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Exhibit 10.3    
    

 

  

  

   

OMNIBUS AGREEMENT  

 among  

 TRANSMONTAIGNE INC.  

 TRANSMONTAIGNE GP L.L.C.  

 TRANSMONTAIGNE PARTNERS L.P.  

 TRANSMONTAIGNE OPERATING GP L.L.C.  

 and  

 TRANSMONTAIGNE OPERATING COMPANY L.P.  

   

   

   

 

 
 

OMNIBUS AGREEMENT    
    

        THIS OMNIBUS AGREEMENT ("Agreement") is entered into on, and effective as of, the Closing Date (as defined herein), and is by and among
TransMontaigne Inc., a Delaware corporation ("TMG"), TransMontaigne GP L.L.C., a Delaware limited liability company (the "General Partner"), TransMontaigne Partners L.P., a Delaware limited
partnership (the "Partnership"), TransMontaigne Operating GP L.L.C., a Delaware limited liability company (the "OLP GP"), and TransMontaigne Operating Company L.P., a Delaware limited partnership (the
"Operating Partnership"). The above-
named entities are sometimes referred to in this Agreement each as a "Party" and collectively as the "Parties." 

R E C I T A L S:  

        1.     The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article II, with respect to Tangible Assets (as
defined herein) that TMG will offer to sell to the Partnership during the term of this Agreement. 

        2.     The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article III, with respect to certain
indemnification obligations of the Parties to each other. 

        3.     The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article IV, with respect to the amount to be
paid by the Partnership for certain corporate staff and support services to be performed by TMG and its Affiliates (as defined herein) for and on behalf of the Partnership Group. 

        4.     The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article V, with respect to the Partnership's
exclusive options to purchase the Option Assets (as defined herein). 

        5.     The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article VI, with respect to certain rights of
first refusal to be granted to TMG and the Partnership. 

        In
consideration of the premises and the covenants, conditions, and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto hereby agree as follows: 

 
 

ARTICLE I
  Definitions    
    

        1.1    Definitions.    As used in this Agreement, the following terms shall have the
respective meanings set forth below: 

        "Acquired Assets" is defined in Section 2.2(c). 

        "Administrative Fee" is defined in Section 4.1(a). 

        "Affiliate" is defined in the Partnership Agreement. 

        "Agreement" is defined in the introductory paragraph of this Agreement. 

        "Applicable Period" is defined in Section 4.1(a). 

        "Assets" means all assets conveyed, contributed, or otherwise transferred by the TMG Entities to the Partnership Group prior to or on the
Closing Date, including any such assets held by a Person whose ownership interests are transferred by the TMG Entities to the Partnership Group prior to or on the Closing Date by means of operation of
law or otherwise. 

        "Brownsville Option" is defined in Section 5.1(a). 

        "Cause" is defined in the Partnership Agreement.

        "Change of Control" means any of the following events: (a) any sale, lease, exchange, or other transfer (in one transaction or a
series of related transactions) of all or substantially all of TMG's assets to any other Person unless immediately following such sale, lease, exchange, or other transfer such assets are owned,
directly or indirectly, by TMG; (b) the consolidation or merger of TMG with or into another Person pursuant to a transaction in which the outstanding Voting Securities of TMG are changed into
or exchanged for cash, securities, or other property, other than any such transaction where (i) the outstanding Voting Securities of TMG are changed into or exchanged for Voting Securities of
the surviving Person or its parent and (ii) the holders of the Voting Securities of TMG immediately prior to such transaction own, directly or indirectly, not less than a majority of the Voting
Securities of the surviving Person or its parent immediately after such transaction; or (c) a "person" or "group" (within the meaning of Sections 13(d) or 14(d)(2) of the Exchange Act), other
than a group consisting of some or all of the persons currently controlling TMG, being or becoming the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act) of more than 50% of all of the then outstanding Voting Securities of TMG, except in a merger or consolidation that would not constitute a Change of Control under clause (b) above. 

        "Closing Date" means the date of the closing of the Partnership's initial public offering of Common Units. 

        "Common Units" is defined in the Partnership Agreement. 

        "Conflicts Committee" is defined in the Partnership Agreement. 

        "Constructed Assets" is defined in Section 2.2(d). 

        "Contribution Agreement" means that certain Contribution, Conveyance and Assumption Agreement, dated as of the Closing Date, among TMG,
TransMontaigne Services Inc., TransMontaigne Product Services Inc., the General Partner, the Partnership, the OLP GP, the Operating Partnership, Coastal Fuels Marketing, Inc. and certain
other parties, together with the additional conveyance documents and instruments contemplated or referenced thereunder. 

        "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through ownership of voting securities, by contract, or otherwise. 

        "Covered Environmental Losses" is defined in Section 3.1(a). 

        "Environmental Laws" means all federal, state and local laws, statutes, rules, regulations, orders and ordinances, legally enforceable
requirements and rules of common law, now or hereafter in effect, relating to the protection of the environment including, without limitation, the federal Comprehensive Environmental Response,
Compensation, and Liability Act, the Superfund Amendments Reauthorization Act, the Resource Conservation and Recovery Act, the Clean Air Act, the Federal Water Pollution Control Act, the Toxic
Substances Control Act, the Oil Pollution Act, the Safe Drinking Water Act, the Hazardous Materials Transportation Act, and other environmental conservation and protection laws, each as amended from
time to time. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "General Partner" is defined in the introductory paragraph of this Agreement. 

        "Hazardous Substance" means (a) any substance that is designated, defined or classified as a hazardous waste, hazardous material,
pollutant, contaminant or toxic or hazardous substance, or that is otherwise regulated under any Environmental Law, including, without limitation, any hazardous substance as such term is defined under
the Comprehensive Environmental Response, Compensation, and Liability Act, as amended, (b) petroleum, petroleum products, crude oil, oil, gasoline, natural gas, fuel oil, motor oil, waste oil,
diesel fuel, jet fuel, and other petroleum hydrocarbons, whether refined or unrefined and (c) asbestos, whether in a friable or non-friable condition, and polychlorinated biphenyls.

        "Indemnified Party" means either the Partnership Entities or the TMG Entities, as the case may be, each in its capacity as a party
entitled to indemnification in accordance with Article III. 

        "Indemnifying Party" means either a Partnership Group Member or TMG, as the case may be, each in its capacity as a party from whom
indemnification may be sought in accordance with Article III. 

        "Indenture" means the Indenture, dated May 30, 2003, by and among TMG and the subsidiary guarantors listed on the signature pages
thereto and Wells Fargo Bank Minnesota, National Association, as Trustee, relating to the Notes. 

        "Insurance Reimbursement" is defined in Section 4.1(b). 

        "Limited Partner" is defined in the Partnership Agreement. 

        "Notes" is defined in Section 2.2(f). 

        "OLP GP" is defined in the introductory paragraph of this Agreement. 

        "Operating Partnership" is defined in the introductory paragraph of this Agreement. 

        "Options" is defined in Section 5.1(a). 

        "Option Assets" is defined in Section 5.1(a). 

        "Option Term Sheet" is defined in Section 5.2(a). 

        "Partnership" is defined in the introductory paragraph of this Agreement. 

        "Partnership Acceptance Deadline" is defined in Section 6.2(b). 

        "Partnership Acquisition Proposal" is defined in Section 6.2(a). 

        "Partnership Agreement" means the First Amended and Restated Agreement of Limited Partnership of TransMontaigne Partners L.P., dated as of
the Closing Date, as such agreement is in effect on the Closing Date, to which reference is hereby made for all purposes of this Agreement. No amendment or modification to the Partnership Agreement
subsequent to the Closing Date shall be given effect for the purposes of this Agreement unless consented to by each of the Parties to this Agreement. 

        "Partnership Disposition Notice" is defined in Section 6.2(a). 

        "Partnership Entities" means the General Partner and each member of the Partnership Group; and "Partnership
Entity" means any of the Partnership Entities. 

        "Partnership Group" means the Partnership, the OLP GP, the Operating Partnership and any Subsidiary of any such Person, treated as a
single consolidated entity; and "Partnership Group Member" means any member of the Partnership Group. 

        "Partnership Offer Price" is defined in Section 6.2(a). 

        "Party" and "Parties" are defined in the introductory paragraph of this Agreement. 

        "Person" means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization,
association, government agency or political subdivision thereof or other entity. 

        "Pipeline Terminals Option" is defined in Section 5.1(a). 

        "Proposed Option Price" is defined in Section 5.2(b). 

        "Proposed Price" is defined in Section 2.3(b). 

        "Proposed Transferee" is defined in Section 6.1(a).

        "Retained Assets" means the terminals, pipelines and other assets and investments owned by any of the TMG Entities as of the Closing Date
that were not conveyed, contributed or otherwise transferred to the Partnership Group pursuant to the Contribution Agreement and other documents relating to the transactions referred to in the
Contribution Agreement, including, without limitation, replacements and natural extensions of any Retained Assets. 

        "River Terminals Option" is defined in Section 5.1(a). 

        "ROFR Assets" is defined in Section 6.1(c). 

        "Services" is defined in Section 4.1(a). 

        "Subsidiary" means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares entitled
(without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination,
by such Person, by one or more Subsidiaries of such Person or a combination thereof, (b) a partnership (whether general or limited) in which such Person or a Subsidiary of such Person is, at
the date of determination, a general or limited partner of such partnership, but only if more than 50% of the partnership interests of such partnership (considering all of the partnership interests of
the partnership as a single class) is owned, directly or indirectly, at the date of determination, by such Person, by one or more Subsidiaries of such Person, or a combination thereof, or
(c) any other Person (other than a corporation or a partnership) in which such Person, one or more Subsidiaries of such Person, or a combination thereof, directly or indirectly, at the date of
determination, has (i) at least a majority ownership interest or (ii) the power to elect or direct the election of a majority of the directors or other governing body of such Person. 

        "Swap Transactions" means any transaction in which a TMG Entity and a third party exchange terminaling assets or other tangible assets. 

        "Tangible Assets" is defined in Section 2.1(a). 

        "Term Sheet" is defined in Section 2.3(a). 

        "Terminaling and Transportation Services Agreement" means that certain Terminaling and Transportation Services Agreement, dated as of
May 12, 2005, among TransMontaigne Product Services Inc., Coastal Fuels Marketing, Inc. and the Partnership. 

        "TMG" is defined in the introductory paragraph of this Agreement. 

        "TMG Acceptance Deadline" is defined in Section 6.2(a). 

        "TMG Acquisition Proposal" is defined in Section 6.2(b). 

        "TMG Disposition Notice" is defined in Section 6.2(b). 

        "TMG Entities" means TMG and any Person controlled, directly or indirectly, by TMG other than the Partnership Entities; and  "TMG Entity" means any of the TMG Entities.

        "TMG Offer Price" is defined in Section 6.2(b). 

        "Toxic Tort" means a claim or cause of action arising from personal injury or property damage incurred by the plaintiff that is alleged to
have been caused by exposure to, or contamination by, Hazardous Substances that have been released into the environment by or as a result of the actions or omissions of the defendant. 

        "Transfer", including the correlative terms "Transferring" or  "Transferred", means any direct or indirect transfer,
assignment, sale, gift, pledge, hypothecation or other encumbrance, or any other disposition
(whether voluntary, involuntary or by operation of law) of any assets, property or rights. 

        "Units" is defined in the Partnership Agreement.

        "Voluntary Cleanup Program" means a program of the United States or a state of the United States enacted pursuant to Environmental Laws
which provides for a mechanism for the written approval of, or authorization to conduct, voluntary remedial action for the clean-up, removal or remediation of contamination that exceeds
actionable levels established pursuant to Environmental Laws. 

        "Voting Securities" means securities of any class of a Person entitling the holders thereof to vote on a regular basis in the election of
members of the board of directors or other governing body of such Person. 

 
 

ARTICLE II
  Offers to Sell Tangible Assets    
    

        2.1    Tangible Assets.    

        (a)   For
so long as a TMG Entity controls the General Partner, and subject to the exceptions set forth in Section 2.2, TMG shall be required to offer, and to cause the
other TMG Entities to offer, to the Partnership, pursuant to the procedures set forth in Section 2.3, any tangible assets that any TMG Entity either: 

        (i)    acquires
(by means of purchase, or by means of lease or joint venture arrangements controlled by a TMG Entity and extending for more than five years; provided that any
TMG Entity's obligation to make an offer with respect to any joint venture arrangement will be subject to the terms and conditions of such arrangement (including any rights of first refusal), and will
be limited to such TMG Entity's interest in such asset) or 

        (ii)   constructs
(either on its own or by means of joint venture arrangements controlled by a TMG Entity and extending for more than five years; provided that any TMG
Entity's obligation to make an offer with respect to any joint venture arrangement will be subject to the terms and conditions of such arrangement (including any rights of first refusal), and will be
limited to such TMG Entity's interest in such asset). 

