Document:

<PAGE>

                                                                   EXHIBIT 10.22

                               FOURTH AMENDMENT OF
                                 LOAN AGREEMENT

     THIS FOURTH AMENDMENT OF LOAN AGREEMENT ("Amendment") is made this 1st day
of March, 2006 by Summit Hotel Properties, LLC, a South Dakota limited liability
company ("Borrower") and First National Bank of Omaha, a national banking
association ("Bank") and amends that certain Loan Agreement dated July 20,2004
between Borrower and Bank ("Loan Agreement").

     WHEREAS, pursuant to the Loan Agreement and the other Loan Documents, Bank
extended to Borrower a Line of Credit in the maximum principal amount of
$18,000,000.00 more fully described in the Loan Agreement;

     WHEREAS, pursuant to that certain First Amendment of Loan Agreement dated
October 1, 2004 and under the terms and conditions thereof, Borrower requested
and Bank advanced the Boise Acquisition Advance;

     WHEREAS, under the terms of that certain Second Amendment of Loan Agreement
dated June of 2005 and under the terms and conditions thereof, the maximum
principal amount available under the Line of Credit was increased to
$25,000,000.00, and allowed Borrower to use Advances to construct improvements
to Property acquired by Borrower;

     WHEREAS, under the terms of that certain Third Amendment of Loan Agreement
dated August 24, 2005, the Termination Date was extended to June 24,2007; and

     WHEREAS, under the terms of this Amendment, Borrower has requested that
Bank increase the maximum principal amount available under the Line of Credit to
$30,000,000.00, and Bank has agreed to do so upon the condition that Bank
participate $5,000,000.00 of the Line of Credit and that Borrower pay an agency
fee as provided for in this Amendment

     NOW, THEREFORE, in consideration of the amendments to the Loan Agreement
provided for below, the mutual covenants herein and other good and valuable
consideration, the sufficiency and receipt of which is hereby acknowledged, the
parties agree to amend the Loan Agreement as follows:

     1. Capitalized terms used herein shall have the meaning given to such terms
in the Loan Agreement, unless specifically defined herein.

     2. The recital and Section 1.1 of the Loan Agreement are hereby amended to
delete the reference to Twenty-Five Million and No/100 Dollars ($25,000,000.00)
as the maximum principal amount of the Line of Credit and inserting in lieu
thereof Thirty Million and No/100 Dollars ($30,000,000.00). To evidence this
increase in the Line of Credit, Borrower agrees to execute that certain Second
Amended and Restated Line of Credit Note of even date herewith.

     3. Section 8.5 of the Loan Agreement is hereby amended by adding the
following as a new sentence at the end of such Section: "Lender shall
participate $5,000,000 of the Line of Credit to West Bank on a last in, first
out basis and under such other terms as are acceptable to Lender.

<PAGE>

     4. Article I of the Loan Agreement is hereby amended to add the following
new Section 1.10:

     1.10. Agency Fee. Company shall pay Lender for the account of Lender only
an agency fee equal to one half of one percent (V2%) of West Bank's
participation amount of $5,000,000.00, payable as follows: (i) one half (Vi) of
such fee shall be payable on the execution of that certain Fourth Amendment of
Loan Agreement between Company and Lender; and (ii) one half (V-z) of such fee
shall be payable by Company to Lender on the earlier to occur of (a) the first
anniversary date of that certain Fourth Amendment of Loan Agreement between
Company and Lender and (b) the Termination Date (as it may be extended by Lender
and Company). The foregoing agency fee payable by Company to Lender on the
execution of the Fourth Amendment of Loan Agreement shall be pro rated based
upon the number of days remaining between the date of such Fourth Amendment of
Loan Agreement and the Termination Date of the Line of Credit at the time such
Fourth Amendment of Loan Agreement was executed by Company and Lender without
regard to any extensions thereof.

     5. Borrower acknowledges the addition of West Bank as a participant in the
Line of Credit and agrees to the pay Lender the above-referenced agency fee.
Except as modified and amended herein, all other terms, provisions, conditions
and obligations imposed under the terms of the Loan Agreement and the other Loan
Documents shall remain in full force and effect and are hereby ratified and
affirmed by Borrower. To the extent necessary, the other Loan Documents are
hereby amended to be consistent with the terms of this Amendment.

     6. Borrower certifies and reaffirms by its execution hereof that the
representations and warranties set forth in the Loan Agreement and the other
Loan Documents are true as of this date, and that no Event of Default under the
Loan Agreement or any other Loan Document, and no event which, with the giving
of notices or passage of time or both, would become such an Event of Default,
has occurred as of execution hereof.

     IN WITNESS WHEREOF, the parties have executed and delivered this Amendment
on the date first written above.

                                        FIRST NATIONAL BANK OF OMAHA

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

                                        SUMMIT HOTEL PROPERTIES, LLC,
                                        a South Dakota limited liability
                                        company, by its Company Manager,
                                        THE SUMMIT GROUP, INC.

                                        By: /s/ Kerry W. Boekelheide,
                                            ------------------------------------
                                            Kerry W. Boekelheide,
                                            President

                                        2

<PAGE>

Acknowledged, accepted and consented to this 1st day of March, 2006 by:

THE SUMMIT GROUP, INC.

By: /s/ Kerry W. Boekelheide,
    ---------------------------------
    Kerry W. Boekelheide, President

                                       3exv10w1

 

U.S. $1,500,000,000

CREDIT AGREEMENT

Dated as of May 1, 2006

among

THE WILLIAMS COMPANIES, INC.

NORTHWEST PIPELINE CORPORATION

TRANSCONTINENTAL GAS PIPE LINE CORPORATION

WILLIAMS PARTNERS L.P.

as Borrowers

CITIBANK, N.A.

as Administrative Agent

CITIBANK, N.A.

BANK OF AMERICA, NATIONAL ASSOCIATION

and

JPMORGAN CHASE BANK, N.A.

as Issuing Banks

and

THE BANKS NAMED HEREIN

as Banks

 

CITIGROUP GLOBAL MARKETS INC.

and

BANC OF AMERICA SECURITIES LLC

Joint Lead Arrangers

CITIGROUP GLOBAL MARKETS INC.

BANC OF AMERICA SECURITIES LLC

and

THE ROYAL BANK OF SCOTLAND PLC

as Co-Book Runners

BANK OF AMERICA, NATIONAL ASSOCIATION

as Syndication Agent

JPMORGAN CHASE BANK, N.A.

THE BANK OF NOVA SCOTIA

and

THE ROYAL BANK OF SCOTLAND PLC

as Co-Documentation Agents

BNP PARIBAS

CALYON NEW YORK BRANCH

MERRILL LYNCH CAPITAL CORPORATION

and

WACHOVIA BANK, NATIONAL ASSOCIATION

As Managing Agents

 

 

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

	 	 	 	 	 	 	 
	SECTION 1.1.

	 	Certain Defined Terms
	 	 	1	 
	SECTION 1.2.

	 	Computation of Time Periods
	 	 	17	 
	SECTION 1.3.

	 	Accounting Terms
	 	 	17	 
	SECTION 1.4.

	 	Miscellaneous
	 	 	17	 
	SECTION 1.5.

	 	Ratings
	 	 	17	 

ARTICLE II

AMOUNTS AND TERMS OF THE REVOLVING CREDIT ADVANCES AND LETTERS OF

CREDIT

	 	 	 	 	 	 	 
	SECTION 2.1.

	 	Revolving Credit Advances and Letters of Credit
	 	 	18	 
	SECTION 2.2.

	 	Issuance and Addition of and Drawings and Reimbursement
Under Letters of Credit
	 	 	19	 
	SECTION 2.3.

	 	Making the Revolving Credit Advances
	 	 	23	 
	SECTION 2.4.

	 	Reduction of the Commitments
	 	 	25	 
	SECTION 2.5.

	 	Prepayments
	 	 	26	 
	SECTION 2.6.

	 	Increased Costs
	 	 	26	 
	SECTION 2.7.

	 	Payments and Computations
	 	 	28	 
	SECTION 2.8.

	 	Taxes
	 	 	29	 
	SECTION 2.9.

	 	Sharing of Payments, Etc
	 	 	31	 
	SECTION 2.10.

	 	Evidence of Debt
	 	 	32	 
	SECTION 2.11.

	 	Fees
	 	 	32	 
	SECTION 2.12.

	 	Repayment of Revolving Credit Advances
	 	 	33	 
	SECTION 2.13.

	 	Interest
	 	 	33	 
	SECTION 2.14.

	 	Interest Rate Determination
	 	 	34	 
	SECTION 2.15.

	 	Optional Conversion of Revolving Credit Advances
	 	 	34	 
	SECTION 2.16.

	 	Illegality
	 	 	35	 
	SECTION 2.17.

	 	Additional Interest on Eurodollar Rate Advances
	 	 	35	 
	SECTION 2.18.

	 	Nature of Obligations
	 	 	35	 

ARTICLE III

DOCUMENTS AND CONDITIONS

	 	 	 	 	 	 	 
	SECTION 3.1.

	 	Closing Documents
	 	 	36	 
	SECTION 3.2.

	 	Conditions Precedent to a
Revolving Credit Advance and an
Issuance of a Letter of Credit
	 	 	37	 
	SECTION 3.3.

	 	Effectiveness of Agreement
	 	 	38	 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

	 	 	 	 	 	 	 
	SECTION 4.1.

	 	Representations and Warranties of the Borrowers
	 	 	38	 

ARTICLE V

COVENANTS OF THE BORROWERS

	 	 	 	 	 	 	 
	SECTION 5.1.

	 	Affirmative Covenants
	 	 	41	 
	SECTION 5.2.

	 	Negative Covenants
	 	 	45	 

-i-

 

 

ARTICLE VI

EVENTS OF DEFAULT

	 	 	 	 	 	 	 
	SECTION 6.1.

	 	Events of Default
	 	 	50	 
	SECTION 6.2.

	 	LC Cash Collateral Accounts
	 	 	52	 

ARTICLE VII

THE AGENT AND ISSUING BANKS

	 	 	 	 	 	 	 
	SECTION 7.1.

	 	Agent’s Authorization and Action
	 	 	53	 
	SECTION 7.2.

	 	Agent’s Reliance, Etc
	 	 	53	 
	SECTION 7.3.

	 	Issuing Banks’ Reliance, Etc
	 	 	54	 
	SECTION 7.4.

	 	Rights
	 	 	55	 
	SECTION 7.5.

	 	Indemnification
	 	 	55	 
	SECTION 7.6.

	 	Successor Agent
	 	 	56	 
	SECTION 7.7.

	 	Bank Decisions
	 	 	57	 
	SECTION 7.8.

	 	Certain Rights of the Agent
	 	 	57	 
	SECTION 7.9.

	 	Other Agents
	 	 	57	 

ARTICLE VIII

MISCELLANEOUS

	 	 	 	 	 	 	 
	SECTION 8.1.

	 	Amendments, Etc
	 	 	57	 
	SECTION 8.2.

	 	Notices, Etc
	 	 	58	 
	SECTION 8.3.

	 	No Waiver; Remedies
	 	 	60	 
	SECTION 8.4.

	 	Costs and Expenses
	 	 	60	 
	SECTION 8.5.

	 	Binding Effect; Transfers
	 	 	61	 
	SECTION 8.6.

	 	Governing Law
	 	 	64	 
	SECTION 8.7.

	 	Interest
	 	 	64	 
	SECTION 8.8.

	 	Execution in Counterparts
	 	 	65	 
	SECTION 8.9.

	 	Survival of Agreements, Representations and Warranties, Etc
	 	 	65	 
	SECTION 8.10.

	 	Confidentiality
	 	 	65	 
	SECTION 8.11.

	 	Waiver of Jury Trial
	 	 	65	 
	SECTION 8.12.

	 	Severability
	 	 	66	 
	SECTION 8.13.

	 	Forum Selection and Consent to Jurisdiction; Damages
	 	 	66	 
	SECTION 8.14.

	 	Right of Set-off
	 	 	66	 
	SECTION 8.15.

	 	Termination of Security Documents and Pipeline Holdco Guaranty
	 	 	67	 
	SECTION 8.16.

	 	Termination of 2005 Credit Agreement
	 	 	67	 

-ii-

 

 

Schedules and Exhibits

	 	 	 
	Schedule I

	 	Bank Information
	Schedule II

	 	Notice Information for the Borrowers
	Schedule III

	 	Commitments
	Schedule IV

	 	Applicable Commitment Fee and Applicable Margin
	Schedule V

	 	Existing Subsidiary Debt
	Schedule VI

	 	Existing Projects
	Schedule VII

	 	[Reserved]
	Schedule VIII

	 	Existing Tolling Arrangements
	Schedule IX-1

	 	Limited Permitted Liens
	Schedule IX-2

	 	General Permitted Liens
	Schedule X

	 	Existing Letters of Credit
	Schedule XI

	 	Sale Leaseback Excluded Property
	Schedule XII

	 	Existing Financing Transactions
	Exhibit A

	 	Opinion of James J. Bender, Esq., General Counsel of TWC
	Exhibit B

	 	Opinion of Gibson, Dunn & Crutcher
	Exhibit C

	 	Form of Transfer Agreement
	Exhibit D-1

	 	Form of Notice of Letter of Credit
	Exhibit D-2

	 	Form of Notice of Revolving Credit Borrowing
	Exhibit E

	 	Form of Pipeline Holdco Guaranty
	Exhibit F

	 	Form of TWC Guaranty
	Exhibit G

	 	Form of Note

-iii-

 

 

CREDIT AGREEMENT

     This Credit Agreement dated as of May 1, 2006 (as may be further amended, modified,
supplemented, renewed, extended or restated from time to time, this “Agreement”), is by and
among THE WILLIAMS COMPANIES, INC., a Delaware corporation (“TWC”), WILLIAMS PARTNERS L.P.,
a Delaware limited partnership (“MLP”), NORTHWEST PIPELINE CORPORATION, a Delaware
corporation (“NWP”), TRANSCONTINENTAL GAS PIPE LINE CORPORATION, a Delaware corporation
(“TGPL”, and together with TWC, MLP and NWP, the “Borrowers” and each, a
“Borrower”), the Banks, CITIBANK, N.A., BANK OF AMERICA, NATIONAL ASSOCIATION and JPMORGAN
CHASE BANK, N.A. (each, an “Issuing Bank”), and CITIBANK, N.A., as administrative agent
(together with any successor agent appointed pursuant to Article VII, the “Agent”). In
consideration of the mutual covenants and agreements contained herein, the parties hereto hereby
agree as follows:

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

     SECTION 1.1. Certain Defined Terms. As used in this Agreement, the following terms
shall have the following meanings (such meanings to be equally applicable to both the singular and
plural forms of the terms defined):

     “Acceptable Security Interest” in any property means a Lien granted pursuant to a
Credit Document (a) which exists in favor of the Agent for the benefit of itself, the Agent, the
Banks and the Issuing Banks, (b) which is superior to all other Liens, except Limited Permitted
Liens, (c) which secures the Obligations and (d) which is perfected and is enforceable by the Agent
for the benefit of the Agent, the Banks and the Issuing Banks, against all other Persons in
preference to any rights of any such other Persons therein (other than beneficiaries of Limited
Permitted Liens); provided that such Lien may be subject to Limited Permitted Liens.

     “Added L/C Effective Date” has the meaning specified in Section 2.2(a)(2).

     “Added L/C Representations” means representations and warranties made in letter of
credit applications with respect to Added Letters of Credit that are in addition to or inconsistent
with the representations contained in Article IV.

     “Added Letter of Credit” has the meaning specified in Section 2.2(a)(2).

     “Additional MLP” means one or more master limited partnerships included in the
Consolidated financial statements of TWC to which TWC has transferred or shall transfer assets
other than assets of or Equity Interests in NWP, TGPL or any of their Subsidiaries.

     “Agent” means Citibank, in its capacity as administrative agent pursuant to Article
VII hereof and any successor Agent pursuant to Section 7.6.

     “Agreement” has the meaning specified in the first paragraph hereof.

     “Apco Argentina” means Apco Argentina, Inc., a Cayman Islands corporation.

     “Applicable Commitment Fee Rate” means the rate per annum set forth on Schedule IV
opposite the heading “Applicable Commitment Fee Rate” for the relevant Rating Category applicable
to TWC

-1-

 

from time to time. The Applicable Commitment Fee Rate shall change when and as the relevant
Rating Category applicable to TWC changes.

     “Applicable Lending Office” means, with respect to each Bank, such Bank’s Domestic
Lending Office in the case of a Base Rate Advance and such Bank’s Eurodollar Lending Office in the
case of a Eurodollar Rate Advance.

     “Applicable Margin” means, for any Borrower, as to any Eurodollar Rate Advance or Base
Rate Advance to such Borrower, the rate per annum set forth in the table on Schedule IV opposite
the heading “Applicable Margin” (for the relevant Type of Advance) for the relevant Rating Category
applicable to such Borrower, provided that so long as MLP is Unrated or has a rating lower
than the rating of TWC, the Applicable Margin, as to any Eurodollar Rate Advance or Base Rate
Advance to MLP, shall be the rate per annum set forth in such table opposite the heading
“Applicable Margin” (for the relevant Type of Advance) for the relevant Rating Category applicable
to TWC. The Applicable Margin determined pursuant to this definition for any Eurodollar Rate
Advance or Base Rate Advance, as applicable, for any Borrower shall change when and as the relevant
Rating Category applicable to such Borrower changes.

     “Asset” or “property” (in each case, whether or not capitalized) means any
right, title or interest in any kind of property or asset, whether real, personal or mixed, and
whether tangible or intangible.

     “Attributable Obligation” of any Person means, with respect to any Sale and Leaseback
Transaction of such Person as of any particular time, the present value at such time discounted at
the rate of interest implicit in the terms of the lease of the obligations of the lessee under such
lease for net rental payments during the remaining term of the lease (including any period for
which such lease has been extended or may, at the option of such Person only, be extended).

     “Authorized Financial Officer” of any Person means the chief financial officer, chief
accounting officer, or the treasurer of such Person.

     “Authorized Officer” of any Person means the president, chief executive officer, chief
financial officer, the general counsel, any vice president, the secretary, the assistant secretary,
the treasurer, assistant treasurer, or the controller of such Person or any other officer
designated as an “Authorized Officer” by the board of directors (or equivalent governing body) of
such Person.

     “Available Amount” of any Letter of Credit means, at any time, the maximum amount
available to be drawn under such Letter of Credit at such time (after giving effect to any step up
provision or other mechanism for increase, if any, and assuming compliance at such time with all
conditions to drawing).

     “Banks” means the Persons listed in Part A of Schedule III and each other Person that
becomes a Bank pursuant to Section 8.5(a).

     “Base Rate” means a fluctuating interest rate per annum in effect from time to time,
which rate per annum shall at all times be equal to the higher of:

     (a) the rate of interest announced publicly by Citibank in New York, New York, from
time to time, as Citibank’s base rate; and

     (b) 1/2 of 1% per annum above the Federal Funds Rate.

-2-

 

     “Base Rate Advance” means a Revolving Credit Advance that bears interest as provided
in Section 2.13(a)(i) (or, if Section 2.13(b) applies, that bears interest at 2% above the rate
provided in Section 2.13(a)(i)).

     “BofA” means Bank of America, National Association, a national banking association.

     “Borrowers” has the meaning specified in the first paragraph hereof.

     “Business Day” means a day of the year on which banks are not required or authorized
to close in New York City.

     “Business Entity” means a partnership, limited partnership, limited liability
partnership, corporation (including a business trust), limited liability company, unlimited
liability company, joint stock company, trust, unincorporated association, joint venture or other
entity.

     “Capital Lease” means a lease that in accordance with GAAP must be reflected on a
Person’s balance sheet as an asset and corresponding liability.

     “Change of Control Event” means the occurrence of any of the following: (i) any Person
(other than a trustee or other fiduciary holding securities under an employee benefit plan of TWC
or of any Subsidiary of TWC) or two or more Persons acting in concert (other than any group of
employees of TWC or of any of its Subsidiaries) shall have acquired beneficial ownership (within
the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange
Act of 1934), directly or indirectly, of securities of TWC (or other securities convertible into
such securities) representing 50% or more of the combined voting power of all securities of TWC
entitled to vote in the election of directors, other than securities having such power only by
reason of the happening of a contingency, or (ii) the first day on which a majority of the members
of the board of directors of TWC are not Continuing Directors.

     “Citibank” means Citibank, N.A., a national banking association.

     “Code” means, as appropriate, the Internal Revenue Code of 1986, as amended, or any
successor federal tax code, and any reference to any statutory provision shall be deemed to be a
reference to any successor provision or provisions.

     “Co-Documentation Agents” means JPMorgan Chase Bank, N.A., The Bank of Nova Scotia and
The Royal Bank of Scotland PLC.

     “Commitment” means a Revolving Credit Commitment or a Letter of Credit Commitment.

     “Commitment Fee” has the meaning specified in Section 2.11(c).

     “Consolidated” refers to the consolidation of the accounts of any Person and its
Consolidated Subsidiaries in accordance with GAAP.

     “Consolidated Net Worth” of any Person means the Net Worth of such Person and its
Consolidated Subsidiaries on a Consolidated basis plus the Designated Minority Interests, if
applicable, to the extent not otherwise included. As used in this definition, “Designated
Minority Interests” means, as of any date of determination, the total value, determined in
accordance with GAAP, of the minority interests in Subsidiaries of TWC (other than MLP and its
Subsidiaries) to the extent such minority interests are owned by Persons other than TWC and its
Consolidated Subsidiaries; provided that any

-3-

 

minority interest for which TWC or any of its Subsidiaries has an obligation to repurchase
shall not be included in “Designated Minority Interests”.

     “Consolidated Subsidiaries” of any Person means all other Persons the financial
statements of which are consolidated with those of such Person in accordance with GAAP.

     “Continuing Directors” means, as of any date of determination, any member of the board
of directors of TWC who:

     (1) was a member of such board of directors on the Effective Date; or

     (2) was nominated for election or elected to such board of directors with the approval of a
majority of the Continuing Directors who were members of such board of directors at the time of
such nomination or election.

     “Convert”, “Conversion” and “Converted” each refers to a conversion of
Revolving Credit Advances of one Type into Revolving Credit Advances of the other Type pursuant to
Sections 2.14, 2.15 or 2.16.

     “Credit Documents” means this Agreement, the Guaranties, the Letter of Credit
Documents, each Letter of Credit, each Note, each Notice of Letter of Credit, each Notice of
Revolving Credit Borrowing, any security agreement or pledge delivered in order to comply with
Section 2.5(c), Section 5.2(m) or Section 6.2 and each document that amends, waives or otherwise
modifies any Credit Document, in each case at any time executed or delivered to the Agent, any
Issuing Bank or any Bank in connection herewith.

     “Credit Party” means each Borrower and, until the Pipeline Holdco Release Date,
Pipeline Holdco.

     “CUSA” means Citicorp USA, Inc.

     “Debt” means, in the case of any Person, the principal or equivalent amount (without
duplication) of (i) indebtedness of such Person for borrowed money, (ii) obligations of such Person
evidenced by bonds, debentures, notes or similar instruments (other than surety, performance and
guaranty bonds), (iii) obligations of such Person to pay the deferred purchase price of property or
services (other than trade payables), (iv) obligations of such Person as lessee under Capital
Leases, (v) obligations of such Person under any Financing Transaction, (vi) any Attributable
Obligations of such Person with respect to any Sale and Leaseback Transaction entered into on or
after December 31, 2005, and (vii) obligations of such Person under guaranties in respect of, and
obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a
creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to
in clauses (i) through (vi) of this definition; provided that Debt shall not include (1)
Non-Recourse Debt, (2) Performance Guaranties, (3) monetary obligations or guaranties of monetary
obligations of Persons as lessee under leases (other than, to the extent provided hereinabove,
Attributable Obligations) that are, in accordance with GAAP, recorded as operating leases, (4)
Reclassified Tolling Arrangements, (5) any obligations of such Person under volumetric production
payment arrangements, (6) Financing Transactions in existence on December 31, 2005 and listed on
Schedule XII, and (7) guarantees by such Person of obligations of others which are not obligations
described in clauses (i) through (vi) of this definition, and provided further that where
any such indebtedness or obligation of such Person is made jointly, or jointly and severally, with
any third party or parties other than any Subsidiary of such Person, the amount thereof for the
purpose of this definition only shall be the pro rata portion thereof payable by such Person, so
long as such third party or parties have not defaulted on its or their joint and

-4-

 

several portions thereof and can reasonably be expected to perform its or their obligations
thereunder. For the avoidance of doubt, “Debt” of a Person in respect of letters of credit shall
include, without duplication, only the principal amount of the obligations of such Person in
respect of such letters of credit that have been drawn upon by the beneficiaries to the extent of
the amount drawn, and shall include no other obligations in respect of such letters of credit.

     “Default” means any event or condition that, upon the giving of notice or passage of
time or both, if required by Section 6.1, would constitute an Event of Default.

     “Designating Bank” has the meaning specified in Section 8.5(g).

     “Dollars” and “$” means lawful money of the United States of America.

     “Domestic Lending Office” means, with respect to any Bank, the office of such Bank
specified as its “Domestic Lending Office” opposite its name on Schedule I hereto or in the
Transfer Agreement pursuant to which it became a Bank, or such other office of such Bank as such
Bank may from time to time specify to the Borrowers and the Agent.

     “EBITDA” means, for any Measurement Period, the sum of (i) the Consolidated net income
(or loss) of TWC and its Consolidated Subsidiaries (other than MLP, the MLP’s Subsidiaries and the
Non-Recourse Subsidiaries, except and then only to the extent that TWC or a Subsidiary of TWC
(other than MLP, the MLP’s Subsidiaries and the Non-Recourse Subsidiaries) actually receives funds
from MLP, the MLP’s Subsidiaries or the Non-Recourse Subsidiaries as cash dividends or cash
distributions during such Measurement Period and has no obligation to return such funds at any
time) for such Measurement Period determined in accordance with GAAP plus (ii) to the
extent included in the determination of such net income (or loss), the Consolidated charges for
such period for EBITDA Interest Expense, depreciation, depletion and amortization, plus
(iii) to the extent included in the determination of such net income (or loss), the amount of any
provision for income taxes and franchise taxes, plus (iv) to the extent included in the
determination of such net income (or loss), the amount of any other non-cash charges, including
asset impairments, write-downs or write-offs, plus (v) to the extent included in the
determination of such net income (or loss), the amount of charges, fees or expenses associated with
any repurchase or repayment of debt, including any premium and acceleration of fees or discounts
and other expenses, plus (vi) to the extent included in the determination of such net
income (or loss), but not to exceed $250,000,000 in the aggregate over the term of this Agreement,
the amount of damages, fines, penalties, charges, fees expenses and similar sums incurred after the
Effective Date in litigation, settlement or adjudication of contingent liabilities relating to the
legal and environmental matters described in TWC’s annual report on Form 10-K for the year ended
December 31, 2005, minus (vii) to the extent included in the determination of such net
income (or loss), the amount of any benefit or credit from income taxes or franchise taxes;
provided that in determining such Consolidated net income and such Consolidated charges,
there shall be excluded therefrom (to the extent otherwise included therein) (a) pre-tax gains or
losses on the sale, transfer or other disposition of any property by TWC or its Consolidated
Subsidiaries (other than sales, transfers and other dispositions in the ordinary course of
business), (b) all extraordinary gains and extraordinary losses, prior to applicable income taxes
and franchise taxes, (c) any item constituting the cumulative effect of a change in accounting
principles, prior to applicable income taxes and franchise taxes, and (d) any income (or loss),
charges for interest, depreciation, depletion and amortization, and other non-cash charges,
associated with matters accounted for as discontinued operations as of December 31, 2005.

     “EBITDA Interest Expense” means, for any Measurement Period, the gross interest
expense (determined in accordance with GAAP and without duplication) of TWC and its Consolidated
Subsidiaries accrued for such period, including that attributable to the capitalized amount of
obligations

-5-

 

owing under Capital Leases, all debt discount and debt issuance costs and commissions
amortized in such period and all commissions, discounts and other fees and charges owed with
respect to letters of credit and bankers’ acceptance financing and other fees and charges
associated with debt of TWC and its Consolidated Subsidiaries, but excluding such interest expense,
debt discount, commission, discounts and other fees and charges to the extent attributable to Debt
of MLP and its Subsidiaries that is not incurred under this Agreement, Reclassified Tolling
Arrangements or Non-Recourse Debt.

     “EDGAR” means the “Electronic Data Gathering, Analysis and Retrieval” system (or any
successor system thereof), a database maintained by the Securities and Exchange Commission
containing electronic filings of issuers of certain securities.

     “Effective Date” means May 1, 2006.

     “El Furrial” means WilPro Energy Services (El Furrial) Limited, a Cayman Islands
corporation.

     “Eligible Assignee” means (i) any Bank, (ii) any affiliate of any Bank that is
consented to by the Issuing Banks (which consent will not be unreasonably withheld), and (iii) any
other Person not covered by clause (i) or (ii) of this definition that is consented to by TWC, the
Agent and the Issuing Banks (which consents shall not be unreasonably withheld); provided
that if any Event of Default has occurred and is continuing, no consent of TWC shall be required;
provided further that neither the Borrowers nor any affiliate of the Borrowers shall be an
Eligible Assignee.

     “Environment” shall have the meaning set forth in 42 U.S.C. §9601(8) or any successor
statute and “Environmental” shall mean pertaining or relating to the Environment.

     “Environmental Law” shall mean any United States local, state or federal, or any
foreign, law, statute, regulation, order, consent decree, written agreement with a Governmental
Authority or Governmental Requirement arising from or in connection with or relating to the
protection or regulation of the Environment including those laws, statutes, regulations, orders,
decrees, written agreements with a Governmental Authority and other Governmental Requirements
relating to the disposal, cleanup, production, storing, refining, handling, transferring,
processing or transporting of Hazardous Waste, Hazardous Substances or any pollutant or
contaminant.

     “Environmental Permits” mean all material permits, licenses, registrations, exemptions
and authorizations required under any Environmental Law.

     “Equity Interests” means any capital stock, partnership, joint venture, member or
limited liability or unlimited liability company interest, beneficial interest in a trust or
similar entity or other equity interest or investment of whatever nature or any warrant, option or
other right to acquire any Equity Interest.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time, and the regulations promulgated and rulings issued thereunder from time to time.

     “ERISA Affiliate” of any Credit Party means any trade or business (whether or not
incorporated) which is a member of a group of which such Credit Party is a member and which is
under common control or is treated as a single employer with such Credit Party within the meaning
of Section 414 of the Code and the regulations promulgated thereunder.

     “Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of
the Federal Reserve Board, as in effect from time to time.

-6-

 

     “Eurodollar Lending Office” means, with respect to any Bank, the office of such Bank
specified as its “Eurodollar Lending Office” opposite its name on Schedule I hereto or in the
Transfer Agreement pursuant to which it became a Bank (or, if no such office is specified, its
Domestic Lending Office), or such other office of such Bank as such Bank may from time to time
specify to the Borrowers and the Agent.

