Williams Energy Marketing  & Trading         The New York Independent System Operator, Inc.
P-224665                           Williams Energy Marketing  & Trading         Royal Bank of Canada
P-221802                           Williams Energy Marketing  & Trading         California Power  Exchange Corporation
P-221924                           The Williams Companies, Inc.                 National Union Fire Insurance et al
P-222915                           The Williams Companies, Inc.                 United States Fidelity & Guaranty
P-225395                           Williams Production RMT Co.                  Powder River Energy Corp.
P-225403                           Williams Production Mid-Continent Company    U.S. Dept. of Interior Bureau of Indian Affairs

     Total JPMorgan Chase

CITIBANK
33623046                           TWC on behalf of  ACCROVEN, SRL              PDVSA Gas S.A.  ACCRO III & IV Projects
33623048                           TWC on behalf of ACCROVEN, SRL               PDVSA Gas S.A.  ACCRO III & IV Projects
33623049                           TWC on behalf of ACCROVEN, SRL               PDVSA Gas S. ACCRO III & IV Projects

     Total Citibank

ROYAL BANK OF CANADA
1739/s19728                        TWC/WGP-Alliance Canada                      Montreal Trust Company of Canada
1739/s19729                        TWC/WGP-Alliance Canada                      The Bank of Nova Scotia Trust Co. of NY

     Total Royal Bank of Canada

TORONTO DOMINION
1699                               The Williams Companies, Inc.                 Prairie Wolf Investors

     Total Toronto Dominion

WELLS FARGO
NMS232199                          Transco Energy Company                       Transportation Insurance Company

     Total Wells Fargo

                                   Total LC's Outstanding

<Caption>

LETTER OF                                                        EXPIRY          % OF          CASH
CREDIT #                              AMOUNT        DATED         DATE           TOTAL      COLLATERAL
---------                             ------        -----        ------          -----      ----------
<S>                                <C>            <C>          <C>               <C>       <C>
ABN-AMRO
S815546                            $   5,000,000    9/1/1999    8/29/2003
                                   -------------
     Total ABN-AMRO                $   5,000,000                                  3.3%     $     471,000

BANK OF AMERICA
C7269699                           $     300,000   3/15/1995    3/30/2003
C7269707                           $   1,582,902   3/15/1995    3/31/2003
3020403                            $   5,652,733  11/15/1999   11/15/2002
7409323                            $     225,000    5/2/2002    5/31/2003
3037033                            $     200,000   4/16/2001    5/11/2003
5535821l135652                     $   8,608,985   5/15/1992    5/31/2003
                                   -------------
     Total Bank of America         $  16,569,620                                 11.0%     $   2,559,000

JPMORGAN CHASE
P-389157                           $   3,800,000  12/23/1998   12/23/2002
P-299538                           $  40,000,000    4/3/2000    4/16/2003
P-219203                           $   5,500,000  11/13/2001    12/1/2002
P-224665                           $   5,000,000   4/22/2002    4/30/2003
P-221802                           $   1,000,000    2/1/2002     2/1/2003
P-221924                           $   9,010,112    2/6/2002     3/1/2003
P-222915                           $   6,650,000    3/7/2002     3/1/2003
P-225395                           $   4,000,000   5/10/2002    5/10/2004
P-225403                           $      30,000   5/13/2002    5/17/2003
                                   -------------
     Total JPMorgan Chase          $  74,990,112                                 49.8%     $   9,720,000

CITIBANK
33623046                           $  32,500,000    3/9/2001     1/6/2003
33623048                           $   4,000,000    3/9/2001     1/6/2003
33623049                           $   1,000,000    3/9/2001     1/6/2003
                                   -------------
     Total Citibank                $  37,500,000                                 24.9%     $   3,536,000

ROYAL BANK OF CANADA
1739/s19728                        $   2,789,778  12/18/2000   12/17/2002
1739/s19729                        $   2,922,000  12/18/2000   12/17/2002
                                   -------------
     Total Royal Bank of Canada    $   5,711,778                                  3.8%     $     547,000

TORONTO DOMINION
1699                               $  10,860,000  12/28/2000   12/28/2005
                                   -------------
     Total Toronto Dominion        $  10,860,000                                  7.2%     $   1,024,000

WELLS FARGO
NMS232199                          $      40,000    2/2/1995     2/2/2003
                                   -------------
     Total Wells Fargo             $      40,000                                  0.0%     $      4,000

                                   $ 150,671,510                                  100%     $ 17,861,000
                                   =============                                          ------------
</Table><PAGE>
                                                                    EXHIBIT 10.7
                                                                  EXECUTION COPY

                  FIRST AMENDMENT TO COLLATERAL TRUST AGREEMENT

         This First Amendment dated as of October 31, 2002 (this "Amendment") to
the Collateral Trust Agreement dated as of July 31, 2002 (as amended and
modified from time to time, the "Collateral Trust Agreement"), is among The
Williams Companies, Inc., a Delaware corporation (the "Company"), and each of
its Subsidiaries which is or which subsequently becomes a party thereto
(together, with the Company, the "Debtors"), in favor of Citibank, N.A., as
collateral trustee ("Collateral Trustee") for the benefit of the holders of the
Secured Obligations. All capitalized terms used herein and not otherwise defined
shall have the meanings ascribed to such terms in the Collateral Trust
Agreement.