        Both
(i) and (ii) above relate to the storage, transportation or terminaling of refined petroleum products in the United States, provided such assets generate "qualifying income"
(as defined in Section 7704 of the Internal Revenue Code) ("Tangible Assets"). 

        (b)   The
Parties acknowledge that any potential Transfer of Tangible Assets pursuant to this Article II shall be subject to, conditioned on and in compliance with the
terms and conditions of the Indenture and the obtaining of any and all necessary consents of equityholders, noteholders or other securityholders, governmental authorities, lenders or other third
parties. If TMG believes in good faith that the consent of holders of its Notes is required under the Indenture for the Transfer of any Tangible Assets and if the Tangible Assets to be transferred
have a fair value or construction cost (determined as provided in Section 2.2(c), or (d), as applicable) in excess of $50 million, then TMG will use commercially reasonable efforts to
obtain such consent. If TMG is not successful in obtaining the necessary consent of the holders of the Notes, then it will use commercially reasonable efforts to redeem the Notes on terms set forth in
the Indenture or otherwise determined by TMG to be economical to TMG; provided, that TMG shall have no obligation hereunder to pay any premium in connection with any such redemption of the Notes. If
the exercise of any of the Partnership's rights to acquire Tangible Assets hereunder is prevented or delayed due to TMG's failure to obtain the consent of the holders of, or to redeem, the Notes, then
the exercise period for each such right shall be automatically extended until such time as the exercise thereof will not be so prevented or delayed.

        2.2    Permitted Exceptions.    Notwithstanding any other provision of this Agreement, TMG
shall not be required to offer or to cause the other TMG Entities to offer to the Partnership any of the following Tangible Assets or groups of Tangible Assets: 

        (a)   any
Retained Assets, including, without limitation, the Option Assets unless and until purchased by a Partnership Group Member; 

        (b)   any
Tangible Asset or group of Tangible Assets acquired or constructed by a TMG Entity with the written approval of the Conflicts Committee to the effect that such
acquired or constructed Tangible Assets are permitted to be excepted from the provisions of Section 2.1 hereof; 

        (c)   any
Tangible Asset or group of Tangible Assets acquired, including as part of a larger acquisition of other assets, by a TMG Entity after the Closing Date (the "Acquired
Assets") if the fair value of the Acquired Assets (as determined in good faith by written resolution of the Board of Directors of TMG) does not exceed $10.0 million; 

        (d)   any
Tangible Asset or group of Tangible Assets, or capital improvements to Tangible Assets, constructed, including as part of a larger construction project, by a TMG
Entity after the Closing Date (the "Constructed Assets") if the estimated construction cost of the Constructed Assets (as determined in good faith by written resolution of the Board of Directors of
TMG) does not exceed $10.0 million; 

        (e)   any
Tangible Asset acquired in connection with a Swap Transaction; and 

        (f)    subject
to the provisions of Section 2.1(b), any Tangible Asset or group of Tangible Assets that, in the opinion of counsel for TMG, if purchased by the
Partnership would require approval of the stockholders of TMG or the holders of its 91/8% Senior Subordinated Notes due 2010 (the "Notes") under the Indenture, unless as such approval
is obtained. 

        2.3    Procedures.    

        (a)   No
later than two years following (i) the closing date of the acquisition of any Tangible Asset or group of Tangible Assets, or (ii) the date on which a
capital improvement of any Tangible Asset or group of Tangible Assets is first put into commercial service following completion of construction and testing, as applicable, TMG shall notify the General
Partner that the Partnership will have a one-year opportunity to purchase the Tangible Asset or group of Tangible Assets. The General Partner shall notify TMG in writing during such
one-year period that either (A) the General Partner has elected, with the approval of the Conflicts Committee, not to cause a Partnership Group Member to pursue the opportunity, in
which case the TMG Entities may own, operate or Transfer the Tangible Asset or group of Tangible Assets without any further obligation to offer the Tangible Asset or group of Tangible Assets to the
Partnership (including pursuant to Article VI), or (B) the General Partner has elected to cause a Partnership Group Member to pursue the opportunity. If during such one-year
period the General Partner notifies TMG that it wishes to cause a Partnership Group Member to pursue the opportunity, within 45 days after such notification TMG shall submit a term sheet (a
"Term Sheet") to the General Partner containing the fundamental terms (other than purchase price and in accordance with the requirements of the Indenture, if applicable) on which it would be willing
to sell (or to cause another TMG Entity to sell) the Tangible Asset or group of Tangible Assets, including any proposed commitments from the TMG Entities, if any. 

        (b)   Within
45 days after delivery of the Term Sheet, the General Partner shall determine, on behalf of the Partnership and with the concurrence of the Conflicts
Committee, whether it wishes to cause a Partnership Group Member to acquire the Tangible Asset or group of Tangible Assets and submit to TMG the cash purchase price (the "Proposed Price") it is
willing to cause the Partnership Group Member to pay for the Tangible Asset or group of Tangible Assets and that would satisfy the requirements of the Indenture, if applicable. If the General Partner
either (i) fails to respond to the Term Sheet within 45 days of TMG's delivery thereof or (ii) rejects, with the

concurrence of the Conflicts Committee, the opportunity, then the TMG Entities may own, operate or Transfer the Tangible Asset or group of Tangible Assets without any further obligation to offer the
Tangible Asset or group of Tangible Assets to the Partnership (including pursuant to Article VI). If the General Partner submits a Proposed Price, TMG and the Conflicts Committee shall
negotiate the terms of the purchase and sale in good faith for 60 days. If TMG and the Conflicts Committee are unable to agree on such terms during such 60-day period, TMG may
attempt to sell the Tangible Asset or group of Tangible Assets to a person who is not an Affiliate of TMG within six months of the termination of such 60-day period at a purchase price, as
determined by written resolution of the Board of Directors of TMG, not less than 105% of the Proposed Price. If no sale to a non-Affiliate occurs within such six-month period,
the General Partner shall have the right (but not the obligation) to cause, on behalf of the Partnership and with the concurrence of the Conflicts Committee, a Partnership Group Member to purchase the
Tangible Asset or group of Tangible Assets at the Proposed Price and on the other fundamental terms specified in the Term Sheet provided to the General Partner pursuant to Section 2.3(a) with
respect to the Tangible Asset or group of Tangible Assets. The General Partner shall notify TMG of its intent to cause a Partnership Group Member to purchase the Tangible Asset or group of Tangible
Assets at the Proposed Price, and on the other fundamental terms specified in the Term Sheet provided to the General Partner pursuant to Section 2.3(a) with respect to the Tangible Asset or
group of Tangible Assets, within 45 days of the expiration of such six-month period or such earlier date on which TMG notifies the General Partner that it will no longer pursue a
sale to a non-Affiliate. If the General Partner either (A) fails to respond within such 45-day period or (B) rejects the opportunity, then the TMG Entities may
own, operate or Transfer the Tangible Asset or group of Tangible Assets without any further obligation to offer the Tangible Asset or group of Tangible Assets to the Partnership (including pursuant to
Article VI). 

        (c)   If
requested by the General Partner, TMG shall use commercially reasonable efforts to obtain financial statements with respect to any Tangible Asset or group of Tangible
Assets purchased by a Partnership Group Member as required under Regulation S-X promulgated by the Securities and Exchange Commission or any successor statute. 

        2.4    Scope of Obligation.    Subject to the obligations to offer to sell Tangible Assets as
set forth in this Article II, each TMG Entity shall be free to engage in any business activity, including those that may be in direct competition with any Partnership Entity. 

        2.5    Enforcement.    TMG agrees and acknowledges that the Partnership does not have an
adequate remedy at law for the breach by TMG of the covenants and agreements set forth in this Article II, and that any
breach by TMG of the covenants and agreements set forth in this Article II would result in irreparable injury to the Partnership. TMG further agrees and acknowledges that the Partnership may,
in addition to the other remedies which may be available to the Partnership, file a suit in equity to enjoin TMG from such breach, and consent to the issuance of injunctive relief under this
Agreement. 

 
 

ARTICLE III
  Indemnification    
    

        3.1    Environmental Indemnification.    

        (a)   Subject
to Section 3.2, TMG shall indemnify, defend and hold harmless the Partnership Group for a period of five years after the Closing Date from and against
environmental and Toxic Tort losses, damages (including, without limitation, real property damages and natural resource damages), injuries (including, without limitation, personal injury and death),
liabilities, claims, demands, breaches of contracts, causes of action, judgments, settlements, fines, penalties, costs and expenses (including, without limitation, court costs and reasonable
attorney's and expert's fees) of any and every kind or character, known or unknown, fixed or contingent, suffered or incurred by the Partnership Group by reason of or arising out of: 

        (i)    any
violation, or correction of any violation, of Environmental Laws associated with the ownership or operation of the Assets, or

        (ii)   any
event or condition associated with the ownership or operation of the Assets (including, without limitation, the presence of Hazardous Substances on, under, about or
migrating to or from the Assets or the disposal or release of Hazardous Substances generated by the operation of the Assets at non-Asset locations) including, without limitation,
(A) the cost and expense of any investigation, assessment, evaluation, monitoring, containment, cleanup, repair, restoration, remediation, or other corrective action required or necessary under
Environmental Laws or to satisfy any applicable Voluntary Cleanup Program, (B) the cost or expense of the preparation and implementation of any closure, remedial, corrective action, or other
plans required or necessary under Environmental Laws, and (C) the cost and expense for any environmental or Toxic Tort pre-trial, trial, or appellate legal or litigation support
work; 

but
only to the extent that such violation complained of under Section 3.1(a)(i) or such events or conditions included under Section 3.1(a)(ii) occurred before the Closing
Date (collectively, "Covered Environmental Losses"). 

        (b)   The
Partnership Group shall jointly and severally indemnify, defend and hold harmless the TMG Entities from and against environmental and Toxic Tort losses, damages
(including, without limitation, real property damages and natural resource damages), injuries (including, without limitation, personal injury and death), liabilities, claims, demands, breaches of
contracts, causes of action, judgments, settlements, fines, penalties, costs and expenses (including, without limitation, court costs and reasonable attorney's and expert's fees) of any and every kind
or character, known or unknown, fixed or contingent, suffered or incurred by the TMG Entities by reason of or arising out of: 

        (i)    any
violation or correction of violation of Environmental Laws associated with the ownership or operation of the Assets, or 

        (ii)   any
event or condition associated with the ownership or operation of the Assets (including, but not limited to, the presence of Hazardous Substances on, under, about or
migrating to or from the Assets or the disposal or release of Hazardous Substances generated by the operation of the Assets at non-Asset locations) including, without limitation,
(A) the cost and expense of any investigation, assessment, evaluation, monitoring, containment, cleanup, repair, restoration, remediation, or other corrective action required or necessary under
Environmental Laws, (B) the cost or expense of the preparation and implementation of any closure, remedial, corrective action, or other plans required or necessary under Environmental Laws, and
(C) the cost and expense for any environmental or Toxic Tort pre-trial, trial, or appellate legal or litigation support work; 

and
regardless of whether such violation complained of under Section 3.1(b)(i) or such events or conditions included under Section 3.1(b)(ii) occurred before or after the
Closing Date, except to the extent that any of the foregoing are Covered Environmental Losses for which the Partnership Group is entitled to indemnification from TMG under this Article III. 

        3.2    Limitations Regarding Environmental Indemnification.    The aggregate liability of TMG
in respect of all Covered Environmental Losses under Section 3.1(a) shall not exceed $15.0 million. TMG shall not have any obligation under Section 3.1(a) until the Covered
Environmental Losses of the Partnership Group exceed $250,000, and then only to the extent such aggregate Covered Environmental Losses exceed $250,000. Notwithstanding anything herein to the contrary,
in no event shall TMG have any indemnification obligations under Section 3.1(a) for claims made as a result of additions to or modifications of Environmental Laws promulgated after the Closing
Date. 

        3.3    Right of Way Indemnification.    TMG shall indemnify, defend and hold harmless the
Partnership Group from and against any losses, damages, liabilities, claims, demands, causes of action, judgments, settlements, fines, penalties, costs, and expenses (including, without limitation,
court costs and reasonable attorney's and expert's fees) of any and every kind or character, known or unknown, fixed or contingent, suffered or incurred by the Partnership Group by reason of or
arising out of

(a) the failure of the applicable Partnership Group Member to be the owner of such valid and indefeasible easement rights or fee ownership interests in and to the lands on which any refined
products terminal, pipeline or related equipment conveyed or contributed or otherwise Transferred (including by way of a Transfer of the ownership interest of a Person or by operation of law) to the
applicable Partnership Group Member on the Closing Date is located as of the Closing Date; (b) the failure of the applicable Partnership Group Member to have the consents, licenses and permits
necessary to allow any such pipeline referred to in clause (a) of this Section 3.3 to cross the roads, waterways, railroads and other areas upon which any such pipeline is located as of
the Closing Date; and (c) the cost of curing any condition set forth in clause (a) or (b) above that does not allow any Asset to be operated in accordance with customary industry
practice, to the extent that TMG is notified in writing of any of the foregoing within five years after the Closing Date. 