     “Eurodollar Rate” means, for each Eurodollar Rate Advance comprising part of the same
Revolving Credit Borrowing for any Interest Period therefor, the rate per annum (rounded upwards,
if necessary, to the nearest 1/100 of 1%) appearing on Dow Jones Markets Page 3750 (or any
successor page) as the London interbank offered rate for deposits in Dollars at approximately 11:00
a.m. (London time) two Business Days prior to the first day of such Interest Period for a term
comparable to such Interest Period. If for any reason such rate is not available, the term
“Eurodollar Rate” shall mean, for each Eurodollar Rate Advance comprising part of the same
Revolving Credit Borrowing for any Interest Period therefor, the rate per annum (rounded upwards,
if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBO Page as the London
interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) two
Business Days prior to the first day of such Interest Period for a term comparable to such Interest
Period; provided that if more than one rate is specified on Reuters Screen LIBO Page, the
applicable rate shall be the arithmetic mean of all such rates (rounded upwards, if necessary, to
the nearest 1/100 of 1%).

     “Eurodollar Rate Advance” means a Revolving Credit Advance that bears interest as
provided in Section 2.13(a)(ii) (or, if Section 2.13(b) applies, that bears interest at 2% above
the rate provided in Section 2.13(a)(ii)).

     “Eurodollar Rate Reserve Percentage” of any Bank for any Interest Period for any
Eurodollar Rate Advance means the reserve percentage applicable during such Interest Period (or if
more than one such percentage shall be so applicable, the daily average of such percentages for
those days in such Interest Period during which any such percentage shall be so applicable) under
regulations issued from time to time by the Federal Reserve Board (or any successor) for
determining the maximum reserve requirement (including any emergency, supplemental or other
marginal reserve requirement) for such Bank with respect to liabilities or assets consisting of or
including Eurocurrency Liabilities having a term equal to such Interest Period.

     “Events of Default” has the meaning specified in Section 6.1. For purposes of clause
(i) of the definition herein of “Interest Period”, Section 2.14, Section 6.1 and Section 6.2, an
Event of Default exists as to a particular Borrower if such Event of Default exists wholly or in
part as a result of any event, condition, action, inaction, representation or other matter of, by
or otherwise directly or indirectly pertaining to such Borrower or any Subsidiary of such Borrower.
Without limiting the foregoing and for purposes of further clarification, it is agreed that
inasmuch as each of TGPL and NWP is a Subsidiary of TWC, any Event of Default that exists as to
either of TGPL or NWP also exists as to TWC.

     “Existing Assets” means all assets owned on the Effective Date by TWC or by any of its
Subsidiaries (other than the MLP, the MLP’s Subsidiaries or the Non-Recourse Subsidiaries).

     “Existing Letters of Credit” means all letters of credit listed on Schedule X.

     “Existing Tolling Arrangements” means those tolling arrangements listed on Schedule
VIII.

     “Federal Funds Rate” means, for any day, a fluctuating interest rate per annum equal
for such day to the weighted average of the rates on overnight federal funds transactions with
members of the Federal Reserve System arranged by federal funds brokers, as published for such day
(or, if such day is not a

-7-

 

Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York,
or, if such rate is not so published for any day which is a Business Day, the average of the
quotations for such day on such transactions received by the Agent from three federal funds brokers
of recognized standing selected by it.

     “Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or
any federal agency or authority of the United States from time to time succeeding to its function.

     “Financing Transaction” means, with respect to any Person (i) any prepaid forward sale
of oil, gas or minerals by such Person (other than gas balancing arrangements in the ordinary
course of business), that is intended primarily as a borrowing of funds, excluding volumetric
production payments and (ii) any interest rate, currency, commodity or other swap, collar, cap,
option or other derivative that is intended primarily as a borrowing of funds (excluding interest
rate, currency, commodity or other swaps, collars, caps, options or other derivatives to hedge
against risks in the ordinary course of business), with the amount of the obligations of such
Person thereunder being the net obligations of such Person thereunder.

     “Fiscal Quarter” means any quarter of a Fiscal Year.

     “Fiscal Year” means any period of twelve consecutive calendar months ending on
December 31.

     “Fronting Fee” shall have the meaning specified in Section 2.11(b)(i).

     “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as have been approved by a significant segment of the
accounting profession, all as in effect from time to time.

     “General Permitted Liens” means Liens specifically described on Schedule IX-2.

     “Governmental Authority” means the government of the United States, any other nation
or any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other Person exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government.

     “Governmental Requirements” means all judgments, orders, writs, injunctions, decrees,
awards, laws, ordinances, statutes, regulations, rules, franchises, permits, certificates,
licenses, authorizations and the like and any other requirements of any government or any
commission, board, court, agency, instrumentality or political subdivision thereof.

     “Guaranties” means the Pipeline Holdco Guaranty and the TWC Guaranty.

     “Gulfstream” means Gulfstream Natural Gas System, L.L.C., a Delaware limited liability
company.

     “Hazardous Substance” shall have the meaning set forth in 42 U.S.C. § 9601(14) and
shall also include each other substance considered to be a hazardous substance under any
Environmental Law.

     “Hazardous Waste” shall have the meaning set forth in 42 U.S.C. § 6903(5) and shall
also include each other substance considered to be a hazardous waste under any Environmental Law
(including 40 C.F.R. § 261.3).

-8-

 

     “Hybrid Security” means any security having equity-like characteristics or of the type
commonly known as a hybrid security, including any hybrid preferred security, enhanced
trust-preferred security or security that is treated (wholly or partially) as having equity content
or as equity, in each case whether or not treated as equity under GAAP.

     “Indemnified Parties” has the meaning assigned to such term in Section 8.4(b).

     “Insufficiency” means, with respect to any Plan, the amount, if any, by which the
present value of the vested benefits under such Plan exceeds the fair market value of the assets of
such Plan allocable to such benefits.

     “Interest Expense” means, for any Measurement Period, the gross interest expense
(determined in accordance with GAAP) of TWC and its Consolidated Subsidiaries (other than MLP and
its Subsidiaries) accrued for such period, but excluding, to the extent included in the
determination of interest expense for such period, (1) interest expense, debt discount, commission,
discounts and other fees and charges and interest income to the extent attributable to Reclassified
Tolling Arrangements or Non-Recourse Debt, (2) any charges, expenses or fees associated with any
repurchase or repayment of debt, and (3) any noncash amortization of debt discounts, commissions,
discounts, fees and charges and any interest expense attributable to the capitalized amount of
obligations owing under Capital Leases.

     “Interest Period” means, for each Eurodollar Rate Advance comprising part of the same
Revolving Credit Borrowing, the period commencing on the date of such Eurodollar Rate Advance or
the date of the Conversion of any Base Rate Advance into such Eurodollar Rate Advance and ending on
the last day of the period selected by a Borrower pursuant to the provisions below and, thereafter
each subsequent period commencing on the last day of the immediately preceding Interest Period and
ending on the last day of the period selected by a Borrower pursuant to the provisions below. The
duration of each such Interest Period shall be one, two, three or six months, as a Borrower may,
upon notice received by the Agent not later than 11:00 A.M. (New York City time) on the third
Business Day prior to the first day of such Interest Period, select; provided,
however, that:

          (i) a Borrower may not select any Interest Period that ends after the Termination
Date, and no Borrower may select any Interest Period if any Event of Default exists as to such
Borrower;

          (ii) Interest Periods commencing on the same date for Eurodollar Rate Advances
comprising part of the same Revolving Credit Borrowing shall be of the same duration;

          (iii) whenever the last day of any Interest Period would otherwise occur on a day
other than a Business Day, the last day of such Interest Period shall be extended to occur on the
next succeeding Business Day; provided that, if such extension would cause the last day of
such Interest Period to occur in the next following calendar month, the last day of such Interest
Period shall occur on the next preceding Business Day; and

          (iv) whenever the first day of any Interest Period occurs on a day of an initial
calendar month for which there is no numerically corresponding day in the calendar month that
succeeds such initial calendar month by the number of months equal to the number of months in such
Interest Period, such Interest Period shall end on the last Business Day of such succeeding
calendar month.

     “International Debt” means the Debt of any International Subsidiary.

-9-

 

     “International Subsidiary” means each of El Furrial, Apco Argentina, PIGAP II and any
Subsidiary of any of them; provided that no Person shall be an International Subsidiary if
it is a Credit Party or owns, directly or indirectly, any Equity Interest in any Credit Party.

     “Issuing Banks” means each of the three Issuing Banks named in the first paragraph
hereof.

     “Joint Lead Arrangers” means Citigroup Global Markets Inc. and Banc of America
Securities LLC, as joint lead arrangers and co-book runners.

     “LC Cash Collateral Accounts” has the meaning specified in Section 6.2.

     “LC Participation Percentage” of any Bank means, at any time, the percentage set
opposite such Bank’s name on Schedule III or as reflected for such Bank in the relevant Transfer
Agreement to which it is a party, as such percentage may be terminated, reduced or increased
pursuant to Section 8.5(a).

     “Letter of Credit” means any letter of credit issued or deemed issued pursuant to this
Agreement (including, for avoidance of doubt, each Existing Letter of Credit and each Added Letter
of Credit), as amended, extended or otherwise modified from time to time.

     “Letter of Credit Commitment” of any Issuing Bank means, at any time, the amount set
opposite such Issuing Bank’s name on Schedule III under the heading “Letter of Credit Commitments”,
as such amount may be terminated or reduced pursuant to Section 2.4 or Section 6.1.

     “Letter of Credit Documents” means, with respect to any Letter of Credit,
collectively, any application therefor and any other agreements, instruments, guarantees or other
documents (whether general in application or applicable only to such Letter of Credit) governing or
providing for (i) the rights and obligations of the parties concerned or at risk with respect to
such Letter of Credit or (ii) any collateral security for any of such obligations, each as the same
may be modified and supplemented and in effect from time to time.

     “Letter of Credit Fee” has the meaning specified in Section 2.11(b)(ii).

     “Letter of Credit Interest” means, for each Bank, (i) such Bank’s participation
interest in Letters of Credit (and, in the case of an Issuing Bank, such Issuing Bank’s retained
interest in Letters of Credit issued by it), and (ii) such Bank’s rights and interests in
Reimbursement Obligations and fees, interest and other amounts payable in connection with Letters
of Credit and Reimbursement Obligations.

     “Letter of Credit Liability” means at any time and in respect of any Letter of Credit,
the sum (without duplication) of (a) the Available Amount of such Letter of Credit at such time
plus (b) the aggregate unpaid amount of all drawings under such Letter of Credit that are unpaid at
such time. For purposes of this Agreement, a Bank shall be deemed to hold a Letter of Credit
Liability in an amount equal to its LC Participation Percentage times the Letter of Credit
Liability in respect of the related Letter of Credit.

     “Lien” means any mortgage, lien, pledge, charge, deed of trust, security interest,
encumbrance or other analogous type of preferential arrangement, whether arising by contract,
operation of law or otherwise (including the interest of a vendor or lessor under any conditional
sale agreement, Capital Lease or other title retention agreement).

     “Limited Permitted Liens” means Liens specifically described on Schedule IX-1.

-10-

 

     “Majority Banks” means, at any time, Banks owed or holding more than 50% of the sum of
(i) the aggregate unpaid principal amount of Revolving Credit Advances outstanding at such time, or
if no such principal amount is then outstanding, the aggregate Revolving Credit Commitments and
(ii) the aggregate Available Amount of all Letters of Credit outstanding at such time, or if no
such Available Amount of Letters of Credit is then outstanding, then the aggregate unpaid principal
amount of any outstanding Letter of Credit Interests.

     “Material Adverse Effect” means (i) in respect of TGPL and NWP, a material adverse
effect on (a) the business, assets, operations or condition, financial or otherwise, of such
Borrower and its Subsidiaries taken as a whole, or (b) the ability of such Borrower and its
Subsidiaries, taken as a whole, to perform their obligations under any Credit Document taken as a
whole, and (ii) in the case of TWC and MLP, a material adverse effect on (x) the business, assets,
operations or condition, financial or otherwise, of TWC and its Subsidiaries taken as a whole, or
(y) the ability of TWC and its Subsidiaries, taken as a whole, to perform their obligations under
any Credit Document taken as a whole. 

     “Material Subsidiary” of any Borrower means (i) each Subsidiary of such Borrower that
itself (on an unconsolidated, stand alone basis) owns in excess of 7.5% (or, on and after the
Trading Book Termination Date, 10%) of the book value of the Consolidated assets of such Borrower
and its Consolidated Subsidiaries, and (ii) each Subsidiary of such Borrower that is a Credit
Party; provided that MLP, the MLP’s Subsidiaries, the Non-Recourse Subsidiaries and
the International Subsidiaries are not Material Subsidiaries for any purpose of this Agreement.

     “Measurement Period” means each period consisting of four consecutive Fiscal Quarters
of TWC.

     “MLP” has the meaning specified in the first paragraph hereof.

     “MLP Agreement” means the Amended and Restated Agreement of Limited Partnership of the
MLP, as such agreement may be amended from time to time.

     “Moody’s” means Moody’s Investor Service, Inc. or its successor.

     “Multiemployer Plan” means any multiemployer plan, as defined in Section 4001(a)(3) of
ERISA, which is maintained by (or to which there is an obligation to contribute of) any Credit
Party or an ERISA Affiliate of any Credit Party.

     “Multiple Employer Plan” means an employee benefit plan as defined in Section 3(2) of
ERISA, other than a Multiemployer Plan, subject to Title IV of ERISA to which any Credit Party or
any ERISA Affiliate of any Credit Party, and one or more employers other than any Credit Party or
an ERISA Affiliate of any Credit Party, is making or accruing an obligation to make contributions
or, in the event that any such plan has been terminated, to which any Credit Party or any ERISA
Affiliate of any Credit Party made or accrued an obligation to make contributions during any of the
five plan years preceding the date of termination of such plan. 

     “Net Worth” of any Person means, as of any date of determination, the excess of total
assets of such Person (plus all non-cash losses resulting from the write-down or disposition of
assets of such Person after December 31, 2005) over total liabilities of such Person, total assets
and total liabilities each to be determined in accordance with GAAP; provided that for
purposes of calculating Net Worth of TWC, (i) total liabilities shall not include any obligations
of Non-Recourse Subsidiaries in respect of Non-Recourse Debt or any Debt of MLP and its
Subsidiaries (but the TWC guaranty of Debt of MLP incurred under this Agreement shall be included),
and (ii) total assets shall not include any assets that secure any Non-Recourse Debt or any assets
of any Non-Recourse Subsidiary; provided further that for

-11-

 

purposes of calculating the Net Worth of any Person, Net Worth shall be adjusted to exclude
any item constituting the cumulative effect of a change in accounting principles related to
accounting for pensions.

     “Non-Pipeline Entity” means each of TWC and its Subsidiaries other than a Pipeline
Entity.

     “Non-Pipeline TWC Group” means TWC and its Subsidiaries, excluding (i) NWP, TGPL and
Pipeline Holdco and (ii) any Subsidiary of NWP, TGPL or Pipeline Holdco.

     “Non-Recourse Debt” means any Debt incurred by any Non-Recourse Subsidiary to finance
the acquisition, improvement, installation, design, engineering, construction, development,
completion, maintenance or operation of, or otherwise to pay costs and expenses relating to or
provide financing for, a project listed on Schedule VI or any new project commenced or acquired
after the Effective Date, which Debt does not provide for recourse against a Credit Party or any
Subsidiary of a Credit Party (other than a Non-Recourse Subsidiary and such recourse as exists
under a Performance Guaranty) or any property or asset of any Credit Party or any Subsidiary of a
Credit Party (other than the Equity Interests in, or the property or assets of, a Non-Recourse
Subsidiary).

     “Non-Recourse Subsidiary” means (i) any non-material Subsidiary of any Borrower whose
principal purpose is to incur Non-Recourse Debt and/or construct, lease, own or operate the assets
financed thereby, or to become a direct or indirect partner, member or other equity participant or
owner in a Business Entity created for such purpose, and substantially all the assets of which
Subsidiary and such Business Entity are limited to (x) those assets being financed (or to be
financed), or the operation of which is being financed (or to be financed), in whole or in part by
Non-Recourse Debt, or (y) Equity Interests in, or Debt or other obligations of, one or more other
such Subsidiaries or Business Entities, or (z) Debt or other obligations of any Borrower or its
Subsidiaries or other Persons and (ii) any Subsidiary of a Non-Recourse Subsidiary. For purposes
of this definition, a “non-material Subsidiary” shall mean any Consolidated Subsidiary of any
Borrower that is not a Credit Party and is not an owner, directly or indirectly, of any Equity
Interest in any Credit Party.

     “Note” means a promissory note of a Borrower payable to the order of any Bank, in
substantially the form of Exhibit G hereto (as such note may be amended, endorsed or otherwise
modified from time to time), delivered at the request of such Bank pursuant to Section 2.10 or 8.5,
together with any other note accepted from time to time in substitution or replacement therefor.

     “Notice of Letter of Credit” has the meaning specified in Section 2.2(a).

     “Notice of Revolving Credit Borrowing” has the meaning specified in Section 2.3(a).

     “NWP” has the meaning specified in the first paragraph hereof.

     “Obligations” means all Reimbursement Obligations, the principal of and interest on
each Revolving Credit Advance and all other Debt, advances, interest, debts, liabilities,
obligations, indemnities, fees, expenses, charges and other amounts owing by any Credit Party to
any Bank, the Agent or any Issuing Bank under any Credit Document or to any other Person required
to be indemnified under any Credit Document, of any kind or nature, present or future, arising
under this Agreement or any other Credit Document, whether or not for the payment of money, whether
arising by reason of an extension of credit, loan, guaranty, indemnification or in any other
manner, whether direct or indirect (including those acquired by assignment), absolute or
contingent, due or to become due, now existing or hereafter arising and however acquired.

     “PBGC” means the Pension Benefit Guaranty Corporation.

-12-

 

     “Performance Guaranty” means any guaranty issued in connection with any Non-Recourse
Debt or International Debt that (i) if secured, is secured only by assets of, or Equity Interests
in, a Non-Recourse Subsidiary or International Subsidiary, as applicable, and (ii) guarantees to
the provider of such Non-Recourse Debt or International Debt or any other Person the (a)
performance of the improvement, installation, design, engineering, construction, acquisition,
development, completion, maintenance or operation of, or otherwise affects any such act in respect
of, all or any portion of the project that is financed by such Non-Recourse Debt or International
Debt, (b) completion of the minimum agreed equity contributions to the relevant Non-Recourse
Subsidiary or International Subsidiary, as applicable, or (c) performance by a Non-Recourse
Subsidiary or International Subsidiary, as applicable, of obligations to Persons other than the
provider of such Non-Recourse Debt or International Debt.

     “Permitted Business” means any business (other than the power business) in which TWC
or any of its Subsidiaries is actively engaged on the Effective Date.

     “Person” means an individual, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint venture or other
Business Entity, or a government or any political subdivision or agency thereof.

     “PIGAP II” means WilPro Energy Services (PIGAP II) Limited, a Cayman Islands
corporation.

     “Pipeline Borrower” means each of TGPL and NWP.

     “Pipeline Entity” means each of Pipeline Holdco, TGPL, NWP and each Subsidiary of
Pipeline Holdco, TGPL or NWP.

     “Pipeline Groups” means (i) NWP and its Subsidiaries, (ii) TGPL and its Subsidiaries,
and (iii) Pipeline Holdco and its Subsidiaries (other than NWP, TGPL and their respective
Subsidiaries).

     “Pipeline Holdco” means Williams Gas Pipeline Company, LLC, a Delaware limited
liability company.

     “Pipeline Holdco Guaranty” means the guaranty executed by Pipeline Holdco in
substantially the form of Exhibit E, as amended, supplemented or otherwise modified from time to
time.

     “Pipeline Holdco Release Date” has the meaning specified in Section 8.15.

     “Plan” means an employee pension benefit plan (other than a Multiemployer Plan) as
defined in Section 3(2) of ERISA currently maintained by, or in the event such plan has terminated,
to which contributions have been made or an obligation to make such contributions has accrued
during any of the five plan years preceding the date of the termination of such plan by, any Credit
Party or any ERISA Affiliate of any Credit Party for employees of any Credit Party or any such
ERISA Affiliate and covered by Title IV of ERISA or subject to the minimum funding standards under
Section 412 of the Code.

     “Rating Category” means, as to any Borrower, the relevant category (designated as a
“Level” followed by a Roman numeral) applicable to such Borrower from time to time as set forth on
Schedule IV, which is based on the ratings (or lack thereof) of such Borrower’s senior unsecured
long-term debt by S&P or Moody’s. In the event there is a split between the ratings of any
Borrower’s senior unsecured long-term debt by S&P and Moody’s, “Rating Category” shall be
determined based on the lower rating of such Borrower’s senior unsecured long-term debt by S&P or
Moody’s; provided that if such Borrower’s rating is BB- or higher from S&P and Ba3 or
higher from Moody’s and there is a split between the two ratings, the pricing for such Borrower
will be based on (i) if the split is one subgrade, the higher rating

-13-

 

and (ii) if the split is more than one subgrade, the rating level that is one subgrade below
the higher rating. For example, if S&P rates the senior unsecured long-term debt of a Borrower BB+
and Moody’s rates such debt B2, then Level VI on Schedule IV shall apply to such Borrower.

     “Reclassified Tolling Arrangements” means those Existing Tolling Arrangements that are
reclassified in accordance with GAAP (whether as a result of amendment, modification or otherwise)
after December 31, 2005 as debt.

     “Refinancing Indebtedness” has the meaning specified in paragraph (j) of Schedule
IX-2.

     “Register” has the meaning specified in Section 8.5(c).

     “Regulation U” means Regulation U of the Federal Reserve Board, as in effect from time
to time.

     “Reimbursement Obligations” means, at any time, in respect of any Borrower the
obligations of such Borrower then outstanding, or that may thereafter arise, in respect of all
Letters of Credit issued at the request of such Borrower then outstanding to reimburse amounts paid
by any Issuing Bank in respect of any drawings under any such Letter of Credit.

     “Related Party” of any Person means any other Person of which more than 10% of the
outstanding Equity Interests having ordinary voting power to elect a majority of the board of
directors of such other Person or others performing similar functions (irrespective of whether or
not at the time Equity Interests of any other class or classes of such other Person shall or might
have voting power upon the occurrence of any contingency) is at the time directly or indirectly
owned by such first Person or which owns at the time directly or indirectly more than 10% of the
outstanding Equity Interests having ordinary voting power to elect a majority of the board of
directors of such first Person or others performing similar functions (irrespective of whether or
not at the time Equity Interests of any other class or classes of such first Person shall or might
have voting power upon the occurrence of any contingency); provided that (i) no Person that
is part of the Non-Pipeline TWC Group shall be considered to be a Related Party of any other Person
that is a part of the Non-Pipeline TWC Group and (ii) no Person that is a part of a Pipeline Group
shall be considered to be a Related Party of any other Person that is a part of the same Pipeline
Group.

     “Revolving Credit Advance” means an advance by a Bank to a Borrower as part of a
Revolving Credit Borrowing and refers to a Base Rate Advance or a Eurodollar Rate Advance (each of
which shall be a “Type” of Revolving Credit Advance).

     “Revolving Credit Borrowing” means a borrowing consisting of Revolving Credit Advances
of the same Type made on the same day to the same Borrower by each of the Banks, pursuant to
Section 2.1(a).

     “Revolving Credit Commitment” means, with respect to any Bank for any Borrower at any
time, the amount set forth opposite such Bank’s name for such Borrower on Schedule III hereto under
the caption “Revolving Credit Commitment” for such Borrower or, if such Bank has entered into one
or more Transfer Agreements, set forth for such Bank and such Borrower in the Register maintained
by the Agent pursuant to Section 8.5(c) as such Lender’s “Revolving Credit Commitment” for such
Borrower, as such amount may be terminated or reduced at or prior to such time pursuant to Section
2.4 or Section 6.1.

     “RMT” means Williams Production RMT Company, a Delaware corporation, and its
Subsidiaries.

-14-

 

     “RMT Loan Agreement” means the Term Loan Agreement, dated as of May 30, 2003, by and
among Williams Production Holdings LLC, RMT, Lehman Brothers Inc. and Banc of America Securities
LLC, as joint lead arrangers, Citicorp USA, Inc. and JPMorgan Chase Bank, as co-syndication agents,
Bank of America, N.A., as documentation agent, and Lehman Commercial Paper Inc., as administrative
agent, and the several lenders from time to time parties thereto, as amended, supplemented or
otherwise modified from time to time, or any extension, refinancing or replacement thereof, whether
with the same or a different group of lenders.

     “S&P” means Standard & Poor’s Rating Group, a division of The McGraw Hill Companies,
Inc. on the date hereof or its successor.

     “Sale and Leaseback Transaction” of any Person means any arrangement entered into by
such Person or any Subsidiary of such Person, directly or indirectly, whereby such Person or any
Subsidiary of such Person shall sell or transfer any property (other than the property listed on
Schedule XI), whether now owned or hereafter acquired to any other Person (a “Transferee”), and
whereby such first Person or any Subsidiary of such first Person shall then or thereafter rent or
lease as lessee such property or any part thereof or rent or lease as lessee from such Transferee
or any other Person other property which such first Person or any Subsidiary of such first Person
intends to use for substantially the same purpose or purposes as the property sold or transferred.

     “Security Documents” means any security agreement or pledge delivered in order to
comply with Section 5.2(m).

     “Solvent” and “Solvency” means, with respect to any Person on a particular
date, that on such date (a) the fair value of the property of such Person is greater than the total
amount of liabilities, including contingent liabilities, of such Person, (b) the present fair
salable value of the assets of such Person is not less than the amount that will be required to pay
the probable liability of such Person on its debts as they become absolute and matured, (c) such
Person does not intend to, and does not believe that it will, incur debts or liabilities beyond
such Person’s ability to pay such debts and liabilities as they mature and (d) such Person is not
engaged in business or a transaction, and is not about to engage in business or a transaction, for
which such Person’s property would constitute an unreasonably small capital. The amount of
contingent liabilities at any time shall be computed as the amount that, in the light of all the
facts and circumstances existing at such time, represents the amount that can reasonably be
expected to become an actual or matured liability.

     “SPC” has the meaning specified in Section 8.5(g).

     “Specified Escrow Arrangements” means cash deposits at one or more financial
institutions for the purpose of funding any potential shortfall in the daily net cash position of
TWC or any of its Subsidiaries.

     “Specified Obligations” means (i) any obligation of any Pipeline Entity under any bid,
tender, trade contract, lease, government contract, surety bond, appeal bond, performance bond or
return of money bond referred to in paragraph (e) of Schedule IX-2 and (ii) any obligation under a
loan or production payment referred to in paragraph (p) of Schedule IX-2.

     “Subsidiary” of any Person means any corporation, partnership, joint venture or other
Business Entity of which more than 50% of the outstanding Equity Interests having ordinary voting
power to elect a majority of the board of directors of such corporation, partnership, joint venture
or other Business Entity or others performing similar functions (irrespective of whether or not at
the time Equity Interests of any other class or classes of such corporation, partnership, joint
venture or other Business Entity shall or

-15-

 

might have voting power upon the occurrence of any contingency) is at the time directly or
indirectly owned by such Person.

     “Syndication Agent” means BofA in its capacity as syndication agent hereunder.

     “Termination Date” means the earlier of (i) May 1, 2009 or (ii) the date of
termination in whole of the Commitments pursuant to Section 2.4 or 6.1.

     “Termination Event” means (i) a “reportable event”, as such term is described in
Section 4043(c) of ERISA (other than a “reportable event” not subject to the provision for 30-day
notice to the PBGC or a “reportable event” as such term is described in Section 4043(c)(3) of
ERISA) which could reasonably be expected to result in a termination of, or the appointment of a
trustee to administer, a Plan, or which causes any Credit Party, due to actions of the PBGC, to be
required to contribute at least $125,000,000 in excess of the contributions which otherwise would
have been made to fund a Plan based upon the contributions recommended by such Plan’s actuary, or
(ii) the withdrawal of a Credit Party or any ERISA Affiliate of a Credit Party from a Multiple
Employer Plan during a plan year in which it was a “substantial employer,” as such term is defined
in Section 4001(a)(2) of ERISA, or the incurrence of liability by a Credit Party or any ERISA
Affiliate of a Credit Party under Section 4064 of ERISA upon the termination of a Plan or Multiple
Employer Plan, or (iii) the institution of proceedings to terminate a Plan by the PBGC under
Section 4042 of ERISA, or (iv) any other event or condition which could reasonably be expected to
result in the termination of, or the appointment of, a trustee to administer, any Plan under
Section 4042 of ERISA, other than (in the case of clauses (ii), (iii) and (iv) of this definition)
where the matters described on such clauses, in the aggregate, could not reasonably be expected to
have a Material Adverse Effect in respect of any Borrower.

     “TGPL” has the meaning specified in the first paragraph hereof.

     “Trading Book” means the trading transactions of Williams Power and its Subsidiaries,
inclusive of structured portfolio transactions, consisting primarily of tolling and full
requirements transactions.

     “Trading Book Termination Date” means the date on which all or substantially all of
the Trading Book is sold or otherwise disposed of and all or substantially all of the liabilities
and obligations of TWC and its Subsidiaries related to the Trading Book are terminated.

     “Transfer Agreement” means an agreement executed pursuant to Section 8.5 by an
assignor Bank and assignee Bank substantially in the form of Exhibit C and executed by the
Borrowers, the Issuing Banks and the Agent to evidence the consent of each if such consent is
required pursuant to the definition herein of “Eligible Assignee” or the terms of Section 8.5.

     “TWC” has the meaning specified in the first paragraph hereof.

     “TWC Guaranty” means the guaranty executed by TWC in substantially the form of Exhibit
F, as amended, supplemented or otherwise modified from time to time.

     “2005 Credit Agreement” means the Amended and Restated Credit Agreement dated as of
May 20, 2005 among the Borrowers, Citibank and BofA as issuing banks, CUSA as administrative agent
and collateral agent and others.

     “Type” has the meaning set forth in the definition herein of Revolving Credit Advance.

-16-

 

     “Unrated” means, as to any Borrower, that no senior unsecured long-term debt of such
Borrower is rated by S&P and no senior unsecured long-term debt of such Borrower is rated by
Moody’s.

     “Unused Revolving Credit Commitment” means, with respect to each Bank for each
Borrower at any time, (a) such Bank’s Revolving Credit Commitment for such Borrower at such time
minus (b) the sum of (i) the aggregate principal amount of all Revolving Credit Advances
owed by such Borrower to such Bank and outstanding at such time and (ii) such Bank’s aggregate
Letter of Credit Liabilities for all Letters of Credit issued at the request of such Borrower.

     “Wholly-Owned Subsidiary” of any Person means any Subsidiary of such Person all of the
Equity Interests in which are owned by such Person and/or one or more other Wholly-Owned
Subsidiaries of such Person.

     “Williams Power” means Williams Power Company, a Delaware corporation, and its
Subsidiaries.

     “‘Withdrawal Liability” shall have the meaning given such term under Part I of
Subtitle E of Title IV of ERISA.

