Document:

Consent and Amendment dated August 30, 2004 to Note Purchase Agreement

 Exhibit 10.2 
  
 EXECUTION VERSION 
  

  
 CONSENT AND AMENDMENT TO NOTE
PURCHASE AGREEMENT 
  
 among 
  
 Magellan Pipeline Company, LLC, 
  
 Magellan Midstream Partners, L.P., 
  
 Magellan GP, LLC, 
  
 Magellan Pipeline GP, LLC, 
  
 and 
  
 The Consenting Series B Noteholders named herein 
  
 Dated as of August 30, 2004 
  

 Table of Contents 
  

					
	 Section

	  	Page

		
	PRELIMINARY STATEMENTS	  	1
		
	 1.      Series B Noteholders Consent to Company LLC/LP Conversion
	  	2
		
	 2.      Conditions to Effectiveness of Series B Noteholders Consent.
	  	2
		
	 3.      Post-Conversion Opinion; Officer’s Certificate.
	  	3
		
	 4.      Amendments to Note Purchase Documents.
	  	3
		
	 5.      Form of Notes.
	  	6
		
	 6.      Representations and Warranties.
	  	7
		
	 7.      Tax Indemnity in Connection with the Company LLC/LP
Conversion.
	  	9
		
	 8.      Magellan Pipeline GP; Extent and Ratification.
	  	10
		
	 9.      Successors and Assigns.
	  	10
		
	 10.        Counterparts.
	  	10
		
	 11.        Governing Law.
	  	10
			
	 Annex 1
	  	Conversion of Magellan Pipeline Company, LLC into Magellan Pipeline Company, L.P.	  	 
			
	 Annex 2
	  	Form of Opinion of General Counsel	  	 
			
	 Annex 3
	  	Form of Vincent & Elkins L.L.P. Opinion (Pre-Company LLC/LP Conversion)	  	 
			
	 Annex 4
	  	Form of Vincent & Elkins L.L.P. Opinion (Post-Company LLC/LP Conversion)	  	 
			
	 Annex 5
	  	Form of Officer’s Certificate	  	 
			
	 Exhibit A
	  	Form of Company Limited Partnership Agreement	  	 
			
	 Exhibit B
	  	Form of Certificate of Conversion to Limited Partnership	  	 
			
	 Exhibit C
	  	Form of Certificate of Limited Partnership	  	 

  

 i 

 CONSENT AND AMENDMENT TO NOTE PURCHASE AGREEMENT 
  
 This Consent and Amendment to Note Purchase Agreement (this “Consent
and Amendment”) is entered into as of August 30, 2004 by and among MAGELLAN PIPELINE COMPANY, LLC, a Delaware limited liability company (the “Company”) (formerly known as Williams Pipe Line Company LLC), MAGELLAN MIDSTREAM
PARTNERS, L.P., a Delaware limited partnership (the “Guarantor”)(formerly known as Williams Energy Partners L.P.), MAGELLAN GP, LLC, a Delaware limited liability company (the “General Partner”)(formerly known as WEG
GP LLC), MAGELLAN PIPELINE GP, LLC, a Delaware limited liability company (“Magellan Pipeline GP”), and the holders of Series B Notes party hereto (the “Consenting Series B Noteholders”). 
  
 PRELIMINARY STATEMENTS 
  
 A. WHEREAS, the Company, the Guarantor, the General Partner and the
purchasers party thereto entered into a Note Purchase Agreement, dated October 1, 2002 (as amended and restated on May 25, 2004, and as further amended, modified or supplemented from time to time, the “Note Purchase Agreement”).
Capitalized terms used herein without definition shall have the meanings set forth in the Note Purchase Agreement. 
  
 B. WHEREAS, Shell Pipeline Company LP and Equilon Enterprises LLC (d/b/a Shell Oil Products US) (together, the “Seller”) and the
Guarantor entered into that certain Purchase and Sale Agreement, dated June 23, 2004 (the “Purchase and Sale Agreement”), pursuant to which the Seller agreed, among other things, to sell to the Guarantor (or its permitted assignee)
certain pipeline assets and related property described therein (collectively, the “Pipeline Assets”). 
  
 C. WHEREAS, the Company and the Guarantor propose to enter into a Partial Assignment of Purchase and Sale Agreement (the “Partial Assignment
Agreement”), pursuant to which the Guarantor shall, among other things, assign its rights to purchase certain of the Pipeline Assets to the Company (such assets, collectively, the “Assigned Pipeline Assets”). 
  
 D. WHEREAS, in connection with the Company’s purchase of such Assigned
Pipeline Assets, the Company, the Guarantor and the General Partner wish to convert the Company’s organizational form from a Delaware limited liability company to a Delaware limited partnership (such conversion, the “Company LLC/LP
Conversion”). 
  