        3.4    Additional Indemnification.    

        (a)   In
addition to and not in limitation of the indemnification provided under Sections 3.1(a) and 3.3, TMG shall indemnify, defend, and hold harmless the Partnership Group
from and against any losses, damages, liabilities, claims, demands, causes of action, judgments, settlements, fines, penalties, costs, and expenses (including, without limitation, court costs and
reasonable attorney's and expert's fees) of any and every kind or character, known or unknown, fixed or contingent, suffered or incurred by the Partnership Group by reason of or arising out of
(i) all currently pending legal actions against the TMG Entities, (ii) events and conditions associated with the Retained Assets (including, without limitation, the Option Assets unless
and until purchased by a Partnership Group Member), whether occurring before or after the Closing Date, and (iii) all federal, state and local income tax liabilities attributable to the
operation of the Assets prior to the Closing Date, including any such income tax liabilities of the TMG Entities that may result from the consummation of the formation transactions for the Partnership
Group and the General Partner. 

        (b)   In
addition to and not in limitation of the indemnification provided under Section 3.1(b) or the Partnership Agreement, the Partnership Group shall jointly and
severally indemnify, defend, and hold harmless the TMG Entities from and against any losses, damages, liabilities, claims, demands, causes of action, judgments, settlements, fines, penalties, costs,
and expenses (including, without limitation, court costs and reasonable attorney's and expert's fees) of any and every kind or character, known or unknown, fixed or contingent, suffered or incurred by
the TMG Entities by reason of or arising out of events and conditions associated with the operation of the Assets and occurring on or after the Closing Date (other than Covered Environmental Losses,
which are provided for under Section 3.1), unless such indemnification would not be permitted under the Partnership Agreement by reason of one of the provisos contained in Section 7.7(a)
of the Partnership Agreement. 

        3.5    Indemnification Procedures.    

        (a)   The
Indemnified Party agrees that promptly after it becomes aware of facts giving rise to a claim for indemnification under this Article III, it will provide
notice thereof in writing to the Indemnifying Party, specifying the nature of and specific basis for such claim. 

        (b)   The
Indemnifying Party shall have the right to control all aspects of the defense of (and any counterclaims with respect to) any claims brought against the Indemnified
Party that are covered by the indemnification under this Article III, including, without limitation, the selection of counsel, determination of whether to appeal any decision of any court and
the settling of any such matter or any issues relating thereto; provided, however, that no such settlement shall be entered into without the consent of
the Indemnified Party unless it includes a full release of the Indemnified Party from such matter or issues, as the case may be, and does not include the admission of fault, culpability or a failure
to act, by or on behalf of such indemnified party. 

        (c)   The
Indemnified Party agrees to cooperate fully with the Indemnifying Party, with respect to all aspects of the defense of any claims covered by the indemnification
under this Article III,

including, without limitation, the prompt furnishing to the Indemnifying Party of any correspondence or other notice relating thereto that the Indemnified Party may receive, permitting the name of the
Indemnified Party to be utilized in connection with such defense, the making available to the Indemnifying Party of any files, records or other information of the Indemnified Party that the
Indemnifying Party considers relevant to such defense and the making available to the Indemnifying Party of any employees of the Indemnified Party; provided,
however, that in connection therewith the Indemnifying Party agrees to use reasonable efforts to minimize the impact thereof on the operations of the Indemnified Party and
further agrees to maintain the confidentiality of all files, records, and other information furnished by the Indemnified Party pursuant to this Section 3.5. In no event shall the obligation of
the Indemnified Party to cooperate with the Indemnifying Party as set forth in the immediately preceding sentence be construed as imposing upon the Indemnified Party an obligation to hire and pay for
counsel in connection with the defense of any claims covered by the indemnification set forth in this Article III; provided, however, that the
Indemnified Party may, at its own option, cost and expense, hire and pay for counsel in connection with any such defense. The Indemnifying Party agrees to keep any such counsel hired by the
Indemnified Party informed as to the status of any such defense, but the Indemnifying Party shall have the right to retain sole control over such defense. 

        (d)   In
determining the amount of any loss, cost, damage or expense for which the Indemnified Party is entitled to indemnification under this Agreement, the gross amount of
the indemnification will be reduced by (i) any insurance proceeds realized by the Indemnified Party and (ii) all amounts recovered by the Indemnified Party under contractual indemnities
from third Persons. For purposes of calculating the aggregate liability of TMG under Section 3.1(a), TMG will be deemed to have incurred any such liability when incurred or paid (and such
liability shall be applied toward the $15.0 million limitation on
liability set forth in Section 3.2), regardless of the status of any insurance claims in respect thereof, and such liability (and the application thereof toward the $15.0 million
limitation on liability set forth in Section 3.2) will be reduced when any insurance proceeds in respect thereof are actually received by TMG to the extent that TMG is not required to pay such
proceeds over to any of the Partnership Entities. 

        (e)   The
date on which notification of a claim for indemnification is received by the Indemnifying Party shall determine whether such claim is timely made. 

 
 

ARTICLE IV
  Services    
    

        4.1    General.    

        (a)   During
the period commencing on the Closing Date and terminating on the earlier to occur of the TMG Entities ceasing to control the General Partner or the third
anniversary of the Closing Date (subject to the extension provided in paragraph (d) below, the "Applicable Period"), the Partnership shall pay TMG and its Affiliates an administrative fee (the
"Administrative Fee") of $2.8 million per year, payable in arrears in equal quarterly installments beginning on the first fiscal quarter-end of the Partnership following the Closing
Date (prorated to account for any partial quarterly period), for the provision by TMG and its Affiliates (including, without limitation, the General Partner) for the Partnership Group's benefit of
certain corporate staff and support services during the Applicable Period including, without limitation, the services listed on Schedule I to this Agreement (the "Services"); provided, that the
Services shall not include any services that are outsourced by TMG and its Affiliates to third parties. The Services will be substantially identical in nature and quality to the services of such type
previously provided by TMG and its Affiliates in connection with their management and operation of the Assets during the one-year period prior to the Closing Date (to the extent the Assets
were managed and operated by TMG and its Affiliates during such periods). During the Applicable Period, the Partnership Group will satisfy all of its needs for Services through TMG and its Affiliates.
TMG may increase the Administrative Fee on the first and second anniversary of the Closing Date by an amount up to the product of the then-current Administrative Fee multiplied by the
percentage

increase, if any, from the immediately preceding year in the Consumer Price Index—All Urban Consumers, U.S. City Average, Not Seasonally Adjusted. If the Partnership or any other
Partnership Group Member acquires or constructs additional assets during the Applicable Period, then TMG shall propose a revised Administrative Fee covering the provision of Services for such
additional assets and that complies with the terms and conditions of the Indenture. If the General Partner, on behalf of the Partnership Group and with the concurrence of the Conflicts Committee,
agrees to such revised Administrative Fee, TMG and its Affiliates, as applicable, shall provide Services for the additional assets pursuant to the terms set forth herein, and references herein to the
"Assets" shall thereafter include such additional assets. 

        (b)   During
the Applicable Period, the Partnership shall pay TMG and its Affiliates an insurance reimbursement (the "Insurance Reimbursement") of $1.0 million per
year, payable in equal quarterly installments, for insurance premiums with respect to the initially-contributed Assets. TMG may increase the Insurance Reimbursement at any time in accordance with
increases in the premiums or fees payable under the applicable insurance policies. If the Partnership or any other Partnership Group Member acquires or constructs additional assets during the
Applicable Period, TMG shall propose a revised Insurance Reimbursement covering insurance premiums for such additional assets. If the General Partner, on behalf of the Partnership Group and with the
concurrence of the Conflicts Committee, agrees to such revised Insurance Reimbursement, TMG shall procure insurance coverage for the additional assets pursuant to the terms set forth herein. 

        (c)   On
each anniversary of the Closing Date, the Partnership will have the right to submit to TMG a proposal to reduce the amount of the Administrative Fee for that year if
the Partnership believes, in good faith, that the Services performed by TMG and its Affiliates for the year in question do not justify payment of the full Administrative Fee for that year. If the
Partnership submits such a proposal to TMG, TMG agrees that it will negotiate in good faith with the Partnership to determine if the
Administrative Fee for that year should be reduced and, if so, by how much, subject to the terms and conditions of the Indenture. 

        (d)   The
Applicable Period shall automatically renew for subsequent two-year periods, cancelable on one year's notice by either TMG or the Partnership. Following
the expiration of the Applicable Period, the General Partner will determine the amount of corporate staff and support expenses and insurance premium expenses that are properly allocable to the
Partnership Group in accordance with the terms of the Partnership Agreement. 

        (e)   The
Administrative Fee shall not include and the Partnership Group shall reimburse TMG and its Affiliates for: 

        (i)    wages
and salaries of employees of any TMG Entity, to the extent, but only to the extent, such employees perform services for the Partnership Group on-site
at any Asset; 

        (ii)   the
cost of employee benefits relating to employees of any TMG Entity, such as 401(k), pension, and health insurance benefits, to the extent, but only to the extent,
such employees perform services for the Partnership Group on-site at any Asset; 

        (iii)  out-of-pocket
costs and expenses incurred by TMG or its Affiliates on behalf of the Partnership Group, including the incremental general and
administrative expenses of the Partnership's becoming a public company, such as K-1 preparation, external audit, internal audit, transfer agent and registrar, legal, printing, unitholder
reports, and other costs and expenses; and 

        (iv)  all
sales, use, excise, value added or similar taxes, if any, that may be applicable from time to time in respect of the Services.

 
 

ARTICLE V
  Purchase Options    
    

        5.1    Option to Purchase Certain Assets Retained by the TMG Entities.    

        (a)   Subject
to Section 5.1(d), TMG, on behalf of itself and the other TMG Entities, hereby grants to the Partnership exclusive options to purchase all of the TMG
Entities' right, title and interest in, to and under certain of the refined product terminals retained by the TMG Entities, consisting of the following assets (the "Option Assets"): 

        (i)    the
TMG Entities' terminal complex located in Brownsville, Texas (the "Brownsville Option"); 

        (ii)   the
TMG Entities' refined product terminals located at various points along the Plantation and Colonial pipeline corridors, which extend from the Gulf Coast through the
Southeast and Mid-Atlantic regions (the "Pipeline Terminals Option"); and 

        (iii)  the
TMG Entities' refined product terminals located along the Mississippi and Ohio River areas (the "River Terminals Option", and together with the Brownsville Option
and the Pipeline Terminals Option, the "Options"). 

The
Option Assets subject to each Option are described in greater detail on Schedule II hereto, and all references to such Option Assets in this Agreement shall be deemed qualified by the
descriptions thereof set forth on such Schedule II. Any tangible assets received by a TMG Entity in a Swap Transaction in exchange for any of the Option Assets described above will be subject
to the Options described in this Section 5.1. For the avoidance of doubt, the Option Assets do not include the TMG Entities' (i) tug and barge operations, (ii) supply,
distribution and marketing businesses, (iii) proprietary pipeline receipt and delivery system at the Port Everglades (North) and Port Everglades (South) terminals, and (iv) refined
product terminals located in Rensselaer, New York and Chippewa Falls, Wisconsin. 

        (b)   The
Brownsville Option will be exercisable beginning on January 1, 2006 for a period of one year. The Pipeline Terminals Option will be exercisable beginning on
December 1, 2007 for a period of one year. The River Terminals Option will be exercisable beginning on December 1, 2008 for a period of one year. 

        (c)   TMG
shall cause each other TMG Entity to comply with the terms of this Article V. 

        (d)   The
Parties acknowledge that any potential Transfer of the Option Assets pursuant to this Article V shall be subject to and conditioned on obtaining any and all
necessary consents of TMG's and its Affiliates' shareholders, noteholders and other securityholders, governmental authorities, lenders and
other third parties. If TMG believes in good faith that the consent of holders of its Notes is required under the Indenture for the Transfer of any Option Assets, then TMG will use commercially
reasonable efforts to obtain such consent. If TMG is not successful in obtaining the necessary consent of the holders of the Notes, then it will use commercially reasonable efforts to redeem the Notes
on terms set forth in the Indenture or otherwise determined by TMG to be economical to TMG; provided, that TMG shall have no obligation hereunder to pay any premium in connection with any such
redemption of the Notes. If the exercise of any of the Options is prevented or delayed due to TMG's failure to obtain the consent of the holders of, or to redeem, its Notes, then the exercise period
for each such affected Option shall be automatically extended until such time as the exercise thereof will not be so prevented or delayed. 