     SECTION 1.2. Computation of Time Periods. In this Agreement in the computation of
periods of time from a specified date to a later specified date, the word “from” means “from and
including” and the words “to” and “until” each means “to but excluding”.

     SECTION 1.3. Accounting Terms. All accounting terms not specifically defined shall be
construed in accordance with GAAP. To the extent there are any changes in GAAP from December 31,
2005, the financial covenants set forth herein will continue to be determined in accordance with
GAAP in effect on December 31, 2005, as applicable, until such time, if any, as such financial
covenants are adjusted or reset to reflect such changes in GAAP and such adjustments or resets are
agreed to in writing by the Borrowers and the Agent (after consultation with the Majority Banks).

     SECTION 1.4. Miscellaneous. The words “hereof”, “herein” and “hereunder” and words of
similar import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and Article, Section, Schedule and Exhibit references are
to Articles and Sections of and Schedules and Exhibits to this Agreement, unless otherwise
specified. The term “including” shall mean “including, without limitation”. References to any
document, instrument or agreement (a) shall include all exhibits, schedules and other attachments
thereto, (b) shall include all documents, instruments or agreements issued or executed in
replacement thereof and (c) shall mean such document, instrument or agreement, or replacement or
predecessor thereto, as amended, modified and supplemented from time to time and in effect at any
given time so long as such amended, modified or supplemented document, instrument or agreement does
not violate the terms of this Agreement.

     SECTION 1.5. Ratings. A rating, whether public or private, by S&P or Moody’s shall be
deemed to be in effect on the date of announcement or publication by S&P or Moody’s, as the case
may be, of such rating or, in the absence of such announcement or publication, on the effective
date of such rating and will remain in effect until the announcement or publication of, or in the
absence of such announcement or publication, the effective date of, any change in, or withdrawal or
termination of, such rating. In the event the standards for any rating by Moody’s or S&P are
revised, or any such rating is designated differently (such as by changing letter designations to
different letter designations or to numerical designations), the references herein to such rating
shall be deemed to refer to the revised or redesignated rating for which the standards are closest
to, but not lower than, the standards at the date hereof for the rating which has been revised or
redesignated, all as determined by the Majority Banks in

-17-

 

good faith. Long-term debt supported by a letter of credit, guaranty, insurance or other
similar credit enhancement mechanism shall not be considered as senior unsecured long-term debt.

ARTICLE II

AMOUNTS AND TERMS OF THE REVOLVING CREDIT

ADVANCES AND LETTERS OF CREDIT

     SECTION 2.1. Revolving Credit Advances and Letters of Credit.

     (a) Revolving Credit Advances. Each Bank severally agrees, on the terms and
conditions hereinafter set forth, to make Revolving Credit Advances to each Borrower from time to
time on any Business Day during the period from the Effective Date until the Termination Date;
provided that in no event shall the sum of the aggregate amount of all Revolving Credit
Advances owed to such Bank outstanding to such Borrower plus the aggregate amount of all Letter of
Credit Liabilities held by such Bank for all Letters of Credit issued at the request of such
Borrower exceed, at the time any Revolving Credit Advance is made by such Bank (and giving effect
to such Revolving Credit Advance), such Bank’s Revolving Credit Commitment for such Borrower at
such time; provided further that in no event shall the sum of the aggregate amount of all
Revolving Credit Advances to all Borrowers owed to any Bank plus the aggregate amount of all Letter
Credit Liabilities held by such Bank for all Letters of Credit exceed, at the time any Revolving
Credit Advance is made by such Bank (and giving effect to such Revolving Credit Advance), the
Revolving Credit Commitment of such Bank for TWC. Each Revolving Credit Borrowing to a Borrower
shall be in an aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess
thereof and shall consist of Revolving Credit Advances of the same Type made to such Borrower on
the same day by the Banks ratably according to their respective Revolving Credit Commitments for
such Borrower and, if such Revolving Credit Advances are Eurodollar Rate Advances, having the same
Interest Period. Within the limits of this Section 2.1(a), a Borrower may borrow under this
Section 2.1(a), prepay pursuant to Section 2.5 and reborrow under this Section 2.1(a).

     (b) Letters of Credit. Each Issuing Bank agrees, on the terms and
conditions hereinafter set forth, to issue letters of credit in Dollars at the request of any
Borrower (such issuance, and any funding of a draw thereunder, are deemed made by the Issuing Banks
in reliance on the agreements of the other Banks pursuant to Section 2.2) from time to time on any
Business Day during the period from the Effective Date until the earlier of (A) the date of
termination in whole of the Commitments pursuant to Section 2.4 or 6.1 or (B) the date that is 30
days prior to the date listed in clause (i) of the definition herein of “Termination Date” in an
aggregate Available Amount such that, immediately after giving effect to the issuance of each
Letter of Credit, the aggregate Letter of Credit Liabilities (i) in respect of all Letters of
Credit issued by the Issuing Banks do not exceed at the time of any such issuance the aggregate of
all Letter of Credit Commitments at such time, (ii) in respect of all Letters of Credit issued by
any Issuing Bank do not exceed at the time of any such issuance the Letter of Credit Commitment of
such Issuing Bank at such time, and (iii) in respect of all Letters of Credit outstanding at the
time of any such issuance issued at the request of any Borrower do not exceed an amount equal to
the Revolving Credit Commitments of the Banks for such Borrower at such time minus the aggregate
amount of all Revolving Credit Advances outstanding to such Borrower at such time; provided
that in no event shall the sum of the aggregate amount of all Revolving Credit Advances to all
Borrowers owed to any Bank plus the aggregate amount of all Letter of Credit Liabilities held by
such Bank for all Letters of Credit exceed the Revolving Credit Commitment of such Bank for TWC at
the time of any such issuance; provided further that no Issuing Bank shall be under any
obligation to issue a letter of credit if, in the reasonable opinion of such Issuing Bank, such
letter of credit would violate or conflict with any regulatory or legal restriction applicable to
such Issuing Bank, or an internal policy, procedure or guideline of such Issuing Bank generally
applicable to the issuance of letters of credit. No Letter of Credit shall have an expiration date

-18-

 

(including all rights of a Borrower or the beneficiary to require renewals, but excluding
automatic renewal provisions if the relevant Issuing Bank can, in its discretion, refuse to renew
and thereby cause the expiration date to occur no later than 7 Business Days prior to the date set
forth in clause (i) of the definition herein of Termination Date) later than 7 Business Days prior
to the date set forth in clause (i) of the definition herein of Termination Date. Within the
limits referred to above, a Borrower may request the issuance of Letters of Credit under this
Section 2.1(b), repay any Letter of Credit Liability resulting from drawings thereunder pursuant to
Section 2.2(c) and request the issuance of additional Letters of Credit under this Section 2.1(b).

     SECTION 2.2. Issuance and Addition of and Drawings and Reimbursement Under Letters of
Credit.

     (a) Issuance and Addition. (1) A Borrower shall give the Agent and the
Issuing Bank from which it is requesting a Letter of Credit at least three Business Days’ (or such
shorter period as agreed to by the Agent and such Issuing Bank) prior notice, in the form of
Exhibit D-1 (a “Notice of Letter of Credit”), specifying the Business Day such Letter of
Credit is to be issued and the account party or parties therefor and describing in reasonable
detail the proposed terms of such Letter of Credit (including the beneficiary thereof) and the
nature of the transactions or obligations proposed to be supported thereby; provided that
no Borrower may request a Letter of Credit (i) to support any Debt, (ii) in favor of the proposed
Issuing Bank for such Letter of Credit or any of its affiliates as beneficiary if such beneficiary
is serving in that capacity as a fiduciary, or trustee, for the interests of any other Person or
(iii) for any unlawful purpose.

     (2) Additionally, if (i) an Issuing Bank has, at the request of a Borrower, issued a letter of
credit in Dollars other than under this Agreement, (ii) such Borrower decides to add such letter of
credit (an “Added Letter of Credit”) to this Agreement as a Letter of Credit and (iii) such
Issuing Bank consents in writing (such consent, and any funding of a draw under such letter of
credit, are deemed made by such Issuing Bank in reliance on the agreements of the other Banks
pursuant to this Section 2.2) to such letter of credit becoming an Added Letter of Credit, then
such Borrower shall give the Agent and such Issuing Bank at least three Business Days’ (or such
shorter period as agreed to by the Agent and such Issuing Bank) prior notice that such Borrower
requests that such letter of credit be so added by delivering a Notice of Letter of Credit
specifying the Business Day such letter of credit is to be added to this Agreement and attaching
thereto a copy of such letter of credit. On the Business Day so specified for such letter of
credit, such letter of credit shall become an Added Letter of Credit and become a Letter of Credit
deemed issued under this Agreement by the Issuing Bank specified in the relevant Notice of Letter
of Credit (the date such letter of credit so becomes an Added Letter of Credit being the “Added
L/C Effective Date” for such letter of credit), if immediately after giving effect to such
letter of credit becoming a Letter of Credit (A) as to each Bank, the sum of the aggregate amount
of all Revolving Credit Advances to all Borrowers owed to such Bank plus the aggregate amount of
all Letter of Credit Liabilities held by such Bank for all Letters of Credit does not exceed the
Revolving Credit Commitment of such Bank for TWC, (B) the aggregate Letter of Credit Liabilities
(i) in respect of all Letters of Credit issued by the Issuing Banks do not exceed the aggregate of
all Letter of Credit Commitments at such time, (ii) in respect of all Letters of Credit issued by
such Issuing Bank do not exceed the Letter of Credit Commitment of such Issuing Bank at such time,
and (iii) in respect of all Letters of Credit outstanding issued at the request of any Borrower do
not exceed an amount equal to the Revolving Credit Commitments of the Banks for such Borrower at
such time minus the aggregate amount of all Revolving Credit Advances outstanding to such Borrower
at such time, (C) such letter of credit shall have an expiration date (including all rights of a
Borrower or the beneficiary to require renewals, but excluding automatic renewal provisions if such
Issuing Bank can, in its discretion, refuse to renew and thereby cause the expiration date to occur
no later than 7 Business Days prior to the date set forth in clause (i) of the definition herein of
Termination Date) no later than 7 Business Days prior to the date set forth in

-19-

 

clause (i) of the definition herein of Termination Date, and (D) such Issuing Bank notifies the
Agent, on or before such Added L/C Effective Date, that such letter of credit is or will become, as
of such Added L/C Effective Date, an Added Letter of Credit.

     (3) The Issuing Bank issuing any Letter of Credit may specify therein whether such Letter of
Credit will be subject to the International Standby Practices, the Uniform Customs and Practices or
other practices. A Letter of Credit will be deemed to be issued at the request of (i) NWP, if NWP
gives the Notice of Letter of Credit in respect of such Letter of Credit; (ii) TGPL, if TGPL gives
the Notice of Letter of Credit in respect of such Letter of Credit, (iii) MLP, if MLP gives the
Notice of Letter of Credit in respect of such Letter of Credit and (iv) TWC, if neither NWP nor
TGPL nor MLP gives the Notice of Letter of Credit in respect of such Letter of Credit.

     (b) Participations in Letters of Credit. On each day during the period
commencing with the issuance by any Issuing Bank of any Letter of Credit at the request of any
Borrower and until such Letter of Credit shall have expired or been terminated, the Letter of
Credit Commitment of each Issuing Bank shall be deemed to be utilized for all purposes of this
Agreement in an amount equal to the Available Amount of such Letter of Credit. Each Bank agrees
that, upon the issuance of any Letter of Credit hereunder by any Issuing Bank, it shall
automatically acquire a participation in such Issuing Bank’s liability under such Letter of Credit
in an amount equal to such Bank’s LC Participation Percentage of such liability, and each Bank
thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as
surety, liability to pay such amount and shall be unconditionally obligated to such Issuing Bank to
the extent provided in this Section 2.2.

     (c) Reimbursement Obligations; Notice of Drawings. Upon receipt from the
beneficiary of any Letter of Credit of any demand for payment under such Letter of Credit, the
Issuing Bank that issued such Letter of Credit shall promptly notify the applicable Borrower
(through the Agent) of the amount to be paid by such Issuing Bank as a result of such demand and
the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such
demand, which shall be (unless same day payment is required by the terms of such Letter of Credit
pursuant to a request of such Borrower) at least one Business Day after the date on which the Agent
shall deliver such notice to the applicable Borrower pursuant to this sentence. Each Borrower
hereby unconditionally agrees to pay and reimburse the Agent for the account of the Issuing Bank
that issued a Letter of Credit at the request of such Borrower for the amount of each demand for
payment under such Letter of Credit that is in substantial compliance with the provisions of such
Letter of Credit at or prior to the date on which payment is to be made by such Issuing Bank to the
beneficiary thereunder (or on the next Business Day, if same day payment is required by the terms
of such Letter of Credit pursuant to a request of such Borrower and if the notice to such Borrower
from such Issuing Bank in respect of such demand contemplated by the first sentence of this Section
2.2(c) is not given prior to 9:00 a.m. (New York City time) on such date), without presentment,
demand, protest or other formalities of any kind, in each case together with interest thereon at a
rate per annum equal to the Base Rate plus the Applicable Margin in effect from time to time for
such Borrower as to Base Rate Advances, for the period from the date payment is made by such
Issuing Bank to the beneficiary thereunder until the date of such reimbursement. Each Borrower’s
obligations to reimburse each Issuing Bank as provided herein shall be absolute, unconditional and
irrevocable under all circumstances whatsoever, including the following circumstances: (i) any lack
of validity of this Agreement, the other Credit Documents or the other documents to be delivered
under this Agreement; (ii) the existence of any claim, set-off, defense or other right that a
Borrower may have at any time against the Agent, any Bank, any Issuing Bank or any other Person,
whether in connection with the transactions contemplated by this Agreement or any unrelated
transaction; (iii) any action or inaction taken or suffered by any Issuing Bank under a Letter of
Credit if taken in good faith and in conformity with applicable law; (iv) the payment by any
Issuing Bank under a Letter of Credit against presentation of a demand, statement or other document
which in the sole discretion of such Issuing Bank substantially complies with the terms

-20-

 

of such Letter of Credit, including any demand, statement or other document which is forged,
fraudulent, invalid or inaccurate in any respect; (v) any exchange, release or non-perfection of
any collateral for, or any release or amendment or waiver of or consent to departure from any
guarantee of, all or any of the Obligations in respect of any Letter of Credit; and (vi) any
determination of invalidity or unenforceability with respect to any Letter of Credit after payment
by an Issuing Bank thereunder.

     (d) Payments by Banks to Issuing Banks. To the extent that a Borrower fails
to make any payment to an Issuing Bank that such Borrower is required to make pursuant to Section
2.2(c), each Bank (other than such Issuing Bank) shall pay to the Agent, for the account of such
Issuing Bank in Dollars and in immediately available funds, the amount of such Bank’s LC
Participation Percentage of any payment under a Letter of Credit upon notice by such Issuing Bank
(through the Agent) to such Bank requesting such payment and specifying such amount. Each such
Bank’s obligation to make such payment to the Agent for the account of such Issuing Bank under this
Section 2.2(d), and such Issuing Bank’s right to receive the same, shall be absolute and
unconditional and shall not be affected by any circumstance whatsoever (other than the gross
negligence or willful misconduct of such Issuing Bank in making payment under such Letter of
Credit), including the failure of any other Bank to make its payment under this Section 2.2(d), the
financial condition of a Borrower (or any other Person), the existence of any Default or Event of
Default, the incorrectness of any representation or warranty, the existence of any claim, set-off,
defense or other right, any amendment, extension or other modification of any Letter of Credit or
the reduction or termination of the Letter of Credit Commitments or the Revolving Credit
Commitments. If any Bank shall default in its obligation to make any such payment to the Agent for
the account of an Issuing Bank, for so long as such default shall continue the Agent may, at the
request of such Issuing Bank, withhold from any payments received by the Agent under this Agreement
for the account of such Bank the amount so in default and, to the extent so withheld, pay the same
to such Issuing Bank for application to such defaulted obligation.

     (e) Participations in Reimbursement Obligations. Upon the making of each
payment by a Bank to an Issuing Bank pursuant to Section 2.2(d) in respect of any Letter of Credit,
such Bank shall, automatically and without any further action on the part of the Agent, any Issuing
Bank or such Bank, acquire (i) a funded participation in an amount equal to such payment in the
Reimbursement Obligation owing to such Issuing Bank by the applicable Borrower hereunder and under
the Letter of Credit Documents relating to such Letter of Credit and (ii) a participation in a
percentage equal to such Bank’s LC Participation Percentage in any interest or other amounts
payable by the applicable Borrower hereunder and under such Letter of Credit Documents in respect
of such Reimbursement Obligation (other than the Fronting Fee contemplated by Section 2.11(b)(i)).
Upon receipt by any Issuing Bank from or for the account of a Borrower of any payment in respect of
any Reimbursement Obligation or any such interest or other amount (including by way of setoff or
application of proceeds of any collateral security or the withdrawal and application of funds from
an LC Cash Collateral Account in respect of such Borrower), such Issuing Bank shall promptly pay to
the Agent, for the account of each Bank entitled thereto, such Bank’s LC Participation Percentage
of such payment, each such payment by such Issuing Bank to be made in the same currency and funds
in which received by such Issuing Bank. In the event any payment received by any Issuing Bank and
so paid to the Banks hereunder is rescinded or must otherwise be returned by such Issuing Bank,
each Bank shall, upon the request of such Issuing Bank (through the Agent), repay to such Issuing
Bank (through the Agent) the portion of such payment paid to such Bank.

     (f) Information Provided by Issuing Banks to Banks. Promptly after the
issuance of or amendment to any Letter of Credit, the Issuing Bank that issued such Letter of
Credit will notify the Agent and the applicable Borrower in writing of such issuance or amendment
and such notice shall be accompanied by a copy of such issued or amended Letter of Credit. Upon
receipt of such notice, the Agent shall notify each Bank of such issuance or amendment and, if
requested by a Bank, the Agent shall

-21-

 

provide such Bank with copies of such issued or amended Letter of Credit and any Letter of
Credit Documents related thereto delivered to the Agent.

     (g) Conditions Precedent to Issuance, Modification and Addition. The
obligation of any Issuing Bank to issue a Letter of Credit shall be subject to satisfaction of each
of the conditions precedent set forth in Section 3.2, and shall further be subject to the
conditions precedent that (i) such Letter of Credit shall be in such form and contain such terms as
shall be reasonably satisfactory to such Issuing Bank consistent with its then current practices
and procedures of general applicability with respect to letters of credit of the same type and (ii)
the applicable Borrower shall have executed and delivered such applications, agreements and other
instruments relating to such Letter of Credit as such Issuing Bank shall have reasonably requested
consistent with its then current practices and procedures of general applicability with respect to
letters of credit of the same type; provided that in the event of any conflict between any
such application, agreement or other instrument and the provisions of this Agreement, the
provisions of this Agreement shall control. The obligation of any Issuing Bank to make any
amendment, modification or supplement to any Letter of Credit hereunder which increases the stated
amount thereof shall be subject to the same conditions applicable under this Section 2.2 (including
the conditions set forth in Section 3.2) to the issuance of new Letters of Credit, and no Issuing
Bank shall be obligated to make any such amendment, modification or supplement unless the Letter of
Credit affected thereby would have complied with such conditions had it originally been issued
hereunder, on the date of such amendment, modification or supplement, in such amended, modified or
supplemented form. The obligation of any Issuing Bank to add any letter of credit hereto as
contemplated by Section 2.2(a)(2) shall be subject to the same conditions applicable under this
Section 2.2 (including the conditions set forth in Section 3.2) to the issuance of new Letters of
Credit, and no Issuing Bank shall be obligated to make any such addition unless the Added Letter of
Credit would have complied with such conditions had it originally been issued hereunder on the date
of such addition. In the event of any conflict between any application, agreement or other
instrument relating to an Added Letter of Credit and the provisions of this Agreement, the
provisions of this Agreement shall control.

     (h) Interest Payable to Issuing Banks by Banks. To the extent that any Bank
shall fail to pay any amount required to be paid pursuant to Sections 2.2(d) or (e) on the due date
therefor, such Bank shall pay interest to the Issuing Bank owed such amount (through the Agent) on
such amount from and including such due date to but excluding the date such payment is made at a
rate per annum equal to the Federal Funds Rate.

     (i) Indemnification of the Banks, Issuing Banks and Agent. The Borrowers
hereby indemnify and hold harmless each Bank, each Issuing Bank and the Agent from and against any
and all claims, damages, losses, liabilities, costs, fees and expenses that such Bank, such Issuing
Bank or the Agent may incur (or that may be claimed against such Bank, such Issuing Bank or the
Agent by any Person whatsoever) by reason of or in connection with the execution and delivery or
transfer of or payment or refusal to pay by each Issuing Bank under any Letter of Credit (EXPRESSLY
INCLUDING ANY SUCH CLAIM, DAMAGE, LOSS, LIABILITY, COST, FEE OR EXPENSE ATTRIBUTABLE TO THE
ORDINARY, SOLE OR CONTRIBUTORY NEGLIGENCE OF SUCH BANK, SUCH ISSUING BANK OR THE AGENT, AS THE CASE
MAY BE, BUT EXCLUDING ANY SUCH CLAIM, DAMAGE, LOSS, LIABILITY, COST, FEE OR EXPENSE ATTRIBUTABLE TO
THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH BANK, SUCH ISSUING BANK OR THE AGENT, AS THE
CASE MAY BE). IT IS THE INTENT OF THE PARTIES HERETO THAT EACH BANK, EACH ISSUING BANK OR THE
AGENT, AS THE CASE MAY BE, SHALL, TO THE EXTENT PROVIDED IN THIS SECTION 2.2(i), BE INDEMNIFIED FOR
ITS OWN ORDINARY, SOLE OR CONTRIBUTORY NEGLIGENCE; provided that the Borrowers shall not be
required to indemnify any Bank, any Issuing Bank or the Agent for any claims, damages, losses,
liabilities, costs, fees or expenses to the extent, but

-22-

 

only to the extent, caused by (A) in the case of each Issuing Bank, the willful misconduct or
gross negligence of such Issuing Bank in determining whether a request presented under any Letter
of Credit complied with the terms of such Letter of Credit or (B) in the case of any Bank, such
Bank’s failure to pay its Letter of Credit Liabilities pursuant to Sections 2.2(d), (e) and (h).

     (j) Existing Letters of Credit. For the avoidance of doubt, the parties
hereto acknowledge and agree that all Existing Letters of Credit are deemed to be issued under this
Agreement by the Issuing Bank party thereto at the request of TWC and shall constitute Letters of
Credit hereunder for all purposes (including Section 2.2(b) and Section 2.2(d)), and no notice
requesting issuance thereof shall be required hereunder. Each reference herein to the issuance of
a Letter of Credit shall include any such deemed issuance. All fees accrued on the Existing
Letters of Credit to but excluding the date hereof shall be for the account of the relevant
“Issuing Bank” and the “Banks” (as those terms are used in the 2005 Credit Agreement) as provided
in the 2005 Credit Agreement, and all fees accruing on the Existing Letters of Credit on and after
the date hereof shall be for the account of the relevant Issuing Bank thereof and the Banks as
provided herein.

     (k) Cash Collateral. If any amounts are deposited in any LC Cash Collateral
Account in respect of any Borrower pursuant to Section 2.5(c), such amounts shall be applied first,
to reimburse the Agent for all costs, fees, expenses and other amounts expended by it relating to
such LC Cash Collateral Account, second, to pay Reimbursement Obligations in respect of Letters of
Credit issued at the request of such Borrower outstanding at the time of such deposit and, third,
either (i) if at the time all such Letters of Credit terminate and all such Reimbursement
Obligations are paid no Event of Default has occurred and is continuing (or if the Agent has not
declared all amounts payable hereunder by such Borrower to be due and payable), returned to such
Borrower or (ii) if at such time an Event of Default has occurred and is continuing (and if the
Agent has declared all amounts payable hereunder by such Borrower to be due and payable), held by
the Agent in an LC Cash Collateral Account in respect of such Borrower in accordance with Section
6.2.

     (l) Applicability of ISP98 (ICC Publication No. 59). Unless otherwise
expressly agreed by an Issuing Bank and a Borrower when a Letter of Credit is issued or except as
otherwise specifically provided in respect of an Existing Letter of Credit or an Added Letter of
Credit, the rules of the “International Standby Practices 1998” published by the Institute of
International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at
the time of issuance) shall apply to each Letter of Credit.

     (m) Added Letters of Credit. Each Added Letter of Credit (i) shall be
deemed to be issued under this Agreement, as of the Added L/C Effective Date for such Added Letter
of Credit, at the request of the Borrower that gave the Notice of Letter of Credit in respect of
such Added Letter of Credit and (ii) as of such Added L/C Effective Date, shall constitute a Letter
of Credit issued hereunder by the Issuing Bank specified in such Notice of Letter of Credit for all
purposes (including Section 2.2(b) and Section 2.2(d)). Each reference herein to the issuance of a
Letter of Credit shall include any such deemed issuance. All fees accrued on a letter of credit
that becomes an Added Letter of Credit, to but excluding the Added L/C Effective Date for such
Added Letter of Credit shall be for the account of the entity that issued such Added Letter of
Credit, and all fees accruing on such letter of credit on and after such Added L/C Effective Date
shall be for the account of the relevant Issuing Bank thereof and the Banks as provided herein.

     SECTION 2.3. Making the Revolving Credit Advances.

     (a) Each Revolving Credit Borrowing shall be made on notice, given not later than
11:00 a.m. (New York City time) on the third Business Day prior to the date of the proposed
Revolving Credit

-23-

 

Borrowing in the case of a Revolving Credit Borrowing consisting of Eurodollar Rate Advances,
or 10:00 a.m. (New York City time) on the Business Day of the proposed Revolving Credit Borrowing
in the case of a Revolving Credit Borrowing consisting of Base Rate Advances, by the Borrower
requesting such Revolving Credit Borrowing to the Agent, which shall give to each Bank prompt
notice thereof. Each such notice of a Revolving Credit Borrowing (a “Notice of Revolving
Credit Borrowing”) shall be by telephone, confirmed immediately in writing, or telecopier in
substantially the form of Exhibit D-2 hereto, specifying therein the requested (i) date of such
Revolving Credit Borrowing, (ii) Type of Revolving Credit Advances, (iii) aggregate amount of such
Revolving Credit Borrowing, and (iv) in the case of a Revolving Credit Borrowing consisting of
Eurodollar Rate Advances, initial Interest Period for each such Revolving Credit Advance. Each
Bank shall, before 12:00 p.m. (New York City time) on the date of such Revolving Credit Borrowing,
make available for the account of its Applicable Lending Office to the Agent at its address
referred to in Section 8.2 (excluding, for such purpose, any address to which copies are to be
sent), in same day funds, such Bank’s ratable portion of such Revolving Credit Borrowing. After
the Agent’s receipt of such funds, the Agent will make such funds available to the Borrower
requesting such Revolving Credit Borrowing at such address; provided that the Agent shall
not be required to make such funds available if the applicable conditions set forth in Section 3.2
have not been fulfilled.

     (b) Anything in Section 2.3(a) to the contrary notwithstanding, a Borrower may not
select Eurodollar Rate Advances for any Revolving Credit Borrowing if the obligation of the Banks
to make Eurodollar Rate Advances shall then be suspended pursuant to Sections 2.3(e), 2.14 or 2.16.

     (c) No Borrower may select Eurodollar Rate Advances for any Revolving Credit
Borrowing if the aggregate amount of such Revolving Credit Borrowings is less than $5,000,000.

     (d) Each Notice of Revolving Credit Borrowing shall be irrevocable and binding on
the Borrower delivering such notice. In the case of any Revolving Credit Borrowing that the
related Notice of Revolving Credit Borrowing specifies is to be comprised of Eurodollar Rate
Advances, the Borrower requesting such Borrowing shall indemnify each Bank against any loss, cost
or expense incurred by such Bank as a result of any failure by such Borrower to fulfill on or
before the date specified in such Notice of Revolving Credit Borrowing for such Revolving Credit
Borrowing the applicable conditions set forth in Article III or as a result of a cancellation
pursuant to Section 2.3(f), including any loss (excluding loss of anticipated profits), cost or
expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired
by such Bank to fund the Revolving Credit Advance to be made by such Bank as part of such Revolving
Credit Borrowing when such Revolving Credit Advance, as a result of such failure or cancellation,
is not made on such date.

     (e) If the Agent is unable to determine the Eurodollar Rate for Eurodollar Rate
Advances, the obligation of the Banks to make, or to Convert Revolving Credit Advances into,
Eurodollar Rate Advances shall be suspended until the Agent shall notify the Borrowers and the
Banks that the circumstances causing such suspension no longer exist, and, except as provided in
Section 2.3(f), each Revolving Credit Advance comprising any requested Revolving Credit Borrowing
shall be a Base Rate Advance.

     (f) If a Borrower has requested a proposed Revolving Credit Borrowing consisting of
Eurodollar Rate Advances and as a result of circumstances referred to in Section 2.3(e), Section
2.14(b) or Section 2.16 such Revolving Credit Borrowing would not consist of Eurodollar Rate
Advances, such Borrower may, by notice given not later than 3:00 p.m. (New York City time) at
least one Business Day prior to the date such proposed Revolving Credit Borrowing would otherwise
be made, cancel such Revolving Credit Borrowing, in which case such Revolving Credit Borrowing
shall be cancelled and no Revolving Credit Advances shall be made as a result of such requested
Revolving Credit Borrowing, but

-24-

 

such Borrower shall indemnify the Banks in connection with such cancellation as contemplated
by Section 2.3(d).

     (g) Unless the Agent shall have received notice from a Bank prior to the date of any
Revolving Credit Borrowing that such Bank will not make available to the Agent such Bank’s ratable
portion of such Revolving Credit Borrowing, the Agent may assume that such Bank has made such
portion available to the Agent on the date of such Revolving Credit Borrowing in accordance with
Section 2.3(a) and the Agent may, in reliance upon such assumption, make available to a Borrower on
such date a corresponding amount. If and to the extent that such Bank shall not have so made such
ratable portion available to the Agent, such Bank and Borrower severally agree to repay to the
Agent forthwith on demand such corresponding amount together with interest thereon, for each day
from the date such amount is made available to such Borrower until the date such amount is repaid
to the Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to
Revolving Credit Advances comprising such Revolving Credit Borrowing and (ii) in the case of such
Bank, the Federal Funds Rate. If such Bank shall repay to the Agent such corresponding amount,
such amount so repaid shall constitute such Bank’s Revolving Credit Advance as part of such
Revolving Credit Borrowing for purposes of this Agreement and such Borrower shall be relieved of
its obligations to repay on demand such amount under this Section 2.3(g).

     (h) The failure of any Bank to make the Revolving Credit Advance to be made by it as
part of any Revolving Credit Borrowing shall not relieve any other Bank of its obligation, if any,
hereunder to make its Revolving Credit Advance on the date of such Revolving Credit Borrowing, but
no Bank shall be responsible for the failure of any other Bank to make any Revolving Credit Advance
to be made by such other Bank.