                                   WITNESSETH:

         WHEREAS, the parties hereto have agreed to amend certain provisions of
the Collateral Trust Agreement;

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree that the
Collateral Trust Agreement is hereby amended as follows:

1.       Amendments

         (a) Pursuant to the terms of those two certain Consent and Waivers each
         dated as of September 20, 2002, by and among the Company and the other
         signatories thereto, the Collateral Trust Agreement was amended to (i)
         remove Williams Field Services - Gulf Coast Company, L.P. as a Debtor
         and (ii) add Williams Gulf Coast Gathering Company, LLC as Debtor.
         Pursuant to this Amendment, the following additional parties are added
         as Debtors: WFS - Pipeline Company; WFS Gathering Company, L.L.C.;
         Williams Field Services - Matagorda Offshore Company, LLC; Williams Gas
         Processing - Mid Continent Region Company; WFS-OCS Gathering Co.;
         HI-BOL Pipeline Company; Goebel Gathering Company, L.L.C.; Williams
         Petroleum Services, LLC; Longhorn Enterprises of Texas, Inc.; and
         Williams GP LLC.

         (b) The introductory paragraph of the Collateral Trust Agreement is
         hereby amended and restated in its entirety and replaced with the
         following:

                  "COLLATERAL TRUST AGREEMENT, dated as of July 31, 2002 (this
                  "Agreement"), among THE WILLIAMS COMPANIES, INC., a Delaware
                  corporation (the "Company"), the subsidiaries of the Company
                  which are or which subsequently become parties hereto (the
                  "Subsidiaries" and collectively

<PAGE>

                  with the Company, the "Debtors"), and CITIBANK, N.A., as
                  Collateral Trustee (the "Collateral Trustee"):"

         (c) The definition of Release Notice set forth in Section 1.1 of the
         Collateral Trust Agreement is hereby amended and restated in its
         entirety and replaced with the following:

                  "Release Notice: shall mean a written notice, signed by a
                  Responsible Officer of the Company and the Debtors with
                  interests in the Collateral to be released, that requests the
                  release of Liens held in favor of the Collateral Trustee in
                  such Collateral and that (a) certifies to the Collateral
                  Trustee that the release of such Collateral is permitted under
                  the applicable terms of the Principal Bank Facility and the
                  Principal L/C Facility (collectively, the "Facilities") and
                  has either been consented to by the Required Decision Group or
                  is expressly permitted under the applicable terms of the
                  Facilities without the need of any such consent, (b) sets
                  forth the estimated proceeds from the disposition of such
                  Collateral and the intended application thereof and confirms
                  that such application is in accordance with the applicable
                  requirements of the Facilities, and (c) covenants to the
                  Collateral Trustee that the proceeds of such Collateral shall
                  be applied as described therein."

         (d) The following Section 1.2 is hereby added to the Collateral Trust
         Agreement:

                  "1.2 Incorporated Definitions and Provisions. All defined
         terms that are incorporated into this Agreement by reference to other
         agreements shall incorporate into this Agreement the provisions of such
         other agreements that exist as of the date hereof; however, such
         provisions shall be automatically modified herein by any amendment or
         modification that takes place after the date hereof in such other
         referenced agreement(s); subject to the following limitations: (a) no
         such amendment or modification shall be effective with respect to this
         Agreement until Collateral Trustee shall have received a copy of such
         amendment or modification and (b) no provision of any such amendment or
         modification that imposes any additional liability, obligation or
         adverse effect on the Collateral Trustee shall be effective with
         respect to this Agreement unless the Collateral Trustee has executed a
         written consent to such provision or to the amendment or modification
         in which such provision is set forth.

         (e) Section 2.5 of the Collateral Trust Agreement is hereby amended and
         restated in its entirety and replaced with the following:

                  "2.5 Releases of Collateral.

                           (a) In connection with any proposed sale, assignment,
                  transfer, or other disposition of Collateral, the Company and
                  the Debtors with an interest in such Collateral may deliver a
                  Release Notice to the Collateral Trustee which the