 E. WHEREAS, Magellan Pipeline GP (a
wholly owned Subsidiary of the Guarantor) will be the general partner of such Delaware limited partnership and the Guarantor shall be the limited partner of such Delaware limited partnership. 

 F. WHEREAS, pursuant to (i) Section 8.4 of the Note Purchase Agreement, the Company agreed to
maintain its organizational existence as a limited liability company, and (ii) Section 9.13 of the Note Purchase Agreement, the General Partner, the Guarantor and the Company agreed not to (x) amend, supplement or otherwise modify the
terms and conditions of the Company LLC Agreement in a manner materially adverse to the holders of the Notes, or (y) convert the Company into any other form of organization. 
  
 G. WHEREAS, the Company, the Guarantor and the General Partner have requested that the holders of Series B Notes (the
“Series B Noteholders”) consent to the Company LLC/LP Conversion. 
  
 H. WHEREAS, Magellan Pipeline GP wishes to become a party to the Note Purchase Agreement. 
  
 NOW, THEREFORE, in consideration of the promises and other agreements herein contained, the parties hereto hereby agree as follows: 
  
 1. Series B Noteholders Consent to Company LLC/LP Conversion.
Notwithstanding the terms of Section 8.4 and Section 9.13 of the Note Purchase Agreement (but subject to the terms of Sections 2 and 3 hereof), each Consenting Series B Noteholder hereby consents to the Company, the Guarantor, Magellan Pipeline GP
and the General Partner, as the case may be, taking each of the actions described in Annex 1 hereto (collectively, the “Company LLC/LP Conversion Actions”) (including, without limitation, the execution and delivery by the Guarantor
and Magellan Pipeline GP of the Agreement of Limited Partnership of Magellan Pipeline Company, L.P. in the form attached hereto as Exhibit A (the “Company LP Agreement”)) in order to consummate the Company LLC/LP Conversion.

  
 2. Conditions to Effectiveness of Series B Noteholders
Consent. Notwithstanding any provision hereof to the contrary, the effectiveness of the consent of each Consenting Series B Noteholder set forth in Section 1 hereof is subject to the fulfillment, on or prior to November 1, 2004 (the
“Termination Date”), to the satisfaction of such Consenting Series B Noteholder, of each of the following conditions precedent: 
  
 (a) Series B Noteholders holding no less than 66 2/3% of the outstanding principal amount of the Series B Notes shall have executed and
delivered this Consent and Amendment; 
  
 (b) the
Consenting Series B Noteholders shall, in accordance with the terms of Section 16 of the Note Purchase Agreement, have received reimbursement for all expenses incurred by the Consenting Series B Noteholders for which invoices have been presented on
or before the effective date of this Consent and Amendment (including the reasonable fees and expenses of external legal counsel to the Consenting Series B Noteholders); 
  

 2 

 (c) the Consenting Series B Noteholders shall have received executed legal opinions of
(i) the General Counsel to the Company in the form attached hereto as Annex 2 and (ii) Vinson & Elkins L.L.P., counsel to the General Partner, the Guarantor, Magellan Pipeline GP and the Company, in the form attached hereto
as Annex 3; and 
  
 (d) pursuant to
Section 23.6 of the Note Purchase Agreement, Magellan Pipeline GP shall have irrevocably appointed CT Corporation as its authorized agent upon which process may be served in any suit, action or proceeding, and the Consenting Series B Noteholders
shall have received evidence satisfactory to them of such appointment. 
  
 In the event that the conditions precedent set forth in this Section 2 are not fulfilled to each Consenting Series B Noteholder’s satisfaction on or prior to the Termination Date, each of the consents of the Consenting Series B
Noteholders set forth in Section 1 hereof shall be null and void and of no force and effect. 
  
 3. Post-Conversion Opinion; Officer’s Certificate. 
  
 (a) No later than three (3) Business Days following the effective date of the Company LLC/LP Conversion, but prior to the consummation of
the purchase of the Pipeline Assets pursuant to the Purchase and Sale Agreement, the Company shall deliver, or cause to be delivered, to the Consenting Series B Noteholders (i) the executed legal opinion of Vinson & Elkins L.L.P., counsel
to the General Partner, the Guarantor, Magellan Pipeline GP and the Company, in the form attached hereto as Annex 4; and (ii) an Officer’s Certificate, executed by a duly authorized officer of the Company, the General Partner,
Magellan Pipeline GP and the Guarantor, in the form attached hereto as Annex 5, together with the documents referred to therein. 
  
 (b) In the event the Company does not comply with the terms of Section 3(a) above, each of (i) the consents of the Consenting
Series B Noteholders set forth in Section 1 hereof and (ii) the amendments set forth in Section 4 hereof shall be null and void and of no force or effect. 
  
 4. Amendments to Note Purchase Documents. 
  
 (a) The definition of “Guarantor” in Schedule B to the Note Purchase Agreement is hereby deleted
in its entirety and replaced with the following: 
  
 ““Guarantor” has the meaning set forth in the introductory paragraph to the Note Purchase Agreement.” 
  