     SECTION 2.4. Reduction of the Commitments. Each Borrower shall have the right, upon
at least three Business Days notice to the Agent, to terminate in whole or reduce ratably in part
(i) the Unused Revolving Credit Commitments for such Borrower and (ii) the unused portions of the
Letter of Credit Commitments; provided that each partial reduction shall be in the
aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof and shall be
made ratably among the Banks or Issuing Banks, as the case may be, in accordance with their
respective Revolving Credit Commitments for such Borrower or Letter of Credit Commitments, as the
case may be, and provided further that the amount of the Letter of Credit
Commitment of any Issuing Bank shall not be reduced to an amount which is less than the aggregate
amount of all Letter of Credit Liabilities in respect of all Letters of Credit issued or deemed
issued by such Issuing Bank; and provided further that the Revolving Credit Commitments for
TWC shall not be reduced to an amount which is less than the greatest, for any Borrower, of the sum
of (i) the aggregate outstanding principal amount of Revolving Credit Advances owed by such
Borrower plus (ii) the aggregate amount of all Letter of Credit Liabilities in respect of Letters
of Credit issued at the request of such Borrower; and provided further that the Revolving
Credit Commitments for any Borrower shall not be reduced to an amount which is less than the sum of
(i) the aggregate outstanding principal amount of Revolving Credit Advances owed by such Borrower
plus (ii) the aggregate amount of all Letter of Credit Liabilities in respect of Letters of Credit
issued at the request of such Borrower; and provided further that the Revolving Credit
Commitments for TWC shall not be reduced to an amount which is less than the aggregate amount of
the Letter of Credit Commitments. Each termination or reduction of any Commitment shall be
permanent. Upon the termination of the Revolving Credit Commitments for MLP, the termination of
all Letters of Credit issued at the request of MLP and the final repayment of all Obligations owing
by MLP, the TWC Guaranty shall be deemed to be automatically released, subject, however, to
reinstatement as contemplated by Section 4.02(b) of the Guaranty and except that the TWC Guaranty
shall continue in full force and effect as to all agreements and obligations of MLP that by the
terms hereof survive the payment in full of principal and interest.

-25-

 

     SECTION 2.5. Prepayments.

     (a) Each Borrower may, upon notice to the Agent, (i) before 10:00 a.m. (New York
City time) for Base Rate Advances on the date of prepayment and (ii) upon at least two Business
Days’ notice to the Agent for Eurodollar Rate Advances, stating the proposed date and aggregate
principal amount of the prepayment, and if such notice is given such Borrower shall, prepay the
outstanding principal amount of the Revolving Credit Advances comprising part of the same Revolving
Credit Borrowing in whole or ratably in part, together with accrued interest to the date of such
prepayment on the principal amount prepaid and amounts, if any, required to be paid pursuant to
Section 8.4(c) as a result of such prepayment; provided that each prepayment pursuant to
this Section 2.5(a) shall be in an aggregate principal amount of $5,000,000 or an integral multiple
of $1,000,000 in excess thereof.

     (b) Additionally, if at any date the sum of the aggregate amount of all Revolving
Credit Advances owed to any Bank by any Borrower plus the aggregate amount of all Letter of Credit
Liabilities held by such Bank for all Letters of Credit issued at the request of such Borrower
exceeds such Bank’s Revolving Credit Commitment for such Borrower at such date, such Borrower
shall, on such date, ratably repay the Revolving Credit Advances owed by such Borrower in a
principal amount necessary so that (after giving effect to such repayment) the sum, for each Bank,
of the aggregate amount of all Revolving Credit Advances owed to such Bank by such Borrower plus
the aggregate amount of all Letter of Credit Liabilities held by such Bank for all Letters of
Credit issued at the request of such Borrower does not exceed such Bank’s Revolving Credit
Commitment for such Borrower at such date.

     (c) At the time of each payment pursuant to Section 2.5(b) by a Borrower, such
Borrower shall also pay accrued interest to the date of such payment on the principal amount paid
and amounts, if any, required to be paid pursuant to Section 8.4(c) as a result of such payment.
To the extent that any amount would be required hereunder to be applied to Revolving Credit
Advances owed by any Borrower but for the fact that no Revolving Credit Advances to such Borrower
remain outstanding, such Borrower will cause such amount first, to be paid on any outstanding
unreimbursed drawings under Letters of Credit issued at the request of such Borrower and, second to
be deposited in an LC Cash Collateral Account in respect of such Borrower.

     (d) All amounts received by the Agent pursuant to any Security Document shall be
applied first, to reimburse the Agent for all costs, fees, expenses and other amounts to the extent
provided in such Security Document, second, to ratably pay the principal of and interest of the
Revolving Credit Advances and unpaid drawings under Letters of Credit, third to ratably pay all
other Obligations, and fourth to be deposited in one or more LC Cash Collateral Accounts to the
extent any Letters of Credit are outstanding.

     SECTION 2.6. Increased Costs.

     (a) If any Bank or Issuing Bank determines that (i) the introduction of or any
change in or in the interpretation, application or applicability of any law or regulation or (ii)
the compliance with any guideline issued or request made by any central bank or other governmental
or monetary authority (whether or not having the force of law), in each case introduced, changed,
issued or made after the Effective Date (in the case of each Bank or Issuing Bank which was a party
to this Agreement on the Effective Date) or after the effective date of the relevant document (a
Transfer Agreement or this Agreement) pursuant to which a Person becomes a Bank or an Issuing Bank
(in the case of each other Bank or Issuing Bank), affects or would affect the amount of capital
required or expected to be maintained by such Bank or Issuing Bank, as the case may be, or any
corporation controlling such Bank or Issuing Bank, as the case may be, and that the amount of such
capital is increased by or based upon the existence of such Bank’s or such Issuing Bank’s, as the
case may be, commitment to lend hereunder, issue Letters of Credit or purchase participations in
Letters of Credit and other commitments of this type, then,

-26-

 

upon demand by such Bank or Issuing Bank, as the case may be (with a copy of such demand and
related certificate (which certificate shall specify in reasonable detail the nature of such change
in capital requirements, the proposed (or actual) compliance change to be adopted by the applicable
Bank or Issuing Bank and the calculations upon which any compensation is claimed hereunder) to the
Agent), the Borrowers shall pay to the Agent within five Business Days of receipt of such demand
for the account of such Bank or Issuing Bank, as the case may be, from time to time as specified by
such Bank or Issuing Bank, as the case may be, additional amounts sufficient to compensate such
Bank or Issuing Bank, as the case may be, or such corporation in the light of such circumstances,
to the extent that such Bank or Issuing Bank, as the case may be, reasonably determines such
increase in capital to be allocable to the existence of such Bank’s or such Issuing Bank’s, as the
case may be, commitment to lend, issue Letters of Credit or purchase participations in Letters of
Credit hereunder. A certificate as to the amount of such additional amounts, submitted to the
Borrower that is obligated to pay such amount and the Agent by such Bank or Issuing Bank, as the
case may be, shall be prima facie evidence of the amount of such additional amounts absent manifest
error. No Bank or Issuing Bank shall have any right to recover any additional amounts from a
Borrower under this Section 2.6(a) for any period more than 90 days prior to the date such Bank or
Issuing Bank, as the case may be, notifies such Borrower of any such introduction, change or
compliance.

     (b) If, due to either (i) the introduction of or any change (other than any change
by way of imposition or increase of reserve requirements included in the Eurodollar Rate Reserve
Percentage) in or in the interpretation, application or applicability of any law or regulation or
(ii) the compliance with any guideline issued or request made by any central bank or other
governmental or monetary authority (whether or not having the force of law), in each case
introduced, changed, issued or made after the Effective Date (in the case of each Bank which was a
party to this Agreement on the Effective Date) or after the effective date of the relevant document
(a Transfer Agreement or this Agreement) pursuant to which a Person becomes a Bank (in case of each
other Bank), there shall be any increase in the cost to any Bank of agreeing to make or making,
funding or maintaining Eurodollar Rate Advances to any Borrower, from that in effect at the
Effective Date or at the date of such relevant document, as the case may be, then such Borrower
shall from time to time, upon demand by such Bank (with a copy of such demand to the Agent), pay to
the Agent for the account of such Bank additional amounts sufficient to compensate such Bank for
such increased cost. A certificate as to the amount of such increased cost, submitted to such
Borrower and the Agent by such Bank, shall be prima facie evidence of the amount of such increased
cost absent manifest error. No Bank shall have the right to recover any such increased costs for
any period more than 90 days prior to the date such Bank notifies such Borrower of any such
introduction, change, compliance or proposed compliance.

     (c) In the event that any Bank (other than a Bank that is also an Issuing Bank) (i)
makes a demand for payment under Section 2.8 or 2.17 or this Section 2.6, or (ii) does not agree to
provide its consent or agree to any amendment or waiver pursuant to Section 8.1 where such consent
or agreement to provide an amendment or waiver is required of all the Banks hereto, TWC may within
90 days of such demand or non-consent, if no Default or Event of Default then exists, replace such
Bank with another commercial bank in accordance with all of the provisions of the second and third
sentences of Section 8.5(a), and clauses (b) and (d) of Section 8.5 (including execution of an
appropriate Transfer Agreement); provided that (v) all obligations of such Bank to lend
hereunder or purchase participations in Letters of Credit shall be terminated and the Letter of
Credit Interests held by such Bank and Notes payable to such Bank and all other obligations owed to
such Bank hereunder shall be purchased in full without recourse at par plus accrued interest and
fees at or prior to such replacement, (w) such replacement bank shall be an Eligible Assignee, (x)
such replacement bank shall, from and after such replacement, be deemed for all purposes to be a
“Bank” hereunder with a Revolving Credit Commitment for each Borrower and Letter of Credit
Liabilities in the amount of the Revolving Credit Commitment for each Borrower and Letter of Credit
Liabilities of such Bank being replaced, immediately prior to such replacement (plus, if such

-27-

 

replacement bank is already a Bank prior to such replacement the respective Revolving Credit
Commitments for each Borrower and Letter of Credit Liabilities of such Bank prior to such
replacement), as such amount may be changed from time to time pursuant hereto, and shall have all
of the rights, duties and obligations hereunder of the Bank being replaced, including obligations
under Section 2.2, (y) such other actions shall be taken by the Borrowers, such Bank and such
replacement bank as may be appropriate to effect the replacement of such Bank with such replacement
bank on terms such that such replacement bank has all of the rights, duties and obligations
hereunder as such Bank (including specification of the information contemplated by Schedule I as to
such replacement bank), and (z) no Bank or Issuing Bank shall be required to increase any
Commitment it may have or to replace such Bank being replaced.

     (d) Before making any demand under this Section 2.6, each Bank agrees to use
reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to
designate a different Applicable Lending Office if the making of such a designation would avoid the
need for, or reduce the amount of, such increased cost and would not, in the reasonable judgment of
such Bank, be otherwise disadvantageous to such Bank.

     SECTION 2.7. Payments and Computations.

     (a) Each Borrower shall make each payment hereunder to be made by it not later than
11:00 a.m. (New York City time) on the day when due in Dollars to the Agent at its address
referred to in Section 8.2 (excluding, for such purpose, any address to which copies are to be
sent), in each case in same day funds, without deduction, counterclaim or offset of any kind. The
Agent will promptly thereafter cause to be distributed to the Banks like funds relating to the
payment of principal, interest or any fees payable to the Banks for the account of their respective
Applicable Lending Offices, and like funds relating to the payment of any other amount payable to
any Bank or Issuing Bank to such Bank or Issuing Bank, as the case may be, for the account of its
Applicable Lending Office, in each case to be applied in accordance with the terms of this
Agreement. In no event shall any Bank be entitled to share any fee paid to the Agent pursuant to
Section 2.11(a), any other fee paid to the Agent, as such, any amount applied to reimburse the
Agent as contemplated by Section 2.2(k), Section 2.5(d), Section 6.2 or any other provision of any
Credit Document or any Fronting Fee, other fee, cost or charge paid to an Issuing Bank pursuant to
Section 2.11(b)(i).

     (b) (i) All computations of interest based on clause (a) of the definition herein of
“Base Rate” shall be made by the Agent on the basis of a year of 365 or 366 days, as the case may
be, and (ii) all computations of Letter of Credit Fees, Commitment Fees, Fronting Fees and all
other fees and of interest based on the Eurodollar Rate or the Federal Funds Rate and interest
pursuant to Section 2.17 shall be made by the Agent on the basis of a year of 360 days, in each
case for the actual number of days (including the first day but excluding the last day) occurring
in the period for which such interest, Letter of Credit Fees, Commitment Fees, Fronting Fees or
other fees are payable. Each determination by the Agent of an interest rate or fee hereunder shall
be conclusive and binding for all purposes, absent manifest error.

     (c) Whenever any payment hereunder shall be stated to be due on a day other than a
Business Day, such payment shall be made on the next succeeding Business Day, and such extension of
time shall in such case be included in the computation of payment of interest, Commitment Fee,
Letter of Credit Fee, Fronting Fee or any other fee hereunder, as the case may be; provided,
however, that, if such extension would cause payment of interest on or principal of Eurodollar
Rate Advances to be made in the next following calendar month, such payment shall be made on the
next preceding Business Day.

-28-

 

     (d) Unless the Agent shall have received notice from a Borrower prior to the date on
which any payment is due by such Borrower to any Bank hereunder that such Borrower will not make
such payment in full, the Agent may assume that such Borrower has made such payment in full to the
Agent on such date and the Agent may, in reliance upon such assumption, cause to be distributed to
each Bank on such due date an amount equal to the amount then due such Bank hereunder. If and to
the extent such Borrower shall not have so made such payment in full to the Agent, each Bank shall
repay to the Agent forthwith on demand such amount distributed to such Bank together with interest
thereon, for each day from the date such amount is distributed to such Bank until the date such
Bank repays such amount to the Agent, at the Federal Funds Rate.

     SECTION 2.8. Taxes.

     (a) Any and all payments by any Borrower hereunder shall be made, in accordance with
Section 2.7, free and clear of and without deduction for any and all present or future taxes,
levies, imposts, deductions, charges or withholdings with respect thereto, and all liabilities with
respect thereto, excluding in the case of each Bank, each Issuing Bank and the Agent, (i) taxes
imposed on its net income or net profits, and franchise taxes imposed on it, by the jurisdiction
under the laws of which such Bank, such Issuing Bank or the Agent (as the case may be) is organized
or any political subdivision thereof and (ii) taxes imposed as a result of a present or former
connection between such Bank, such Issuing Bank or the Agent, as the case may be, and the
jurisdiction imposing such tax or any political subdivision thereof (other than any such connection
arising solely from such Bank, such Issuing Bank or the Agent, as the case may be, having executed
or delivered, or performed its obligations or received a payment under, or taken any other action
related to any Credit Document) and, in the case of each Bank, taxes imposed on its net income or
net profits, and franchise taxes imposed on it, by the jurisdiction of such Bank’s Applicable
Lending Office or any political subdivision thereof (all such non-excluded taxes, levies, imposts,
deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”). If
any Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable
hereunder or under any Note to any Bank, any Issuing Bank or the Agent, (i) the sum payable shall
be increased as may be necessary so that after making all required deductions for Taxes (including
deductions for Taxes applicable to additional sums payable under this Section 2.8), such Bank, such
Issuing Bank or the Agent, as the case may be, receives an amount equal to the sum it would have
received had no such deductions for Taxes been made, (ii) such Borrower shall make such deductions
and (iii) such Borrower shall pay the full amount deducted to the relevant taxation authority or
other authority in accordance with applicable law.

     (b) In addition, each Borrower agrees to pay all present or future filing or
recording fees, stamp or documentary taxes and all other excise or property taxes, charges or
similar levies which arise from any payment made by such Borrower hereunder or from the execution,
delivery, filing, recording or registration of, or otherwise with respect to, any Credit Document
(herein referred to as “Other Taxes”).

     (c) Each Borrower will indemnify each Bank, each Issuing Bank and the Agent for the
full amount of Taxes or Other Taxes (including any Taxes or Other Taxes imposed by any jurisdiction
on amounts payable under this Section 2.8) owed and paid by such Bank, such Issuing Bank or the
Agent, as the case may be, and any liability (including penalties, interest and expenses) arising
therefrom or with respect thereto. This indemnification shall be made within 30 days from the date
such Bank, such Issuing Bank or the Agent, as the case may be, makes written demand therefor;
provided that such Borrower shall have no liability pursuant to this clause (c) of this
Section 2.8 to indemnify a Bank, an Issuing Bank or the Agent for Taxes or Other Taxes which were
paid by such Bank, such Issuing Bank or the Agent, as the case may be, more than ninety days prior
to such written demand for indemnification.

-29-

 

     (d) In the event that a Bank, an Issuing Bank or the Agent receives a written
communication from any governmental authority with respect to an assessment or proposed assessment
of any Taxes, such Bank, such Issuing Bank or Agent, as the case may be, shall promptly notify TWC
in writing and provide TWC with a copy of such communication. The Agent’s, an Issuing Bank’s or a
Bank’s failure to provide a copy of such communication to TWC shall not relieve TWC of any of its
obligations hereunder.

     (e) Promptly following payment of Taxes by or at the direction of any Borrower, such
Borrower will furnish to the Agent, at its address referred to in Section 8.2, the original or a
certified copy of a receipt evidencing payment thereof (or, if no such receipt is reasonably
available, other evidence of payment reasonably acceptable to the Agent). Should any Bank, any
Issuing Bank or the Agent ever receive any refund, credit or deduction from any taxing authority to
which such Bank, such Issuing Bank or the Agent, as the case may be, would not be entitled but for
the payment by such Borrower of Taxes or Other Taxes as required by this Section 2.8 (it being
understood that the decision as to whether or not to claim, and if claimed, as to the amount of any
such refund, credit or deduction shall be made by such Bank, such Issuing Bank or the Agent, as the
case may be, in its reasonable judgment), such Bank, such Issuing Bank or the Agent, as the case
may be, thereupon shall repay to such Borrower an amount with respect to such refund, credit or
deduction equal to any net reduction in taxes actually obtained by such Bank, such Issuing Bank or
the Agent, as the case may be, and determined by such Bank, such Issuing Bank or the Agent, as the
case may be, to be attributable to such refund, credit or deduction.

     (f) Each Bank organized under the laws of a jurisdiction outside the United States
shall on or prior to the date of its execution and delivery of this Agreement in the case of each
Bank which is a party to this Agreement on the date this Agreement becomes effective and on the
date the Transfer Agreement pursuant to which it becomes a Bank is first effective in the case of
each other Bank, and from time to time thereafter as necessary or appropriate (but only so long
thereafter as such Bank remains lawfully able to do so), provide the Agent and each Borrower with
two original Internal Revenue Service Forms W-8BEN or W-8ECI (or, in the case of a Bank that has
provided a certificate to the Agent that it is not (i) a “bank” as that term is used in Section
881(c)(3)(A) of the Code, (ii) a ten-percent shareholder (within the meaning of Section
871(h)(3)(B) of the Code) of such Borrower or (iii) a controlled foreign corporation related to
such Borrower (within the meaning of Section 864(d)(4) of the Code), Internal Revenue Service Forms
W-8BEN), or any successor or other form prescribed by the Internal Revenue Service, certifying that
such Bank is exempt from or entitled to a reduced rate of United States withholding tax on payments
pursuant to this Agreement or any other Credit Document or, in the case of a Bank that has
certified that it is not a “bank” as described above, certifying that such Bank is a foreign
corporation. If the forms provided by a Bank at the time such Bank first becomes a party to this
Agreement indicate a United States interest withholding tax rate in excess of zero, withholding tax
at such rate shall be considered excluded from Taxes unless and until such Bank provides the
appropriate forms certifying that a lesser rate applies, whereupon withholding tax at such lesser
rate only shall be considered excluded from Taxes for periods governed by such forms.

     (g) For any period with respect to which a Bank has failed to provide any Borrower
with the appropriate form, certificate or other document required by subsection (f) of this Section
2.8 (other than if such failure is due to a change in the applicable law, or in the interpretation
or application thereof, occurring after the date on which a form, certificate or other document
originally was required to be provided) such Bank shall not be entitled to indemnification under
subsection (a) or (c) of this Section 2.8 with respect to Taxes imposed by the United States by
reason of such failure; provided, however, that should a Bank become subject to
Taxes because of its failure to deliver a form, certificate or other document required hereunder,
the Borrowers shall take such steps as such Bank shall reasonably request (at such Bank’s expense)
to assist such Bank in recovering such Taxes.

-30-

 

     (h) Any Bank claiming any additional amounts payable pursuant to this Section 2.8
agrees to use reasonable efforts to change the jurisdiction of its Applicable Lending Office if the
making of such a change would avoid the need for, or reduce the amount of, any such additional
amounts that may thereafter accrue and would not, in the reasonable judgment of such Bank, be
otherwise materially disadvantageous to such Bank.

     (i) If a Borrower determines in good faith that a reasonable basis exists for
contesting a Tax, the relevant Bank, or the Agent, as applicable, shall provide reasonable
cooperation to such Borrower in challenging such Tax at such Borrower’s expense and if requested by
such Borrower in writing; provided, however, that no Bank nor the Agent, as
applicable, shall be required to take any action hereunder which, in the reasonable discretion of
such Bank or the Agent, as applicable, would cause such Bank or its Applicable Lending Office or
the Agent, as applicable, to suffer a legal, regulatory or material economic disadvantage.

     (j) Without prejudice to the survival of any other agreement of the Borrowers
hereunder, the agreements and obligations of the Borrowers contained in this Section 2.8 shall
survive the payment in full of principal and interest hereunder and the Termination Date.

     (k) Notwithstanding any provision of this Agreement or the Notes to the contrary,
this Section 2.8 shall be the sole provision governing indemnities for and claims for Taxes under
this Agreement.

     (l) Notwithstanding any other provision in this Section 2.8, no additional amount
shall be required to be paid by any Borrower under Section 2.8(a) or 2.8(c) to any Bank organized
under the laws of a jurisdiction outside the United States in respect of Taxes or any liabilities
(including penalties, interest and expenses arising therefrom or with respect thereto), except to
the extent that any change after the Effective Date (in the case of each Bank which was a party to
this Agreement on the Effective Date) or after the effective date of the relevant document (a
Transfer Agreement or this Agreement) pursuant to which a Person becomes a Bank (in case of each
other Bank) in any such requirement for a deduction, withholding or payment of Taxes described in
this Section 2.8 shall result in an increase in the rate of such deduction, withholding or payment
from that in effect at the Effective Date (in the case of each Bank which was a party to this
Agreement on the Effective Date) or at the date of such relevant document (in the case of each
other Bank). For avoidance of doubt, this Section 2.8(l) does not apply to Other Taxes.

     SECTION 2.9. Sharing of Payments, Etc. If any Bank shall obtain any payment (whether
voluntary or involuntary, or through the exercise of any right of set-off or otherwise) on account
of the Revolving Credit Advances owed to it or its Letter of Credit Interest (other than pursuant
to Section 2.6, 2.8, 2.17, 8.4(b) or 8.4(c)) in excess of its ratable share of payments on account
of all Revolving Credit Advances and Letter of Credit Interests obtained by all the Banks, such
Bank shall forthwith purchase from the other Banks such participations in the Revolving Credit
Advances and Letter of Credit Interests of such other Banks as shall be necessary to cause such
purchasing Bank to share the excess payment ratably with each of them; provided that if all
or any portion of such excess payment is thereafter recovered from such purchasing Bank, such
purchase from each Bank shall be rescinded and such Bank shall repay to the purchasing Bank the
purchase price to the extent of such Bank’s ratable share (according to the proportion of (i) the
amount of the participation purchased from such Bank as a result of such excess payment to (ii) the
total amount of such excess payment) of such recovery together with an amount equal to such Bank’s
ratable share (according to the proportion of (i) the amount of such Bank’s required repayment to
(ii) the total amount so recovered from the purchasing Bank) of any interest or other amount paid
or payable by the purchasing Bank in respect of the total amount so recovered. Each Borrower
agrees that any Bank so purchasing a participation from another Bank pursuant to this Section 2.9
may, to the fullest extent permitted by law, exercise all its rights of payment (including the
right of set-off) with

-31-

 

respect to such participation as fully as if such Bank were the direct creditor of such
Borrower in the amount of such participation. For avoidance of doubt, in no event shall the
Borrowers be liable for duplicative payments under this Section 2.9 in respect of any Obligations.

     SECTION 2.10. Evidence of Debt. (a) Each Bank and Issuing Bank shall maintain in
accordance with its usual practice an account or accounts evidencing the indebtedness of each
Borrower to such Bank or Issuing Bank resulting from each Revolving Credit Advance or Letter of
Credit Interest owing to such Bank or Issuing Bank, as the case may be, from time to time,
including the amounts of principal and interest payable and paid to such Bank or Issuing Bank from
time to time hereunder. Each Borrower agrees that upon notice by any Bank to such Borrower (with a
copy of such notice to the Agent) to the effect that a promissory note or other evidence of
indebtedness is required or appropriate in order for such Bank to evidence (whether for purposes of
pledge, enforcement or otherwise) the Revolving Credit Advances to such Borrower owing to, or to be
made by, such Bank, such Borrower shall promptly execute and deliver to such Bank, with a copy to
the Agent, a Note in substantially the form of Exhibit G hereto payable to the order of such Bank.
All references to Notes in the Credit Documents shall mean Notes, if any, to the extent issued
hereunder.

     (a) In addition to the entries contemplated by Section 8.5(c), the Register
maintained by the Agent shall set forth (i) the date and amount of each Letter of Credit and
Revolving Credit Borrowing made hereunder, the Type of Revolving Credit Advances comprising such
Revolving Credit Borrowing and, if appropriate, the Interest Period applicable thereto, and (ii)
the amount of any interest due and payable from each Borrower to each Bank hereunder.

     (b) Entries made in good faith by the Agent in the Register pursuant to subsection
(b) above, and by each Bank or Issuing Bank in its account or accounts pursuant to subsection (a)
above, shall be prima facie evidence of the matters set forth therein, absent manifest error;
provided, however that the failure of the Agent or such Bank or Issuing Bank to
make an entry, or any finding that an entry is incorrect, in the Register or such account or
accounts shall not limit or otherwise affect the obligations of any Credit Party under any Credit
Document.

     SECTION 2.11. Fees.

     (a) Agent’s Fees. TWC agrees to pay to the Agent, for its sole account,
such fees as may be separately agreed to in writing by TWC and the Agent.

     (b) Letter of Credit Fees.

          (i) Fronting Fee and Other Fees and Charges of Issuing Banks. Each Borrower
agrees to pay to the Agent for the account of each Issuing Bank a fronting fee (a “Fronting
Fee”) based on the Available Amount of each Letter of Credit issued at the request of such
Borrower (for the stated duration thereof) issued by such Issuing Bank in an amount equal to 0.15%
per annum. All Fronting Fees payable pursuant to this Section 2.11(b)(i) shall be payable in
arrears for each Fiscal Quarter on the first Business Day following the end of such Fiscal Quarter,
on the Termination Date and on demand from time to time during the continuance of an Event of
Default. In addition, each Borrower shall pay directly to each Issuing Bank for its own account
the customary issuance, presentation, amendment and other processing fees, and other standard costs
and charges, of such Issuing Bank relating to Letters of Credit issued at the request of such
Borrower as from time to time in effect. Such customary fees and standard costs and charges are
due and payable on demand and are nonrefundable.

          (ii) Participating Banks. Each Borrower agrees to pay to the Agent for the
account of each Bank a letter of credit fee (a “Letter of Credit Fee”) based on such Bank’s
LC Participation

-32-

 

Percentage of the average daily aggregate Available Amount of all Letters of Credit issued at
the request of such Borrower outstanding from time to time at a rate per annum equal from time to
time to the Applicable Margin for Eurodollar Rate Advances for such Borrower in effect from time to
time (for the stated duration thereof). All amounts payable pursuant to this Section 2.1l(b)(ii)
shall be paid in arrears on the last Business Day of each Fiscal Quarter, on the Termination Date
and on demand from time to time during the continuance of an Event of Default.

     (c) Commitment Fees. TWC agrees to pay to the Agent for the account of each
Bank a commitment fee (a “Commitment Fee”), in an amount equal to the Applicable Commitment
Fee Rate in effect from time to time multiplied by the average daily amount of such Bank’s Unused
Revolving Credit Commitment for TWC (for purposes of computing Commitment Fees only, Revolving
Credit Advances made to any Borrower shall be considered to have been made to TWC and Letters of
Credit issued at the request of any Borrower shall be considered to have been issued at the request
of TWC, and accordingly, for purposes of computing Commitment Fees only, both shall be considered
to be usage of such Revolving Credit Commitment for TWC). All amounts payable pursuant to this
Section 2.11(c) shall be paid in arrears on the last Business Day of each Fiscal Quarter and on the
Termination Date.

     SECTION 2.12. Repayment of Revolving Credit Advances. Each Borrower shall repay to
the Agent for the ratable account of the Banks on the date set forth in clause (i) of the
definition herein of Termination Date, or such earlier date as may be applicable pursuant to
Article VI, the aggregate principal amount of the Revolving Credit Advances made to such Borrower
then outstanding.

     SECTION 2.13. Interest.

     (a) Scheduled Interest. Each Borrower shall pay interest on the unpaid
principal amount of each Revolving Credit Advance made to such Borrower from the date of such
Revolving Credit Advance until such principal amount shall be paid in full, at the following rates
per annum:

          (i) Base Rate Advances. During such periods as such Revolving Credit
Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of (x) the Base Rate
in effect from time to time plus (y) the Applicable Margin in effect from time to time for such
Borrower as to Base Rate Advances, payable in arrears quarterly on the last Business Day of each
Fiscal Quarter during such periods and on the date such Base Rate Advance shall be Converted or
paid in full.

          (ii) Eurodollar Rate Advances. During such periods as such Revolving Credit
Advance is a Eurodollar Rate Advance, a rate per annum equal at all times during each Interest
Period for such Revolving Credit Advance to the sum of (x) the Eurodollar Rate for such Interest
Period for such Revolving Credit Advance plus (y) the Applicable Margin in effect from time to time
for such Borrower as to Eurodollar Rate Advances, payable in arrears on the last day of such
Interest Period and, if such Interest Period has a duration of more than three months, on each day
that occurs during such Interest Period every three months from the first day of such Interest
Period and on the date such Eurodollar Rate Advance shall be Converted or paid in full.

     (b) Default Interest. Upon the occurrence and during the continuance of an
Event of Default, each Borrower shall pay, to the fullest extent permitted by law, interest on (i)
the past due principal amount (if any) of (x) each Revolving Credit Advance owing to each Bank by
such Borrower, payable in arrears on demand and (y) each past due Reimbursement Obligation (if any)
owing by such Borrower, payable in arrears on demand, at a rate per annum equal to 2% per annum
above the rate per annum required to be paid on such Revolving Credit Advance pursuant to Section
2.13(a) or such rate per annum required to be paid on such Reimbursement Obligation pursuant to
Section 2.2(c) and (ii) the amount of any interest, Fronting Fee, Commitment Fee, Letter of Credit
Fee or any other fee or other amount

-33-

 

payable hereunder that is not paid when due (giving effect to any grace period), from the date
such amount shall be due until such amount shall be paid in full, payable in arrears on the date
such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per
annum above the rate per annum required to be paid on Base Rate Advances owed by such Borrower
pursuant to Section 2.13(a)(i).