        5.2    Procedures.    

        (a)   The
General Partner shall notify TMG in writing during each Option exercise period that either (i) the General Partner has elected, with the approval of the
Conflicts Committee, not to cause a Partnership Group Member to exercise such Option, in which case the TMG Entities may own, operate or Transfer the Option Assets subject to the applicable Option
without any further

obligation to offer such Option Assets to the Partnership (including pursuant to Article VI), or (ii) the General Partner, with the approval of the Conflicts Committee, wishes to cause a
Partnership Group Member to exercise such Option, subject to the negotiation of the terms of the exercise of such Option pursuant to the provisions of Section 5.2(b). If during the applicable
exercise period the General Partner notifies TMG that it wishes to cause a Partnership Group Member to exercise such Option, within 45 days after such notification TMG shall submit a term sheet
(an "Option Term Sheet") to the General Partner containing the fundamental terms (other than purchase price and in accordance with the requirements of the Indenture, if applicable) on which it would
be willing to sell (or to cause another TMG Entity to sell) the applicable Option Assets, including any proposed commitments from the TMG Entities, if any. 

        (b)   Within
45 days after delivery of the Option Term Sheet, the General Partner shall submit to TMG, on behalf of the Partnership and with the concurrence of the
Conflicts Committee, the cash purchase price (the "Proposed Option Price") it is willing to cause a Partnership Group Member to pay for the applicable Option Assets and that would satisfy the
requirements of the Indenture, if applicable. Thereafter, TMG and the Conflicts Committee shall negotiate the terms of the purchase and sale in good faith for 60 days. If TMG and the Conflicts
Committee are unable to agree on such terms during such 60-day period, TMG may attempt to sell the applicable Option Assets to a person who is not an Affiliate of TMG within six months of
the termination of such 60-day period, provided that the purchase price for such Option Assets may not be less than 105% of the Proposed Option Price and otherwise shall be on terms that
are not materially more favorable to the proposed purchaser as the terms specified in the Option Term Sheet submitted by TMG pursuant to Section 5.2(a) with respect to such Option Assets, in
each case as determined by written resolution of the Board of Directors of TMG. If no sale to a non-Affiliate occurs within such six-month period, the General Partner shall
have the right (but not the obligation) to cause, on behalf of the Partnership and with the concurrence of the Conflicts Committee, a Partnership
Group Member to purchase the applicable Option Assets at the Proposed Option Price and otherwise upon the terms specified in the Option Term Sheet. The General Partner shall notify TMG of its intent
to cause a Partnership Group Member to purchase the applicable Option Assets at the Proposed Option Price within 45 days of the expiration of such six-month period or such earlier
date on which TMG notifies the General Partner that it will no longer pursue a sale to a non-Affiliate. If the General Partner either (A) fails to respond within such
45-day period or (B) rejects the opportunity by written notice of the General Partner, with the approval of the Conflicts Committee, to TMG, then the TMG Entities may own, operate
or Transfer the applicable Option Assets without any further obligation to offer the applicable Option Assets to the Partnership (including pursuant to Article VI). 

        (c)   If
requested by the General Partner, TMG shall use commercially reasonable efforts to obtain financial statements with respect to any Option Assets purchased by a
Partnership Group Member as required under Regulation S-X promulgated by the Securities and Exchange Commission or any successor statute. 

 
 

ARTICLE VI
  Rights of First Refusal    
    

        6.1    Rights of First Refusal.    

        (a)   Subject
to Section 6.1(c), for so long as a TMG Entity controls the General Partner the Partnership hereby grants to TMG a right of first refusal on any proposed
Transfer (other than a grant of a security interest to a bona fide third party lender or a Transfer to another Partnership Group Member) of assets held by a Partnership Group Member that are in the
same line of business in which any TMG Entity is then currently engaged; provided, that TMG agrees to pay or to cause such other TMG Entity to pay no
less than 105% of the purchase price offered by a bona fide third party prospective acquiror (a "Proposed Transferee"). In addition, subject to Section 6.1(c), the Partnership hereby grants to
TMG a right of first refusal with respect to any petroleum product tankage capacity that (i) is put into commercial service after the Closing Date,

(ii) was subject to the Terminaling and Transportation Services Agreement prior to the termination or expiration thereof or (iii) is subject to a contract which terminates or becomes
terminable by a Partnership Group Member after the Closing Date (excluding any contract which is renewable solely at the option of the customer);  provided, that TMG agrees to pay or to cause another TMG
Entity to pay no less than 105% of the fees offered by the Proposed Transferee. 

        (b)   Subject
to Section 6.1(c), for so long as a TMG Entity controls the General Partner TMG, on behalf of itself and the other TMG Entities, hereby grants to the
Partnership a right of first refusal on any proposed Transfer (other than a grant of a security interest to a bona fide third party lender, a Transfer to another TMG Entity or a Transfer consummated
pursuant to a Swap Transaction) of (i) any Tangible Asset prior to the delivery of a Term Sheet related to such Tangible Asset to the General Partner and (ii) any Option Asset prior to
the exercise period of the applicable Option with respect thereto; provided, in each case, that the Partnership agrees to pay or to cause another
Partnership Group Member to pay no less than 105% of the purchase price offered by a Proposed Transferee. 

        (c)   The
Parties acknowledge that any potential Transfer of assets pursuant to this Article VI (such assets, the "ROFR Assets") shall be subject to, conditioned on and
in compliance with the terms and conditions in the Indenture and obtaining any and all necessary consents of equityholders, noteholders or other securityholders, governmental authorities, lenders or
other third parties. 

        6.2    Procedures.    

        (a)   If
a Partnership Group Member proposes to Transfer any ROFR Assets to a Proposed Transferee (a "Partnership Acquisition Proposal"), then the General Partner shall
promptly give written notice (a "Partnership Disposition Notice") thereof to TMG. The Partnership Disposition Notice shall set forth the following information in respect of the proposed Transfer:
(i) the name and address of the Proposed Transferee, (ii) the ROFR Asset(s) subject to the Partnership Acquisition Proposal,
(iii) the purchase price offered by such Proposed Transferee (the "Partnership Offer Price"), (iv) reasonable detail concerning any non-cash portion of the proposed
consideration, if any, to allow TMG to reasonably determine the fair value of such non-cash consideration, (v) the General Partner's estimate of the fair value of any
non-cash consideration, and (vi) all other material terms and conditions of the Partnership Acquisition Proposal that are then known to the General Partner. To the extent the
Proposed Transferee's offer consists of consideration other than cash (or in addition to cash), the Partnership Offer Price shall be deemed equal to the amount of any such cash plus the fair value of
such non-cash consideration. If TMG determines that it wishes to, or wishes to cause another TMG Entity to, purchase the applicable ROFR Assets on the terms set forth in the Partnership
Disposition Notice (subject to the provisos set forth in Section 6.1(a), including without limitation the requirement therein to pay 105% of the purchase price specified in the Partnership
Disposition Notice), it will deliver notice thereof to the General Partner within 45 days after the General Partner's delivery of the Partnership Disposition Notice (the "TMG Acceptance
Deadline"). Failure to provide such notice within such 45-day period shall be deemed to constitute a decision not to purchase the applicable ROFR Assets, and TMG shall be deemed to have
waived its rights with respect to such proposed disposition of the applicable ROFR Assets, but not with respect to any future offer of such ROFR Assets. If the Transfer by the Partnership Group Member
to the Proposed Transferee is not consummated in accordance with the terms of the Partnership Acquisition Proposal within the later of (A) 180 days after the TMG Acceptance Deadline, and
(B) 10 days after the satisfaction of all consent, governmental approval or filing requirements, if any, the Partnership Acquisition Proposal shall be deemed to lapse, and the
Partnership Group Member may not Transfer any of the ROFR Assets described in the Partnership Disposition Notice without complying again with the provisions of this Article VI if and to the
extent then applicable. 

        (b)   If
a TMG Entity proposes to Transfer any ROFR Assets to a Proposed Transferee (a "TMG Acquisition Proposal"), then TMG shall promptly give written notice (a "TMG
Disposition

Notice") thereof to the General Partner. The TMG Disposition Notice shall set forth the following information in respect of the proposed Transfer: (i) the name and address of the Proposed
Transferee, (ii) the ROFR Asset(s) subject to the TMG Acquisition Proposal, (iii) the purchase price offered by such Proposed Transferee
(the "TMG Offer Price"), (iv) proposed throughput arrangements, if any, (v) reasonable detail concerning any non-cash portion of the proposed consideration, if any, to allow
the General Partner to reasonably determine the fair value of such non-cash consideration, (vi) TMG's estimate of the fair value of any non-cash consideration, and
(vii) all other material terms and conditions of the TMG Acquisition Proposal that are then known to TMG. To the extent the Proposed Transferee's offer consists of consideration other than cash
(or in addition to cash) the TMG Offer Price shall be deemed equal to the amount of any such cash plus the fair value of such non-cash consideration. No later than 45 days after
TMG's delivery of the TMG Disposition Notice (the "Partnership Acceptance Deadline"), the General Partner shall notify TMG in writing that either (i) the General Partner has elected, with the
approval of the Conflicts Committee, not to cause a Partnership Group Member to purchase the applicable ROFR Assets on the terms set forth in the TMG Disposition Notice (subject to the proviso set
forth in Section 6.1(b), including without limitation the requirement therein to pay 105% of the purchase price specified in the TMG Disposition Notice), in which case the TMG Entities may own,
operate or Transfer the applicable ROFR Assets without any further obligation to offer such ROFR Assets to the Partnership, other than any re-offer of the same ROFR Assets pursuant to the
terms set forth in this paragraph (b) below, or (ii) the General Partner has elected to cause a Partnership Group Member to purchase the applicable ROFR Assets on the terms set forth in
the TMG Disposition Notice (subject to the proviso set forth in Section 6.1(b), including without limitation the requirement therein to pay 105% of the purchase price specified in the TMG
Disposition Notice). If the Transfer by the TMG Entity to the Proposed Transferee is not consummated in accordance with the terms of the TMG Acquisition Proposal within the later of
(A) 180 days after the Partnership Acceptance Deadline, and (B) 10 days after the satisfaction of all consent, governmental approval or filing requirements, if any, the TMG
Acquisition Proposal shall be deemed to lapse, and the TMG Entity may not Transfer any of the ROFR Assets described in the TMG Disposition Notice without complying again with the provisions of this
Article VI if and to the extent then applicable. 

        (c)   If
requested by the transferee Party, the transferor Party shall use commercially reasonable efforts to obtain financial statements with respect to any ROFR Assets
Transferred pursuant to this Article VI as required under Regulation S-X promulgated by the Securities and Exchange Commission or any successor statute. TMG and the
Partnership Group shall cooperate in good faith in obtaining all necessary consents of equityholders, noteholders or other securityholders, governmental authorities, lenders or other third parties. 

 
 

ARTICLE VII
  Miscellaneous    
    

        7.1    Choice of Law; Submission to Jurisdiction.    This Agreement shall be subject to and
governed by the laws of the State of Colorado, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement to the
laws of another state. Each Party hereby submits to the jurisdiction of the state and federal courts in the State of Colorado and to venue in Denver, Colorado. 

        7.2    Notice.    All notices or requests or consents provided for by, or permitted to be
given pursuant to, this Agreement must be in writing and must be given by depositing same in the United States mail, addressed to the Person to be notified, postpaid, and registered or certified with
return receipt requested or by delivering such notice in person or by telecopier or telegram to such Party. Notice given by personal delivery or mail shall be effective upon actual receipt. Notice
given by telegram or telecopier shall be effective upon actual receipt if received during the recipient's normal business hours or at the beginning of the recipient's next business day after receipt
if not received during the recipient's normal business hours. All notices to be sent to a Party pursuant to this

Agreement shall be sent to or made at the address set forth below such Party's signature to this Agreement or at such other address as such Party may stipulate to the other Parties in the manner
provided in this Section 7.2. 

if
to the TMG Entities: 

TransMontaigne Inc.

1670 Broadway

Suite 3100

Denver, Colorado 80202

Attention: President

Fax: 303-626-8228 

if
to the Partnership Entities: 

TransMontaigne
Partners L.P.

c/o TransMontaigne GP L.L.C.

1670 Broadway

Suite 3100

Denver, Colorado 80202

Attention: President

Fax: 303-626-8228 

        7.3    Entire Agreement.    This Agreement constitutes the entire agreement of the Parties
relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein. 