 3 

 (b) On the effective date of the Company LLC/LP Conversion: 
  
 (i) all references to the “Magellan Pipeline Company,
LLC” and “the Company” in each Note Purchase Document shall be deemed to be a reference to Magellan Pipeline Company, L.P, provided that the following references set forth in the Note Purchase Agreement shall continue to be
references to Magellan Pipeline Company, LLC: 
  

	 	(A)	the reference to “Magellan Pipeline Company, LLC” set forth in the second line of the second preliminary statement; 

  

	 	(B)	the two references to “the Company” set forth in the first sentence of the third paragraph of subsection 1(b); 

  

	 	(C)	the two references to “the Company” set forth in the second and fourth lines of subsection 4.1(d); 

  

	 	(D)	the reference to “the Company” set forth in the second line of subsection 4.1(g); 

  

	 	(E)	the reference to “the Company” set forth in the second line of subsection 4.2(g); 

  

	 	(F)	the reference to “the Company” set forth in the first line of subsection 4.3(a)(i)(A); 

  

	 	(G)	all references to “the Company” set forth in Section 5.1; 

  

	 	(H)	the reference to “the Company” set forth in the second line of Section 5.21; and 

  

	 	(I)	the reference to “the Company” set forth in the third line of Section 5.29; 

  
 (ii) each reference to the “Company LLC Agreement” in each Note Purchase Document shall be deemed
to be a reference to the Company LP Agreement. 
  
 (c) On the effective date of the Company LLC/LP Conversion, the Note Purchase Agreement shall be amended as follows: 
  
 (i) the introductory paragraph of Section 8 shall be amended to include “, Magellan Pipeline GP” immediately following the words
“the Guarantor” in the first line thereof; 
  

 4 

 (ii) Section 8.1 shall be amended to include “, Magellan Pipeline GP (with respect
to the Company only)” immediately following the words “the Guarantor” in the first line thereof; 
  
 (iii) Section 8.3 shall be amended to include “, Magellan Pipeline GP” immediately following the words “the Guarantor”
in the first line thereof; 
  
 (iv) Section 8.4
shall be amended to include “, Magellan Pipeline GP” immediately following the words “the Guarantor” in the first line thereof; 
  
 (v) Section 8.9 shall be amended to include “, Magellan Pipeline GP” immediately following the words “the Guarantor”
in the first line thereof; 
  
 (vi) Section 8.10
shall be amended to include “, Magellan Pipeline GP” immediately following the words “the Guarantor” in the first line thereof; 
  
 (vii) the introductory paragraph of Section 9 shall be amended to include “, Magellan Pipeline GP” immediately following the
words “the Guarantor” in the first line thereof; 
  
 (viii) Section 9.13 shall be amended (i) by deleting the words “including Sections 7.5 and 7.8 of the Company LLC Agreement” where they appear in the second parenthetical clause on the seventh and
eighth lines thereof and replacing them with the following: “including any provision of the Company LP Agreement” and (ii) by adding the words “, Magellan Pipeline GP” in the first line of such section immediately
following the words “the Guarantor”; 
  
 (ix) Section 12(c) shall be amended to include “, Magellan Pipeline GP” immediately following the words “the Guarantor” in the first line thereof; 
  
 (x) Section 12(e) shall be amended to include “, Magellan Pipeline GP” immediately following the
words “the Guarantor” in the first and seventh lines thereof; 
  
 (xi) Section 12(f) shall be amended to include “, Magellan Pipeline GP” immediately following the words “the Guarantor” in the second and third lines thereof; 
  

 5 

 (xii) the first three lines of Section 12(g) shall be deleted and restated in their
entirety as follows: “(w) the General Partner, the Guarantor, Magellan Pipeline GP or the Company or any of its Subsidiaries, (x) the General Partner and/or any of its Subsidiaries, (y) the Guarantor and/or any of its
Subsidiaries, or (z) Magellan Pipeline GP and/or any of its Subsidiaries shall (i) default in making any payment of any principal of any Indebtedness”; 
  
 (xiii) Section 12(h) shall be amended by deleting the phrase “the Guarantor or any Subsidiary of the
Guarantor, including the Company or any of its Subsidiaries” each time it appears therein and replacing it with the following: “the Guarantor or any Subsidiary of the Guarantor (including Magellan Pipeline GP, the Company or any of their
respective Subsidiaries)”; 
  
 (xiv) Section
12(i) shall be amended to include “, Magellan Pipeline GP” immediately following the words “the Guarantor” in the fifth and eleventh lines thereof; 
  
 (xv) Section 12(j) shall be amended to include “, Magellan Pipeline GP” immediately following the
word “Guarantor” in the second line thereof; 
  
 (xvi) Section 12(l) shall be amended to include “, Magellan Pipeline GP” immediately following the words “the Guarantor” in the second line thereof; and 
  
 (xvii) the definition of “Company LLC Agreement” in Schedule B to the Note Purchase
Agreement shall be deleted in its entirety and replaced with the following: “Company LP Agreement” means the Agreement of Limited Partnership of Magellan Pipeline Company, L.P., dated as of
                , 2004, between the Guarantor and Magellan Pipeline GP, as amended, supplanted or otherwise modified from time to time.” 
  