<PAGE>

                  Collateral Trustee shall promptly distribute to the holders of
                  Secured Obligations under the Principal Bank Facility and the
                  Principal L/C Facility. Each of the holders of Secured
                  Obligations under either of the Facilities shall have 15 days
                  after the receipt of such Release Notice to notify the
                  Collateral Trustee if such holder believes that the release of
                  such Collateral is improper because (i) the release of such
                  Collateral is not permitted under the applicable terms of the
                  Facilities or has not been consented to by the Required
                  Decision Group or (ii) the intended application of the
                  proceeds from the disposition of such Collateral is not in
                  accordance with the applicable requirements of the Facilities
                  (any such certificate being referred to herein as an
                  "Objection Certificate"). If an Objection Certificate is not
                  delivered during such 15 day period, then the Collateral
                  Trustee shall be authorized to and agrees to release the Liens
                  of the Collateral Trustee in the Collateral described in the
                  Release Notice upon the contemporaneous receipt by Collateral
                  Trustee of the amount of the proceeds, if any, of such
                  permitted disposition that are required to be delivered to the
                  Collateral Trustee pursuant to the terms of the Facilities or
                  any of the Security Documents and as set out in the Release
                  Notice. If during the 15 day period referenced above the
                  Collateral Trustee receives an Objection Certificate, then the
                  Liens will not be released at the end of such period and the
                  Collateral Trustee will not take any actions requested under
                  the Release Notice until (x) such Objection Certificate shall
                  be withdrawn in writing by the holder of Secured Obligations
                  which shall have delivered the same to the Collateral Trustee
                  or (y) until the Collateral Trustee shall have received a
                  final order of a court of competent jurisdiction directing it
                  to release the Liens of the Collateral Trustee in such
                  Collateral. In connection with any release pursuant to this
                  Section 2.5, upon receipt of the appropriate amount of
                  proceeds from such disposition, if any, the Collateral Trustee
                  shall at the request of the Company execute a partial release
                  of the Liens granted under the Security Documents and such
                  instruments, including UCC-3 amendments or termination
                  statements, as are necessary to partially release or terminate
                  any documents constituting public notice of the Security
                  Documents and the Liens granted thereunder and shall assign
                  and transfer, or cause to be assigned and transferred, and
                  shall deliver, or cause to be delivered, to the applicable
                  Debtors, all property thereof then held by the Collateral
                  Trustee in which the Lien of the Collateral Trustee has been
                  released.

                           (b) Upon Collateral Trustee's receipt of the portion
                  of the gross proceeds from a disposition, if any, that are
                  required to be delivered to the Collateral Trustee pursuant to
                  the terms of the Facilities and as specified in the Release
                  Notice, Collateral Trustee shall hold such proceeds as
                  Collateral under this Agreement until Company delivers to
                  Collateral Trustee a division of proceeds certificate (a
                  "Division Certificate"). Concurrently with delivery of any
                  Division Certificate to the Collateral Trustee, the Company
                  shall deliver copies of such Division Certificate to the Agent
                  (as such term is defined in the Principal Bank Facility) for
                  the Banks that are party to the Principal Bank Facility and to

<PAGE>

                  the Agent (as such term is defined in the Principal L/C
                  Facility) for the Banks that are party to the Principal L/C
                  Facility. The Division Certificate shall be prepared based on
                  the terms of Section 2.04(c) of the Principal Bank Facility
                  and Section 2.3 (b) of the Principal L/C Facility. Upon
                  receipt of such a Division Certificate the Collateral Trustee
                  shall as soon as practicable disburse the proceeds, if any, it
                  has received consistent with the terms of the Division
                  Certificate. If Collateral Trustee obtains any proceeds
                  resulting from the sale of Collateral that are not required to
                  be delivered pursuant to the terms of Section 2.04(c) of the
                  Principal Bank Facility or Section 2.3 (b) of the Principal
                  L/C Facility to a holder of Secured Obligations or another
                  creditor of the Company or its Subsidiaries then the
                  Collateral Trustee shall as soon as practicable deliver such
                  proceeds to the Company free and clear of any Liens."

         (f) The following Section 2.10 is hereby added to the Collateral Trust
         Agreement:

                           "2.10 Releases in Connection with Permitted
                  Dispositions. Section 5.2(e) of the Principal L/C Facility and
                  Section 5.02(l) of the Principal Bank Facility provide that
                  certain dispositions will be permitted and that any Guarantor
                  (as defined therein) that is the owner of the assets subject
                  to the disposition permitted pursuant to Section 5.2(e) of the
                  Principal L/C Facility and Section 5.02(l) of the Principal
                  Bank Facility and whose Equity Interests (as defined therein)
                  are being conveyed in connection with such disposition (as
                  well as the owners' of such Equity Interests, to the extent of
                  such permitted distribution) shall be automatically released
                  as a party to this Agreement and to the other Security
                  Documents. The Debtors and the Collateral Trustee hereby
                  acknowledge and agree to the automatic release described above
                  and the Collateral Trustee agrees to and is hereby authorized
                  to execute documents and notices evidencing such releases;
                  provided, however, Collateral Trustee shall not be required to
                  execute any documents or notices in connection with any
                  automatic release unless Collateral Trustee has received
                  satisfactory certifications and documentation that the
                  conditions specified in Section 5.2(e) of the Principal L/C
                  Facility and Section 5.02(l) of the Principal Bank Facility
                  for obtaining an automatic release, if any, have been
                  satisfied."

         (g) The following Section 2.11 is hereby added to the Collateral Trust
         Agreement:

                           "2.11 Execution of Non-Disturbance and Attornment
                  Agreement. Collateral Trustee agrees to and is hereby
                  authorized to execute a non-disturbance and attornment
                  agreement in accordance with the provisions of Section 5.2(e)
                  of the Principal L/C Facility and Section 5.02(l) of the
                  Principal Bank Facility which agreement shall be substantially
                  in the form attached to such Principal L/C Facility and
                  referenced in such Section 5.2(e) and such Section 5.02(l)."