     SECTION 2.14. Interest Rate Determination.

     (a) The Agent shall give prompt notice to the Borrowers and the Banks of the
applicable interest rate determined by the Agent for purposes of Section 2.13(a)(i) or 2.13(a)(ii).

     (b) If, with respect to any Eurodollar Rate Advances, the Majority Banks notify the
Agent that either (1) the Eurodollar Rate for any Interest Period for such Eurodollar Rate Advances
will not adequately reflect the cost to such Majority Banks of making, funding or maintaining their
respective Eurodollar Rate Advances for such Interest Period, or (2) Dollar deposits for the
relevant amounts and Interest Period for their respective Eurodollar Rate Advances are not
available to them in the London interbank market, the Agent shall forthwith so notify the Borrowers
and the Banks, whereupon (i) each Eurodollar Rate Advance will automatically, on the last day of
the then existing Interest Period therefor, Convert into a Base Rate Advance, and (ii) the
obligation of the Banks to make, or to Convert Revolving Credit Advances into, Eurodollar Rate
Advances shall be suspended until the Agent shall notify the Borrowers and the Banks that the
circumstances causing such suspension no longer exist.

     (c) If a Borrower shall fail to select the duration of any Interest Period for any
Eurodollar Rate Advances in accordance with the provisions contained in the definition of “Interest
Period” in Section 1.01, the Agent will forthwith so notify such Borrower and the Banks and such
Revolving Credit Advances will automatically, on the last day of the then existing Interest Period
therefor, Convert into Base Rate Advances.

     (d) On the date on which the aggregate unpaid principal amount of Eurodollar Rate
Advances comprising any Revolving Credit Borrowing shall be reduced, by payment or prepayment or
otherwise, to less than $5,000,000, such Revolving Credit Advances shall automatically Convert into
Base Rate Advances and the applicable Borrower shall pay any amounts required to be paid pursuant
Section 8.4(c) as a result of such Conversion.

     (e) If any Event of Default exists as to any Borrower, (i) each Eurodollar Rate
Advance made to such Borrower will automatically, on the last day of the then existing Interest
Period therefor, Convert into a Base Rate Advance and (ii) the obligation of the Banks to make
Eurodollar Rate Advances to such Borrower, and to Convert Advances made to such Borrower into
Eurodollar Rate Advances, shall be suspended.

     SECTION 2.15. Optional Conversion of Revolving Credit Advances. Any Borrower may on
any Business Day, upon notice given to the Agent not later than 11:00 a.m. (New York City time) on
the third Business Day prior to the date of the proposed Conversion and subject to the provisions
of Sections 2.14 and 2.16, Convert all Revolving Credit Advances of one Type comprising the same
Revolving Credit Borrowing made to such Borrower into Revolving Credit Advances of the other Type;
provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate
Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances
and any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount of
$5,000,000 or an integral multiple of $1,000,000 in excess thereof. Each such notice of a
Conversion shall, within the restrictions specified above, specify (a) the date of such Conversion,
(b) the Revolving Credit Advances to be Converted and (c) if such Conversion is into Eurodollar
Rate Advances, the duration of the initial Interest Period for each

-34-

 

such Revolving Credit Advance. Each notice of Conversion shall be irrevocable and binding on
such Borrower.

     SECTION 2.16. Illegality. Notwithstanding any other provision of this Agreement, if
any Bank shall notify the Agent that the introduction of or any change in or in the interpretation
of any law or regulation makes it unlawful, or any central bank or other governmental authority
having relevant jurisdiction asserts that it is unlawful, for any Bank or its Eurodollar Lending
Office to perform its obligations hereunder to make Eurodollar Rate Advances or to fund or maintain
Eurodollar Rate Advances hereunder, (a) each Eurodollar Rate Advance will automatically, upon such
demand, Convert into a Base Rate Advance and (b) the obligation of the Banks to make Eurodollar
Rate Advances or to Convert Revolving Credit Advances into Eurodollar Rate Advances shall be
suspended until the Agent shall notify the Borrowers and the Banks that the circumstances causing
such suspension no longer exist.

     SECTION 2.17. Additional Interest on Eurodollar Rate Advances. Each Borrower shall
pay to each Bank, so long as such Bank shall be required under regulations of the Federal Reserve
Board to maintain reserves with respect to liabilities or assets consisting of or including
Eurocurrency Liabilities, additional interest on the unpaid principal amount of each Eurodollar
Rate Advance of such Bank to such Borrower, from the date of such Revolving Credit Advance until
such principal amount is paid in full, at an interest rate per annum equal at all times to the
remainder obtained by subtracting (a) the Eurodollar Rate for the Interest Period for such
Revolving Credit Advance from (b) the rate obtained by dividing such Eurodollar Rate by a
percentage equal to 100% minus the Eurodollar Rate Reserve Percentage of such Bank for such
Interest Period, payable on each date on which interest is payable on such Revolving Credit
Advance. Such additional interest shall be determined by such Bank and notified to such Borrower
through the Agent. A certificate as to the amount of such additional interest submitted to such
Borrower and the Agent by such Bank shall be conclusive and binding for all purposes, absent
manifest error. No Bank shall have the right to recover any additional interest pursuant to this
Section 2.17 for any period more than 90 days prior to the date such Bank notifies such Borrower
that additional interest may be charged pursuant to this Section 2.17.

     SECTION 2.18. Nature of Obligations. Notwithstanding anything in this Agreement to
the contrary, the respective obligations of the Borrowers under the Credit Documents are several
and not joint. For avoidance of doubt, and without limitation of the preceding sentence, it is
agreed that (i) no Borrower shall be liable for the Revolving Credit Advances (or interest or fees
with respect thereto) made to a different Borrower under Section 2.1(a), and no Borrower shall be
liable for the Reimbursement Obligations (or related fees) with respect to Letters of Credit issued
at the request of a different Borrower pursuant to Section 2.1(b), (ii) with respect to each
Borrower, the obligations set forth in Section 2.6(a) shall only apply in respect of the commitment
of any Bank or Issuing Bank to lend to, or to issue (or purchase participations in) Letters of
Credit issued at the request of, such Borrower, (iii) with respect to the indemnification
obligations set forth in subsection 2.8(c), each Borrower shall only be responsible for such
obligations that result from Taxes or Other Taxes in connection with Revolving Credit Advances made
to, or Letters of Credit issued at the request of, or that otherwise pertain to, such Borrower or
any of its Subsidiaries, (iv) with respect to any representation and warranty made by a Borrower
pursuant to Section 3.2, such representation and warranty shall only be made by such Borrower as
provided in clause (v) of this Section 2.18, (v) with respect to the representations and warranties
made in Article IV or, if applicable, any other Credit Document, each Borrower makes such
representations and warranties only with respect to, and only to the extent applicable to, such
Borrower and its Subsidiaries, and (vi) with respect to covenants set forth in Article V, each
Borrower is only responsible for compliance with such covenants only with respect to, and only to
the extent applicable to, such Borrower and its Subsidiaries; provided that this Section
2.18 shall not limit or impair any Guaranty, any security agreement or any pledge delivered in
order to comply with Section 6.2 or any Security Document. Furthermore, without limitation of the
foregoing and notwithstanding anything in this Agreement or implied by law to the

-35-

 

contrary, the MLP shall have no obligation to cause any other Credit Party to take any action
pursuant to this Agreement and shall have no responsibility for, or liability as a result of, any
action taken by any other Credit Party pursuant to this Agreement, including without limitation,
the indemnification obligations set forth in subsection 8.4(b), with respect to which the MLP shall
only be responsible for such obligations that result from matters pertaining to or otherwise
relating to the MLP or any of its Subsidiaries.

ARTICLE III

DOCUMENTS AND CONDITIONS

     SECTION 3.1. Closing Documents. On or before the date hereof, the Borrowers agree to
deliver, or cause to be delivered, counterparts of this Agreement duly executed by the Borrowers
and satisfy, or cause to be satisfied, the following matters (all in form and substance reasonably
satisfactory to the Agent):

     (a) The Agent shall have received a Note from each Borrower for each Bank that has
given notice pursuant to Section 2.10 requesting a Note (but only if the Agent has actually
received a copy of such notice and if such Bank was a party to the 2005 Credit Agreement, such Bank
has delivered the outstanding promissory notes issued to it thereunder to the Agent for return to
the respective Borrowers, unless TWC has waived in writing the requirement that such notes be so
delivered) and the Guaranties.

     (b) The Agent shall have received certified copies of (1) the resolutions of the
Board of Directors, or an authorized committee thereof or other relevant Person, (i) of each
Borrower authorizing the execution of this Agreement, the Notes and each Notice of Letter of Credit
and Notice of Revolving Credit Borrowing, and any other Credit Documents to which such Borrower is
a party, and (ii) of each other Credit Party that is a party, on the date hereof, to any Credit
Document authorizing the execution of each such Credit Document and (2) all other documents, in
each case evidencing any necessary company action, if any, with respect to each such Credit
Document and the transactions thereunder and hereunder.

     (c) The Agent shall have received a certificate of the Secretary or an Assistant
Secretary of each Credit Party that is a party, on the date hereof, to any Credit Document
certifying the name and true signature of an officer of such Credit Party or other relevant Person
authorized to sign each Credit Document to which it is a party and the other documents to be
delivered by it hereunder and thereunder.

     (d) The Agent shall have received a copy of a certificate of the Secretary of State
of the jurisdiction of formation of, or of an Authorized Officer or other representative of, each
Credit Party that is a party, on the date hereof, to any Credit Document, dated reasonably near the
date hereof, certifying (i) as to a true and correct copy of the charter or other organizational
documents of such Credit Party, and each amendment thereto on file in such Secretary’s office and
(ii) that such Credit Party has paid all franchise taxes due prior to the date of such certificate.

     (e) The Agent shall have received opinions of each of (i) James J. Bender, Esq.,
General Counsel of TWC, substantially in the form of Exhibit A and (ii) Gibson, Dunn & Crutcher
LLP, counsel to the Borrowers, substantially in the form of Exhibit B.

     (f) The Agent shall have received a certificate of each Credit Party (or of its
representative) that is a party, on the date hereof, to any Credit Document, signed on behalf of
such Credit Party by an Authorized Officer thereof or signed by another representative, dated as of
the date hereof (the statements made in which certificate shall be true on and as of the date
hereof), certifying as to (i) the absence of any amendments to the charter or other organizational
documents of such Credit Party not included in the

-36-

 

certificate referred to in clause (d) above, (ii) a true and correct copy of the bylaws, if
any, of such Credit Party as in effect on the date on which the resolutions referred to in clause
(b) were adopted and on the date hereof, (iii) the due incorporation or formation and good standing
and valid existence of such Credit Party as an entity organized under the laws of the jurisdiction
of its incorporation or organization, (iv) the truth, in all material respects, of the
representations and warranties (other than Added L/C Representations) of such Credit Party and its
Subsidiaries contained in this Agreement and the Credit Documents delivered on or before the date
hereof as though made on and as of the date hereof other than any such representations or
warranties that, by their terms, refer to a specific date other than the date hereof, in which case
as of such specific date and (v) the absence of any event occurring and continuing, or resulting
from, the consummation of the transactions hereunder or pursuant to the Credit Documents delivered
on or before the date hereof, that constitutes a Default or an Event of Default.

     (g) The Agent shall have received a certificate of an Authorized Officer of TWC
certifying that the insurance maintained by TWC and its Subsidiaries meets the requirements set
forth in Section 5.1(c).

     (h) TWC shall have paid in full all accrued fees of the Agent, the Syndication Agent
and the Joint Lead Arrangers to the extent required to be paid hereunder (or to the extent
otherwise agreed to by the Agent and TWC) and presented for payment.

     (i) The Agent shall have received a certificate of an Authorized Officer of each
Borrower stating to the effect that (i) all principal, interest, fees and other amounts payable
under the 2005 Credit Agreement and listed in the letter from the “Agent” (as defined in the 2005
Credit Agreement) to the Borrowers dated on or about the Effective Date have been, or will be
contemporaneously with the initial Revolving Credit Advance, paid in full, and (ii) there is no
outstanding “Notice of Letter of Credit” (as defined in the 2005 Credit Agreement) or outstanding
“Notice of Revolving Credit Borrowing” (as defined in the 2005 Credit Agreement).

     (j) The Agent shall have received a certificate of an Authorized Officer of TWC
stating to the effect that the RMT Loan Agreement has been paid in full.

     SECTION 3.2. Conditions Precedent to a Revolving Credit Advance and an Issuance of a
Letter of Credit. The obligation of each Bank to make a Revolving Credit Advance to, and each
Issuing Bank to issue or increase the amount of, or to add (as contemplated by Section 2.2(a)(2)) a
letter of credit to this Agreement as, a Letter of Credit at the request of, any Borrower shall be
subject to the conditions precedent that (i) the Agent shall have received a Notice of Revolving
Credit Borrowing in the form of Exhibit D-2 hereto for the Revolving Credit Borrowing of which such
Revolving Credit Advance is a part or a Notice of Letter of Credit in the form of Exhibit D-1
hereto, as the case may be, and (ii) on the date of such Revolving Credit Borrowing or issuance,
increase or addition of such Letter of Credit, the following statements shall be true (and each of
the giving of the applicable Notice of Revolving Credit Borrowing or Notice of Letter of Credit and
the acceptance by such Borrower of the proceeds of such Revolving Credit Borrowing or issuance,
increase or addition of such Letter of Credit shall constitute a representation and warranty by
such Borrower (or TWC as set forth in the proviso to subsection 3.2(a) below) that on the date of
such Revolving Credit Borrowing or such Letter of Credit is issued, increased or added such
statements are true):

     (a) each of the representations and warranties contained in Section 4.1 and each of
the representations and warranties (other than Added L/C Representations) contained in any other
Credit Document (other than, if the Pipeline Holdco Release Date has occurred, the Pipeline Holdco
Guaranty) are correct in all material respects on and as of the date of such Revolving Credit
Borrowing or issuance, increase or addition of such Letter of Credit, before and after giving
effect to such Revolving Credit

-37-

 

Borrowing or issuance, increase or addition of such Letter of Credit, as though made on and as
of such date (unless such representation and warranty speaks solely as of a particular date or a
particular period, in which case, as of such date or for such period); provided that if
such Borrower is MLP, NWP or TGPL, such representations and warranties are made by such Borrower
only with respect to such Borrower and its Subsidiaries and those representations and warranties
referred to above not made by such Borrower are deemed made by TWC; and

     (b) no event has occurred and is continuing, or would result from such Revolving
Credit Borrowing or issuance, increase or addition of such Letter of Credit, which constitutes a
Default or Event of Default.

     SECTION 3.3. Effectiveness of Agreement. The Agent shall notify the Borrowers when it
reasonably believes that this Agreement has become effective, and such notice shall be conclusive
and binding on all parties to the Credit Documents (provided that such effectiveness shall not be
conditioned on such notice). Upon the making of the initial Revolving Credit Advance, all the
conditions set forth in Section 3.1 shall be deemed satisfied or waived.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

     SECTION 4.1. Representations and Warranties of the Borrowers. Each Borrower, with
respect to itself and its Subsidiaries only, represents and warrants, on the date hereof, on the
date of each Revolving Credit Borrowing or issuance or increase in the amount of any Letter of
Credit and each Added L/C Effective Date, as follows:

     (a) Each Borrower is duly organized or validly formed, validly existing and (if
applicable) in good standing under the laws of the State of Delaware and has all corporate, limited
partnership or limited liability company powers and all governmental licenses, authorizations,
certificates, consents and approvals required to carry on its business as now conducted in all
material respects, except where failure to be in good standing or to have those licenses,
authorizations, certificates, consents and approvals could not reasonably be expected to have a
Material Adverse Effect in respect of such Borrower. Each Material Subsidiary of each Borrower is
duly organized or validly formed, validly existing and (if applicable) in good standing under the
laws of its jurisdiction of incorporation or formation, except where the failure to be so organized
or formed, existing and in good standing could not reasonably be expected to have a Material
Adverse Effect in respect of such Borrower. Each Material Subsidiary of a Borrower has all
corporate, limited partnership or limited liability company powers and all governmental licenses,
authorizations, certificates, consents and approvals required to carry on its business as now
conducted in all material respects, except for those licenses, authorizations, certificates,
consents and approvals the failure to have which could not reasonably be expected to have a
Material Adverse Effect in respect of such Borrower.

     (b) The execution, delivery and performance by each of the Borrowers and the other
Credit Parties of the Credit Documents to which it is shown as being a party and the consummation
of the transactions contemplated thereby are within such Borrower’s or such other Credit Party’s,
as the case may be, corporate, limited partnership or limited liability company powers, have been
duly authorized by all necessary corporate, limited partnership or limited liability company
action, do not contravene (i) any Borrower’s or such other Credit Party’s, as the case may be,
charter, by-laws or formation agreement or (ii) law or any restriction under any material agreement
binding on or affecting any Borrower or other Credit Party and will not result in or require the
creation or imposition of any Lien prohibited by this Agreement.

-38-

 

     (c) No material authorization or approval or other action by, and no notice to or
filing with, any Governmental Authority is required for the due execution, delivery and performance
by any Credit Party of any Credit Document to which it is a party, or the consummation of the
transactions contemplated thereby.

     (d) Each Credit Document has been duly executed and delivered by each appropriate
Credit Party, and is the legal, valid and binding obligation of each such Credit Party, enforceable
against each such Credit Party, in accordance with its terms, except as such enforceability may be
limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar law
affecting creditors’ rights generally and by general principles of equity, and except that the
representations in this sentence in respect of the Pipeline Holdco Guaranty are not made after the
Pipeline Holdco Release Date.

     (e) (i) The Consolidated balance sheet of TWC and its Subsidiaries as at December
31, 2005, and the related Consolidated statements of income and cash flows of TWC and its
Subsidiaries for the fiscal year then ended, copies of which have been furnished to each Bank,
fairly present in all material respects the Consolidated financial condition of TWC and its
Subsidiaries as at such date and the Consolidated results of operations of TWC and its Subsidiaries
for the year ended on such date, all in accordance with GAAP. As of the date hereof only, from
December 31, 2005 to the date of this Agreement, there has been no material adverse change in the
business, condition (financial or otherwise), operations, properties or prospects of TWC and its
Subsidiaries (other than Non-Recourse Subsidiaries and International Subsidiaries), taken as a
whole.

          (i) The Consolidated balance sheet of NWP and its Subsidiaries as at December 31,
2005, and the related Consolidated statements of income and cash flows of NWP and its Subsidiaries
for the fiscal year then ended, copies of which have been furnished to each Bank, fairly present in
all material respects the Consolidated financial condition of NWP and its Subsidiaries as at such
date and the Consolidated results of operations of NWP and its Subsidiaries for the year ended on
such date, all in accordance with GAAP. As of the date hereof only, from December 31, 2005 to the
date of this Agreement, there has been no material adverse change in the business, condition
(financial or otherwise), operations, properties or prospects of NWP and its Subsidiaries (other
than Non-Recourse Subsidiaries and International Subsidiaries), taken as a whole.

          (ii) The Consolidated balance sheet of TGPL and its Subsidiaries as at December 31,
2005, and the related Consolidated statements of income and cash flows of TGPL and its Subsidiaries
for the fiscal year then ended, copies of which have been furnished to each Bank, fairly present in
all material respects the Consolidated financial condition of TGPL and its Subsidiaries as at such
date and the Consolidated results of operations of TGPL and its Subsidiaries for the year ended on
such date, all in accordance with GAAP. As of the date hereof only, from December 31, 2005 to the
date of this Agreement, there has been no material adverse change in the business, condition
(financial or otherwise), operations, properties or prospects of TGPL and its Subsidiaries (other
than Non-Recourse Subsidiaries and International Subsidiaries), taken as a whole.

          (iii) The Consolidated balance sheet of MLP and its Subsidiaries as at December 31,
2005, and the related Consolidated statements of income and cash flows of MLP and its Subsidiaries
for the fiscal year then ended, copies of which have been furnished to each Bank, fairly present in
all material respects the Consolidated financial condition of MLP and its Subsidiaries as at such
date and the Consolidated results of operations of MLP and its Subsidiaries for the year ended on
such date, all in accordance with GAAP. As of the date hereof only, from December 31, 2005 to the
date of this Agreement, there has been no material adverse change in the business, condition
(financial or otherwise), operations, properties or prospects of MLP and its Subsidiaries (other
than Non-Recourse Subsidiaries and International Subsidiaries), taken as a whole.

-39-

 

     (f) There is, as to each Borrower (other than the MLP), no pending or, to the
knowledge of such Borrower as of the date hereof, threatened action or proceeding affecting such
Borrower or any Material Subsidiary of such Borrower before any court, governmental agency or
arbitrator, (i) which could reasonably be expected to have a Material Adverse Effect in respect of
such Borrower, except as set forth in such Borrower’s annual report on Form 10-K for the year ended
December 31, 2005, filed with the Securities and Exchange Commission, or (ii) which purports to
affect the legality, validity, binding effect or enforceability of any Credit Document.

     (g) No proceeds of any Revolving Credit Advance will be used for any purpose or in
any manner contrary to the provisions of Section 5.2(j).

     (h) No Borrower is engaged in the business of extending credit for the purpose of
purchasing or carrying margin stock (within the meaning of Regulation U), and no proceeds of any
Revolving Credit Advance will be used to purchase or carry any such margin stock or to extend
credit to others for the purpose of purchasing or carrying any such margin stock.

     (i) No Borrower is an “investment company” or a company “controlled” by an
“investment company” within the meaning of the Investment Company Act of 1940, as amended.

     (j) No Termination Event has occurred or is reasonably expected to occur with
respect to any Plan that could reasonably be expected to have a Material Adverse Effect in respect
of any Borrower. No Credit Party nor any Subsidiary or ERISA Affiliate of any Credit Party has
received any notification that any Multiemployer Plan is in reorganization or has been terminated,
within the meaning of Title IV of ERISA that could reasonably be expected to have a Material
Adverse Effect in respect of any Borrower, and no Credit Party is aware of any reason to expect
that any Multiemployer Plan is to be in reorganization or to be terminated within the meaning of
Title IV of ERISA that would have a Material Adverse Effect in respect of any Borrower;
provided that neither MLP nor any of its Subsidiaries shall be considered to be a
“Borrower”, “Credit Party”, “ERISA Affiliate” or “Subsidiary” for purposes of this Section 4.1(j).

     (k) Except as set forth in a Borrower’s annual report on Form 10-K for the year
ended December 31, 2005, filed with the Securities and Exchange Commission, or in the case of
representations by the MLP only, as set forth in any of its filings with the Securities and
Exchange Commission, or as disclosed in writing by any Borrower to the Banks and the Agent after
the date hereof and approved in writing by the Majority Banks, each Borrower and its Material
Subsidiaries are in compliance with all applicable Environmental Laws, except as could not
reasonably be expected to have a Material Adverse Effect in respect of such Borrower. Except as
disclosed in writing by any Borrower to the Banks and the Agent after the date hereof and approved
in writing by the Majority Banks, the aggregate contingent and non-contingent liabilities of each
Borrower and its Material Subsidiaries (other than those reserved for in accordance with GAAP and
excluding liabilities to the extent covered by insurance if the insurer has confirmed that such
insurance covers such liabilities or which such Borrower reasonably expects to recover from
ratepayers) which to such Borrower’s knowledge are reasonably expected to arise in connection with
(i) the requirements of any Environmental Law or (ii) any obligation or liability to any Person in
connection with any Environmental matters (including any release or threatened release (as such
terms are defined or used in the Comprehensive Environmental Response, Compensation and Liability
Act of 1980) of any Hazardous Waste, Hazardous Substance, other waste, petroleum or petroleum
products into the Environment) could not reasonably be expected to have a Material Adverse Effect
in respect of such Borrower. Each Borrower and its Material Subsidiaries holds, or has submitted a
good faith application for all Environmental Permits (none of which have been terminated or denied)
required for any of its current operations or for any property owned, leased, or otherwise operated
by it; and is, and within the period of all applicable statutes of limitation has been, in
compliance with all of its

-40-

 

Environmental Permits, except where the failure to comply with the matters set forth in this
sentence, in the aggregate, could not reasonably be expected to have a Material Adverse Effect in
respect of such Borrower.

     (l) No Default or Event of Default has occurred and is continuing.

     (m) As of the date hereof only, after giving effect to the Credit Documents and each
transaction thereunder (including each Revolving Credit Advance and each Letter of Credit), each
Credit Party, individually and together with its Subsidiaries, is Solvent.

     (n) As of the date hereof only, neither the Confidential Information Memorandum
dated April, 2006 relating to the Borrowers and the transactions contemplated hereby nor any of the
other reports, financial statements, certificates or other written information furnished by or on
behalf of any Borrower to the Agent or any Bank on or prior to the date hereof (as modified or
supplemented by other information so furnished on or prior to the date hereof), taken as a whole,
contains any material misstatement of fact or omits to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not
materially misleading, provided that, with respect to any projected financial information,
the Borrowers represent only that such information was prepared in good faith based upon
assumptions believed by the Borrowers to be reasonable at the time (it being recognized, however,
that projections as to future events are not to be viewed as facts and that the actual results
during the period or periods covered by any projections may materially differ from the projected
results). None of the reports, financial statements, certificates or other written information
furnished by or on behalf of any Borrower to the Agent, any Issuing Bank or any Bank after the date
hereof (as modified or supplemented by other information so furnished after the date hereof), taken
as a whole, contains any material misstatement of fact or omits to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were
made, not materially misleading.

ARTICLE V

COVENANTS OF THE BORROWERS

     SECTION 5.1. Affirmative Covenants. So long as any Revolving Credit Advance shall
remain unpaid, any Letter of Credit or Reimbursement Obligation shall remain outstanding, any
Letter of Credit Liability shall exist or any Issuing Bank or any Bank shall have any Commitment
hereunder, each Borrower (it being agreed that neither MLP nor any of its Subsidiaries shall be
considered to be a “Borrower”, “ERISA Affiliate” or “Subsidiary” for purposes of this Section 5.1,
except for Sections 5.1(b)(ii), 5.1(b)(iii) and, to the extent it requires the maintenance of the
existence of MLP, 5.1(d)) will, unless the Majority Banks shall otherwise consent in writing:

     (a) Compliance with Laws, Etc. Comply, and cause each of its Material
Subsidiaries to comply, with all applicable laws, rules, regulations and orders, including ERISA
and all Environmental Laws, such compliance to include, without limitation, the payment and
discharge before the same become delinquent of all taxes, assessments and governmental charges or
levies imposed upon it or any of its Material Subsidiaries or upon any of its property or any
property of any of its Material Subsidiaries, and all lawful claims which, if unpaid, would become
a Lien upon any property of it or any of its Material Subsidiaries (except where failure to comply
could not reasonably be expected to have a Material Adverse Effect in respect of such Borrower);
provided that no Borrower nor any Material Subsidiary of a Borrower shall be required to
pay any such tax, assessment, charge, levy or claim which is being contested in good faith and by
proper proceedings and with respect to which reserves in conformity with

-41-

 

GAAP, if required by GAAP, have been provided on the books of such Borrower or such Material
Subsidiary, as the case may be.

     (b) Reporting Requirements. Furnish to the Agent:

          (i) as soon as possible and in any event within five Business Days after an
Authorized Officer of such Borrower obtains knowledge of the occurrence of any Default or Event of
Default, continuing on the date of such statement, a statement of an Authorized Financial Officer
of such Borrower setting forth the details of such Default or Event of Default and the actions, if
any, which such Borrower has taken and proposes to take with respect thereto;

          (ii) as soon as available and in any event not later than 60 days after the end of
each of the first three Fiscal Quarters of each Fiscal Year of such Borrower, (1) the unaudited
Consolidated balance sheet of such Borrower and its Consolidated Subsidiaries as of the end of such
Fiscal Quarter and the unaudited Consolidated statements of income and cash flows of such Borrower
and its Consolidated Subsidiaries for the period commencing at the end of the previous year and
ending with the end of such Fiscal Quarter, all in reasonable detail and duly certified by the
chief executive officer or chief financial officer of such Borrower as fairly presenting in all
material respects the Consolidated financial condition of such Borrower and its Consolidated
Subsidiaries as of the end of such Fiscal Quarter and the Consolidated results of operations of
such Borrower and its Consolidated Subsidiaries for such period; provided that, if any
financial statement referred to in this clause (ii) of this Section 5.1(b) is so certified and is
readily available on-line through EDGAR as of the date on which such financial statement is
required to be delivered hereunder, such Borrower shall not be obligated to furnish copies of such
financial statement; and (2) a certificate of an Authorized Financial Officer of such Borrower (a)
stating that he has no knowledge that a Default or Event of Default has occurred and is continuing
or, if a Default or Event of Default has occurred and is continuing, a statement as to the nature
thereof and the action, if any, which such Borrower proposes to take with respect thereto, and (b)
showing in detail the calculation supporting such statement in respect of, if such Borrower is TWC,
NWP or TGPL, Section 5.2(b) and, if such Borrower is TWC, Section 5.2(c), but the certificate
contemplated by this clause (2) shall not be required for any Fiscal Quarter ending prior to the
Effective Date;

          (iii) as soon as available and in any event not later than 105 days after the end of
each Fiscal Year of such Borrower ending after the Effective Date, (1) a copy of the annual audited
report for such Fiscal Year for such Borrower and its Consolidated Subsidiaries, including the
Consolidated balance sheet of such Borrower and its Consolidated Subsidiaries as of the end of such
Fiscal Year and the Consolidated statements of income and cash flows of such Borrower and its
Consolidated Subsidiaries for such Fiscal Year, in each case prepared in accordance with GAAP and
reported on by Ernst & Young, LLP or other independent certified public accountants of recognized
national standing; provided that if any audited report referred to in this clause (iii) of
Section 5.1(b) is so certified and is readily available on-line through EDGAR as of the date on
which such financial statement is required to be delivered hereunder, such Borrower shall not be
obligated to furnish copies of such audited report; and (2) a certificate of an Authorized
Financial Officer of such Borrower (a) stating that he has no knowledge that a Default or Event of
Default has occurred and is continuing, or if a Default or Event of Default has occurred and is
continuing, a statement as to the nature thereof, and the action, if any, which such Borrower
proposes to take with respect thereto and (b) showing in detail the calculations supporting such
statement in respect of, if such Borrower is TWC, NWP or TGPL, Section 5.2(b) and, if such Borrower
is TWC, Section 5.2(c);

          (iv) such other information (other than projections) respecting the business or
properties, or the condition or operations, financial or otherwise, of such Borrower or any of its
Material Subsidiaries as any Bank through the Agent may from time to time reasonably request;

-42-

 

          (v) promptly after the sending or filing thereof, copies of all proxy material,
reports and other information which TWC sends to its security holders generally, and copies of all
final reports and final registration statements which such Borrower or any Subsidiary of such
Borrower files with the Securities and Exchange Commission or any national securities exchange;
provided that, if such proxy materials and reports, registration statements and other
information are readily available on-line through EDGAR, such Borrower or Subsidiary shall not be
obligated to furnish copies thereof;

          (vi) as soon as possible and in any event within 30 Business Days after such
Borrower or any Subsidiary or ERISA Affiliate of such Borrower knows or has reason to know that any
Termination Event with respect to any Plan has occurred or is reasonably expected to occur that
could reasonably be expected to have a Material Adverse Effect in respect of such Borrower, a
statement of an Authorized Financial Officer of such Borrower describing such Termination Event and
the action, if any, which such Borrower proposes to take with respect thereto;

          (vii) promptly and in any event within 25 Business Days after receipt thereof by
such Borrower or any ERISA Affiliate of such Borrower, copies of each notice received by such
Borrower or any ERISA Affiliate of such Borrower from the PBGC stating its intention to terminate
any Plan or to have a trustee appointed to administer any Plan;

          (viii) promptly and in any event within 25 Business Days after receipt thereof by
such Borrower or any ERISA Affiliate of such Borrower from the sponsor of a Multiemployer Plan, a
copy of each notice received by such Borrower or any ERISA Affiliate of such Borrower concerning
(A) the imposition of a Withdrawal Liability by a Multiemployer Plan, (B) the determination that a
Multiemployer Plan is, or is expected to be, in reorganization within the meaning of Title IV of
ERISA, (C) the termination of a Multiemployer Plan within the meaning of Title IV of ERISA, or (D)
the amount of liability incurred, or expected to be incurred, by such Borrower or any ERISA
Affiliate of such Borrower in connection with any event described in clause (A), (B) or (C) above
that, in the aggregate, could reasonably be expected to have a Material Adverse Effect in respect
of such Borrower; and

          (ix) promptly after any change in any rating referred to in Section 1.5 or any
change in, or issuance, withdrawal or termination of, the rating of any senior unsecured long-term
debt of such Borrower by S&P or Moody’s, notice thereof.