        7.4    Termination.    Notwithstanding any other provision of this Agreement, if the General
Partner is removed as general partner of the Partnership under circumstances where Cause does not exist and Units held by the General Partner and its Affiliates are not voted in favor of such removal,
this Agreement, other than the provisions set forth in Article III hereof, may immediately thereupon be terminated by TMG. The provisions of Article II and Article VI of this
Agreement may be terminated by TMG upon a Change of Control of TMG. 

        7.5    Amendment or Modification.    This Agreement may be amended or modified from time to
time only by the written agreement of all the Parties hereto; provided, however, that the Partnership may not, without the prior approval of the Conflicts Committee, agree to any amendment or
modification of this Agreement that the General Partner determines will adversely affect the holders of Common Units. Each such instrument shall be reduced to writing and shall be designated on its
face an "Amendment" or an "Addendum" to this Agreement. 

        7.6    Assignment.    No Party shall have the right to assign any of its rights or obligations
under this Agreement without the consent of the other Parties hereto. 

        7.7    Counterparts.    This Agreement may be executed in any number of counterparts with the
same effect as if all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 

        7.8    Severability.    If any provision of this Agreement shall be held invalid or
unenforceable by a court or regulatory body of competent jurisdiction, the remainder of this Agreement shall remain in full force and effect. 

        7.9    Further Assurances.    In connection with this Agreement and all transactions
contemplated by this Agreement, each signatory party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or
appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions. 

        7.10    Rights of Limited Partners.    The provisions of this Agreement are enforceable solely
by the Parties to this Agreement, and no Limited Partner of the Partnership shall have the right, separate and

apart from the Partnership, to enforce any provision of this Agreement or to compel any Party to this Agreement to comply with the terms of this Agreement. 

        IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the Closing Date. 

	 	 	TRANSMONTAIGNE INC.
	

 	
 	

By:	

    
 Name:

Title:
	

 	
 	
TRANSMONTAIGNE GP L.L.C.
	

 	
 	

By:	

    
 Name:

Title:
	

 	
 	
TRANSMONTAIGNE PARTNERS L.P.
	

 	
 	
By TransMontaigne GP L.L.C.

Its General Partner
	

 	
 	

By:	

    
 Name:

Title:
	

 	
 	
TRANSMONTAIGNE OPERATING GP L.L.C.
	

 	
 	

By:	

    
 Name:

Title:
	

 	
 	
TRANSMONTAIGNE OPERATING COMPANY L.P.
	

 	
 	
By TransMontaigne Operating GP L.L.C.

Its General Partner
	

 	
 	

By:	

    
 Name:

Title:

QuickLinks

Exhibit 10.3

OMNIBUS AGREEMENT

ARTICLE I Definitions

ARTICLE II Offers to Sell Tangible Assets

ARTICLE III Indemnification

ARTICLE IV Services

ARTICLE V Purchase Options

ARTICLE VI Rights of First Refusal

ARTICLE VII MiscellaneousQuickLinks
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Exhibit 10.4  

 
 

TERMINALING AND TRANSPORTATION SERVICES AGREEMENT    
    

        This Terminaling and Transportation Services Agreement ("Agreement") entered into this            day of May, 2005 ("Effective
Date") is made by and between  TransMontaigne Partners L.P. on behalf of itself and its Affiliates ("Owner"), and TransMontaigne Product Services Inc.
and Coastal Fuels Marketing, Inc., ("Customer"), sometimes referred to individually as "Party" and collectively as "Parties". In consideration of the mutual promises
contained in this Agreement, the Parties agree to the following terms and conditions. 

Section 1. Definitions. In this Agreement, unless the context requires otherwise, the terms defined in the preamble have
the meanings indicated and the following terms will have the meanings indicated below: 

        "Affiliate" means, in relation to a Party, any Person that (i) directly or indirectly controls such Party; (ii) is directly
or indirectly controlled by such Party; or (iii) is directly or indirectly controlled by a Person that directly or indirectly controls such Party. For this purpose, "control" of any entity or
Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of any Person, whether through the ownership of a majority of issued
shares or voting power or control in fact of the entity or Person or otherwise. 

        "Applicable Law" means, with respect to any Governmental Authority, (i) any law, statute, regulation, code, ordinance, license,
decision, order, writ, injunction, decision, directive, judgment, policy, decree and any judicial or administrative interpretations thereof, (ii) any agreement, concession or arrangement with
any other Governmental Authority and (iii) any license, permit or compliance requirement, in each case applicable to either Party and as amended or modified from time to time. 

        "Arrival Notice" has the meaning assigned to such term in Section 4.2. 

        "Barrel" means 42 U.S. Gallons. 

        "Business Day" means each calendar day, excluding Saturdays, Sundays, or other holidays observed by Owner. 

        "Commencement Date" means            , 2005 the date of the closing of Owner's initial public offering of common units. 

        "Contract Quarter" means a three month period that commences January 1, April 1, July 1, or October 1, and
ends March 31, June 30, September 30, or December 31 respectively. 

        "Contract Year" means a period of 365 consecutive days commencing on January 1, 2006 and each successive period of 365
consecutive days during the Term of this Agreement with the exception of any Contract Year in which February has 29 days when the period will be 366 days, except the initial
Contract Year which shall begin on the Commencement Date, and end December 31, 2005. 

        "FERC" means the United States Federal Energy Regulatory Commission. 

        "Force Majeure" means (i) strikes, lockouts or other industrial disputes or disturbances, (ii) acts of the public enemy or
of belligerents, hostilities or other disorders, wars (declared or undeclared), blockades, thefts, insurrections, riots, civil disturbances or sabotage, (iii) acts of nature, landslides, severe
lightning, earthquakes, fires, tornadoes, hurricanes, storms, and warnings for any of the foregoing which may necessitate the precautionary shut-down of pipelines, docks, loading and
unloading facilities or the Terminal or other related facilities, floods, washouts, freezing of machinery, equipment, or lines of pipe, inclement weather that necessitates extraordinary measures and
expense to construct facilities or maintain operations, tidal waves, perils of the sea and other adverse weather conditions or unusual or abnormal conditions of the sea or other water,
(iv) arrests and restraints of or other interference or restrictions imposed by governments (either federal, state, civil or military and whether legal or de facto or purporting to act under
some constitutions, decree, law or otherwise), necessity for compliance with any court order, or any law, statue, ordinance, regulation, or order promulgated by a

 
Governmental Authority having or asserting jurisdiction, embargoes or export or import restrictions, expropriation, requisition, confiscation or nationalization, or, (v) epidemics or
quarantine, explosions, breakage or accidents to equipment, machinery, plants, facilities or lines of pipe, electric power shortages, breakdown or injury of vessels or any other causes, whether of the
kind enumerated above or otherwise, which were not reasonably foreseeable, and which are not within the control of the Party claiming suspension and which by the exercise of due diligence such Party
is unable to prevent or overcome, and which continue for a period of thirty (30) consecutive days. Such term will likewise include, in those instances where either Party is required to
obtain servitudes, rights-of-way, grants, permits, or licenses to enable such Party to fulfill its obligations under this Agreement, the inability of such Party to acquire, or
delays on the part of such Party in acquiring, at reasonable cost and after the exercise of reasonable diligence, such servitudes, rights-of-way grants, permits or licenses,
and in those instances where either Party is required to furnish materials and supplies for the purpose of constructing or maintaining facilities to enable such Party to fulfill its obligations under
this Agreement, the inability of such Party to acquire, or delays on the part of such Party in acquiring, at reasonable cost and after the exercise of reasonable diligence, such materials and
supplies. 

        "Gallon" means a U.S. gallon of 231 cubic inches corrected to 60 degrees Fahrenheit. 

        "Governmental Authority" means any foreign or U.S. federal, state, regional, local or municipal governmental body, agency,
instrumentality, board, bureau, commission, department, authority or entity established or controlled by a government or subdivision thereof, including any legislative, administrative or judicial
body, or any person purporting to act therefor. 

        "Indemnified Party" has the meaning assigned to such term in Section 18.1. 

        "Indemnifying Party" has the meaning assigned to such term in Section 18.1. 

        "Independent Inspector" means a licensed Person who performs sampling, quality analysis and quantity determination of the Products
received or delivered. 

        "Interest Rate" means the one-month LIBOR rate. 

        "Liabilities" means any losses, charges, damages, deficiencies, assessments, interests, penalties, costs and expenses of any kind related
to or that arise out of this Agreement (including reasonable attorneys' fees, other fees, court costs and other disbursements), including any Liabilities that directly or indirectly arise out of or
are related to any claim, proceeding, judgment, settlement or judicial or administrative
order made or commenced by any third party or Governmental Authority related to or that arise out of this Agreement. 

        "Minimum Revenue Commitment" has the meaning set out in Section 3.4. 

        "Month" means a calendar month. 

        "Product" has the meaning described in Attachments "A" and  "B". 

        "Product Loss" means any loss of Product occurring as a result of any contamination, adulteration, mislabeling, misidentification or other
loss of or damage to Product caused by the failure of the Owner to use reasonable industry procedures in the handling, testing or storage of Product. Product Loss is not the result of loss of or
damage to Product (i) associated with Product flushing to eliminate residual particles or other contaminants from pipelines, Tanks, valves or pumps, (ii) associated with circumstances
involving Force Majeure, (iii) caused by the act or omission of Customer, (iv) due to normal Product evaporation, shrinkage, line loss, clingage, or tolerance of Product measurement
inaccuracies in compliance with federal or state law, or, in the absence of either, industry standards, and shall only be considered if in excess of 0.10% of Product receipts (Product Loss Tolerance),
calculated on a terminal by terminal basis, or (v) regrades of Product resulting from commingling of Product in pipelines.

 

        "Tank" has the meaning described in Attachment "A". 

        "Term" has the meaning indicated in Attachment "A". 

        "Terminal" has the meaning of an applicable Terminal or Terminals described in Attachment
"A". 

        "Third Party" means any entity other than Owner, Customer or their Affiliates. 

        "Third Party Claim" has the meaning assigned to such term in Section 18.3. 

        "Throughput" shall be all Product delivered from a Terminal or Terminals. 

        "Vessel" means an ocean-going tanker, barge or inland barge. 

Section 2. Service, Statements, Invoices, Documents and Records.  

        2.1   Owner
will provide services related to the receipt, storage, throughput, heating, additive and other injection, blending and delivery of Customer's Product to and from
Customer or on behalf of Customer into and out of the Tanks at the Terminal and transportation of Customer's Product, and provide the facilities reasonably necessary to perform such services and
provide such additional services as may be provided under this Agreement and its attachments, for the fees, rates and charges contained in this Agreement. Those services will be performed in a manner
consistent with Owner's current practices at the Terminal and in compliance with Applicable Law. 

        2.2   As
requested by Customer, Owner will transmit to Customer a statement of receipts, deliveries and ending inventory, copies of individual Tank gauging documents, pipeline
meter tickets, tank truck loading rack bills of lading, scale tickets, and railroad tank car gauging documents, if any are applicable. These documents will be transmitted to Customer at the number or
other address indicated in Attachment "A". 

        2.3   Within
15 days following the end of each Month during the Term of this Agreement, Owner will submit to Customer, at the address indicated in  Attachment "A," statements recording the volume of Customer's
Product received into and delivered from the Terminal during the preceding Month, together
with an invoice for amounts due for services provided during the preceding Month, as applicable and all as set forth on Attachment "A". In case of any
conflict between the documents provided to Customer under Section 2.2 and the Monthly statements provided under this Section, the Monthly
statements provided under this Section will prevail as to the volume of Product received and delivered by Owner, unless disputed by Customer. 

        2.4   Each
Party will maintain a true and correct set of records pertaining to its performance of this Agreement and will retain copies of all such records for a period of not
less than two (2) years following termination or cancellation of this Agreement. Upon reasonable prior notice, a Party or its authorized representative may at its sole cost, during the Term of
this Agreement and for the aforesaid two (2) year period, inspect such records of the other Party during normal business hours at the other Party's place of business. 

Section 3. Fees, Charges and Taxes.  

        3.1   Customer
will pay Owner for services provided under this Agreement as indicated in Attachment "A". 

        3.2   All
fees and charges reflected in Owner's invoices are due and payable within 15 Business Days of the receipt of Owner's invoice. Payment must be made by electronic wire
transfer of same day available Federal funds to Owner's account and bank, both as indicated on Owner's invoice. Invoices may be sent by electronic mail and telephone facsimile. If Customer disputes
any portion of an invoice, Customer must pay the undisputed portion of the invoice. Overdue amounts or disputed amounts that are resolved in favor of the Owner will accrue interest at the Interest
Rate from the date that payment

 
is due until paid in full. The defaulting Party will pay all of the other Party's costs (including reasonable attorney's fees and court costs) of collecting past due payments and late payment charges,
whether or not suit is brought. 