         (h) The following Section 6.9 is hereby added to the Collateral Trust
         Agreement:

<PAGE>

                  "Section 6.9 Joinder. Pursuant to the terms of the Master Debt
                  Agreements certain Persons (hereafter referred to as the
                  "Joining Subsidiaries") may desire to or be required to join
                  this Agreement as Debtors. In connection with any such joinder
                  the Joining Subsidiary shall cause to be executed and
                  delivered (a) a joinder agreement substantially in the form of
                  the joinder agreement attached hereto as Schedule II and (b)
                  authorization documentation, corporate documentation,
                  perfection documentation and opinion letters reasonably
                  satisfactory to the Collateral Trustee reflecting the status
                  of such Joining Subsidiary and the enforceability of such
                  agreements with respect to such Joining Subsidiary; provided,
                  however, that the Collateral Trustee shall have no obligations
                  with respect to the additional Collateral that results from
                  the addition of a Joining Subsidiary as a Debtor pursuant to
                  this Agreement prior to the delivery of such additional
                  Collateral, and Collateral Trustee shall have no duty to
                  solicit the delivery of any Collateral from any Debtor."

         (i) A new Schedule II to the Collateral Trust Agreement is hereby added
         which is the document attached as Schedule II hereto.

2. Acknowledgement. Williams Energy Marketing & Trading Company hereby
acknowledges that it is a Debtor and original signatory to the Collateral Trust
Agreement effective as of July 31, 2002.

3. Conditions to Effectiveness. This Amendment shall be deemed effective (the
"Effective Date") upon the satisfaction of the conditions precedent as set out
in Section 3.1 of that certain Amended and Restated Credit Agreement dated as of
October 31, 2002, among Company and the Financial Institutions named therein,
without giving effect to the terms of Section 3.3; provided, however, that the
Collateral Trustee shall have no obligations with respect to the additional
Collateral that results from the addition of Debtors as parties to the
Collateral Trust Agreement pursuant to this Amendment prior to the delivery of
such additional Collateral, and the Collateral Trustee shall have no duty to
solicit the delivery of any Collateral from any Debtor. Notwithstanding anything
to the contrary herein, any provision or portion of a provision in this
Amendment that is or is determined to be a release of Collateral shall not be
effective to release such Collateral until the Collateral Trustee has received
satisfactory documentation that such release of Collateral is permitted by or
has been properly approved in accordance with the terms of the Collateral Trust
Agreement.

4. Governing Law. This Amendment shall be governed by, and construed and
enforced in accordance with, the laws of the State of New York.

5. Reference to and Effect on the Collateral Trust Agreement. The amendments set
forth herein are limited precisely as written and shall not be deemed to be a
consent or waiver to, or modification of any other term or condition in the
Collateral Trust Agreement or any of the documents referred to therein. Except
as expressly amended and consented hereby, the terms and conditions of the
Collateral Trust Agreement shall continue in full force and effect, and as
amended hereby, the Collateral Trust Agreement is ratified and confirmed in all
respects. On

<PAGE>

and after the Effective Date, the Collateral Trust Agreement shall be deemed to
mean the Collateral Trust Agreement as amended hereby.

6. Counterparts. This Amendment may be executed in several counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same agreement.

Schedule II:  Form of Joinder Agreement

Houston/1474925

<PAGE>

         IN WITNESS WHEREOF, the parties hereto, acting through their duly
authorized representatives, have caused this Amendment to be signed in their
respective names.

                                   The Williams Companies, Inc.,
                                   as Debtor

                                   By:    /s/ James G. Ivey
                                      ------------------------------------------
                                   Name:  James G. Ivey
                                   Title: Treasurer

                                   AGENT:

                                   CITICORP USA, INC., as Agent

                                   By     /s/ Todd J. Mogil
                                      ------------------------------------------
                                   Name:  Todd J. Mogil
                                   Title: Vice President

                                   BANKS AND ISSUING BANKS:

                                   CITIBANK N.A., as Issuing Bank

                                   By     /s/ Todd J. Mogil
                                      ------------------------------------------
                                   Name:  Todd J. Mogil
                                   Title: Attorney-in-Fact

                                   CITIBANK N.A., as Collateral Trustee

                                   By     /s/ Camille Tomao
                                      ------------------------------------------
                                   Name:  Camille Tomao
                                   Title: Vice President

                                   CITICORP USA, INC.

                                   By     /s/ Todd J. Mogil
                                      ------------------------------------------
                                   Name:  Todd J. Mogil
                                   Title: Vice President

                                   BANKS:

                                   CITICORP USA, INC.

                                   By     /s/ Todd J. Mogil
                                      ------------------------------------------
                                   Name:  Todd J. Mogil
                                   Title: Vice President

<PAGE>

                                   THE BANK OF NOVA SCOTIA, as Canadian
                                   Issuing Bank and Bank

                                   By:
                                      ------------------------------------------
                                   Name:
                                   Title:

                                   BANK OF AMERICA, N.A., as Issuing
                                   Bank and Bank

                                   By     /s/ Claire Liu
                                      ------------------------------------------
                                   Name:  Claire Liu
                                   Title: Managing Director

                                   JP MORGAN CHASE BANK

                                   By:    /s/ Robert W. Traband
                                      ------------------------------------------
                                   Name:  Robert W. Traband
                                   Title: Vice President

                                   TORONTO DOMINION (TEXAS), INC.

                                   By:     /s/ Jill Hall
                                      ------------------------------------------
                                   Name:   Jill Hall
                                   Title:  Vice President

                                   CREDIT LYONNAIS NEW YORK BRANCH

                                   By:     /s/ Olivier Audemard
                                      ------------------------------------------
                                   Name:   Olivier Audemard
                                   Title:  Senior Vice President

<PAGE>

                                   MERRILL LYNCH CAPITAL CORP.