     (c) Maintenance of Insurance. Maintain, and cause each of its Material
Subsidiaries to maintain, insurance with responsible and reputable insurance companies or
associations in such amounts and covering such risks as is usually carried by companies engaged in
similar businesses and owning similar properties in the same general areas in which such Borrower
or such Material Subsidiaries operate; provided that such Borrower or any such Material
Subsidiary may self-insure to the extent and in the manner normal for companies of like size, type
and financial condition, provided further that any insurance required by this Section
5.1(c) may be maintained by TWC on behalf of the other Borrowers and their Material Subsidiaries.

     (d) Preservation of Corporate Existence, Etc. Preserve and maintain, and
cause each of its Material Subsidiaries to preserve and maintain, its existence as a corporation or
other Business Entity, rights and franchises in the jurisdiction of its incorporation or formation,
and qualify and remain qualified, and cause each Material Subsidiary to qualify and remain
qualified, as a foreign entity in each jurisdiction in which qualification is necessary or
desirable in view of its business and operations or the ownership of its properties, except (i) in
the case of any Material Subsidiary of such Borrower (other than a Credit Party), where the failure
of such Material Subsidiary to so maintain its existence could not reasonably be expected to have a
Material Adverse Effect in respect of such Borrower, (ii) where the failure to preserve and
maintain such rights and franchises (other than existence) or to so qualify and

-43-

 

remain qualified could not reasonably be expected to have a Material Adverse Effect in respect
of such Borrower, and (iii) such Borrower and its Material Subsidiaries may consummate any merger
or consolidation permitted pursuant to Section 5.2(d) and other dispositions permitted hereunder.

     (e) Further Assurances. At any time prior to the Pipeline Holdco Release
Date, and from time to time, at its expense, execute and deliver to, and cause Pipeline Holdco and
each other relevant Credit Party to execute and deliver to, the Agent such further instruments and
documents, and take such further action, as the Majority Banks may from time to time reasonably
request, for the purposes of implementing or effectuating the provisions of this Agreement and the
other Credit Documents.

     (f) Inspection Rights. Permit, and cause each of its Material Subsidiaries
to permit, any representatives designated by the Agent or the Majority Banks, upon reasonable prior
notice, at the Banks’ expense so long as no Event of Default exists and at TWC’s expense during the
continuance of an Event of Default, to visit and inspect the properties of such Borrower or any
Material Subsidiary of such Borrower with an Authorized Officer of a Borrower present, to examine
and make extracts from its books and records, and to discuss its affairs, finances and condition
with its officers, all at such reasonable times and as often as reasonably requested but no more
frequently than semi-annually so long as no Event of Default exists.

     (g) Payment of Obligations. Pay, and cause each of its Material
Subsidiaries to pay, before the same shall become delinquent or in default, all obligations that,
if not paid, could reasonably be expected to have a Material Adverse Effect in respect of such
Borrower, except where (a) the validity or amount thereof is being contested in good faith by
appropriate proceedings, (b) such Borrower or such Material Subsidiary has set aside on its books
adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment
pending such contest could not reasonably be expected to have a Material Adverse Effect in respect
of such Borrower.

     (h) Maintenance of Properties. Keep and maintain, and cause each of its
Material Subsidiaries to keep and maintain, all property material to the conduct of the business of
such Borrower and its Subsidiaries, taken as a whole, in good working order and condition, ordinary
wear and tear excepted, in the reasonable business judgment of such Borrower.

     (i) Books and Records. Keep, and cause each of its Material Subsidiaries to
keep, books of record and account in accordance with GAAP.

     (j) Additional Matters. Until the Pipeline Holdco Release Date, furnish to
the Agent:

     (1) as soon as available and in any event not later than 60 days after the end
of each of the first three Fiscal Quarters of each Fiscal Year of Pipeline Holdco,
the unaudited Consolidated balance sheet of Pipeline Holdco and its Consolidated
Subsidiaries as of the end of such Fiscal Quarter and the unaudited Consolidated
statements of income and cash flows of Pipeline Holdco and its Consolidated
Subsidiaries for the period commencing at the end of the previous year and ending
with the end of such Fiscal Quarter, all in reasonable detail and duly certified
(subject to year-end audit adjustments and the lack of footnotes) by the senior vice
president or treasurer of Pipeline Holdco as having been prepared in accordance with
GAAP; and

     (2) as soon as available and in any event not later than 150 days after the end
of each Fiscal Year of Pipeline Holdco ending after January 1, 2005, the audited
Consolidated balance sheet of Pipeline Holdco and its Consolidated Subsidiaries as
of the end of such Fiscal Year and the audited Consolidated statements of income and
cash

-44-

 

flows of Pipeline Holdco and its Consolidated Subsidiaries for such Fiscal
Year, in each case prepared in accordance with GAAP.

     SECTION 5.2. Negative Covenants. So long as any Revolving Credit Advance shall remain
unpaid, any Letter of Credit or Reimbursement Obligation shall remain outstanding, any Letter of
Credit Liability shall exist or any Issuing Bank or any Bank shall have any Commitment hereunder,
no Borrower (it being agreed that neither MLP nor any of its Subsidiaries shall be considered to be
a “Borrower”, “ERISA Affiliate” or “Subsidiary” for purposes of this Section 5.2, except (i) for
Section 5.2(j) and (ii) specific references to MLP and its Subsidiaries in Sections 5.2(b) and
5.2(p) shall continue to mean MLP and such Subsidiaries)) will, without the written consent of the
Majority Banks (it being understood that each of the permitted exceptions to each of the covenants
in this Section 5.2 is in addition to, and not overlapping with, any other of such permitted
exceptions to such covenant, except to the extent expressly provided therein):

     (a) Liens, Etc. Create, assume, incur or suffer to exist, or permit any of
its Material Subsidiaries to create, assume, incur or suffer to exist, any Lien on or in respect of
any of its property, whether now owned or hereafter acquired, in each case to secure or provide for
the payment of any Debt or Specified Obligation (other than obligations or liabilities that are (1)
incurred, and are owed to trading counterparties, in the ordinary course of the trading business of
the Borrowers or any of their Subsidiaries (other than Non-Recourse Subsidiaries and International
Subsidiaries), and (2) secured only by cash, short term investments or a Letter of Credit);
provided that notwithstanding the foregoing, the Borrowers or any of their Material
Subsidiaries may create, incur, assume or suffer to exist (i) in the case of a Pipeline Entity
(other than Pipeline Holdco), General Permitted Liens securing only obligations of a Pipeline
Entity, (ii) in the case of Pipeline Holdco, Limited Permitted Liens securing only obligations of
Pipeline Holdco, and (iii) in the case of any Non-Pipeline Entity, General Permitted Liens securing
obligations of any Person; provided further that this Section 5.2(a) shall not prohibit
Liens on Equity Interests in, or assets of, Gulfstream or Liens on the general partnership interest
in MLP or limited partnership units issued by MLP if such Liens secure only Debt of MLP, the
general partner of MLP or the direct owner of such general partner.

     (b) Debt.

          (i) In the case of TWC, permit the ratio of (A) the aggregate amount of Consolidated
Debt (without duplication) of TWC and its Consolidated Subsidiaries (excluding Debt of MLP and its
Subsidiaries that is not incurred under this Agreement) to (B) the sum of the Consolidated Net
Worth of TWC plus the aggregate amount of Consolidated Debt (without duplication) of TWC and its
Consolidated Subsidiaries (excluding Debt of MLP and its Subsidiaries that is not incurred under
this Agreement) to exceed, on the last day of any Fiscal Quarter of TWC ending after December 31,
2005, 0.65 to 1.00;

          (ii) In the case of any Borrower (other than TWC), permit the ratio of (A) the
aggregate amount of Consolidated Debt (without duplication) of such Borrower and its Consolidated
Subsidiaries, to (B) the sum of the Consolidated Net Worth of such Borrower plus the aggregate
amount of Consolidated Debt (without duplication) of such Borrower and its Consolidated
Subsidiaries to exceed, on the last day of any Fiscal Quarter of such Borrower ending after
December 31, 2005, 0.55 to 1.00;

          (iii) In the case of TWC, create, incur or assume, or permit any of its Subsidiaries
to create, incur or assume, any Debt at any time, if after giving effect to such Debt, the ratio of
(A) the aggregate amount of Consolidated Debt (without duplication) of TWC and its Consolidated
Subsidiaries (excluding Debt of MLP and its Subsidiaries that is not incurred under this Agreement)
to (B) the sum of the Consolidated Net Worth of TWC as of the end of the Fiscal Quarter of TWC most
recently ended prior to such time for which the appropriate financial information is available
(adjusted, at TWC’s option,

-45-

 

to give effect, in accordance with GAAP, to all material asset acquisitions and dispositions
by TWC and its Consolidated Subsidiaries (other than MLP and its Subsidiaries) since the end of
such Fiscal Quarter) plus the aggregate amount of Consolidated Debt (without duplication) of TWC
and its Consolidated Subsidiaries (excluding Debt of MLP and its Subsidiaries that is not incurred
under this Agreement) would exceed at such time 0.65 to 1.00; and

          (iv) In the case of any Borrower (other than TWC), create, incur or assume, or
permit any of its Subsidiaries to create, incur or assume, any Debt at any time, if after giving
effect to such Debt, the ratio of (A) the aggregate amount of Consolidated Debt (without
duplication) of such Borrower and its Consolidated Subsidiaries to (B) the sum of the Consolidated
Net Worth of such Borrower as of the end of the Fiscal Quarter of such Borrower most recently ended
prior to such time for which the appropriate financial information is available (adjusted, at such
Borrower’s option, to give effect, in accordance with GAAP, to all material asset acquisitions and
dispositions by such Borrower and its Consolidated Subsidiaries since the end of such Fiscal
Quarter) plus the aggregate amount of Consolidated Debt (without duplication) of such Borrower and
its Consolidated Subsidiaries would exceed at such time 0.55 to 1.00.

          (v) In the case of TWC, permit any Subsidiary (other than TGPL, NWP and their
respective Subsidiaries) to create, incur, assume or permit to exist any Debt other than:

	 	(A)	 	Debt that is existing on the Effective Date and listed on
Schedule V and refinancings thereof;
	 
	 	(B)	 	Non-Recourse Debt;
	 
	 	(C)	 	Debt owed to TWC or any Subsidiary of TWC;
	 
	 	(D)	 	Debt secured by General Permitted Liens permitted by paragraphs
(a) through (q) of Schedule IX-2 (other than, with respect to paragraph (j) of
Schedule IX-2, Debt that is Refinancing Debt that relates (whether through one
or more refundings, extensions, refinancings or other replacements) to any
amount originally secured pursuant to paragraph (r) of Schedule IX-2); and
	 
	 	(E)	 	other Debt in an aggregate principal amount at any one time
outstanding not to exceed $250,000,000.

     (c) EBITDA to Interest Expense Ratio. In the case of TWC and its
Consolidated Subsidiaries, permit, for any Measurement Period, the ratio of (i) EBITDA to (ii)
Interest Expense to be less than (A) 2.50 to 1.00, for any Measurement Period ending on or before
December 31, 2007 or (B) 3.00 to 1.00 for any Measurement Period ending after December 31, 2007.
For avoidance of doubt, it is agreed that such ratio will be computed for an entire Measurement
Period and not for each day in such Measurement Period.

     (d) Merger and Sale of Assets. Merge or consolidate with or into any other
Person, or sell, lease or otherwise transfer all or substantially all of its assets, or permit
Pipeline Holdco to merge or consolidate with or into any other Person, or sell, lease or otherwise
transfer all or substantially all of its assets, except that this Section 5.2(d) shall not prohibit
any merger or consolidation by any Borrower or by Pipeline Holdco with any Person that is not a
Credit Party, if such Borrower (or Pipeline Holdco, as the case may be, in a merger or
consolidation not involving a Borrower) is the surviving entity.

     (e) Agreements to Restrict Certain Transfers. Enter into or suffer to
exist, or permit any of its Subsidiaries to enter into or suffer to exist, any consensual
encumbrance or consensual restriction on its ability or the ability of any of its Subsidiaries (i)
to pay, directly or indirectly, dividends or make any

-46-

 

other distributions in respect of its Equity Interests or pay any Debt or other obligation
owed, in any case, to a Borrower or to any Subsidiary of any Borrower or (ii) to make loans or
advances to a Borrower or any Subsidiary thereof, except (1) encumbrances and restrictions on any
Subsidiary that is not a Material Subsidiary, (2) those encumbrances and restrictions existing on
May 3, 2004, and other customary encumbrances and restrictions existing after May 3, 2004 that are
not more restrictive in any material respect, taken as a whole, than the encumbrances and
restrictions existing on May 3, 2004 (provided that the application of any such
restrictions and encumbrances to additional Subsidiaries not subject thereto on May 3, 2004 shall
not be deemed to make such restrictions and encumbrances more restrictive), (3) encumbrances or
restrictions on any Non-Recourse Subsidiary or International Subsidiary, including those arising in
connection with Non-Recourse Debt or International Debt, (4) encumbrances and restrictions on any
Additional MLP or any of its Subsidiaries, (5) encumbrances or restrictions existing under or by
reason of (A) applicable law (including rules, regulations and agreements with regulatory
authorities), (B) any agreement or instrument in effect at the time a Person is acquired by a
Borrower or any Subsidiary of a Borrower, so long as such agreement was not entered into in
contemplation of such acquisition, (C) any agreement for the sale or other disposition of a
Subsidiary of a Borrower that restricts distributions by that Subsidiary pending its sale or other
disposition or (D) provisions with respect to distributions of assets or property in joint venture
agreements, asset sale agreements, stock sale agreements and other similar agreements;
provided that such encumbrances or restrictions apply only to the assets or property
subject to such joint venture, asset sale, stock sale or similar agreement or to the assets or
property being sold, as the case may be, and (6) encumbrances or restrictions existing under or by
reason of Limited Permitted Liens or General Permitted Liens securing debt otherwise permitted to
be incurred under this Section 5.2 that limit the right of the debtor to dispose of the assets
subject to such Limited Permitted Liens or General Permitted Liens.

     (f) Maintenance of Ownership of Certain Subsidiaries. (i) Sell, issue,
transfer or otherwise dispose of, or create, assume, incur or suffer to exist any Lien (other than
Limited Permitted Liens) on or in respect of, or permit any of its Subsidiaries to sell, issue,
transfer or otherwise dispose of or create, assume, incur or suffer to exist any Lien (other than
Limited Permitted Liens) on or in respect of, any Equity Interest in or Hybrid Security issued by,
or any direct or indirect interest in any Equity Interest in or Hybrid Security issued by, Pipeline
Holdco, NWP or TGPL, or (ii) sell, transfer or otherwise dispose of, or permit any of its
Subsidiaries to sell, transfer or otherwise dispose of, all or substantially all of RMT or all or
substantially all of the assets of RMT; provided that clause (ii) of this Section 5.2(f)
shall not prohibit the sale, transfer or other disposition of the Equity Interests in RMT to TWC or
any Wholly-Owned Subsidiary of TWC if, but only if, (x) there shall not exist or result a Default
or Event of Default and (y) in the case of each sale, transfer or other disposition referred to in
this proviso, such sale, transfer or other disposition could not reasonably be expected to impair
materially the ability of any Credit Party to perform its obligations hereunder or under any other
Credit Document and each Credit Party shall continue to exist.

     (g) Compliance with ERISA. (i) Terminate, or permit any ERISA Affiliate of
such Borrower to terminate, any Plan so as to result in any material liability of such Borrower,
any Material Subsidiary of such Borrower or any such ERISA Affiliate to the PBGC, if such material
liability of such ERISA Affiliate could reasonably be expected to have a Material Adverse Effect in
respect of such Borrower, or (ii) permit to occur any Termination Event with respect to a Plan that
would have a Material Adverse Effect in respect of such Borrower.

     (h) Transactions with Related Parties. Make any sale to, make any purchase
from, extend credit to, make payment for services rendered by, or enter into any other transaction
with, or permit any Material Subsidiary of such Borrower to make any sale to, make any purchase
from, extend credit to, make payment for services rendered by, or enter into any other transaction
with, any Related Party of such Borrower or of such Material Subsidiary, unless as a whole such
sales, purchases, extensions of

-47-

 

credit, rendition of services and other transactions are (at the time such sale, purchase,
extension of credit, rendition of services or other transaction is entered into) on terms and
conditions reasonably fair in all material respects to such Borrower or such Material Subsidiary in
the good faith judgment of such Borrower; provided that the following items will not be
deemed to be subject to the provisions of this Section 5.2(h): (i) declaring or paying any dividend
or distribution or purchasing, redeeming, retiring, defeasing or otherwise acquiring for value any
Equity Interests, in each case not otherwise prohibited hereunder, (ii) any agreement, instrument
or arrangement as in effect on December 31, 2005 or any amendment thereto or any transaction
contemplated thereby (including pursuant to any amendment thereto) or in any replacement agreement
thereto so long as any such amendment or replacement agreement is not more disadvantageous to the
Banks in any material respect than the original agreement as in effect on December 31, 2005 as
determined in good faith by an Authorized Financial Officer of TWC, (iii) (A) corporate sharing
agreements among a Borrower and its Subsidiaries with respect to tax sharing and general overhead
and other administrative matters and (B) any other intercompany arrangements disclosed or described
in TWC’s report on Form 10-K for the year ended December 31, 2005 (including the exhibits attached
to each), all as in effect on December 31, 2005, and any amendment or replacement of any of the
foregoing so long as such amendment or replacement agreement is not less advantageous to any
Borrower party thereto in any material respect than the agreement so amended or replaced, as such
agreement was in effect on December 31, 2005, or (iv) any sale to, purchase from, extension of
credit to, payment of services rendered by or any other transaction (I) between the MLP or any of
its Subsidiaries and one or more Related Parties of MLP (other than a Credit Party), if such sale,
purchase, extension of credit, payment or transaction is made or completed in compliance with the
terms and provisions of the MLP Agreement, or (II) between the MLP or any of its Subsidiaries and
one or more Credit Parties, if (a) such sale, purchase, extension of credit, payment or transaction
is made or completed in compliance with the terms and provisions of the MLP Agreement, and (b) such
sale, purchase, extension of credit, payment or transaction is on terms and conditions reasonably
fair in all material respects to the other Credit Parties party thereto in the good faith judgment
of such other Credit Parties.

     (i) Asset Dispositions. Make or permit to occur, or permit any of its
Subsidiaries to make or permit to occur, any sale, transfer or other disposition of any asset,
except (i) sales of inventory in the ordinary course of business, (ii) sales, transfers or other
dispositions in the ordinary course of business of any asset that is worn out or obsolete, (iii)
any sale of assets if the proceeds of such sale are reinvested within one year in a Permitted
Business or, if no Event of Default exists, used to pay senior debt of TWC and its Subsidiaries,
provided that proceeds from asset sales by a Pipeline Entity may only be reinvested in the
business of the Pipeline Group to which such Pipeline Entity belongs or used to pay senior debt
(other than debt of Gulfstream or of any Subsidiary of Gulfstream) of the Pipeline Entities in such
Pipeline Group, (iv) sales of assets by a Pipeline Entity to another Pipeline Entity, (v) sales of
assets by a Non-Pipeline Entity to another Non-Pipeline Entity, (vi) individual asset sales if the
fair market value of such assets is $15,000,000 or less, but any series of related sales of assets
will be aggregated and treated as a single sale for purposes of this clause (vi), and (vii) sales
of assets having a fair market value in the aggregate of less than $100,000,000 per year;
provided, that this Section 5.2(i) shall not apply to any sale, transfer or other
disposition (A) of assets to MLP or any of its Subsidiaries, (B) of assets by any Non-Recourse
Subsidiary or International Subsidiary, (C) of assets that is part of a Sale and Leaseback
Transaction permitted by Section 5.2(q) or (D) of any Equity Interest in or assets of Gulfstream or
any of its Subsidiaries.

     (j) Use of Proceeds. Use any proceeds of any Revolving Credit Advance for
any purpose other than general corporate, partnership and limited liability company purposes, as
applicable, relating to the business of a Borrower and its Subsidiaries (including working capital,
acquisitions and capital expenditures), or use any such proceeds in any manner which violates or
results in a violation of law; provided that no proceeds of any Revolving Credit Advance
will be used in any manner which

-48-

 

contravenes law, and no proceeds of any Revolving Credit Advance will be used to purchase or
carry any margin stock (within the meaning of Regulation U).

     (k) Pipeline Expenditures. In the case of either Pipeline Borrower, make,
or permit any Subsidiary of such Pipeline Borrower to make, any expenditure except (i) expenditures
within the principal business lines of such Pipeline Borrower on the Effective Date and (ii)
expenditures in other businesses reasonably related to such principal business lines so long as the
aggregate expenditures in such other businesses pursuant to this clause (ii) are not a material
portion of the aggregate expenditures by such Pipeline Borrower and its Subsidiaries pursuant to
clauses (i) and (ii) of this sentence.

     (l) Restricted Payments. (i) Declare or pay any dividends (other than in
common stock of such Borrower), purchase, redeem, retire, defease or otherwise acquire for value
any of its Equity Interests now or hereafter outstanding, return any capital to its stockholders,
partners or members (or the equivalent Persons thereof) as such, make any other distribution of
assets, Equity Interests, obligations or securities to its stockholders, partners or members (or
the equivalent Persons thereof) as such, or permit Pipeline Holdco to do any of the foregoing, or
(ii) permit any of its Subsidiaries to purchase, redeem, retire, defease or otherwise acquire for
value any Equity Interests in any Borrower or Pipeline Holdco, unless no Event of Default shall
have occurred and be continuing at the time of any action described in clauses (i) and (ii) above
and no Event of Default would result therefrom; provided, that, notwithstanding the
foregoing, at any time, whether or not an Event of Default exists, TGPL and NWP shall be permitted
to pay dividends to Pipeline Holdco to permit Pipeline Holdco to (A) pay corporate overhead
expenses incurred in the ordinary course of business not to exceed $2,000,000 in any fiscal year,
(B) (and Pipeline Holdco shall be permitted to) pay dividends to TWC to pay the corporate overhead
and administration expenses allocated (in a manner consistent with past practices) to Pipeline
Holdco, TGPL, NWP and their Subsidiaries, and (C) pay any taxes which are due and payable by
Pipeline Holdco, TGPL and NWP as part of a consolidated group.

     (m) Pipeline Holdco Debt. Permit, prior to the Pipeline Holdco Release
Date, Pipeline Holdco to create, incur, assume or suffer to exist any Debt, except (A) Debt in an
aggregate amount not to exceed $75,000,000 at any time outstanding, (B) Debt owed to TWC or any of
its Subsidiaries if all such Debt is evidenced by a promissory note that is delivered to the Agent
and in which an Acceptable Security Interest exists and (C) the Pipeline Holdco Guaranty.

     (n) Non-Recourse Debt. Create, incur or assume, or permit any of its
Subsidiaries to create, incur or assume, any Non-Recourse Debt, unless, at the time of such
creation, incurrence or assumption and immediately after giving effect thereto, both (i) the
aggregate principal amount of all Non-Recourse Debt of all Subsidiaries of such Borrower does not
exceed 10% of the total Consolidated assets of such Borrower and its Consolidated Subsidiaries; and
(ii) the aggregate principal amount of all Non-Recourse Debt of all Subsidiaries of such Borrower
that is secured by assets owned by such Borrower or its Subsidiaries or by any of the other
Borrowers or their respective Subsidiaries (without duplication), on December 31, 2005 or by Equity
Interests in any Person that owns any such asset or that is otherwise supported by such assets does
not exceed 7.5% of the total Consolidated assets of such Borrower and its Consolidated
Subsidiaries, as shown on the respective balance sheets of the Borrowers delivered pursuant to
Section 4.1(e).

     (o) Existing Assets. (i) Create, incur or assume, or permit any of its
Subsidiaries to create, incur or assume, any Non-Recourse Debt secured by any of the Existing
Assets, (ii) grant any Lien on any of the Existing Assets to secure any Non-Recourse Debt, or (iii)
transfer any of the Existing Assets to any Non-Recourse Subsidiary (the matters referred to in
clauses (i), (ii) and (iii) of this sentence being herein referred to as “Existing Asset
Transactions”), provided that this Section 5.2(o) shall not prohibit Existing Asset
Transactions if the aggregate fair market value (determined as of the Effective Date) of all
Existing

-49-

 

Assets that are subject to Existing Asset Transactions does not exceed $250,000,000 in the
aggregate at any time. For the avoidance of doubt, Existing Assets shall cease to be considered
subject to an Existing Asset Transaction if (x) with respect to clauses (i) and (ii) above, such
Existing Assets cease to secure Non-Recourse Debt and (y) with respect to clause (iii) above, such
Existing Assets have been transferred back to TWC or a Subsidiary of TWC (other than a Non-Recourse
Subsidiary). Notwithstanding the foregoing, if Existing Assets that are subject to Existing Asset
Transactions are transferred in connection with a foreclosure or in lieu of foreclosure upon
Non-Recourse Debt, then they will be deemed to continue being subject to Existing Asset
Transactions.

     (p) MLP Ownership of Credit Parties. In the case of TWC, permit MLP or any
Subsidiary of MLP to own any direct or indirect interest in any Equity Interest in, or Hybrid
Security issued by, any Credit Party (other than MLP).

     (q) Sale and Leaseback Transactions. Enter into, or permit any of its
Subsidiaries to enter into, any Sale and Leaseback Transaction, if after giving effect thereto the
sum of (i) the aggregate amount of all Attributable Obligations of such Borrower and its
Subsidiaries plus (ii) the aggregate amount of all obligations of such Borrower and its
Subsidiaries secured by any Lien referred to in paragraph (r) of Schedule IX-2 would exceed 3.5% of
the Consolidated Net Tangible Assets (as defined in such paragraph (r)) of such Borrower.