 5. Form of Notes. 
  
 (a) Each of the General Partner, the Guarantor, Magellan
Pipeline GP, the Company and the Consenting Series B Noteholders party hereto hereby acknowledges (i) that (A) each of the Series B Notes issued pursuant to the Note Purchase Agreement and (B) the form of Series B Note affixed to the Note
Purchase Agreement as Exhibit B thereto erroneously refers to “the undersigned” in the second sentence of the first paragraph thereof, and (ii) that the intention of the parties was that such reference be to “the holder named
herein”. 
  

 6 

 (b) From and after the date hereof, the form of Series B Note attached to the Note
Purchase Agreement as Exhibit B thereto shall be amended so that the final sentence of the first paragraph of the form of Note reads as follows: “On each of October 7, 2005 and October 7, 2006, the Company promises to pay to the holder named
herein, or its registered assigns, five percent (5%) of the principal amount of this Series B Note the outstanding at par in accordance with the Amended and Restated Note Purchase Agreement referred to below.” 
  
 6. Representations and Warranties. The General Partner, the Guarantor,
Magellan Pipeline GP and the Company hereby jointly and severally represent and warrant to each Consenting Series B Noteholder that: 
  
 (a) each of the General Partner, the Guarantor, Magellan Pipeline GP and the Company (i) is duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization, (ii) each of the General Partner, the Guarantor, Magellan Pipeline GP and the Company has the power and authority, and the legal right, to make, deliver and perform this
Consent and Amendment, and (iii) each of the General Partner, the Guarantor, Magellan Pipeline GP and the Company has taken all necessary limited liability company or partnership action to authorize the execution, delivery and performance of
this Consent and Amendment; 
  
 (b) the Company
LLC/LP Conversion will not, in and of itself, cause, create or otherwise have any adverse economic impact on or to (i) the business, operations, condition (financial or otherwise) or prospects of the General Partner, the Guarantor, Magellan
Pipeline GP and/or the Company, or (ii) the ability of the General Partner, the Guarantor, Magellan Pipeline GP and the Company to perform their obligations under this Consent and Amendment and/or any other Note Purchase Document; 

 
 (c) in enforcing the obligations of the Company under any
Note Purchase Document, the Series B Noteholders will be in no less advantageous a position than such Noteholders would have been in had the Company LLC/LP Conversion not occurred; 
  
 (d) the Series B Noteholders will not recognize income, gain or loss for U.S. federal income tax purposes as
a result of the Company LLC/LP Conversion and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case if the Company LLC/LP Conversion had not occurred; 
  
 (e) this Consent and Amendment, and each other Note Purchase
Document (including the Note Purchase Agreement, as amended hereby) to which any of the General Partner, the Guarantor, Magellan Pipeline GP and the Company is a 
  

 7 

 party, as amended hereby, constitutes a legal, valid and binding obligation of each such party,
enforceable against each such party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally
and by general equitable principles (whether enforcement is sought by proceedings in equity or at law); 
  
 (f) the execution, delivery and performance of this Consent and Amendment and the Company LP Agreement, and the taking of the Company
LLC/LP Conversion Actions, will not violate any Requirement of Law or any Contractual Obligation of the General Partner, the Guarantor, Magellan Pipeline GP or the Company; 
  
 (g) each of the General Partner, the Guarantor, Magellan Pipeline GP and the Company has (i) the
limited liability company or partnership power, authority and legal right to take the Company LLC/LP Conversion Actions to be taken by it and to consummate the Company LLC/LP Conversion, and (ii) taken all necessary limited liability company
or partnership action to authorize the taking of the Company LLC/LP Conversion Actions to be taken by it and to consummate the Company LLC/LP Conversion; 
  
 (h) upon the (i) due authorization, execution and delivery of the Company LP Agreement and (ii) filing of the Company’s
Certificate of Conversion to Limited Partnership and its Certificate of Limited Partnership, the Company LP Agreement will constitute a legal, valid and binding obligation of the Guarantor and Magellan Pipeline GP, enforceable against each such
party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable
principles (whether enforcement is sought by proceedings in equity or at law); 
  
 (i) the Limited Liability Agreement of Magellan Pipeline GP has been duly authorized, executed and delivered and constitutes a legal,
valid and binding obligation of the Guarantor, enforceable against such party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law); 
  