                                   By:     /s/ Carol  J. E. Feeley
                                      ------------------------------------------
                                   Name:   Carol J. E. Feeley
                                   Title:  Vice President

                                   LEHMAN COMMERCIAL PAPER INC.

                                   By:     /s/ Francis Chang
                                      ------------------------------------------
                                   Name:   Francis Chang
                                   Title:  Authorized Signatory

                                   CO-SYNDICATION AGENTS:

                                   JPMORGAN CHASE BANK
                                   (formerly known as
                                   THE CHASE MANHATTAN BANK),
                                   As Co-Syndication Agent

                                   By      /s/ Robert W. Traband
                                         ---------------------------------------
                                   Name:   Robert W. Traband
                                   Title:  Vice President

                                   COMMERZBANK AG,
                                   as Co-Syndication Agent

                                   By      /s/ Harry Yergey
                                        ----------------------------------------
                                   Name:   Harry Yergey
                                   Title:  Senior Vice President and Manager

                                   By      /s/ Brian Campbell
                                        ----------------------------------------
                                   Name:   Brian Campbell
                                   Title:  Senior Vice President

                                   DOCUMENTATION AGENT:

                                   CREDIT LYONNAIS NEW YORK BRANCH
                                   as Documentation Agent

                                   By:     /s/ Olivier Audemard
                                          --------------------------------------
                                   Name:   Olivier Audemard
                                   Title:  Senior Vice President

<PAGE>

                                   THE BANK OF NOVA SCOTIA

                                   By:     /s/ N. Bell
                                        ----------------------------------------
                                   Name:   N. Bell
                                   Title:  Senior Manager

                                   BANK OF AMERICA, N.A.

                                   By      /s/ Claire M. Liu
                                          --------------------------------------
                                   Name:   Claire M. Liu
                                   Title:  Managing Director

                                   BANK ONE, N.A. (MAIN OFFICE - CHICAGO)

                                   By      /s/ Jeanie C. Gonzalez
                                        ----------------------------------------
                                   Name:   Jeanie C. Gonzalez
                                   Title:  Director

                                   JPMORGAN CHASE BANK
                                   (formerly known as
                                   THE CHASE MANHATTAN BANK),

                                   By      /s/ Robert W. Traband
                                         ---------------------------------------
                                   Name:   Robert W. Traband
                                   Title:  Vice President

                                   COMMERZBANK AG
                                   NEW YORK AND GRAND CAYMAN BRANCHES

                                   By      /s/ Brian Campbell                 l
                                        ----------------------------------------
                                   Name:   Brian Campbell
                                   Title:  Senior Vice President

                                   By      /s/ W. David Suttles
                                        ----------------------------------------
                                   Name:   W. David Suttles
                                   Title:  Vice President

<PAGE>

                                   CREDIT LYONNAIS NEW YORK BRANCH

                                   By:     /s/ Olivier Audemard
                                          --------------------------------------
                                   Name:   Olivier Audemard
                                   Title:  Senior Vice President

                                   NATIONAL WESTMINSTER PLC

                                   By:     /s/ Charles Greer
                                       -----------------------------------------
                                   Name:   Charles Greer
                                   Title:  Senior Vice President

                                   ABN AMRO BANK, N.V.

                                   By:     /s/ Frank R. Russo, Jr.
                                        ----------------------------------------
                                   Name:   Frank R. Russo, Jr.
                                   Title:  Group Vice President

                                   By:     /s/ Jeffrey G. White
                                        ----------------------------------------
                                   Name:   Jeffrey G. White
                                   Title:  Vice President

                                   BANK OF MONTREAL

                                   By:     /s/ Mary Lee Latta
                                        ----------------------------------------
                                   Name:   Mary Lee Latta
                                   Title:  Director

                                   THE BANK OF NEW YORK

                                   By:     /s/ Raymond J. Palmer
                                        ----------------------------------------
                                   Name:   Raymond J. Palmer
                                   Title:  Vice President

<PAGE>

                                   BARCLAYS BANK PLC

                                   By:     /s/ Nicholas A. Bell
                                         ---------------------------------------
                                   Name:   Nicholas A. Bell
                                   Title:  Director

                                   CIBC INC.

                                   By:     /s/ George Knight
                                        ----------------------------------------
                                   Name:   George Knight
                                   Title:  Managing Director

                                   CREDIT SUISSE FIRST BOSTON

                                   By:     /s/ James P. Moran
                                         ---------------------------------------
                                   Name:   James P. Moran
                                   Title:  Director

                                   By:     /s/ Ian W. Nalitt
                                        ----------------------------------------
                                   Name:   Ian W. Nalitt
                                   Title:  Associate

                                   ROYAL BANK OF CANADA

                                   By:     /s/ Peter Barnes
                                     -------------------------------------------
                                   Name:   Peter Barnes
                                   Title:  Senior Manager

                                   THE BANK OF TOKYO-MITSUBISHI, LTD.,
                                   HOUSTON AGENCY

                                   By      /s/ Kelton Glassock
                                       -----------------------------------------
                                   Name:   Kelton Glassock
                                   Title:  Vice President and Manager

                                   By      /s/ Jay Fort
                                       -----------------------------------------
                                   Name:   Jay Fort
                                   Title:  Vice President

<PAGE>

                                   FLEET NATIONAL BANK
                                   f/k/a Bank Boston, N.A.