ARTICLE VI

EVENTS OF DEFAULT

     SECTION 6.1. Events of Default. If any of the following events (“Events of
Default”) shall occur and be continuing (it being agreed that neither MLP nor any of its
Subsidiaries shall be considered to be a “Borrower”, “ERISA Affiliate” or “Subsidiary” for purposes
of this Section 6.1, except for Sections 6.1(a) (but only to the extent that the payments referred
to in such Section 6.1(a) are not made by TWC), 6.1(b) and 6.1(c)):

     (a) Any Borrower (i) shall fail to pay any Reimbursement Obligation owed by it when
the same becomes due and payable, (ii) shall fail to pay any principal of any Revolving Credit
Advance owed by it or any Note executed by it when the same becomes due and payable, (iii) shall
fail to pay any interest owed by it on any Reimbursement Obligation, Revolving Credit Advance or
Note within five days after the same becomes due and payable or (iv) shall fail to pay any fee or
other amount presented in writing to be paid by it hereunder or under any Credit Document to which
it is a party within ten days after the same becomes due and payable; or

     (b) Any certification, representation or warranty (other than any Added L/C
Representation) made by any Credit Party herein or in any other Credit Document or by any Credit
Party (or any Authorized Officer of any Credit Party) in writing under or in connection with this
Agreement or any other Credit Document or any instrument executed in connection herewith (including
representations and warranties deemed made pursuant to Section 3.2) shall prove to have been
incorrect in any material respect when made or deemed made; or

     (c) Any Credit Party shall fail to perform or observe (i) any term, covenant or
agreement contained in this Agreement (other than a term, covenant or agreement contained in
Section 5.2), any Note or any other Credit Document on its part to be performed or observed and
such failure shall continue for 30 days after the earlier of the date notice thereof shall have
been given to TWC by the Agent or any Bank or the date an Authorized Officer of such Credit Party
shall have knowledge of such failure or (ii) any term, covenant or agreement contained in Section
5.2; or

-50-

 

     (d) Any Borrower or any Subsidiary of any Borrower (other than a Non-Recourse
Subsidiary or an International Subsidiary) shall fail to pay any principal of or premium or
interest on any Debt which is outstanding in a principal amount of at least $100,000,000 in the
aggregate (excluding Debt incurred pursuant to any Revolving Credit Advance) of such Borrower or
any Subsidiary of such Borrower (as the case may be) (other than a Non-Recourse Subsidiary or an
International Subsidiary), when the same becomes due and payable (whether by scheduled maturity,
required prepayment, acceleration, demand or otherwise), and such failure shall continue after the
applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or
any other event shall occur or condition shall exist under any agreement or instrument relating to
any such Debt and shall continue after the applicable grace period, if any, specified in such
agreement or instrument, if the effect of such event or condition is to accelerate the maturity of
such Debt; or any such Debt shall be declared to be due and payable, or required to be prepaid
(other than (i) by a regularly scheduled required prepayment, (ii) as required in connection with
any permitted sale of assets, (iii) as required in connection with any casualty or condemnation or
(iv) as required pursuant to an illegality event of the type set forth in Section 2.16), prior to
the stated maturity thereof; provided, however, that the provisions of this Section
6.1(d) shall not apply to any Non-Recourse Debt or International Debt or any Non-Recourse
Subsidiary or International Subsidiary; or

     (e) Any Borrower or any Material Subsidiary of any Borrower shall generally not pay
its debts as such debts become due, or shall admit in writing its inability to pay its debts
generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall
be instituted by or against any Borrower or any Material Subsidiary of any Borrower seeking to
adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization,
arrangement, adjustment, protection, relief, or composition of it or its debts under any law
relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of
an order for relief or the appointment of a receiver, trustee, or other similar official for it or
for any substantial part of its property and, in the case of any such proceeding instituted against
it (but not instituted by it), shall remain undismissed or unstayed for a period of 60 days; or any
Borrower or any Material Subsidiary of any Borrower shall take any action to authorize any of the
actions set forth above in this subsection (e) (for the avoidance of doubt, Non-Recourse
Subsidiaries and International Subsidiaries are not subject to this clause (e)); or

     (f) One or more judgments or orders for the payment of money in excess of
$100,000,000 in the aggregate (to the extent not paid or to the extent not covered by insurance or
indemnities that TWC, in its reasonable good faith judgment, believes will be paid when due by the
parties providing such indemnities or insurance) shall be rendered against any Borrower or any
Material Subsidiary of any Borrower and remain unsatisfied and either (i) enforcement proceedings
shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any
period of 30 consecutive days during which a stay of enforcement of such judgment or order, by
reason of a pending appeal or otherwise, shall not be in effect (for the avoidance of doubt,
Non-Recourse Subsidiaries and International Subsidiaries are not subject to this clause (f)); or

     (g) Any Termination Event with respect to a Plan shall have occurred and, 30 days
after notice thereof shall have been given to any Borrower by the Agent, (i) such Termination Event
shall still exist and (ii) the sum (determined as of the date of occurrence of such Termination
Event) of the Insufficiency of such Plan and the Insufficiency of any and all other Plans with
respect to which a Termination Event shall have occurred and then exist (or in the case of a Plan
with respect to which a Termination Event described in clause (ii) of the definition herein of
Termination Event shall have occurred and then exist, the liability related thereto) is equal to or
greater than $125,000,000; or

     (h) Any Credit Party or any Subsidiary or ERISA Affiliate of any Credit Party shall
have been notified by the sponsor of a Multiemployer Plan that it has incurred Withdrawal Liability
to such

-51-

 

Multiemployer Plan in an amount which, when aggregated with all other amounts required to be
paid to Multiemployer Plans in connection with Withdrawal Liabilities (determined as of the date of
such notification), exceeds $125,000,000 in the aggregate; or

     (i) Any Credit Party or any Subsidiary or ERISA Affiliate of any Credit Party shall
have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in
reorganization or is being terminated, within the meaning of Title IV of ERISA, if as a result of
such reorganization or termination the aggregate annual contributions of the Credit Parties and
their respective ERISA Affiliates to all Multiemployer Plans which are then in reorganization or
being terminated have been or will be increased over the amounts contributed to such Multiemployer
Plans for the respective plan years which include the Effective Date by an amount exceeding
$125,000,000; or

     (j) Prior to the Pipeline Holdco Release Date, the Pipeline Holdco Guaranty for any
reason is not a legal, valid, binding and enforceable obligation of Pipeline Holdco or any Credit
Party shall so state in writing; or

     (k) The TWC Guaranty for any reason is not a legal, valid, binding and enforceable
obligation of TWC (except to the extent it is terminated in accordance with its terms or released
pursuant to Section 2.4) or any Credit Party shall so state in writing; or

(l) A Change of Control Event shall occur;

     then, and in any such event, the Agent while such event exists (i) shall at the request, or may
with the consent, of the Majority Banks, by notice to the Borrowers, declare the Commitments of
each Bank and of each Issuing Bank and the obligations of each Issuing Bank to issue any Letter of
Credit and each Bank to make Revolving Credit Advances to be terminated, whereupon each Commitment
and each such obligation shall forthwith terminate, and (ii) shall at the request, or may with the
consent, of the Majority Banks, by notice to the Borrower as to which an Event of Default exists,
declare the principal of the Reimbursement Obligations and Revolving Credit Advances owed by such
Borrower, all interest thereon and all other amounts payable by such Borrower under this Agreement
and any other Credit Document to be forthwith due and payable, whereupon all such amounts shall
become and be forthwith due and payable, without requirement of any presentment, demand, protest,
notice of intent to accelerate, further notice of acceleration or other further notice of any kind
(other than the notice expressly provided for above), all of which are hereby expressly waived by
the Borrowers; provided, however, that in the event of any Event of Default
described in Section 6.1(e), (A) the Commitments of each Bank and of each Issuing Bank and the
obligations of each Issuing Bank to issue a Letter of Credit and each Bank to make Revolving Credit
Advances shall automatically be terminated and (B) the principal of the Reimbursement Obligations
and Revolving Credit Advances, all such interest and all such other amounts shall automatically
become and be due and payable, without presentment, demand, protest, notice of intent to
accelerate, notice of acceleration or any other notice of any kind, all of which are hereby
expressly waived by the Borrowers. For purposes of this Section 6.1, any Reimbursement Obligation
or Revolving Credit Advances owed to an SPC shall be deemed to be owed to its Designating Bank.

     SECTION 6.2. LC Cash Collateral Accounts. Upon the occurrence and during the
continuance of any Event of Default that exists as to any Borrower (if the Agent has declared all
amounts owed by such Borrower hereunder to be due and payable), such Borrower agrees that it shall
forthwith, without any demand or the taking of any other action by any Issuing Bank, the Agent, or
any of the Banks, provide cover for the outstanding Letter of Credit Liabilities in respect of
Letters of Credit issued at the request of such Borrower by paying to the Agent immediately
available funds in the amount equal to the then aggregate Available Amounts of all outstanding
Letters of Credit issued at the request of such Borrower, which funds shall be deposited into a
blocked deposit account or accounts to be established and

-52-

 

maintained at the office of Citibank (or an affiliate thereof) in the name of the Agent as
collateral security for any outstanding Letter of Credit Liabilities in respect of Letters of
Credit issued at the request of such Borrower (the “LC Cash Collateral Accounts” in respect
of such Borrower). Each Borrower hereby pledges, and grants to the Agent for the ratable benefit
of each Issuing Bank and the Banks, a security interest in all funds held in the LC Cash Collateral
Accounts in respect of such Borrower from time to time and all proceeds thereof, as security for
the payment of all Letter of Credit Liabilities in respect of Letters of Credit issued at the
request of such Borrower. The Agent may from time to time withdraw funds then held in the LC Cash
Collateral Accounts in respect of any Borrower and apply such funds to reimburse the Agent for all
costs, fees, expenses and other amounts to the extent provided in the relevant Credit Document and,
second, to the payment of any Reimbursement Obligations owing by such Borrower to any Issuing Bank
as shall have become or shall become due and payable by such Borrower to such Issuing Bank under
this Agreement in connection with the Letters of Credit issued at the request of such Borrower.
The Agent shall exercise reasonable care in the custody and preservation of any funds held in the
LC Cash Collateral Accounts and shall be deemed to have exercised such care if such funds are
accorded treatment substantially equivalent to that which the Agent accords its own property, it
being understood that the Agent shall not have any responsibility for taking any necessary steps to
preserve rights against any parties with respect to any such funds or for investing such funds. If
at any time (a) no Event of Default exists and (b) the funds in the LC Cash Collateral Accounts in
respect of any Borrower deposited pursuant to this Section 6.2 exceed the aggregate amount of all
Letter of Credit Liabilities in respect of Letters of Credit issued at the request of such
Borrower, the Agent shall, upon request of such Borrower, return such excess to such Borrower. LC
Cash Collateral Accounts may also be created as contemplated by Section 2.5(c) whether or not an
Event of Default exists.

ARTICLE VII

THE AGENT AND ISSUING BANKS

     SECTION 7.1. Agent’s Authorization and Action. Each of the Banks and Issuing Banks
hereby appoints and authorizes the Agent to take such action as agent on its behalf and to exercise
such powers under this Agreement and the other Credit Documents as are delegated to the Agent by
the terms hereof and thereof, together with such powers as are reasonably incidental thereto. As
to any matters not expressly provided for by the Credit Documents (including enforcement of the
terms of this Agreement or collection of the Reimbursement Obligations or Notes, fees and any other
amounts due and payable pursuant to this Agreement), the Agent shall not be required to exercise
any discretion or take any action, but shall be required to act or to refrain from acting (and
shall be fully protected in so acting or refraining from acting) upon the instructions of the
Majority Banks, and such instructions shall be binding upon all Banks and all holders of Notes;
provided, however, that the Agent shall not be required to take any action which
exposes the Agent to personal liability or which is contrary to the Credit Documents or applicable
law. The Agent agrees to give to each Bank prompt notice of each notice given to it by any
Borrower pursuant to the terms of this Agreement or any other Credit Document. The Agent will
promptly furnish to each Bank all items furnished to the Agent pursuant to Section 5.1(b).

     SECTION 7.2. Agent’s Reliance, Etc. Neither the Agent nor any of its directors,
officers, agents or employees shall be liable for any action taken or omitted to be taken by them
or under or in connection with this Agreement, except for its or their own gross negligence or
willful misconduct. Without limitation of the generality of the foregoing, the Agent: (i) may
consult with legal counsel (including counsel for any Borrower), independent public accountants and
other experts selected by it and shall not be liable for any action taken or omitted to be taken in
good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes
no warranty or representation to any Bank or Issuing Bank and shall not be responsible to any Bank
or Issuing Bank for any statements, warranties or representations (whether written or oral) made in
or in connection with this Agreement or any other

-53-

 

Credit Document; (iii) shall not have any duty to ascertain or to inquire as to the
satisfaction, performance or observance of any of the terms, covenants or conditions of this
Agreement or any other Credit Document on the part of any Credit Party or to inspect the property
(including the books and records) of any Credit Party; (iv) shall not be responsible to any Bank or
Issuing Bank for the perfection, priority, existence, sufficiency or value of any security,
guaranty or insurance or for the due execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement, any other Credit Document or any other instrument or
document furnished pursuant hereto or thereto; (v) shall incur no liability under or in respect of
any Credit Document by acting upon any notice, consent, certificate or other instrument or writing
(which may be by telecopier, telegram, cable, telex or otherwise) believed by it in its reasonable
judgment to be genuine and signed or sent by the proper party or parties; (vi) may treat any
Issuing Bank that issues or has issued a Letter of Credit as being the issuer of such Letter of
Credit for all purposes and (vii) may treat a Bank as the obligee of any Revolving Credit Advance
or, if applicable, the payee of any Note as the holder thereof, until the Agent receives and
accepts a Transfer Agreement executed by TWC (if required by this Agreement), the assignor Bank and
the assigning Bank pursuant to Section 8.5. Without limiting the generality of the foregoing,
insofar as the Agent is concerned, for purposes of determining compliance with any Credit Document
(including Section 3.2 of this Agreement) with respect to any Revolving Credit Advance, each Bank
shall be deemed to have consented to, approved and accepted and to be satisfied with each matter
required under any Credit Document (including Section 3.2 of this Agreement), unless the officer of
the Agent responsible for the transactions contemplated by the Credit Documents shall have received
written notice from such Bank prior to such Revolving Credit Advance specifying its objection
thereto and such Bank shall not have made available to the Agent any portion of such Revolving
Credit Advance; provided that this sentence is solely for the benefit of the Agent (and not
any Credit Party) and shall not amend, waive or otherwise modify Section 3.2, Section 6.1(b) or any
other provision applicable to any Credit Party, whether in respect of such Revolving Credit Advance
or any other Revolving Credit Advance or matter.

     SECTION 7.3. Issuing Banks’ Reliance, Etc. Neither the Issuing Banks nor any
directors, officers, agents or employees of the Issuing Banks shall be liable for any action taken
or omitted to be taken by any of them under or in connection with this Agreement, except for its or
their own gross negligence or willful misconduct. The Issuing Banks shall not have, by reason of
this Agreement a fiduciary relationship in respect of any Bank; and nothing in this Agreement,
expressed or implied, is intended or shall be so construed as to impose upon the Issuing Banks any
obligations in respect of this Agreement except as expressly set forth herein. Without limitation
of the generality of the foregoing, each of the Issuing Banks: (i) may consult with legal counsel
(including counsel for any Borrower), independent public accountants and other experts selected by
it and shall not be liable for any action taken or omitted to be taken in good faith by it in
accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or
representation to any Bank or Issuing Bank and shall not be responsible to any Bank or Issuing Bank
for any statements, warranties or representations (whether written or oral) made in or in
connection with this Agreement or any other Credit Document; (iii) shall not have any duty to
ascertain or to inquire as to the satisfaction, performance or observance of any of the terms,
covenants or conditions of this Agreement or any other Credit Document on the part of any Credit
Party or to inspect the property (including the books and records) of any Credit Party; (iv) shall
not be responsible to any Bank or Issuing Bank for the perfection, priority, existence, sufficiency
or value of any security, guaranty or insurance or for the due execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement or any other Credit Document or
any other instrument or document furnished pursuant hereto or thereto; and (v) shall incur no
liability under or in respect of any Credit Document by acting upon any notice, consent,
certificate or other instrument or writing (which may be by telecopier, telegram, cable, telex or
otherwise) believed by it in its reasonable judgment to be genuine and signed or sent by the proper
party or parties. Without limiting the generality of the foregoing, insofar as each Issuing Bank
is concerned, for purposes of determining compliance with any Credit Document (including Section
3.2 of this Agreement) with respect to any issuance or increase of any, or any addition of a letter

-54-

 

of credit to this Agreement as a, Letter of Credit, each Bank shall be deemed to have
consented to, approved and accepted and to be satisfied with each matter required under any Credit
Document (including Section 3.2 of this Agreement), unless the officer of such Issuing Bank
responsible for the transactions contemplated by the Credit Documents shall have received written
notice from such Bank prior to such issuance, increase or addition specifying its objection thereto
and such Bank shall not have accepted after such issuance, increase or addition any Letter of
Credit Fee associated with such increase or, in the case of an issuance of any, or any addition of
a letter of credit to this Agreement as a, Letter of Credit, associated with such Letter of Credit;
provided that this sentence is solely for the benefit of the Issuing Banks (and not any
Credit Party) and shall not amend, waive or otherwise modify Section 3.2, Section 6.1(b) or any
other provision applicable to any Credit Party, whether in respect of such Letter of Credit or any
other Letter of Credit or matter.

     SECTION 7.4. Rights. With respect to its Commitments, the Revolving Credit Advances
made by it and the Notes, if any, issued to it, or any Letter of Credit Interest held by it,
Citibank shall have the same rights and powers under any such Note and the other Credit Documents
as any other Bank and may exercise the same as though it was not the Agent. With respect to its
Letter of Credit Commitments, the Reimbursement Obligations owed to it or any Letter of Credit
Interest held by it, each of the Issuing Banks shall have the same rights and powers under this
Agreement as any other Bank and may exercise the same as though it was not an Issuing Bank.
Citibank, each Issuing Bank and the respective affiliates of each may accept deposits from, lend
money to, act as trustee under indentures of, and generally engage in any kind of business with,
any Borrower, any Person who may do business with or own, directly or indirectly, securities of any
Borrower and any other Person, all as if Citibank were not the Agent and each Issuing Bank were not
an Issuing Bank, in each case without any duty to account therefor to the Banks or the Issuing
Banks. In the event that Citibank or any of its affiliates shall be or become an indenture trustee
under the Trust Indenture Act of 1939 (as amended, the “Trust Indenture Act”) in respect of
any securities issued or guaranteed by any Credit Party, the parties hereto acknowledge and agree
that any payment or property received in satisfaction of or in respect of any Obligation of such
Credit Party hereunder or under any other Credit Document by or on behalf of Citibank in its
capacity as the Agent for the benefit of any Bank of Issuing Bank under any Credit Document (other
than Citibank or an affiliate of Citibank) and which is applied in accordance with the Credit
Documents shall be deemed to be exempt from the requirements of Section 311 of the Trust Indenture
Act pursuant to Section 311(b)(3) of the Trust Indenture Act.

     SECTION 7.5. Indemnification. (a) The Banks agree to indemnify the Agent
(to the extent not reimbursed by the Borrowers), ratably according to the respective Letter of
Credit Interests then held by each of the Banks plus the respective principal amounts of the
Revolving Credit Advances owed to each of them (or if no Letter of Credit Interests or Revolving
Credit Advances are at the time outstanding, ratably according to their respective Revolving Credit
Commitments for TWC (or, if such Commitments have terminated, their respective Revolving Credit
Commitments for TWC immediately prior to such termination)), from and against any and all claims,
damages, losses, liabilities, costs, fees and expenses (including reasonable fees and disbursements
of external counsel) of any kind or nature whatsoever which may be imposed on, incurred by, or
asserted against the Agent in any way relating to or arising out of this Agreement or any other
Credit Document or any action taken or omitted by the Agent under this Agreement or any other
Credit Document, including any of the foregoing incurred in connection with any action taken under
Section 5.1(f) (EXPRESSLY INCLUDING ANY SUCH CLAIM, DAMAGE, LOSS, LIABILITY, COST, FEE OR EXPENSE
ATTRIBUTABLE TO THE ORDINARY, SOLE OR CONTRIBUTORY NEGLIGENCE OF THE AGENT, BUT EXCLUDING ANY SUCH
CLAIM, DAMAGE, LOSS, LIABILITY, COST, FEE OR EXPENSE ATTRIBUTABLE TO THE GROSS NEGLIGENCE OR
WILLFUL MISCONDUCT OF THE AGENT). IT IS THE INTENT OF THE PARTIES HERETO THAT THE AGENT SHALL, TO
THE EXTENT PROVIDED IN THIS SECTION 7.5, BE INDEMNIFIED FOR ITS OWN ORDINARY, SOLE OR

-55-

 

CONTRIBUTORY NEGLIGENCE. Without limitation of the foregoing, each Bank agrees to reimburse
the Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including
external counsel fees) incurred by the Agent in connection with the preparation, execution,
delivery, administration, modification, amendment or enforcement (whether through negotiations,
legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under,
this Agreement or any other Credit Document to the extent that the Agent is not reimbursed for such
expenses by the Borrowers.

     (a) The Banks agree to indemnify each Issuing Bank (to the extent not reimbursed by
the Borrowers), ratably according to the respective Letter of Credit Interests then held by each of
the Banks plus the respective principal amounts of the Revolving Credit Advances owed to each of
them (or if no Letter of Credit Interests or Revolving Credit Advances are at the time outstanding,
ratably according to their respective Revolving Credit Commitments for TWC (or, if such Commitments
have terminated, their respective Revolving Credit Commitments for TWC immediately prior to such
termination)), from and against any and all claims, damages, losses, liabilities, costs, fees and
expenses (including reasonable fees and disbursements of external counsel) of any kind or nature
whatsoever which may be imposed on, incurred by, or asserted against such Issuing Bank in any way
relating to or arising out of this Agreement or any other Credit Document or any action taken or
omitted by any Issuing Bank under this Agreement or any other Credit Document (EXPRESSLY INCLUDING
ANY SUCH CLAIM, DAMAGE, LOSS, LIABILITY, COST, FEE OR EXPENSE ATTRIBUTABLE TO THE ORDINARY, SOLE OR
CONTRIBUTORY NEGLIGENCE OF ANY ISSUING BANK, BUT EXCLUDING ANY SUCH CLAIM, DAMAGE, LOSS, LIABILITY,
COST, FEE OR EXPENSE ATTRIBUTABLE TO THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH ISSUING
BANK). IT IS THE INTENT OF THE PARTIES HERETO THAT AN ISSUING BANK SHALL, TO THE EXTENT PROVIDED
IN THIS SECTION 7.5, BE INDEMNIFIED FOR ITS OWN ORDINARY, SOLE OR CONTRIBUTORY NEGLIGENCE. Without
limitation of the foregoing, each Bank agrees to reimburse each Issuing Bank promptly upon demand
for its ratable share of any out-of-pocket expenses (including external counsel fees) incurred by
such Issuing Bank in connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal proceedings or
otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement or
any other Credit Document to the extent that such Issuing Bank is not reimbursed for such expenses
by the Borrowers.

     SECTION 7.6. Successor Agent. The Agent may resign at any time as Agent under this
Agreement by giving written notice thereof to the Banks and the Borrowers and may be removed at any
time with or without cause by the Majority Banks. Upon any such resignation or removal, the
Majority Banks shall have the right to appoint, with the consent of the Borrowers (which consent
shall not be unreasonably withheld and shall not be required if an Event of Default under Section
6.1(a) or 6.1(e) exists), a successor Agent from among the Banks. If no successor Agent shall have
been so appointed by the Majority Banks with such consent, and shall have accepted such
appointment, within 30 days after the retiring Agent’s giving of notice of resignation or the
Majority Banks’ removal of the retiring Agent, then the retiring Agent may, on behalf of the Banks,
appoint a successor Agent, which shall be a Bank which is a commercial bank organized under the
laws of the United States of America or of any State thereof and having a combined capital and
surplus of at least $500,000,000. Upon the acceptance of any appointment as Agent under this
Agreement by a successor Agent, such successor Agent shall thereupon succeed to and become vested
with all the rights, powers, privileges and duties of the retiring Agent and shall function as the
Agent under this Agreement, and the retiring Agent shall be discharged from its duties and
obligations as Agent under this Agreement. After any retiring Agent’s resignation or removal
hereunder as Agent, the provisions of this Article VII shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was Agent under this Agreement.

-56-

 

     SECTION 7.7. Bank Decisions. Each of the Agent, the Banks and the Issuing Banks
acknowledges that it has, independently and without reliance upon the Agent, the Syndication Agent,
the Joint Lead Arrangers, the Issuing Banks or any other Bank and based on the financial statements
referred to in Section 4.1(e) and such other documents and information as it has deemed
appropriate, made its own credit analysis and its own decision to enter into this Agreement. Each
of the Agent, the Banks and the Issuing Banks (in each case, both on its own behalf and on behalf
of its affiliates, directors, officers, employees and agents that are Indemnified Parties) also
acknowledges that it will, independently and without reliance upon the Agent, the Syndication
Agent, the Joint Lead Arrangers, the Issuing Banks or any other Bank and based on such documents
and information as it shall deem appropriate at the time, continue to make its own decisions in
taking or not taking action under this Agreement and the other Credit Documents.

     SECTION 7.8. Certain Rights of the Agent. If the Agent shall request instructions
from the Majority Banks with respect to any act or action (including failure to act) in connection
with this Agreement or any other Credit Document, the Agent shall be entitled to refrain from such
act or taking such action unless and until the Agent shall have received instructions from the
Majority Banks; and it shall not incur liability to any Person by reason of so refraining. Without
limiting the foregoing, no Bank nor any Issuing Bank nor any Indemnified Party shall have any right
of action whatsoever against the Agent as a result of its acting or refraining from acting
hereunder or under any other Credit Document in accordance with the instructions of the Majority
Banks. Furthermore, except for action expressly required of the Agent hereunder, the Agent shall
in all cases be fully justified in failing or refusing to act hereunder unless it shall be
specifically indemnified to its satisfaction by the Banks against any and all liability and expense
which may be incurred by it by reason of taking or continuing to take any such action.

     SECTION 7.9. Other Agents. The Syndication Agent, the Co-Documentation Agents and the
Joint Lead Arrangers have no duties or obligations under any Credit Document. None of the
Syndication Agent, the Co-Documentation Agents or the Joint Lead Arrangers shall have, by reason of
this Agreement or the other Credit Documents, a fiduciary relationship in respect of any Bank or
any Issuing Bank, and nothing in this Agreement or other Credit Documents, express or implied, is
intended or shall be so construed to impose on any of the Syndication Agent, the Co-Documentation
Agents or the Joint Lead Arrangers any obligation in respect of this Agreement or other Credit
Documents.

ARTICLE VIII

MISCELLANEOUS

     SECTION 8.1. Amendments, Etc. No amendment or waiver of any provision of this
Agreement, nor consent to any departure by any Borrower therefrom, shall in any event be effective
unless the same shall be in writing and signed by the Majority Banks and the Borrowers, and then
such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided, however, that no amendment, waiver or consent
shall, unless in writing and signed by all the Banks directly affected thereby (without limiting
the generality of the foregoing, it is understood that all Banks are directly affected by clauses
(a), (f), (g), (h) and (i) below), do any of the following: (a) waive any of the conditions
specified in Section 3.2, (b) increase or extend the scheduled termination date of any Commitment
of any Bank or any Issuing Bank or subject any Bank or any Issuing Bank to any additional
obligation, (c) reduce the Reimbursement Obligations, (d) reduce the principal of, or interest on,
the Revolving Credit Advances or any fees or other amounts payable hereunder, (e) postpone any date
fixed for any payment of the Reimbursement Obligations, Revolving Credit Advances or any fees or
other amounts payable hereunder, (f) change the definition of Majority Banks or otherwise change
the LC Participation Percentages, the percentage of the Commitments or of the aggregate unpaid
principal amount of the Revolving Credit Advances, Letter of Credit Liabilities or the
Reimbursement Obligations

-57-

 

which shall be required for the Banks or any of them to take any action under this Agreement,
(g) release Pipeline Holdco from the Pipeline Holdco Guaranty (except as set forth in Section 8.15)
or release TWC from the TWC Guaranty (except as set forth in Section 2.4), (h) amend or waive any
provision of, or consent to any departure by any Borrower from, Section 2.9, this Section 8.1 or
Section 8.15, or (i) increase the aggregate amount of the Revolving Credit Commitments for TWC or
the Letter of Credit Commitments above $1,500,000,000; and provided further that no
amendment, waiver or consent shall, unless in writing and signed by the Agent in addition to the
Banks required above to take such action, affect the rights or duties of the Agent under any Credit
Document; and provided further that no amendment, waiver or consent shall, unless
in writing and signed by each Issuing Bank in addition to the Banks required above to take such
action, affect the rights or duties of any Issuing Bank under any Credit Document.

     SECTION 8.2. Notices, Etc. (a) Except as otherwise provided in Section
8.2(b), all notices and other communications provided for hereunder shall be in writing (including
telecopy communication) and mailed, telecopied or delivered, if to any Bank, as specified opposite
its name on Schedule I hereto or specified in a Transfer Agreement for any assignee Bank delivered
pursuant to Section 8.5(a); if to a Borrower, as specified opposite its name on Schedule II hereto;
if to an Issuing Bank to its address as specified opposite its name on Schedule I; if to Citibank,
as Agent, to its address at 2 Penns Way, Suite 200, New Castle, Delaware 19720 (telecopier number:
(302) 894-6120; email address: oploanswebadmin@citigroup.com), Attention: Williams Account Officer,
with a copy to Citicorp North America, Inc., 333 Clay Street, Suite 3700, Houston, Texas 77002
(telecopier number: (713) 481-0247), Attention: The Williams Companies, Inc. Account Officer; or,
as to any Borrower, any Issuing Bank or the Agent, at such other address as shall be designated by
such party in a written notice to the other parties and, as to each other party, at such other
address as shall be designated by such party in a written notice to the Borrowers, each Issuing
Bank and the Agent; provided that materials required to be delivered pursuant to Section
5.1(b)(ii), (iii) and (iv) shall be delivered to the Agent as specified in Section 8.2(b) or as
otherwise specified to any Borrower by the Agent; provided, further, that any
communication that (A) relates to a request for a new, or a conversion of an existing, borrowing or
other extension of credit (including any election of an interest rate or Interest Period relating
thereto), (B) relates to the payment of any principal or other amount due under this Agreement
prior to the scheduled date therefor, (C) provides notice of any Default or Event of Default or (D)
is required to be delivered to satisfy any condition precedent to the effectiveness of any
provision of this Agreement and/or any borrowing, Letter of Credit, increase of any Letter of
Credit, addition hereto of any letter of credit or other extension of credit hereunder, shall be in
writing (including telecopy communication) and mailed, telecopied or delivered pursuant to this
Section 8.2(a). All such notices and communications shall, when mailed, telecopied or e-mailed, be
effective when received in the mail, sent by telecopier to any party to the telecopier number as
set forth herein or on Schedule I or Schedule II or specified in a Transfer Agreement for any
assignee Bank delivered pursuant to Section 8.5(a) (or other telecopy number specified by such
party in a written notice to the other parties hereto) or confirmed by e-mail, respectively, except
that notices and communications to the Agent shall not be effective until received by the Agent.
Any notice or communication to a Bank shall be deemed to be a notice or communication to any SPC
designated by such Bank and no further notice to an SPC shall be required. Delivery by telecopier
of an executed counterpart of this Agreement, any other Credit Document or any amendment or waiver
of any provision of this Agreement or any other Credit Document (other than a Letter of Credit)
shall be effective as delivery of a manually executed counterpart thereof.

     (b) The Borrowers will have the option to provide to the Agent all information, documents and
other materials that they are obligated to furnish to the Agent pursuant to the Credit Documents,
including all notices, requests, financial statements, financial and other reports, certificates
and other information materials, but excluding any such communication that (i) relates to a request
for a new, or a Conversion of an existing, borrowing, a new Letter of Credit, any increase of any
Letter of Credit, any

-58-

 

addition hereto of any letter of credit or other extension of credit (including any election
of an interest rate or Interest Period relating thereto), (ii) relates to the payment of any
principal or other amount due under this Agreement prior to the scheduled date therefor, (iii)
provides notice of any Default or Event of Default or (iv) is required to be delivered to satisfy
any condition precedent to the effectiveness of any provision of this Agreement and/or any
borrowing, Letter of Credit, increase of any Letter of Credit, addition hereto of any letter of
credit or other extension of credit hereunder (all such non-excluded communications being referred
to herein collectively as “Communications”), by transmitting the Communications in an
electronic/soft medium to oploanswebadmin@citigroup.com.

The Borrowers further agree that the Agent may make the Communications available to the Banks and
the Issuing Banks by posting the Communications on Intralinks or a substantially similar electronic
transmission system (the “Platform”). The Borrowers acknowledge that the distribution of
material through an electronic medium is not necessarily secure and that there are confidentiality
and other risks associated with such distribution.

THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENT PARTIES (AS DEFINED BELOW) DO
NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM
AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY
KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT PARTIES IN CONNECTION WITH THE
COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THE
RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES OF THE AGENT OR ANY
OF ITS AFFILIATES (COLLECTIVELY, “AGENT PARTIES”) HAVE ANY LIABILITY TO ANY BORROWER, ANY BANK, ANY
ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT,
SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR
OTHERWISE) ARISING OUT OF THE TRANSMISSION BY ANY BORROWER, ANY OF THE AGENT PARTIES OR ANY OTHER
PERSON OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT
PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE
RESULTED PRIMARILY FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

The Agent agrees that the receipt of the Communications by the Agent at its e-mail address set
forth above shall constitute effective delivery of the Communications to the Agent for purposes of
the Credit Documents. Each of the Banks and the Issuing Banks agrees that notice to it (as
provided in the next sentence) specifying that the Communications have been posted to the Platform
shall constitute effective delivery of the Communications to such Bank or Issuing Bank, as the case
may be, for purposes of the Credit Documents. Each of the Banks and the Issuing Banks agrees (i)
to notify the Agent in writing (including by electronic communication) from time to time of such
Bank’s or such Issuing Bank’s, as the case may be, e-mail address to which the foregoing notice may
be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e-mail
address.

Nothing herein shall prejudice the right of the Agent, any Issuing Bank or any Bank to give any
notice or other communication pursuant to any Credit Document in any other manner specified in such
Credit Document.