 (j) immediately following the Company LLC/LP Conversion, the Note Purchase Agreement, the Notes and each other Note Purchase Document
executed by Magellan Pipeline Company, LLC will constitute a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,

  

 8 

 insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law); 
  
 (k) no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of
the General Partner, the Guarantor, Magellan Pipeline GP or the Company, threatened by or against the General Partner, the Guarantor, Magellan Pipeline GP or the Company or against any of their respective properties or revenues with respect to this
Consent and Amendment, the Company LP Agreement and/or any of the transactions contemplated hereby or thereby (including, without limitation, the Company LLC/LP Conversion Actions); 
  
 (l) no Default or Event of Default has occurred and is continuing, and, after giving effect to (i)
the consummation of the purchase of the Pipeline Assets pursuant to the Purchase and Sale Agreement and the Partial Assignment Amendment and the transactions contemplated thereby, and (ii) this Consent and Amendment and the transactions
contemplated hereby (including, without limitation, the Company LLC/LP Conversion), no Default or Event of Default shall have occurred and be continuing; 
  
 (m) since May 25, 2004, there has been no development or event that has had, or could reasonably be expected to have, a Material Adverse
Effect; and 
  
 (n) no statement or information
contained in this Consent and Amendment, or in any other document, certificate or statement furnished by or on behalf of the General Partner, the Guarantor, Magellan Pipeline GP and/or the Company to the Series B Noteholders, or any of them, for use
in connection with the transactions contemplated by this Consent and Amendment, contained, as of the date such statement, information, document or certificate was so furnished, any untrue statement of a material fact or omitted to state a material
fact necessary to make the statements contained herein or therein, in light of the circumstances under which they were made, not misleading. 
  
 7. Tax Indemnity in Connection with the Company LLC/LP Conversion. The General Partner, the Guarantor, Magellan Pipeline GP and the Company hereby
jointly and severally agree to indemnify and hold harmless each Series B Noteholder (on an after-tax basis) from, and reimburse each such Series B Noteholders for, any present or future tax, levy, impost, duty, charge, assessment or fee of any
nature (including interest, penalties and additions thereto) relating to or arising out of or in connection with the Company LLC/LP Conversion (together with all costs, expenses and disbursements of any kind or nature whatsoever (including, without
limitation, the reasonable fees and expenses of counsel) in connection therewith). This Section 6 shall survive the termination of the other provisions of this Consent and Amendment. 
  

 9 

 8. Magellan Pipeline GP; Extent and Ratification. 
  
 (a) On the effective date of the Company LLC/LP Conversion,
Magellan Pipeline GP shall become a party to the Note Purchase Agreement as if it were a signatory thereto. All notices and communications to be given to Magellan Pipeline GP under the Note Purchase Agreement shall be delivered, in accordance with
the terms of Section 19 of the Note Purchase Agreement, to the address specified in Section 19(iii) of the Note Purchase Agreement. 
  
 (b) Except as expressly set forth herein, this Consent and Amendment shall not constitute an amendment to, or a consent to departure from,
the provisions of the Note Purchase Agreement, which remains in full force and effect (as amended hereby). This Consent and Amendment forms part of the Note Purchase Agreement and shall constitute a Note Purchase Document. 
  
 (c) Each of the Company, the General Partner and the
Guarantor hereby fully ratifies the Note Purchase Agreement (as amended hereby)(including, without limitation, the terms of the guaranty set forth in Section 10 of the Note Purchase Agreement) and each other Note Purchase Document to which it is a
party. 
  
 9. Successors and Assigns. All covenants and
other agreements contained in this Consent and Amendment by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns whether so expressed or not. 
  
 10. Counterparts. This Consent and Amendment may be executed in any
number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties
hereto. 
  
 11. Governing Law. This Consent and Amendment
shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a
jurisdiction other than such State. This Section 11 shall survive the termination of the other provisions of this Consent and Agreement. 
  
 [Remainder of page deliberately left blank] 
  

 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Consent and Amendment, all as of the day and
year first above mentioned. 
  

			
	MAGELLAN GP, LLC
		
	 By:
	 	 /s/ John D. Chandler

	 Name:
	 	 John D. Chandler

	 Title:
	 	 Chief Financial Officer

	
	MAGELLAN PIPELINE GP, LLC
		
	 By:
	 	 /s/ John D. Chandler

	 Name:
	 	 John D. Chandler

	 Title:
	 	 Chief Financial Officer

	
	MAGELLAN MIDSTREAM PARTNERS, L.P.
		