                                   By      /s/ Matthew W. Speh
                                       -----------------------------------------
                                   Name:   Matthew W. Speh
                                   Title:  Authorized Officer

                                   SOCIETE GENERALE, SOUTHWEST AGENCY

                                   By      /s/ J. Douglas McMurrey, Jr.
                                       -----------------------------------------
                                   Name:   J. Douglas McMurrey, Jr.
                                   Title:  Managing Director

                                   TORONTO DOMINION (TEXAS), INC.

                                   By:     /s/ Jill Hall
                                           -------------------------------------
                                   Name:   Jill Hall
                                   Title:  Vice President

                                   UBS AG, STAMFORD BRANCH

                                   By:     /s/ Kelly Smith
                                       -----------------------------------------
                                   Name:   Kelly Smith
                                   Title:  Director Recovery Management

                                   By:     /s/ Robert Reuter
                                       -----------------------------------------
                                   Name:   Kelly Smith
                                   Title:  Executive Director

                                   WELLS FARGO BANK TEXAS, N.A.

                                   By      /s/ J. Alan Alexander
                                        ----------------------------------------
                                   Name:   J. Alan Alexander
                                   Title:  Vice President

<PAGE>

                      WESTLB AG, NEW YORK BRANCH

                      By       /s/ Salvatore Battinelli and Duncan M. Robertson
                               -------------------------------------------------
                      Name:    Salvatore Battinelli and Duncan M. Robertson
                      Title:   Managing Director
                               Director Credit Department

                      CREDIT AGRICOLE INDOSUEZ

                      By:      /s/ Larry Materi
                        --------------------------------------------------------
                      Name:    Larry Materi
                      Title:   Vice President

                      By:      /s/ Paul A. Dytrych
                        --------------------------------------------------------
                      Name:    Paul A. Dytrych
                      Title:   Vice President

                      SUNTRUST BANK

                      By:      /s/ Steven J. Newby
                         -------------------------------------------------------
                      Name:    Steven J. Newby
                      tle:     Director

                      ARAB BANKING CORPORATION (B.S.C.)

                      By:      /s/ Robert J. Ivosevich
                        --------------------------------------------------------
                      Name:    Robert J. Ivosevich
                      Title:   Deputy General Manager

                      By:      /s/ Barbara C. Sanderson
                        --------------------------------------------------------
                      Name:    Barbara C. Sanderson
                      Title:   VP Head of Credit

                      BANK OF CHINA, NEW YORK BRANCH

                      By:
                      Name:
                      Title:

<PAGE>

                                   BANK OF OKLAHOMA, N.A.

                                   By:
                                   Name:
                                   Title:

                                   BNP PARIBAS, HOUSTON AGENCY

                                   By:      /s/ Larry Robinson
                                     -------------------------------------------
                                   Name:    Larry Robinson
                                   Title:   Vice President

                                   By:      /s/ Mark A. Cox
                                     -------------------------------------------
                                   Name:    Mark A. Cox
                                   Title:   Director

                                   DZ BANK AG DEUTSCHE
                                   ZENTRALGENOSSENSCHAFTSBANK, NEW YORK BRANCH

                                   By:      /s/ Mark Connelly
                                     -------------------------------------------
                                   Name:    Mark Connelly
                                   Title:   Senior V.P.

                                   By:      /s/ Richard W. Wilbert
                                     -------------------------------------------
                                   Name:    Richard W. Wilbert
                                   Title:   Vice President

                                   KBC BANK N.V.

                                   By:      /s/ Michael V. Curran
                                      ------------------------------------------
                                   Name:    Michael V. Curran
                                   Title:   First Vice President

                                   By:      /s/ Diane M. Grimmig
                                      ------------------------------------------
                                   Name:    Diane M. Grimmig
                                   Title:   First Vice President

                                   WACHOVIA BANK, N.A.

                                   By:      /s/ David E. Humphreys
                                      ------------------------------------------
                                   Name:    David E. Humphreys
                                   Title:   Vice President

<PAGE>

                                   MUZUHO CORPORATE BANK, LTD

                                   By:
                                   Name:
                                   Title:

                                   SUMITOMO MITSUI BANKING CORPORATION

                                   By       /s/ Leo E. Pagarigan
                                       -----------------------------------------
                                   Name:    Leo E. Pagarigan
                                   Title:   Senior Vice President

                                   COMMERCE BANK, N.A.

                                   By:      /s/ Dennis R. Block
                                       -----------------------------------------
                                   Name:    Dennis R. Block
                                   Title:   Senior Vice President

                                   ROYAL BANK OF SCOTLAND

                                   By:
                                   Name:
                                   Title:

                                   RZB FINANCE, LLC

                                   By:
                                            ------------------------------------
                                   Name:
                                   Title:

<PAGE>

                                   WORTHINGTON GENERATION, L.L.C.

                                   By:      /s/ William E. Hobbs
                                           -------------------------------------
                                   Name:    William E. Hobbs
                                   Title:   President

                                   WILLIAMS REFINING & MARKETING, L.L.C.