-59-

 

     SECTION 8.3. No Waiver; Remedies. No failure on the part of any Bank, any Issuing
Bank or the Agent to exercise, and no delay in exercising, any right under this Agreement or any
other Credit Document shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right preclude any other or further exercise thereof or the exercise of any other
right. The remedies provided in this Agreement are cumulative and not exclusive of any remedies
provided by law.

     SECTION 8.4. Costs and Expenses.

     (a) (i) TWC agrees to pay, within 30 days of receipt by TWC of request therefor, all
reasonable out-of-pocket costs and expenses of the Joint Lead Arrangers, the Syndication Agent, the
Agent and the Issuing Banks in connection with the syndication, preparation, execution, delivery,
administration, modification and amendment of this Agreement, the Letters of Credit, the Notes, or
any other Credit Document and the other documents to be delivered under this Agreement, including
the reasonable fees and out-of-pocket expenses of Bracewell & Giuliani, LLP, counsel for the Agent,
with respect thereto and with respect to advising the Agent as to its rights and responsibilities
under this Agreement, the Notes and any other Credit Document and the reasonable costs and expenses
of the Issuing Banks in connection with any Letter of Credit, and (ii) TWC agrees to pay on demand
all costs and expenses, if any (including reasonable counsel fees and out-of-pocket expenses), of
the Agent, the Syndication Agent, the Issuing Banks and each Bank in connection with the
enforcement (after the occurrence and during the continuance of an Event of Default and whether
through negotiations (including formal workouts or restructurings), legal proceedings or otherwise)
against any Credit Party of any Credit Document.

     (b) Each Borrower agrees, to the fullest extent permitted by law, to indemnify and
hold harmless the Agent, the Syndication Agent, the Issuing Banks, the Joint Lead Arrangers and
each Bank and each of their respective affiliates, directors, officers, employees and agents (the
“Indemnified Parties”) from and against any and all claims, damages, losses, liabilities,
costs, fees and expenses (including reasonable fees and disbursements of counsel) of any kind or
nature whatsoever for which any of them may become liable or which may be incurred by or asserted
against any of the Indemnified Parties (other than claims and related damages, losses, liabilities,
costs, fees and expenses made by one Bank (or its successors or assignees) against another Bank)
arising out of, related to or in connection with (i) any Credit Document or any other document or
instrument delivered in connection herewith, (ii) any violation by any Credit Party or any
Subsidiary of any Credit Party of any Environmental Law or any other law, rule, regulation or
order, (iii) any Revolving Credit Advance, any Letter of Credit or the use or proposed use of the
proceeds of any Revolving Credit Advance or Letter of Credit, (iv) any of the Commitments, (v) any
transaction in which any proceeds of any Letter of Credit or Revolving Credit Advance are applied
or (vi) any investigation, litigation or proceeding, whether or not any of the Indemnified Parties
is a party thereto, related to or in connection with any of the foregoing or any Credit Document
(EXPRESSLY INCLUDING ANY SUCH CLAIM, DAMAGE, LOSS, LIABILITY, COST, FEE OR EXPENSE ATTRIBUTABLE TO
THE ORDINARY, SOLE OR CONTRIBUTORY NEGLIGENCE OF SUCH INDEMNIFIED PARTY, BUT EXCLUDING ANY SUCH
CLAIM, DAMAGE, LOSS, LIABILITY, COST, FEE OR EXPENSE SOUGHT TO BE RECOVERED BY ANY INDEMNIFIED
PARTY TO THE EXTENT SUCH CLAIM, DAMAGE, LOSS, LIABILITY, COST, FEE OR EXPENSE IS FOUND IN A FINAL,
NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM THE GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNIFIED PARTY OR THE GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT OF THE AFFILIATES, ADVISORS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS OF SUCH
INDEMNIFIED PARTY). IT IS THE INTENT OF THE PARTIES HERETO THAT EACH INDEMNIFIED

-60-

 

PARTY SHALL, TO THE EXTENT PROVIDED IN THIS SECTION 8.4(b), BE INDEMNIFIED FOR ITS OWN
ORDINARY, SOLE OR CONTRIBUTORY NEGLIGENCE.

     (c) If any payment of principal of, or Conversion of, or purchase pursuant to
Section 2.6(c) of, any portion of any Eurodollar Rate Advance owed by any Borrower to any Bank is
made other than on the last day of the Interest Period for such Eurodollar Rate Advance, as a
result of a payment, prepayment or Conversion pursuant to this Agreement or acceleration of the
maturity of the Notes pursuant to Section 6.1 or such purchase or assignment, such Borrower shall,
upon demand by such Bank (with a copy of such demand to the Agent), pay to the Agent for the
account of such Bank any amounts required to compensate such Bank for any additional losses, costs
or expenses that it may reasonably incur as a result of such payment, purchase, assignment or
Conversion, including any loss (excluding loss of anticipated profits), cost or expense incurred by
reason of the liquidation or reemployment of deposits or other funds acquired by any Bank to fund
or maintain such Eurodollar Rate Advance.

     (d) Without prejudice to the survival of any other agreement of the Borrowers
hereunder, the agreements and obligations of the Borrowers contained in Sections 2.2, 2.6 and 2.8
and this Section 8.4 shall survive the payment in full of principal, interest and all other amounts
payable hereunder and under the Notes.

     SECTION 8.5. Binding Effect; Transfers.

     (a) This Agreement shall become effective when it shall have been executed by the
Borrowers, the Agent and the Issuing Banks, and when each Bank listed on the signature pages hereof
has delivered an executed counterpart hereof to the Agent, has sent to the Agent a facsimile copy
of its signature hereon or of its signature on a signature page hereof or has notified the Agent
that such Bank has executed this Agreement and thereafter shall be binding upon and inure to the
benefit of the Borrowers, the Agent, the Issuing Banks and each Bank and their respective
successors and assigns; provided that the Borrowers shall not have the right to assign any
of their rights hereunder or any interest herein without the prior written consent of the Banks and
the Issuing Banks. Each Bank may assign to one or more banks, financial institutions or other
entities all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Revolving Credit Advances owing to such Bank, any Note or Notes held by such Bank,
its Letter of Credit Interest and any or all of its Revolving Credit Commitments);
provided, that (i) each such assignment shall be of a constant, and not a varying,
percentage of all rights and obligations under this Agreement and the Notes, (ii) except in the
case of an assignment of all of a Bank’s rights and obligations under this Agreement or an
assignment to another Bank, the amount of the Revolving Credit Commitment for TWC of the assigning
Bank being assigned pursuant to each such assignment (determined as of the date of the Transfer
Agreement with respect to such assignment) shall be in an aggregate amount of $5,000,000 (or such
lesser amount as may be consented to by the Agent and the Borrowers) and in an integral multiple of
$1,000,000 (unless otherwise consented to by the Agent and the Borrowers), (iii) each such
assignment shall be to an Eligible Assignee, (iv) the parties to each such assignment shall execute
and deliver to the Agent, for its acceptance and recording in the Register maintained by the Agent,
a Transfer Agreement and a processing and recordation fee of $3,500 (which fee shall be paid by
such Eligible Assignee) and (v) each such assignment of any Revolving Credit Commitment for any
Borrower shall be made only if the same percentage of the Revolving Credit Commitments of such
assigning Bank for each of the other Borrowers and the same percentage of the LC Participation
Percentage of the assigning Bank are simultaneously assigned by the assigning Bank to the same
Eligible Assignee pursuant to the same Transfer Agreement. Upon such execution, delivery,
acceptance and recording, from and after the effective date specified in each Transfer Agreement,
(x) the assignee thereunder shall be a party hereto as a “Bank” and, to the extent that rights and
obligations hereunder have been assigned to it pursuant to such Transfer Agreement, have the rights
and obligations of a Bank hereunder (including obligations to the Issuing Banks and the

-61-

 

Agent pursuant to Section 7.5) and (y) the Bank assignor thereunder shall, to the extent that
rights and obligations hereunder have been assigned by it pursuant to such Transfer Agreement,
relinquish its rights and be released from its obligations under this Agreement, except for rights
and obligations which continue after repayment of the Reimbursement Obligations and Revolving
Credit Advances or termination of this Agreement pursuant to the express terms of this Agreement
(and, in the case of a Transfer Agreement covering all of an assigning Bank’s rights and
obligations under this Agreement, such Bank shall cease to be a party hereto, except as to such
rights and obligations).

     (b) By executing and delivering a Transfer Agreement, the Bank assignor thereunder
and the assignee thereunder confirm to and agree with each other and the other parties hereto as
follows: (i) other than as provided in such Transfer Agreement, such assignor makes no
representation or warranty and assumes no responsibility with respect to any statements, warranties
or representations (whether written or oral) made in or in connection with this Agreement, any
other Credit Document or any other instrument or document furnished pursuant hereto or in
connection herewith, the perfection, priority, existence, sufficiency or value of any security,
guaranty or insurance or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of any Credit Document or any other instrument or document furnished pursuant
hereto or in connection herewith, (ii) such assignor makes no representation or warranty and
assumes no responsibility with respect to the financial condition of any Borrower or any other
Person or the performance or observance by any Borrower or any other Person of any of its
respective obligations under the Credit Documents or any other instrument or document furnished
pursuant hereto or in connection herewith; (iii) such assignee confirms that it has received a copy
of this Agreement, together with copies of such financial statements and such other documents and
information as it has deemed appropriate to make its own credit analysis and its own decision to
enter into such Transfer Agreement; (iv) such assignee will, independently and without reliance
upon the Agent, any Issuing Bank, such assignor or any other Bank and based on such financial
statements and such other documents and information as it shall deem appropriate at the time,
continue to make its own credit analysis and its own decisions in taking or not taking action under
this Agreement, any of the other Credit Documents or any other instrument or document; (v) such
assignee confirms that it is an Eligible Assignee; (vi) such assignee appoints and authorizes the
Agent to act as Agent on its behalf and to exercise such powers and discretion under this
Agreement, any other Credit Document or any other document executed in connection herewith or
therewith as are delegated to the Agent by the terms hereof or thereof, together with such powers
and discretion as are reasonably incidental thereto; and (vii) such assignee agrees that it will
perform in accordance with their terms all of the obligations which by the terms of this Agreement
are required to be performed by it as a Bank.

     (c) The Agent shall maintain a copy of each Transfer Agreement delivered to and
accepted by it and a register for the recordation of the names and addresses of each Bank and each
Issuing Bank together with its respective Revolving Credit Commitment for each Borrower, Letter of
Credit Commitment, LC Participation Percentage, Letter of Credit Interest and the principal amount
of the Revolving Credit Advances owing to each Bank by each Borrower from time to time (the
“Register”). The entries in the Register made pursuant to this Section 8.5(c) shall be
conclusive and binding for all purposes, absent manifest error, and the Borrowers, the Agent, the
Issuing Banks and the Banks may treat as a Bank or Issuing Bank, as the case may be, each Person
whose name is recorded in the Register as a Bank or Issuing Bank, as the case may be, hereunder for
all purposes of this Agreement. The Register shall be available for inspection by any Borrower,
any Issuing Bank or any Bank at any reasonable time and from time to time upon reasonable prior
notice.

     (d) Upon its receipt of a Transfer Agreement executed and completed by an assigning
Bank and an assignee representing that it is an Eligible Assignee (and consented to by the Agent,
the Issuing Banks and, if required, by TWC), the Agent shall (i) accept such Transfer Agreement,
(ii) record the information contained therein in the Register and (iii) give prompt notice thereof
to the Borrowers. If

-62-

 

requested by the assigning or assignee Bank, each Borrower after its receipt of such notice,
shall, at its own expense, execute and deliver to the Agent, any Notes requested pursuant to
Section 2.10(a) (with any Notes being replaced thereby being promptly returned to such Borrower by
the holder thereof). Such new Notes shall be dated the effective date of such Transfer Agreement
and shall otherwise be in substantially the form of Exhibit G hereto.

     (e) Each Bank or Issuing Bank may sell participations to one or more banks or other
entities (other than the Borrowers or any of their Affiliates) in or to all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Commitment, the
Revolving Credit Advances owing to it, the Notes held by it and its Letter of Credit Interest);
provided, that (i) such Bank’s or Issuing Bank’s, as the case may be, obligations under
this Agreement shall remain unchanged, (ii) such Bank or Issuing Bank, as the case may be, shall
remain solely responsible to the other parties hereto for the performance of such obligations,
(iii) such Bank shall remain the holder of any such Note for all purposes of this Agreement, (iv)
the Borrowers, the Agent, each other Issuing Bank and the other Banks shall continue to deal solely
and directly with such Bank or Issuing Bank, as the case may be, in connection with such Bank’s or
Issuing Bank’s, as the case may be, rights and obligations under this Agreement, (v) all amounts
payable under this Agreement shall be calculated as if such Bank or Issuing Bank, as the case may
be, had not sold such participation, and (vi) the terms of any such participation shall not
restrict such Bank’s or Issuing Bank’s, as the case may be, ability to consent to any departure by
any Borrower herefrom without the approval of the participant, except that the approval of the
participant may be required to the extent that such amendment, waiver or consent would reduce the
principal of, or interest on, the Reimbursement Obligations or Revolving Credit Advances or any
fees or other amounts payable hereunder, in each case to the extent subject to such participation,
or postpone any date fixed for any payment of principal of, or interest on, the Reimbursement
Obligations or Revolving Credit Advances or any fees or other amounts payable hereunder, in each
case to the extent subject to such participation.

     (f) Notwithstanding any other provisions set forth in this Agreement, any Bank or
Issuing Bank may at any time create a security interest in all or any portion of its rights under
this Agreement (including its Letter of Credit Interest) or any of its Notes in favor of any
Federal Reserve Bank in accordance with Regulation A of the Federal Reserve Board without notice to
or consent of the Borrowers, the Issuing Banks or the Agent. Furthermore, any Bank or Issuing Bank
may assign, as collateral or otherwise, any of its rights (including rights to payments of
principal of and/or interest on its Letter of Credit Interest or Revolving Credit Advances made by
such Bank) under this Agreement, its Notes or any of its Letter of Credit Interest to any Federal
Reserve Bank without notice to or consent of any Borrower, the Issuing Banks or the Agent.

     (g) Notwithstanding anything to the contrary contained herein, any Bank or Issuing
Bank (a “Designating Bank”) with the consent of the Agent (and, if no Event of Default has
occurred and is continuing, the Borrowers) may grant to a special purpose funding vehicle (an
“SPC”), identified as such in writing from time to time by the Designating Bank to the
Agent and the Borrowers, the option to fund all or any part of any payment to any Issuing Bank or
Revolving Credit Advance which the Designating Bank has agreed to make; provided that no
Designating Bank shall have granted at any one time such option to more than one SPC; and
provided further that (i) such Designating Bank’s obligations under this Agreement
shall remain unchanged, (ii) such Designating Bank shall remain solely responsible to the other
parties hereto for the performance of such obligations, (iii) the Borrowers, the Issuing Banks, the
Agent and the other Banks shall continue to deal solely and directly with such Designating Bank in
connection with such Designating Bank’s rights and obligations under this Agreement, (iv) any such
option granted to an SPC shall not constitute a commitment by such SPC to fund any drawing under a
Letter of Credit or to fund any Revolving Credit Advance, and (v) neither the grant nor the
exercise of such option to an SPC shall increase the costs or expenses or otherwise increase or
change the obligations of a Borrower under this Agreement (including its obligations under Section
2.6). The issuance of a

-63-

 

Letter of Credit or the making of a Revolving Credit Advance by an SPC hereunder shall utilize
the Commitment of the Designating Bank to the same extent, and as if, such Revolving Credit Advance
were made by or such Letter of Credit were issued by such Designating Bank. Each party hereto
hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under
this Agreement to the extent that any such indemnity or similar payment obligations shall have been
paid by its Designating Bank. In furtherance of the foregoing, each party hereto hereby agrees
(which agreement shall survive the termination of this Agreement) that, prior to the date that is
one year and one day after the payment in full of all outstanding commercial paper or other senior
indebtedness of any SPC, it will not institute against, or join any other person in instituting
against such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under the laws of the United States. In addition, notwithstanding anything to the contrary
contained in this Section 8.5, an SPC may not assign its interest in any Letter of Credit Interests
or Revolving Credit Advance except that, with notice to, but without the prior written consent of,
the Borrowers and the Agent and without paying any processing fee therefor, such SPC may assign all
or a portion of its interests in any Letter of Credit Interests or Revolving Credit Advance to the
Designating Bank or to any financial institutions (consented to by the Borrowers, Issuing Banks and
Agent), providing liquidity and/or credit support to or for the account of such SPC to support the
funding or maintenance of Letter of Credit Interests or Revolving Credit Advance. Each Designating
Bank shall serve as the agent of its SPC and shall on behalf of its SPC: (i) receive any and all
payments made for the benefit of such SPC and (ii) give and receive all communications and notices,
and vote, approve or consent hereunder, and take all actions hereunder, including votes, approvals,
waivers, consents and amendments under or relating to this Agreement, the Notes and the other
Credit Documents. Any such notice, communication, vote, approval, waiver, consent or amendment
shall be signed by the Designating Bank for the SPC and need not be signed by such SPC on its own
behalf. The Borrowers, the Issuing Banks, the Agent and the Banks may rely thereon without any
requirement that the SPC sign or acknowledge the same or that notice be delivered to the Borrowers
or the SPC. This Section 8.5(g) may not be amended without the written consent of any SPC, which
shall have been identified to the Agent and the Borrowers.

     SECTION 8.6. Governing Law. This Agreement and the Notes shall be governed by, and
construed in accordance with, the laws of the State of New York.

     SECTION 8.7. Interest. It is the intention of the parties hereto that the Agent, each
Issuing Bank and each Bank shall conform strictly to usury laws applicable to it, if any.
Accordingly, if the transactions with the Agent, any Issuing Bank or any Bank contemplated hereby
would be usurious under applicable law, then, in that event, notwithstanding anything to the
contrary in this Agreement, any Credit Document or any other agreement entered into in connection
with or as security for this Agreement or any other Credit Document, it is agreed as follows: (i)
the aggregate of all consideration which constitutes interest under applicable law that is
contracted for, taken, reserved, charged or received by the Agent, such Issuing Bank or such Bank,
as the case may be, under this Agreement or any other Credit Document or under any other agreement
entered into in connection with or as security for this Agreement, the Notes or the other Credit
Documents shall under no circumstances exceed the maximum amount allowed by such applicable law and
any excess shall be canceled automatically and, if theretofore paid, shall at the option of the
Agent, such Issuing Bank or such Bank, as the case may be, be credited by the Agent, such Issuing
Bank or such Bank, as the case may be, on the principal amount of the obligations owed to the
Agent, such Issuing Bank or such Bank, as the case may be, by the applicable Borrower or refunded
by the Agent, such Issuing Bank or such Bank, as the case may be, to the applicable Borrower, and
(ii) in the event that the maturity of any obligation payable to the Agent, such Issuing Bank or
such Bank, as the case may be, is accelerated or in the event of any required or permitted
prepayment, then such consideration that constitutes interest under law applicable to the Agent,
such Issuing Bank or such Bank, as the case may be, may never include more than the maximum amount
allowed by such applicable law and excess interest, if any, to the Agent, such Issuing Bank or such
Bank, as the case may be, provided for

-64-

 

in this Agreement or otherwise shall be canceled automatically as of the date of such
acceleration or prepayment and, if theretofore paid, shall, at the option of the Agent, such
Issuing Bank or such Bank, as the case may be, be credited by the Agent, such Issuing Bank or such
Bank, as the case may be, on the principal amount of the obligations owed to the Agent, such
Issuing Bank or such Bank, as the case may be, by the applicable Borrower or refunded by the Agent,
such Issuing Bank or such Bank, as the case may be, to the applicable Borrower.

     SECTION 8.8. Execution in Counterparts. This Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and
the same agreement. Delivery of a counterpart of a signature page hereof by telecopier shall be as
effective as delivery of an original executed counterpart hereof.

     SECTION 8.9. Survival of Agreements, Representations and Warranties, Etc. All
warranties, representations and covenants made by any Borrower or any Authorized Officer of any
Borrower herein or in any certificate or other document delivered in connection with this Agreement
shall be considered to have been relied upon by the Banks and the Issuing Banks and shall survive
the issuance of any Letters of Credit and the issuance and delivery of the Notes (if any) and the
making of Revolving Credit Advances regardless of any investigation.

     SECTION 8.10. Confidentiality. Each Bank agrees that it will not disclose without the
prior consent of TWC (other than to employees, auditors, accountants, counsel or other professional
advisors of the Agent, any Issuing Bank or any Bank) any information with respect to the Borrowers,
which is furnished pursuant to this Agreement; provided that any Bank and any Issuing Bank
may disclose any such information (1) as has become generally available to the public, (2) as may
be required or appropriate in any report, statement or testimony submitted to or required by any
regulatory body having or claiming to have jurisdiction over such Bank or Issuing Bank or submitted
to or required by the Federal Reserve Board or the Federal Deposit Insurance Corporation or similar
organizations (whether in the United States or elsewhere) or their successors, (3) as may be
required or appropriate in response to any summons or subpoena in connection with any litigation,
(4) in order to comply with any law, order, regulation or ruling applicable to such Bank or Issuing
Bank, (5) to the prospective transferee or grantee in connection with any contemplated transfer of
any of the Commitments, Letter of Credit Interests or Revolving Credit Advances or any interest
therein by such Bank or Issuing Bank or the grant of an option to an SPC to fund any drawing under
a Letter of Credit or Revolving Credit Advance; provided that such prospective transferee
executes an agreement with or for the benefit of the Borrowers containing provisions substantially
identical to those contained in this Section 8.10; and provided further that if the
contemplated transfer is a grant of an option to fund a drawing under a Letter of Credit or
Revolving Credit Advance to an SPC pursuant to Section 8.5(g), such SPC may disclose, if prior
notice of the delivery thereof is given to the Borrowers, such information as may be required by
law or regulation to be delivered, (6) in connection with the exercise of any remedy by such Bank
or Issuing Bank following an Event of Default, (7) in connection with any litigation involving such
Bank pertaining to this Agreement, any of the Notes or any of the other Credit Documents or any
other document delivered in connection herewith, (8) to any Bank, any Issuing Bank or the Agent or
(9) to any affiliate of any Bank; provided that such affiliate has agreed with or for the
benefit of the Borrowers to be bound by provisions substantially identical to those contained in
this Section 8.10.

     SECTION 8.11. Waiver of Jury Trial. THE BORROWERS, THE AGENT, THE ISSUING BANKS AND
THE BANKS HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OF THE NOTES, ANY LETTER OF CREDIT, ANY OTHER
CREDIT DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY.

-65-

 

     SECTION 8.12. Severability. In the event any one or more of the provisions contained
in this Agreement or in any other Credit Document should be held invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained
herein and therein shall not in any way be affected or impaired thereby. The parties shall
endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the
invalid, illegal or unenforceable provisions.

     SECTION 8.13. Forum Selection and Consent to Jurisdiction; Damages. ANY LITIGATION
BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, ANY CREDIT DOCUMENT, OR ANY COURSE
OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE AGENT, THE
BANKS, ANY ISSUING BANK OR THE BORROWERS IN CONNECTION HEREWITH OR THEREWITH MAY BE BROUGHT AND
MAINTAINED IN THE COURTS OF THE STATE OF NEW YORK SITTING IN THE COUNTY OF NEW YORK OR IN THE
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED,
HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY SECURITY MAY BE BROUGHT, AT THE
AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH SECURITY MAY BE FOUND. THE BORROWERS
IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL
SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK AT THE ADDRESS FOR NOTICES SPECIFIED IN ACCORDANCE
WITH SECTION 8.2. THE BORROWERS HEREBY EXPRESSLY AND IRREVOCABLY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY LAW, ANY OBJECTION WHICH THEY MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF
ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH
LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY BORROWER HAS OR
HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS
(WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR
OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, SUCH BORROWER HEREBY IRREVOCABLY WAIVES TO THE
FULLEST EXTENT PERMITTED BY LAW SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE CREDIT
DOCUMENTS. EACH OF THE BORROWERS, THE AGENT, THE ISSUING BANKS AND THE BANKS HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY ACTION OR PROCEEDING REFERRED TO IN THIS SECTION
8.13 ANY EXEMPLARY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES; PROVIDED THAT NOTHING HEREIN SHALL
CONSTITUTE A WAIVER BY THE AGENT, ANY ISSUING BANK OR ANY BANK OF ANY RIGHT TO RECEIVE FULL PAYMENT
OF ALL OBLIGATIONS. TWC HEREBY AGREES TO SERVE AS AGENT FOR SERVICE OF PROCESS ON BEHALF OF EACH
OTHER CREDIT PARTY IN CONNECTION WITH THE CREDIT DOCUMENTS AND THE OBLIGATIONS.

     SECTION 8.14. Right of Set-off. Upon (i) the occurrence and during the continuance of
any Event of Default and (ii) either, as to any Borrower, (a) the Revolving Credit Advances owed by
such Borrower having become due and payable in accordance with the terms hereof or (b) the making
of the request or the granting of the consent specified by Section 6.1 to authorize the Agent to
declare the Revolving Credit Advances owed by such Borrower due and payable pursuant to the
provisions of Section 6.1, each Bank and each Issuing Bank is hereby authorized at any time and
from time to time, to the fullest extent permitted by law, to set off and apply any and all
deposits (general or special, time or

-66-

 

demand, provisional or final) at any time held and other indebtedness at any time owing by
such Bank or such Issuing Bank, as the case may be, to or for the credit or the account of such
Borrower against any and all of the obligations of such Borrower now or hereafter existing under
this Agreement and the other Credit Documents, irrespective of whether or not such Bank or such
Issuing Bank, as the case may be, shall have made any demand under this Agreement or any other
Credit Document and although such obligations may be unmatured. Each Bank or Issuing Bank, as the
case may be, agrees promptly to notify such Borrower after such set-off and application made by
such Bank or such Issuing Bank, as the case may be, provided that the failure to give such
notice shall not affect the validity of such set-off and application. The rights of each Bank and
each Issuing Bank under this Section are in addition to other rights and remedies (including other
rights of set-off) which such Bank or such Issuing Bank, as the case may be, may have.

     SECTION 8.15. Termination of Security Documents and Pipeline Holdco Guaranty. If (i)
the senior unsecured long-term debt of TWC is rated (a) BBB- or higher by S&P or Baa3 or higher by
Moody’s, (b) no lower than BB+ by S&P and (c) no lower than Ba1 by Moody’s, (ii) no Default or
Event of Default has occurred and is continuing, and (iii) the Agent has received (1) a notice from
Pipeline Holdco requesting that the Security Documents and the Pipeline Holdco Guaranty be
terminated, (2) a certificate of TWC certifying, as of the date thereof, the ratings by both S&P
and Moody’s of such debt and that no Default or Event of Default has occurred and is continuing,
(3) such other documentation confirming the foregoing that the Agent may reasonably request, then
the Security Documents and the Pipeline Holdco Guaranty shall terminate on the date (the
“Pipeline Holdco Release Date”) that is 5 Business Days following the Agent’s receipt of
all such items. With reasonable promptness following such termination, the Agent will, at the
expense of TWC, execute and deliver (A) to Pipeline Holdco such documents as Pipeline Holdco may
reasonably request to evidence such termination and (B) to the pledgor of any promissory note
delivered to the Agent pursuant to Section 5.2(m), such documents as such pledgor may reasonably
request to evidence such termination and any such promissory note as may then be in the Agent’s
possession against the contemporaneous receipt by the Agent of a written receipt therefor in a
reasonable form provided by the Agent.

     SECTION 8.16. Termination of 2005 Credit Agreement. The “Revolving Credit
Commitments” and “Letter of Credit Commitments” (as those terms are defined in the 2005 Credit
Agreement) are hereby terminated as of the date hereof. This Section 8.16 shall constitute each
Borrower’s notice of such termination under Section 2.4 of the 2005 Credit Agreement and each
Borrower’s agreement that, on and after the date hereof, it has no further right to borrow under,
or request the issuance of any “Letter of Credit” (as defined in the 2005 Credit Agreement) under,
the 2005 Credit Agreement. Each Bank that is a “Bank” (as defined in the 2005 Credit Agreement)
and each Issuing Bank that is an “Issuing Bank” (as defined in the 2005 Credit Agreement) hereby
(i) waive any requirement that such notice be given at least three “Business Days” (as defined in
the 2005 Credit Agreement) prior to such termination, (ii) consent to the release of all security
and guaranties created or existing under the 2005 Credit Agreement, and (iii) authorize the
“Collateral Agent” (as defined in the 2005 Credit Agreement) to execute all terminations, releases
and documents in connection therewith and deliver the “Collateral” (as defined in the 2005 Credit
Agreement) to TWC or any of its Subsidiaries.

[Remainder of page intentionally left blank — signature pages follow]

-67-

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written.

	 	 	 	 	 
	BORROWERS:	 	 
	 
	 	 	 	 
	THE WILLIAMS COMPANIES, INC.	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	WILLIAMS PARTNERS L.P.	 	 
	By:

	 	Williams Partners GP LLC, its general partner	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	NORTHWEST PIPELINE CORPORATION	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	TRANSCONTINENTAL GAS PIPE LINE CORPORATION	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 

Signature Page to the Williams Credit Agreement

 

 

	 	 	 	 	 
	AGENT:	 	 
	 
	 	 	 	 
	CITIBANK, N.A., as Agent	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	ISSUING BANKS:	 	 
	 
	 	 	 	 
	CITIBANK, N.A., as Issuing Bank	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	BANK OF AMERICA, NATIONAL ASSOCIATION, as Issuing Bank	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	JPMORGAN CHASE BANK, N.A., as Issuing Bank	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 

Signature Page to the Williams Credit Agreement

 

 

	 	 	 	 	 
	BANKS:	 	 
	 
	 	 	 	 
	CITIBANK, N.A.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	BANK OF AMERICA, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	JPMORGAN CHASE BANK, N.A.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	THE BANK OF NOVA SCOTIA	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	THE ROYAL BANK OF SCOTLAND PLC	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	ABN AMRO BANK N.V.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	BANK OF OKLAHOMA, NA	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 

Signature Page to the Williams Credit Agreement

 

 

	 	 	 	 	 
	BARCLAYS BANK PLC	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	BAYERISCHE LANDESBANK	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	BNP PARIBAS	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	CALYON NEW YORK BRANCH	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	LEHMAN COMMERCIAL PAPER INC.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	MERRILL LYNCH CAPITAL CORPORATION	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	MIZUHO CORPORATE BANK, LTD.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 

Signature Page to the Williams Credit Agreement

 

 

	 	 	 	 	 
	NATEXIS BANQUE POPULAIRES	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	REGIONS BANK	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	ROYAL BANK OF CANADA	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

HOUSTON AGENCY	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	TORONTO DOMINION (TEXAS) LLC	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	WACHOVIA BANK, N.A.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	WESTLB AG, NEW YORK BRANCH	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 

Signature Page to the Williams Credit Agreement

 

 

Signature Page to the Williams Credit Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]