	 By:
	 	 MAGELLAN GP, LLC, its General Partner

		
	 By:
	 	 /s/ John D. Chandler

	 Name:
	 	 John D. Chandler

	 Title:
	 	 Chief Financial Officer

	
	MAGELLAN PIPELINE COMPANY, LLC
		
	 By:
	 	 MAGELLAN MIDSTREAM PARTNERS,
 L.P., its Sole Member

		
	 By:
	 	 MAGELLAN GP, LLC, its General Partner

		
	 By:
	 	 /s/ John D. Chandler

	 Name:
	 	 John D. Chandler

	 Title:
	 	 Chief Financial Officer

			
	 METROPOLITAN LIFE INSURANCE
 COMPANY

		
	 By:
	 	 /s/ James A. Wiviott

	 Name:
	 	 James A. Wiviott

	 Title:
	 	 Director

	
	 NEW ENGLAND LIFE INSURANCE
 COMPANY

	
	TEXAS LIFE INSURANCE COMPANY
		
	 By:
	 	 On behalf of the above companies,
 Metropolitan Life Insurance Company,
 as Investment Advisor

		
	 By:
	 	 /s/ James A. Wiviott

	 Name:
	 	 James A. Wiviott

	 Title:
	 	 Director

	
	 METROPOLITAN INSURANCE AND
 ANNUITY
COMPANY

		
	 By:
	 	 /s/ James A. Wiviott

	 Name:
	 	 James A. Wiviott

	 Title:
	 	 Director

			
	 THE PRUDENTIAL INSURANCE
 COMPANY
OF AMERICA

		
	 By:
	 	 /s/ Brian N. Thomas

	 Name:
	 	 Brian N. Thomas

	 Title:
	 	 Vice President

	
	 GIBRALTAR LIFE INSURANCE
 COMPANY,
LTD.

		
	 By:
	 	 Prudential Investment Management (Japan),
 Inc., as Investment Advisor

		
	 By:
	 	 Prudential Investment Management, Inc.,
 as Sub-Adviser

		
	 By:
	 	 /s/ Brian N. Thomas

	 Name:
	 	 Brian N. Thomas

	 Title:
	 	 Vice President

	
	PRUCO LIFE INSURANCE COMPANY
		
	 By:
	 	 /s/ Brian N. Thomas

	 Name:
	 	 Brian N. Thomas

	 Title:
	 	 Vice President

			
	 ING LIFE INSURANCE AND
 ANNUITY
COMPANY

		
	 By:
	 	 Prudential Private Placement Investors, L.P.
 (as Investment Advisor)

		
	 By:
	 	 Prudential Private Placement Investors, Inc.
 (as its General Partner)

		
	 By:
	 	 /s/ Brian N. Thomas

	 Name:
	 	 Brian N. Thomas

	 Title:
	 	 Vice President

	
	 ING LIFE INSURANCE AND
 ANNUITY
COMPANY

		
	 By:
	 	 ING Investment Management LLC, as Agent

		
	 By:
	 	 /s/ Christopher P. Lyons

	 Name:
	 	 Christopher P. Lyons

	 Title:
	 	 Senior Vice President

			
	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
		
	 By:
	 	 New York Life Investment Management
 LLC, its Investment Manager

		
	 By:
	 	 /s/ Stuart Ashton

	 Name:
	 	 Stuart Ashton

	 Title:
	 	 Director

	
	 NEW YORK LIFE INSURANCE
 COMPANY

		
	 By:
	 	 /s/ Stuart Ashton

	 Name:
	 	 Stuart Ashton

	 Title:
	 	 Investment Vice President

			
	SUNAMERICA LIFE INSURANCE COMPANY
	
	FIRST SUNAMERICA LIFE INSURANCE COMPANY
		
	 By:
	 	 AIG Global Investment Corp.,
 Investment Adviser

		
	 By:
	 	 /s/ Victoria Y. Chin

	 Name:
	 	 Victoria Y. Chin

	 Title:
	 	 Vice President

			
	 THE GUARDIAN LIFE INSURANCE
 COMPANY OF AMERICA

		
	 By:
	 	 /s/ Brian Keating

	 Name:
	 	 Brian Keating

	 Title:
	 	 Director, Fixed Income

	
	 FORT DEARBORN LIFE INSURANCE
 COMPANY

		
	 By:
	 	 Guardian Investor Services LLC

		
	 By:
	 	 /s/ Brian Keating

	 Name:
	 	 Brian Keating

	 Title:
	 	 Director, Fixed Income

	
	 THE GUARDIAN INSURANCE &
 ANNUITY COMPANY, INC.

		
	 By:
	 	 /s/ Brian Keating

	 Name:
	 	 Brian Keating

	 Title:
	 	 Director, Fixed Income

	
	 THE GUARDIAN INSURANCE &
 ANNUITY COMPANY, INC.

		
	 By:
	 	 /s/ Brian Keating

	 Name:
	 	 Brian Keating

	 Title:
	 	 Director, Fixed Income

			
	 TEACHERS INSURANCE AND
 ANNUITY
ASSOCIATION OF
 AMERICA

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 TIAA-CREF LIFE INSURANCE
 COMPANY

		
	 By:
	 	 Teachers Insurance and Annuity
 Association of America, as Investment
 Manager

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

 Annex 1 
  
 Conversion of Magellan Pipeline Company, LLC 
 into Magellan Pipeline Company, L.P. 
  