                                   By:      /s/ James G. Ivey
                                            ------------------------------------
                                   Name:    James G. Ivey
                                   Title:   Assistant Treasurer

                                   WILLIAMS PETROLEUM SERVICES, LLC

                                   By:      /s/ Ralph A. Hill
                                           -------------------------------------
                                   Name:    Ralph A. Hill
                                   Title:   Senior Vice President

                                   WILLIAMS PETROLEUM PIPELINE SYSTEMS, INC.

                                   By:      /s/ Ralph A. Hill
                                            ------------------------------------
                                   Name:    Ralph A. Hill
                                   Title:   Senior Vice President

                                   WILLIAMS MID-SOUTH PIPELINES, LLC

                                   By:      /s/ James G. Ivey
                                            ------------------------------------
                                   Name:    James G. Ivey
                                   Title:   Assistant Treasurer

<PAGE>

                                   WILLIAMS GENERATION COMPANY-HAZLETON

                                   By:      /s/ Ralph A. Hill
                                            ------------------------------------
                                   Name:    Ralph A. Hill
                                   Title:   Vice President

                                   WILLIAMS OLEFINS, L.L.C.

                                   By:      /s/ James G. Ivey
                                            ------------------------------------
                                   Name:    James G. Ivey
                                   Title:   Assistant Treasurer

                                   WILLIAMS OLEFINS FEEDSTOCK PIPELINES, L.L.C.

                                   By:      /s/ James G. Ivey
                                            ------------------------------------
                                   Name:    James G. Ivey
                                   Title:   Assistant Treasurer

                                   WILLIAMS NATURAL GAS LIQUIDS, INC.

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   WILLIAMS MIDSTREAM NATURAL GAS LIQUIDS, INC.

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

<PAGE>

                                   WILLIAMS MERCHANT SERVICES COMPANY, INC.

                                   By:      /s/ William E. Hobbs
                                            ------------------------------------
                                   Name:    William E. Hobbs
                                   Title:   President

                                   WILLIAMS MEMPHIS TERMINAL, INC.

                                   By:      /s/ James G. Ivey
                                            ------------------------------------
                                   Name:    James G. Ivey
                                   Title:   Assistant Treasurer

                                   WILLIAMS GULF COAST GATHERING COMPANY, LLC

                                   By:      /s/ James G. Ivey
                                            ------------------------------------
                                   Name:    James G. Ivey
                                   Title:   Assistant Treasurer

                                   WILLIAMS GP, LLC

                                   By:     /s/ Don R. Wellendorf
                                           -------------------------------------
                                   Name:   Don R. Wellendorf
                                   Title:  President and Chief Executive Officer

                                   WILLIAMS GENERATING MEMPHIS, LLC

                                   By:      /s/ James G. Ivey
                                            ------------------------------------
                                   Name:    James G. Ivey
                                   Title:   Assistant Treasurer

<PAGE>

                                   WILLIAMS GAS PROCESSING - WAMSUTTER COMPANY.

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   WILLIAMS GAS PROCESSING COMPANY

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   WILLIAMS GAS PROCESSING - MID-CONTINENT
                                   REGION COMPANY

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   WILLIAMS FIELD SERVICES GROUP, INC.

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   WILLIAMS FIELD SERVICES COMPANY

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

<PAGE>

                                   WILLIAMS FIELD SERVICES - MATAGORDA OFFSHORE
                                   COMPANY, LLC

                                   By:      /s/ James G. Ivey
                                            ------------------------------------
                                   Name:    James G. Ivey
                                   Title:   Assistant Treasurer

                                   WILLIAMS EXPRESS, INC. (DE)

                                   By:      /s/ Ralph A. Hill
                                            ------------------------------------
                                   Name:    Ralph A. Hill
                                   Title:   Chief Executive Officer

                                   WILLIAMS EXPRESS INC. (AK)

                                   By:      /s/ Ralph A. Hill
                                            ------------------------------------
                                   Name:    Ralph A. Hill
                                   Title:   Chief Executive Officer

                                   WILLIAMS ETHANOL SERVICES, INC.

                                   By:      /s/ Paul W. Nelson
                                            ------------------------------------
                                   Name:    Paul W. Nelson
                                   Title:   Treasurer

                                   WILLIAMS ENERGY SERVICES, LLC

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

<PAGE>

                                   WILLIAMS ENERGY MARKETING & TRADING COMPANY

                                   By:      /s/ William E. Hobbs
                                            ------------------------------------
                                   Name:    William E. Hobbs
                                   Title:   President

                                   WILLIAMS BIO-ENERGY, L.L.C.

                                   By:      /s/ James G. Ivey
                                            ------------------------------------
                                   Name:    James G. Ivey
                                   Title:   Assistant Treasurer

                                   WILLIAMS ALASKA PIPELINE COMPANY, L.L.C.

                                   By:      /s/ Ralph A. Hill
                                            ------------------------------------
                                   Name:    Ralph A. Hill
                                   Title:   Senior Vice President

                                   WILLIAMS ALASKA PETROLEUM, INC.

                                   By:      /s/ Ralph A. Hill
                                            ------------------------------------
                                   Name:    Ralph A. Hill
                                   Title:   Chief Executive Officer

                                   WILLIAMS ALASKA AIR CARGO PROPERTIES, L.L.C.