        3.3   Customer
will pay any and all taxes, fees or other charges and assessments, (including any charge or payment in lieu thereof), including inventory, sales taxes on
Terminal services and Product ownership taxes, if any, on Customer's Product and Customer's property at the Terminal. Owner shall be responsible for and pay all other applicable taxes levied upon
Owner, including any increases in taxes levied on Owner's Terminal (including real property, personal property of Owner or both) as a result of Customer's activities at the Terminal that Owner may be
required to pay or collect under Applicable Law. 

        3.4   Subject
to the terms herein, Owner will transport and throughput an amount of Product in the aggregate that will produce revenue to the Owner in an amount at least equal
to $5.0 million per Contract Quarter (the "Minimum Revenue Commitment"). Any deficiency between the actual charges for services herein and the
Minimum Revenue Commitment for a Contract Quarter shall be invoiced and paid in accordance with this Section. Any such deficiency payment shall be credited against any payments owed by Customer in any
of the next succeeding four (4) Calendar Quarters in excess of the respective Minimum Revenue Commitment for such Calendar Quarter. Should the initial Calendar Quarter under this Agreement be
less than a full calendar three month period, the Minimum Revenue Commitment for that Calendar Quarter shall be proportionately reduced to reflect the actual time period. 

        If
Customer is unable for a period of time to transport or throughput the volumes of Product required to meet the Minimum Revenue Commitment as a result of Owner's operational
difficulties, prorationing or difficulties with pipeline connections, then upon written notice by Customer to Owner, the Minimum Revenue Commitment will be reduced proportionately for such period of
time of the operational difficulties, prorationing or difficulties with pipeline connections. 

        3.5   Customer
agrees not to challenge, protest or file a complaint, or cause, encourage or recommend to any Affiliate or any other person that it protest or
file a complaint with respect to any rates, tariffs, rules, regulations in effect during the term of the Agreement, as the same may be amended from time to time provided that such tariffs,
regulatory filings or rates do not conflict with the terms of the Agreement. 

Section 4. Operations, Receipts and Deliveries.  

        4.1   Customer's
Product will be delivered to the Terminal via the mode of transportation identified in Attachment "A" free of
any charge to Owner. Receipts and deliveries of Product will be handled within the normal business hours of the Terminal as set forth on Attachment
"A". Owner may make temporary changes in business hours or temporarily close any Terminal because of an extraordinary event without Customer's approval. Owner will
notify Customer of such temporary changes or closure in advance, or as soon after implementation as is practicable. Vessels will be loaded and unloaded on first come, first served basis and Owner will
not be responsible for the payment of any demurrage or costs incurred by Customer or its transportation carrier for any delay in receiving or delivering the Product or any other costs or fees in
connection with marine receipts and deliveries. 

        4.2   Customer
must arrange for and pay all third party costs related to the receipt or delivery of Customer's Product to and from the Terminal. Owner is responsible only to
receive or deliver, as the case may be, the Product at its Terminal. Unless otherwise provided by Owner in writing, Customer must provide notice reasonably acceptable to Owner (in accordance with  Section 13) and to the Terminal containing all necessary shipping instructions, including without limitation, the identity and quantity of the
Product and the tentative arrival date(s) (the "Arrival Notice"). If this Agreement involves marine receipts or deliveries of Product, Owner will advise Customer concerning the

 
limitations of the Vessel that may be berthed, including its maximum size, draw, draft and length, the docks and associated positions to be used for each Product movement, as well as the minimum
pumping rates or pressure, as applicable, or both. Owner may change Vessel limitation, dock designation, and pumping rates and pressure criteria from time to time upon prior reasonable notice to
Customer. If Owner determines that a Vessel is unsuitable for shipment of Products, as Owner deems appropriate, Owner may refuse to load or unload such equipment and will advise the carrier and
Customer of the situation immediately, and request further instructions from the Customer. It is the responsibility of Customer to notify the appropriate authorities and agencies regarding Vessel
arrivals. If Customer requires any change in the shipping instructions, including, without limitation, the identity of the Product, Customer must provide notice (in accordance with  Section 13) to
the Owner and the Terminal (See Section 2, Terminal and Owner Address of  Attachment "A") before the arrival of the Product at the Terminal. Upon
receipt of Customer's shipping instructions, Owner and the Terminal will
immediately advise Customer of the Terminal's availability. If the Terminal will not be available to receive or deliver Customer's Product on the communicated arrival date, Owner will advise as to the
earliest time when Customer's Product may be received or delivered at the Terminal. Customer will ensure that confirmation of the arrival date(s) and time of the Product will be communicated to Owner
and the Terminal by Customer's carrier periodically, at intervals of at least 48, 24 and 12 hours in advance of the anticipated date and time of arrival of the Product. Notwithstanding  Section 13, such communication may be effected by telephone or facsimile. 

        4.3   If
any of Customer's Vessels (i) fails to vacate a dock upon completion of loading or discharge, (ii) fails to discharge or load a barge within
twenty-four (24) hours or within thirty-six (36) hours for an ocean going barge or vessel, or (iii) fails to vacate in order to conduct repairs, then,
after having been notified by Owner to vacate, Customer shall be responsible for the cost applicable to the berths along with any costs incurred by any Vessels which would otherwise be occupying such
dock but for the failure of Customer's Vessel to vacate, save and except any such costs arising due to delay caused by Owner. 

        4.4   Subject
to the restrictions of Attachment "A" and the Product Loss Tolerance, Owner will deliver to Customer, or to such Third Parties as Customer may direct, the
Product held by Owner at the Terminal for the account of Customer. Customer is responsible for providing to Owner documentation required to authorize deliveries for or on its behalf from the Terminal. 

        4.5   Customer
may use the Tanks only for storage of the Product and may use the Tanks for storage of other products only with prior written consent of Owner. If a special
method of storing or handling Product is required, then Customer must notify Owner in sufficient time to enable Owner to consider whether it will accept the proposed changes in the Product stored or
the method of storing or handling the Product and to take the necessary preparatory measures if it agrees with such changes. Failing such notice, Owner will not be liable for losses or damage incurred
during the storage and handling of the Products, nor will Owner be obligated to provide such special storage and handling service. It is understood that the cost of any additional or special equipment
required by Customer or of alterations made necessary by the nature of Customer's Product, will be for the account of Customer and Customer will be responsible for the expense of any necessary
cleaning of the storage and handling equipment, including, without limitation, Tanks, pipelines, pumps, hoses, meters, and loading arms, unless otherwise explicitly stated in this Agreement. All
fixtures, equipment and appurtenances attached to the Tanks, pipelines and other facilities of the Terminal by either Party are and will remain the property of Owner. No such items may be installed by
Customer without the prior written consent of Owner. 

        4.6   Within
10 days following termination of this Agreement (subject to any lien that Owner may have on Product), Customer will remove and properly dispose of all
Product, residue, scale, and any other accumulation from the Tank and pipelines and clean both Tank interior and pipelines then in use for light Products to a condition suitable for the storage of
ultra low sulfur diesel fuel. If the Tank and

 
pipelines are then in heavy oil use, they shall be cleaned to a condition suitable for No. 6 fuel oil storage. Customer shall reimburse Owner for all costs and expenses reasonably incurred by
Owner in taking such action, plus a 15% handling fee, as well as the cost of storage and handling of the Product removed, if any, at a rate of $0.01 per Barrel per day in addition to any other fees
due hereunder, which fees and rates will continue to be charged if Customer shall not have removed Customer's Product from the Tanks within 10 days from the date of termination hereof. 

        4.7   If
any Governmental Authority requires installation of any improvement, alteration or addition to any Tank or other equipment at the Terminal for purposes of compliance
with Applicable Law that would require Owner to make substantial and unanticipated capital expenditures, other than continued maintenance and capital expenditures not affected by such requirement,
Owner will notify Customer of (i) the cost of making any such improvement, alteration or addition, after Owner's efforts to mitigate such costs, (ii) when such improvement, alteration or
addition must be completed, and (iii) Customer's share of such costs. Owner will not be required to make any improvements, alterations or additions to the Terminal in such circumstance, unless
Customer either agrees to pay its share of such costs in the manner provided below or agrees in good faith with Owner for a ratable surcharge to serve as a monthly fee increase. If Customer elects,
after negotiation with Owner in good faith, not to share in such costs and Owner chooses not to pay for such improvement, alteration or addition in lieu thereof, and if Owner does not direct the
affected Product to mutually acceptable terminaling assets owned by Owner or its Affiliates, either Party may terminate or release the affected facilities or Tanks from this Agreement, with an
equivalent reduction of the fees herein, including the Minimum Revenue Commitment, by giving the other Party notice of its intention no later than 30 days after Owner's receipt of notice of
Customer's election not to share in such costs. If Customer elects to pay its share of such costs, Owner shall likewise pay its share of such costs and proceed with the installation of the required
improvement, alteration or addition. Customer may elect to either pay such costs in one lump sum or pay its proportionate share of the costs on a prorated Monthly basis over the remaining Term of this
Agreement. In addition to installation costs, these costs will include engineering and interest expense (at a rate of 1% over the prime lending rate as reported in the Wall Street Journal on the date
of completion of such installation) and subsequent reasonable expenses, if any, of operating or maintaining such installation. 

        4.8   In
the case of segregated service provided by Owner, Customer will be responsible for providing all Tank bottoms and line fill and in the case of commingled service,
Customer will be responsible for providing its proportional share of Tank bottoms and line fill. 

Section 5. Product Quality Standards and Requirements.  

        5.1   Customer
warrants to Owner that all Product tendered by or for the account of Customer for receipt by the Terminal will conform to the specifications for such Product
set forth in Attachment "B", attached to this Agreement and included in it for all purposes by this reference, and will comply with industry standards
and all Applicable Law. Owner will not be obligated to receive Product into the Terminal that is contaminated or that otherwise fails to meet those specifications, nor will Owner be obligated to
accept Product that fails to meet Product grade set forth in the Arrival Notice. Owner may rely upon the specifications and representations of Customer set forth in the Arrival Notice as to Product
quality. Should Owner remove or dispose any water or other material in or associated with the Product at any time, Customer shall pay or reimburse all costs and expense associated with such removal or
disposal. 

        5.2   The
quality of Product tendered into the Terminal for Customer's account must be verified either by Customer's laboratory analysis, or by an Independent Inspector's
analysis indicating that the Product so tendered meets Owner's minimum Product specifications set forth in Section 5.1 above. Such analysis may
be conducted on a periodic basis in accordance with a quality compliance program implemented by Customer,which program shall be subject to the approval of Owner, which approval

 
shall not be unreasonably withheld. All costs associated with such compliance program shall be borne by Customer. Upon reasonable notice to Customer, Owner, at its expense, may sample any Product
tendered to Owner for Customer's account for the purpose of confirming the accuracy of the analysis. 

        5.3   Unless
Owner has provided segregated storage facilities for Products (see Attachment "A"), Owner may commingle fungible
products received from or on behalf of Customer with those fungible products of other Third Parties using the Terminal. At least twenty-four (24) hours prior to the time of each
receipt from Customer, a certificate setting forth quality, grade and other specifications of the Product must be delivered to Owner. Each Party may at all reasonable times make appropriate tests to
determine whether Product stored or delivered meets those specifications. Owner will be liable to Customer and any of Customer's purchasers by reason of contamination of Product that fails to meet
Customer's specifications only to the extent such contamination involves a Product Loss. 

Section 6. Title and Custody of Product.  

        6.1   Title to
Customer's Product will remain with Customer at all times subject to any lien in favor of Owner created pursuant to the terms of this Agreement or under
Applicable Law. Owner will assume custody of the Product at the time such Product passes the flange connection between the Third Party transportation carrier and that of Owner's receiving facilities.
For Vessel receipts at the Terminal, custody of Products shall pass to Owner upon receipt at the Terminal when the Products pass the last permanent flange connection between the Vessel's discharge
manifold and the receiving pipeline at the Terminal. If Products are delivered to Customer by Vessel, custody shall pass to Customer at the point where Products pass the last permanent flange
connection between the Terminal pipeline and the Vessel. For pipeline receipts at the Terminal, custody of the Products shall pass to Owner at the time the Products pass the flange connection between
the connecting pipeline and that of Owner's receiving facilities. If Products are delivered to Customer by pipeline, custody of the Products shall pass to Customer when the Products pass the flange
connection between Owner's delivery facilities and that of the connecting pipeline. If Products are delivered to Customer by truck rack, custody of the Products shall pass to Customer when the
Products pass the last permanent flange connection between the truck of Customer's transportation carrier and Owner's loading assembly. 