			
	Step 1:	  	Magellan Midstream Partners, L.P. (the “Guarantor”) has formed Magellan Pipeline GP, LLC (“Magellan Pipeline GP”) as a Delaware limited liability company.
Magellan Pipeline GP will serve as the general partner of Magellan Pipeline Company, L.P. upon the conversion of Magellan Pipeline Company, LLC from a Delaware limited liability company to a Delaware limited partnership (the “Company LLC/LP
Conversion”).
		
	Step 2:	  	The Guarantor contributes a . .001% membership interest in Magellan Pipeline Company, LLC to Magellan Pipeline GP and retains its remaining 99.999% membership interest in Magellan Pipeline
Company, LLC.
		
	Step 3:	  	Each of Magellan Pipeline GP, the Guarantor and Magellan Pipeline Company, LLC adopt a Plan of Conversion of Magellan Pipeline Company, LLC (the “Plan of Conversion”). The Plan of
Conversion provides that, upon the filing of the Certificate of Conversion and Certificate of Limited Partnership as described in Step 4 below, the .001% membership interest in Magellan Pipeline Company, LLC held by Magellan Pipeline GP will convert
into a .001% general partner interest in Magellan Pipeline Company, L.P., and the 99.999% membership interest in Magellan Pipeline Company, LLC retained by the Guarantor will convert into a 99.999% limited partnership interest in Magellan Pipeline
Company, L.P.
		
	Step 4:	  	Magellan Pipeline GP, on behalf of Magellan Pipeline Company, LLC, files a Certificate of Conversion and a Certificate of Limited Partnership with the Secretary of State of Delaware in order
to effect the Company LLC/LP Conversion. The Conversion will be effective immediately upon the filing of the Certificate of Conversion and the Certificate of Limited Partnership.
		
	Step 5:	  	Upon the Company LLC/LP Conversion, Magellan Pipeline GP and the Guarantor will enter into an Agreement of Limited Partnership of Magellan Pipeline Company, L.P. (the “Company LP
Agreement”).
		
	Step 6:	  	Upon the Company LLC/LP Conversion, the existence of Magellan Pipeline Company, LLC will continue in the form of a limited partnership. Pursuant to the Company LP Agreement, Magellan Pipeline
GP will serve as the general partner of Magellan Pipeline Company, L.P. with a .001% general partner interest and the Guarantor will serve as the limited partner of Magellan Pipeline Company, L.P. with a 99.999% limited partner
interest.

 Annex 5 
  
 OFFICER’S CERTIFICATE 
  
 This Officer’s Certificate, dated as of
                    , 2004, is delivered pursuant to Section 3 of the Consent and Amendment to Note Purchase Agreement, dated as of August 30,
2004 (the “Consent and Amendment”), among MAGELLAN PIPELINE COMPANY, LP, a Delaware limited partnership (formerly known as Magellan Pipeline Company, LLC) (the “Company”), MAGELLAN MIDSTREAM PARTNERS, L.P., a
Delaware limited partnership (the “Guarantor”), MAGELLAN PIPELINE GP, LLC, a Delaware limited liability company (the “Magellan Pipeline GP”), MAGELLAN GP, LLC, a Delaware limited liability company (the
“General Partner”), and the consenting holders of Series B Notes party thereto. Capitalized terms used herein without definition shall have the meanings ascribed thereto in the Consent and Amendment, or, if no such meaning is
ascribed therein, in the Note Purchase Agreement. 
  
 The
undersigned, John D. Chandler, Chief Financial Officer and Treasurer of the General Partner, hereby certifies to each Consenting Series B Noteholder that he is authorized to execute and deliver this Certificate on behalf of the General Partner, the
Guarantor, Magellan Pipeline GP and the Company. 
  
 1. Each of
the General Partner, the Guarantor, Magellan Pipeline GP and the Company hereby certifies to each Consenting Series B Noteholder that: 
  
 (a) the Company LP/LLC Conversion was consummated on
                    , 2004 and that as of such date, the Company was converted to a Delaware limited partnership known as “Magellan
Pipeline Company, LP”; 
  
 (b) attached
hereto is a true and complete copy of the Company LP Agreement as in effect on the date hereof (which is in the form attached to the Note Purchase Agreement as Exhibit A); and 
  
 (c) attached hereto is a true and complete copy of the Company’s (i) Certificate of Conversion
to Limited Partnership (which is in the form attached to the Note Purchase Agreement as Exhibit B) and (ii) Certificate of Limited Partnership (which is in the form attached to the Note Purchase Agreement as Exhibit C), in each
case as certified by the Secretary of State of Delaware, and as in effect on the date hereof. 
  