                                   By:      /s/ Ralph A. Hill
                                            ------------------------------------
                                   Name:    Ralph A. Hill
                                   Title:   Chief Executive Officer

<PAGE>

                                   WFS-OFFSHORE GATHERING COMPANY

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   WFS-NGL PIPELINE COMPANY, INC.

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   WFS-LIQUIDS COMPANY

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   WFS GATHERING COMPANY, L.L.C.

                                   By:      /s/ James G. Ivey
                                            ------------------------------------
                                   Name:    James G. Ivey
                                   Title:   Assistant Treasurer

                                   WFS ENTERPRISES, INC.

                                   By:      /s/ Mary Jane Bittick
                                            ------------------------------------
                                   Name:    Mary Jane Bittick
                                   Title:   Treasurer

<PAGE>

                                   WFS - PIPELINE COMPANY

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   WFS - OCS GATHERING CO.

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   NORTH PADRE ISLAND SPINDOWN, INC.

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   MEMPHIS GENERATION, L.L.C.

                                   By:      /s/ William E. Hobbs
                                            ------------------------------------
                                   Name:    William E. Hobbs
                                   Title:   President

                                   MAPL INVESTMENTS, INC.

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

<PAGE>

                                   MAPCO INC.

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   LONGHORN ENTERPRISES OF TEXAS, INC.

                                   By:      /s/ Ralph A. Hill
                                            ------------------------------------
                                   Name:    Ralph A. Hill
                                   Title:   Senior Vice President

                                   JUAREZ PIPELINE COMPANY

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   HI-BOL PIPELINE COMPANY

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

                                   GOEBEL GATHERING COMPANY, L.L.C.

                                   By:      /s/ James G. Ivey
                                            ------------------------------------
                                   Name:    James G. Ivey
                                   Title:   Assistant Treasurer

<PAGE>

                                   GAS SUPPLY, L.L.C.

                                   By:      /s/ Ralph A. Hill
                                            ------------------------------------
                                   Name:    Ralph A. Hill
                                   Title:   Senior Vice President

                                   BLACK MARLIN PIPELINE COMPANY

                                   By:      /s/ Alan S. Armstrong
                                            ------------------------------------
                                   Name:    Alan S. Armstrong
                                   Title:   Senior Vice President

<PAGE>

                                   SCHEDULE II
                                       TO
                           COLLATERAL TRUST AGREEMENT

                            FORM OF JOINDER AGREEMENT

                                JOINDER AGREEMENT
                          (name of joining subsidiary)

                               [_________, _____]

         [Joining Subsidiary], a [_________ corporation] (the "Subsidiary"),
hereby agrees with (a) CITIBANK, N.A., as collateral trustee for the benefit of
the holders of the Secured Obligations, (b) THE WILLIAMS COMPANIES, INC., a
Delaware corporation (the "Company") and (c) the other parties to the Security
Documents (as defined below), as follows:

         All capitalized terms used herein and not defined herein shall have the
meanings ascribed to such terms in the Amended and Restated Credit Agreement,
dated as of October 31, 2002, by and among The Williams Companies, Inc., the
various lenders as are or may become parties thereto; the Issuing Banks, and
Citicorp USA, Inc., as Agent and Collateral Agent (as further amended, modified,
supplemented, renewed, extended or restated from time to time, the "Credit
Agreement").

         In accordance with the terms of the [Security Agreement, Pledge
Agreement and Collateral Trust Agreement] (collectively, the "Security
Documents"), the Subsidiary hereby (a) [joins the Security Agreement as a party
thereto and assumes all the obligations of a Grantor (as defined in the Security
Agreement) under the Security Agreement], (b) [joins the Pledge Agreement as a
party thereto and assumes all the obligations of a Pledgor (as defined in the
Pledge Agreement) under the Pledge Agreement], (c) [joins the Collateral Trust
Agreement as a party thereto and assumes all the obligations of a Debtor (as
defined in the Collateral Trust Agreement) under the Collateral Trust
Agreement], (d) agrees to be bound by the provisions of the Security Documents
as if the Subsidiary had been an original party to the Security Documents, and
(e) confirms that, after joining the Security Documents as set forth above, the
representations and warranties set forth in each of the Credit Documents with
respect to the Subsidiary are true and correct in all material respects as of
the date of this Joinder Agreement.

         For purposes of notices under the Security Documents, the notice
address for the Subsidiary may be given to the Subsidiary by providing notice
addressed to [Subsidiary's Name] c/o The Williams Companies, Inc., in any manner
that notice is permitted to be given to the Company pursuant to the terms of the
Credit Agreement.

         [Schedule I and Schedule II to the Security Agreement are hereby
supplemented with the information set forth on Exhibit I to this Joinder
Agreement.]

<PAGE>

         [Schedule I and Schedule II to the Pledge Agreement are hereby
supplemented with the information regarding the Subsidiary set forth on Exhibit
II to this Joinder Agreement.]

         THIS WRITTEN AGREEMENT AND THE CREDIT DOCUMENTS REPRESENT THE FINAL
AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

         THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

         IN WITNESS WHEREOF this Joinder Agreement is executed and delivered as
of the ___ day of ____________, _____.

                                     [Joining Subsidiary]

                                     By:
                                        ---------------------------------------
                                     Name:
                                          -------------------------------------
                                     Title:
                                           ------------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]