        6.2   Except
for damages, losses, or injury caused by Owner's gross negligence, Owner shall have no responsibility for any loss, damage or injury to persons or property
(including the Products) arising out of possession or use of the Product, except to the extent that such loss, damage or injury involves a Product Loss. 

Section 7. Limitation of Liability and Damages.  

        7.1   Utilizing
the prices set out in Section 8 of Attachment "A", the maximum liability of Owner for Product Loss will
not exceed, and is strictly limited to, the market value of the Product at the time of the Product Loss or immediately prior to its contamination, plus the costs and expenses actually, reasonably and
necessarily incurred by Customer or Customer's immediate purchaser in damage to equipment, cleaning and repairing trucks, and facilities into which such Product was delivered at the Terminal, plus any
fines and penalties actually levied against Customer or Customer's immediate purchaser by reason of such fault on Owner's part. Owner may, in lieu of payment for Product, replace such Product with
Product of like grade and quality. 

        7.2   EXCEPT
FOR THE PARTIES' INDEMNIFICATION OBLIGATIONS WITH RESPECT TO CLAIMS OF THIRD PARTIES, THE PARTIES' LIABILITY FOR DAMAGES HEREUNDER IS LIMITED TO DIRECT, ACTUAL
DAMAGES ONLY AND NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR SPECIFIC PERFORMANCE, LOST PROFITS OR OTHER BUSINESS INTERRUPTION DAMAGES, OR SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, EXEMPLARY OR
INDIRECT DAMAGES, IN TORT, CONTRACT OR OTHERWISE,

 
OF ANY KIND, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE PERFORMANCE, THE SUSPENSION OF PERFORMANCE, THE FAILURE TO PERFORM, OR THE TERMINATION OF THIS AGREEMENT. Each Party acknowledges its duty
to mitigate damages hereunder. 

Section 8. Product Measurement.  

        8.1   Quantities
of Product received into and delivered from the Terminal shall be determined as follows: (i) for pipeline deliveries and receipts, volumes shall be
determined by pipeline meters or shore tank gauges, where applicable, and (ii) for deliveries and receipts by Vessel or truck, volumes shall be measured by the following methods in order of
priority: (x) proven API-approved meters, (y) static terminal tank gauges or scales, as applicable. If tankage has movements in or out (active Tanks) during the measurement
process, they shall be manually gauged and metered, if applicable and as necessary, and corrected in the reasonable judgment of Owner to reflect actual quantities received into and delivered from such
active Tanks. Absent fraud or manifest error, the quantities of Products in storage at any time will be determined from Terminal inventory records of receipts and deliveries. Unless indicated
otherwise, quantity determinations will be based on a Barrel of Product and shall be determined in accordance with the latest established API/ASTM standards for the method of delivery. All volumes
shall be temperature corrected to 60°F in accordance with the latest supplement or amendment to ASTM-IP petroleum measurement tables (ASTM designated D#1250. table 6(b)).
Gauging of Product received, delivered and in storage will be taken jointly by representatives of the Parties; provided, that if Customer does not have representatives present for gauging, Owner's
gauging will be conclusive, absent fraud or manifest error. Customer may use an Independent Inspector at its own expense. 

        8.2   Terminal
meters and scales will be calibrated periodically and upon each completion of repair or replacement of a meter, at the meter or scale owner's expense. Such
calibration shall be in accordance with the latest applicable API/ASTM standards. If a meter or scale is determined by either Party to be defective or inoperative, such Party shall immediately notify
the other Party, and it will be the responsibility of the Owner to promptly make repairs or replacements. Product received or delivered through a facility having an inoperative or defective meter or
scale will be measured based upon before and after static Tank gauges and any active Tanks measured in accordance with Section 8.1. In such event, the Parties shall appoint a mutually
acceptable Independent Inspector to gauge the applicable Tanks and the findings of the Independent Inspector shall be final and binding on the Parties, except for fraud or manifest error. The Parties
shall share equally the cost of the Independent Inspector under this Section 8.2. 

Section 9. Product Loss and Product Gain.  

        9.1   During
such time as Owner has custody of the Product pursuant to Section 6, Owner will indemnify Customer against
and is responsible for any Product Loss that occurs while the Product remains in storage based on measurements of each Product grade. In the case of Product that has been delivered from the Terminal,
Owner will be responsible for any Product Loss occurring while the Product was in storage and the Tank roofs were floating, provided Customer gives Owner notice of the claim within thirty
(30) days after delivery of such Product from the Terminal. In the event of the foregoing Product Losses, the total Barrels of net Product lost each month will be determined and will either be
replaced by Owner or Owner will reimburse Customer the cost of such Product in accordance with Section 7. 

        9.2   Any
gains in measured quantities of Product shall be determined in accordance with Section 8, plus the Product Loss Tolerance, at the end of each Month, and shall
belong to Owner. Any Product Loss shall be deducted from this measurement each month, to determine a net loss or gain. Should the result be a net loss, that quantity shall be carried forward to a
subsequent Month or Months to

 
determine the next determination of net loss or gain. Should there be a net gain in any three Month period, Owner shall have the right to sell such net gain quantity to Customer, at the value
determined in accordance with Section 7 for the Month or Months in which such gain occurred. 

Section 10. Force Majeure.  

        10.1 If
either Party is unable to perform or is delayed in performing, wholly or in part, its obligations under this Agreement, other than the obligation to pay funds when
due, as a result of an event of Force Majeure, that Party may seek to be excused from such performance by giving the other Party prompt written notice of the event of Force Majeure with reasonably
full particulars thereof. The obligations of the Party giving notice, so far as they are affected by the event of Force Majeure, will be suspended during, but not longer than, the continuance of the
event of Force Majeure. The affected Party must act with commercially reasonable diligence to resume performance and notify the other Party that the event of Force Majeure no longer affects its
ability to perform under the Agreement. If Owner is excused from providing service pursuant to this Agreement due to an event of Force Majeure, the fees hereunder, including the Minimum Revenue
Commitment, not already due and payable will be excused or proportionately reduced, as appropriate, for so long as the Owner's performance is excused due to the event of Force Majeure. 

        10.2 The
requirement that any Force Majeure event be remedied with all reasonable dispatch shall not require the settlement of strikes, lockouts, or other labor difficulty
by the Party claiming excuse due to an event of Force Majeure contrary to its wishes. 

        10.3 If
either Party is rendered unable to perform by reason of an event of Force Majeure for a period in excess of one (1) year, then either Party may terminate this
Agreement upon written notice to the other Party. 

Section 11. Inspection of and Access to Terminal.  

        11.1 Customer
shall have the right during Owner's normal business hours and after reasonable notice to Owner and the Terminal so as not to disrupt the Terminal's or
Owner's operations (i) to make periodic operational inspections of the Terminal, (ii) to conduct audits of any pertinent books and records, including those related to receipts,
deliveries and inventories of Products, and (iii) to conduct physical verifications of the amount of Products stored in the Terminal. Customer's right and that of its authorized representatives
to enter the Terminal will be exercised by Customer in a way that will not interfere with or diminish Owner's control over or its operation of the Terminal and will be subject to reasonable rules and
regulations promulgated by Owner. Customer acknowledges that under this Agreement none of Customer's vehicles or vehicles acting on behalf of Customer will be granted access to the Terminal until the
owner of such vehicles and its employees or agents have been properly qualified and such owner has executed a "Terminal Access Agreement" substantially
in the form of Attachment "C". Customer acknowledges the terms of the Terminal Access Agreement. If there is any conflict between the terms of this
Agreement and those contained in the Terminal Access Agreement, the terms of this Agreement shall take precedence. 

        11.2 As
soon as possible after the Commencement Date of this Agreement, Customer shall notify Owner of those third parties to whom Owner may deliver Products from the
Terminal. Customer must furnish 48 hours notice of any additions or deletions to its list of approved third parties. 

        11.3 Customer
acknowledges that any grant of the right of access to the Terminal under this Agreement or under any document related to this Agreement is a grant of a license
only and shall convey no interest in or to the Terminal or any part of it, and may be withdrawn by Owner at its discretion at any time.

 

Section 12. Assignment.  

        This Agreement shall be binding upon and shall inure to the benefit of the successors and assigns of the Owner. Customer covenants that it will not by operation
of law or otherwise assign, sublet, hypothecate, pledge, encumber or mortgage this Agreement, or any part of or right or obligation under it, or permit the Tanks to be used by others without the prior
written consent of Owner and Owner's conflicts committee in each instance. For purposes of this Section, "assign" will be considered to include any change in the majority ownership or control of
Customer. Any attempt by Customer to
assign, sublet, hypothecate, encumber or mortgage this Agreement will be null and void. The consent by Owner to any assignment, subletting, hypothecation, pledge, encumbrance, mortgage or use of this
Agreement or the Tanks by others will not constitute a waiver of Owner's right to withhold its consent to any other or further assignment, subletting, hypothecation, pledge, encumbrance, mortgage or
use of the Agreement or Tanks by others. The absolute and unconditional prohibitions contained in this Section and Customer's agreement to them are material inducements to Owner to enter into
this Agreement and any breach of them will constitute a material default under this Agreement permitting Owner to exercise all remedies provided for in this Agreement or by law. 

Section 13. Notice.  

        Any notice required under this Agreement must be in writing and will be deemed received when actually received and delivered by (i) United States mail,
certified or registered, return receipt requested, (ii) confirmed overnight courier service, or (iii) confirmed facsimile transmission properly addressed or transmitted to the address of
the Party indicated in Attachment "A" or to such other address or facsimile number as one Party shall provide to the other Party in accordance with this
provision. 

Section 14. Compliance with Law and Safety.  

        14.1 Customer
warrants that the Products tendered by it have been produced, transported, and handled, and Owner warrants that the services provided by it under this
Agreement are in full compliance with all Applicable Law. Each Party also warrants that it may lawfully receive and handle such Products, and it will furnish to the other Party any evidence required
to provide compliance with Applicable Law and to file with applicable Governmental Authorities reports evidencing such compliance with Applicable Law. 

        14.2 Customer
will furnish Owner with information (including Material Safety Data Sheets) concerning the safety and health aspects of Products stored under this Agreement.
Owner will communicate such information to all persons who may be exposed to or may handle such Products, including without limitation, Owner's employees, agents and contractors. 

Section 15. Default, Waiver and Remedies.  

        15.1 The
occurrence of any of the following events shall constitute an "Event of Default" hereunder: 

        (a)   failure
of either Party to pay any interest or fees hereunder within fifteen (15) Business Days of when due hereunder, in each case whether at stated maturity, by
acceleration, or otherwise; 

        (b)   either
Party fails to perform any obligation to the other Party or breaches any covenant made to the Party under this Agreement, which, if capable of being cured, is not
cured to the satisfaction of the other Party (in its sole discretion) within five (5) Business Days from the date that such Party receives notice that corrective action is needed; 

        (c)   either
Party becomes Bankrupt;

 

        (d)   any
material covenant, agreement or obligation of any Party contained in or evidenced by this Agreement shall cease to be enforceable in accordance with its terms; 

        (e)   either
Party to this Agreement shall repudiate, deny or disaffirm its obligations under this Agreement; 

        (f)    this
Agreement is cancelled, terminated, revoked or rescinded without the express prior consent of the other Party, or any Proceeding shall have been commenced by any
person (other than either Party) seeking to cancel, revoke, rescind or disaffirm the obligations of any Party to this Agreement (unless such Party is contesting the Proceeding in good faith and such
Proceeding is withdrawn or dismissed with prejudice within fifteen (15) days); 

        (g)   any
court or other Governmental Authority shall issue a judgment, order, decree or ruling to the effect that any of the obligations of any Party to this Agreement is
illegal, invalid or unenforceable; or, 

        (h)   Any
claim or lien (other than pursuant to Section 18 or any statutory liens for taxes not yet due) is asserted or
placed on any portion of Customer's Product while stored at the Terminal. 

        15.2 The
waiver by the non-defaulting Party of any right under this Agreement will not operate to waive any other such right nor operate as waiver of that right
at any future date upon another default by either Party under this Agreement and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or
further exercise of that right, power, or privilege or the exercise of any other right, power, or privilege. Nothing in this Section 15.2 is
intended in any way to limit or prejudice any other rights or remedies the non-defaulting Party may have under this Agreement, under Applicable Law or in equity. The remedies provided in
this Agreement are not exclusive and, except as otherwise expressly limited by this Agreement, are in addition to all other remedies of the non-defaulting Party at law or in equity.
Acceptance by Owner of any payment from Customer for any charge or service after termination of this Agreement shall not be deemed a renewal of this Agreement under any circumstances. Notwithstanding
any provision in this Agreement to the contrary, if Customer is not then in default, Customer shall be entitled to remove its Product from the Terminal at any time if Owner is in default under this
Agreement. 

        15.3 Upon
the occurrence and during the continuance of an Event of Default, and at any time thereafter, the non-defaulting Party may, by delivery of written
notice to the defaulting Party, take any or all of the following actions, without prejudice to the rights of the non-defaulting Party to enforce its claims against the defaulting Party:
(a) withhold or suspend its performance under this Agreement without prior notice, (b) immediately terminate this Agreement; and (c) enforce any and all rights and interests
created and existing under this Agreement or arising under Applicable Law, including, without limitation, all rights and remedies existing under any security documents and all rights of setoff. The
enumeration of the foregoing rights is not intended to be exhaustive and the exercise of any right shall not preclude the exercise of any other rights, all of which shall be cumulative. 

        15.4 Notwithstanding
anything hereinabove to the contrary, the sale or transfer by Owner of all or part of its Terminals and related assets to an Affiliate, whether by sale
or by operation of law, shall not constitute an Event of Default. Likewise, the sale or transfer by Owner of all or part of the Terminals and related assets, to a non-Affiliate shall not
constitute an Event of Default unless (i) such sale or transfer would have a material adverse effect on the economics of the transactions contemplated under this Agreement, or (ii) such
sale or transfer is made to a Third Party that Customer reasonably deems to be unacceptable based upon a review of such Third Party's creditworthiness, financial capabilities, and ability to operate
the Terminals. 

        15.5 Disposal of Product. Upon termination of this Agreement, Customer shall sell and dispose of any of its remaining Product
stored at a Terminal that is subject to this Agreement.

 

Section 16. Insurance.  

        16.1 Insurance Required by Both Parties. Throughout the Term, each Party and its agents shall, at such Party's sole expense,
carry and maintain in full force and effect insurance coverages, with insurance companies rated not less than A-, IX by A.M. Best or otherwise reasonably satisfactory to the other
Party, of the following types and amounts: 

        (a)   Workers
Compensation coverage in compliance with the Applicable Law of the states having jurisdiction over each employee and employer's liability coverage, and coverage
under the Federal Longshoremen and Harbor Workers' Act, the Jones Act, and the Federal Death on the High Seas Act for all marine and vessel matters, in a minimum amount of one million dollars
($1,000,000) per accident, one million dollars ($1,000,000) disease per employee and one million dollars ($1,000,000) disease policy limit. 

        (b)   Automobile
liability coverage in a minimum amount of one million dollars ($1,000,000). 

        (c)   Comprehensive
or commercial general liability coverage and umbrella excess liability coverage, which includes bodily injury, broad form property damage and contractual
liability coverages. 

        (d)   If
Customer's employees will enter the Terminal or perform any activity near the Terminal for any reason under this Agreement, Employers liability with limits of
$1 million (combined single limit) for each accident, including occupational disease coverage with a limit of $100,000 for each employee and a $1 million policy limit, including coverage
under the Federal Longshoremen and Harbor Workers' Act, the Jones Act, the Federal Death on the High Seas Act and general maritime remedies of seamen including transportation, wages, maintenance and
cure whether the action is in rem or in personam. 

        16.2 Insurance Required by Owner. In addition to the insurance required pursuant to Section 16.1, Owner shall provide
comprehensive or commercial general liability coverage and umbrella excess liability coverage, which includes Product Loss for Product in Owner's care, custody and control, and "sudden and accidental
pollution" liability coverages (excluding events that result in acidic deposition). 

        16.3 To
the extent Customer utilizes its own or contracted Vessels to deliver or receive Product, Customer shall maintain or cause to be maintained at its expense or at
vessel owners' expense the following insurance on the Vessels: Hull and Machinery insurance, to the market value of the Vessels, and P&I insurance (including pollution liability but not tower's
liability covering cargo) including full mutual entry in an international or American Group P&I Club with IGA pooling, or alternatively, maritime liability coverage evidenced on the SP-23
form or its equivalent, including collision liability, tower's liability except cargo, and liability for seepage, pollution, containment and cleanup, with extensions for marine contractual liability
with a minimum liability limit of $500 million. Pollution liability coverage should cover, if outside of a P&I Club entry, bodily injury, property damage, including cleanup costs and defense
costs resulting from sudden and gradual pollution conditions of contaminates or pollutants into or upon the land, atmosphere, or any water course or body of water. WQ15 should be utilized as necessary
to comply with U.S. regulations, with limits of at least $10 million. Customer shall have Owner named as an additional insured in said policies, with a full waiver of assignment and subrogation
from underwriters. 

        16.4 Additional Insurance Requirements. 

        (a)   Each
Party shall cause its insurance carriers to furnish to the other Party insurance certificates, in a form reasonably satisfactory to the other Party, evidencing the
existence of the coverages required pursuant to Sections 16.1 and 16.2. Such certificates shall specify that no insurance shall be canceled or
materially changed during the Term unless prior written notice is given at least thirty (30) days' prior to cancellation or prior to a material change becoming

 
effective. Renewal certificates shall be provided within thirty (30) days of expiration of the policy under which coverage is maintained. 

        (b)   The
foregoing policies shall include an endorsement that the underwriters agree to waive all rights of subrogation to the extent of each Party's obligations. Further,
each Party shall be named as an additional insured under the other Party's policies, to the extent of the indemnities required under the Agreement. 

        (c)   The
mere purchase and existence of insurance coverage shall not reduce or release either Party from any Liabilities incurred or assumed under this Agreement. 

        (d)   In
the event of a Product Loss for which Owner must indemnify Customer under this Agreement, Owner's insurance shall be the primary and exclusive coverage for such loss,
notwithstanding the existence of other valid and collectible insurance. 

Section 17. Security and Credit.  

        17.1 If
Customer should fail to pay such sums owed by it to Owner, Owner shall provide Customer with notice of default as provided in this Agreement and an opportunity to
cure such default within a period of fifteen (15) days. If Customer has not cured such default within such fifteen (15) day cure period, Owner may proceed in accordance with Applicable
Law to recover its damages, including, without limitation by sale of the Products in any commercially reasonable manner, to satisfy all contractual and statutory obligations of Customer under this
Agreement, including, without limitation, all costs, reasonable attorney fees, and expenses incurred by Owner in the recovery of fees owed to Owner by Customer. 

        17.2 If
at any time Owner believes in good faith that the financial responsibility of the Customer has been impaired or is unsatisfactory, advance cash payment or other
security, including letters of credit, will be given by Customer upon demand to cover the value of all anticipated storage and other fees, as well as the value of Products delivered for the account of
Customer in the event that Customer has a negative inventory of its own Products. If the current value of the Products in Owners custody is at any time less than the value of the security provided by
Customer, Owner may refuse to deliver to Customer any additional Products until such time as Customer again establishes a positive inventory or provides additional security. 

        17.3 If
any insolvency, bankruptcy, receivership, or similar proceedings are initiated by or against Customer, on the day immediately before such event, any fees for
services rendered or to be rendered under this Agreement and any fees required to be paid for the remaining Term of this Agreement, will become immediately due and payable and this Agreement will
terminate, without prejudice to any other rights or remedies it may have under this Agreement or the law. 

Section 18. Indemnity.  

        18.1 Indemnity. Each Party (the "Indemnifying Party") shall indemnify and hold the other Party, its Affiliates, and their
employees, directors, officers, representatives, agents and contractors (collectively, the "Indemnified Party") harmless from and against any and all Liabilities arising from the Indemnifying Party's
(i) breach of this Agreement, (ii) negligence or willful misconduct of it, its Affiliates and their employees, directors, officers, representatives, agents or contractors,
(iii) failure to comply with Applicable Law with respect to the sale, transportation, storage, handling or disposal of the Product, unless and to such extent that such liability results from
the Indemnified Party's negligence or willful misconduct. 

        18.2 No Third Party Rights. The Parties' obligations to defend, indemnify and hold each other harmless under the terms of
this Agreement shall not vest any rights in any Third Party, whether a Governmental Authority or private entity, nor shall they be considered an admission of liability or

 
responsibility for any purposes other than those enumerated in this Agreement. The terms of this Agreement are enforceable only by the Parties, and no limited partner of Owner shall have a separate
right to enforce any provision of this Agreement, or to compel any Party to comply with the terms of this Agreement. 

        18.3 Notice. The Indemnified Party shall notify the Indemnifying Party as soon as practicable after receiving notice of any
claim or proceeding brought against it that might give rise to an indemnity claim under this Agreement (a "Third Party Claim") and shall furnish to the Indemnifying Party the complete details within
its knowledge. Any delay or failure by the Indemnified Party to give notice to the Indemnifying Party shall not relieve the Indemnifying Party of its obligations except to the extent, if any, that the
Indemnifying Party shall have been materially prejudiced by reason of such delay or failure. 

        18.4 Claims. The Indemnifying Party shall have the right to assume the defense, at its own expense and by its own counsel, of
any Third Party Claim; provided, however, that such counsel is reasonably acceptable to the Indemnified Party. Notwithstanding the Indemnifying Party's appointment of counsel to represent an
Indemnified Party, the Indemnified Party shall have the right to employ separate counsel reasonably acceptable to the Indemnifying Party, and the Indemnifying Party shall bear the reasonable fees,
costs and expenses of such separate counsel if in such Party's reasonable judgment (i) the use of counsel chosen by the Indemnifying Party to represent the Indemnified Party would present such
counsel with a conflict of interest or (ii) the Indemnifying Party shall not have employed counsel to represent the Indemnified Party within a reasonable time after notice of the institution of
such Third Party Claim. If requested by the Indemnifying Party, the Indemnified Party agrees to reasonably cooperate with the Indemnifying Party and its counsel in contesting any claim or proceeding
that the Indemnifying Party defends, including, if appropriate, making any counterclaim or cross-complaint. All reasonably incurred costs and expenses incurred in connection with the Indemnified
Party's cooperation shall be borne by the Indemnifying Party. 

        18.5 Settlement. No Third Party Claim may be settled or compromised by the Indemnified Party without the consent of the
Indemnifying Party or (ii) by the Indemnifying Party without the consent of the Indemnified Party. Notwithstanding the foregoing, an Indemnifying Party shall not be entitled to assume
responsibility for and control of any proceeding if such proceeding involves an Event of Default by the Indemnifying Party under this Agreement which shall have occurred and be continuing. 

Section 19. Construction of Agreement.  

        19.1 Headings. The headings of the sections and subsections of this Agreement are for convenience only and shall not
be used in the interpretation of this Agreement. 

        19.2 Amendment or Waiver. This Agreement may not be amended, modified or waived except by written instrument executed by
officers or duly authorized representatives of the respective Parties, and required approval by the Conflicts Committee of Owner. 

        19.3 Severability. Any provision of this Agreement that is prohibited or not enforceable in any jurisdiction shall, as to
that jurisdiction, be ineffective only to the extent of the prohibition or lack of enforceability without invalidating the remaining provisions of this Agreement, or affect the validity or
enforceability of those provisions in another jurisdiction or the validity or enforceability of this Agreement as a whole. 

        19.4 Entire Agreement and Conflict with Attachments. This Agreement (including Attachments and related Schedules) contains
the entire and exclusive agreement between the Parties with respect to the subject matter hereof, and there are no other promises, representations, or warranties affecting it. The terms of this
Agreement may not be contradicted, explained or supplanted by any usage of trade, course of dealing or course of performance and any other representation, promise, statement or

 
warranty made by either Party or their agents that differs in any way from the terms contained herein will be given no force or effect. In the case of any conflict between the body of this Agreement
and any of its Attachments or Schedules, those contained in the Attachments and Schedules will govern. 

Section 20. Law.  

        This Agreement will be construed and governed by the laws of the State of Colorado except the choice of law rules of that State that may require the application
of the laws of another jurisdiction. 

        This
Agreement has been executed by the authorized representatives of each Party as indicated below effective as of the Effective Date. 

	

TRANSMONTAIGNE PARTNERS L.P.	
 	

TRANSMONTAIGNE PRODUCT SERVICES INC.
	

By:	
 	

TransMontaigne G.P. L.L.C.

It's General Partner	
 	

 	
 	

 
	

By:	
 	

	
 	

By:	
 	

	Name:	 	Donald H. Anderson	 	Name:	 	William S. Dickey
	Title:	 	Chief Executive Officer	 	Title:	 	President and Chief Operating Officer
	

COASTAL FUELS MARKETING, INC.	
 	

 	
 	

 
	

By:	
 	

	
 	

 	
 	

 
	Name:	 	William S. Dickey	 	 	 	 
	Title:	 	President and Chief Operating Officer	 	 	 	 

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TERMINALING AND TRANSPORTATION SERVICES AGREEMENT

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