 2. The Company, the General Partner, the Guarantor and Magellan Pipeline GP hereby jointly and severally represent and warrant to each Consenting Series B Noteholder that: 
  
 (a) the Company is duly organized, validly existing and in
good standing as a limited partnership under the laws of the State of Delaware; and 

 (b) each of the representations and warranties of the General Partner, the Guarantor,
Magellan Pipeline GP and the Company set forth in Section 5 of the Consent and Amendment are true and correct as of the date hereof. 
  
 IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of the day and year first above mentioned. 
  

			
	  

	 Name:
	 	 John D. Chandler

	 Title:
	 	 Chief Financial Officer and

	 	 	 Treasurer of the General Partner

  

 2 

 Exhibit A 
  

AGREEMENT OF 
  
 LIMITED PARTNERSHIP OF 
  
 MAGELLAN PIPELINE COMPANY, L.P. 
  
 THIS AGREEMENT OF LIMITED PARTNERSHIP OF MAGELLAN PIPELINE COMPANY, L.P. (this “Agreement”), dated as of August
    , 2004, is entered into and executed by Magellan Pipeline GP, LLC, as General Partner, and Magellan Midstream Partners, L.P., as Organizational Limited Partner. 
  
 RECITALS 
  
 WHEREAS, on the date hereof, the General Partner filed a Certificate of Conversion with the Secretary of State of the State
of Delaware under Section 18-216 of the Delaware Limited Liability Company Act, pursuant to which Magellan Pipeline Company, LLC, a Delaware limited liability company (the “Predecessor”), was converted (the
“Conversion”) into Magellan Pipeline Company, L.P. (the “Partnership”); 
  
 WHEREAS, immediately prior to the Conversion, the Organizational Limited Partner contributed a .01% membership interest in the Predecessor to the General
Partner, which membership interest was converted into a 0.001% general partner interest in the Partnership upon the Conversion; 
  
 WHEREAS, upon the Conversion, the 99.999% membership interest in the Predecessor retained by the Organizational Limited Partner was converted into a
99.999% limited partner interest in the Partnership; and 
  
 WHEREAS, in connection with the Conversion, the Organizational Limited Partner and the General Partner wish to enter into this Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual agreements and covenants set forth herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 The following definitions shall for all purposes, unless otherwise clearly indicated to the contrary, apply to the terms
used in this Agreement. 
  
 “Certificate of Limited
Partnership” means the Certificate of Limited Partnership filed with the Secretary of State of the State of Delaware as described in the first sentence of Section 2.6 as amended or restated from time to time. 

 “Conversion” has the meaning set forth in the recitals hereto. 
  
 “Delaware Act” means the Delaware Revised Uniform Limited
Partnership Act, as amended from time to time, and any successor to such act. 
  
 “General Partner” means Magellan Pipeline GP, LLC, a Delaware limited liability company, in its capacity as the general partner of the Partnership, and any successor to Magellan Pipeline GP, LLC, as
general partner. 
  
 “Limited Partner” means the
Organizational Limited Partner and any other limited partner admitted to the Partnership from time to time. 
  
 “Organizational Limited Partner” means Magellan Midstream Partners, L.P., a Delaware limited partnership, acting as the organizational limited
partner pursuant to this Agreement. 
  
 “Partner”
means the General Partner or any Limited Partner. 
  
 “Partnership” means Magellan Pipeline Company, L.P., a Delaware limited partnership. 
  
 “Percentage Interest” means, with respect to any Partner, the percentage of cash or property contributed by such Partner to the
Partnership as a percentage of all cash or property contributed by all the Partners to the Partnership. 
  
 “Predecessor” has the meaning assigned to such term in the recitals hereto. 
  
 ARTICLE II 
 ORGANIZATIONAL MATTERS 
  
 2.1 Formation.
In connection with the Conversion, the General Partner and the Limited Partner have formed the Partnership as a limited partnership pursuant to the provisions of the Delaware Act. The General Partner and the Limited Partner hereby enter into this
Agreement to set forth the rights and obligations of the Partners and certain matters related thereto. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration, dissolution and
termination of the Partnership shall be governed by the Delaware Act. 
  
 2.2 Name. The name of the Partnership shall be, and the business of the Partnership shall be conducted under the name of, “Magellan Pipeline Company, L.P.” 
  
 2.3 Principal Office; Registered Office. The principal office
of the Partnership shall be at One Williams Center, Suite 2800, Tulsa, Oklahoma 74172 or such other place as the General Partner may from time to time designate. The Partnership may maintain offices at such other places as the General Partner deems
advisable. The address of the Partnership’s registered office in the State of Delaware shall be the 1209 Orange Street, Wilmington, Delaware 19801, and the name of the Partnership’s registered agent for service of process at such address
shall be the Corporation Trust Company. 
  

 2 

 2.4 Foreign Qualification. Prior to the Partnership’s conducting business in any jurisdiction
other than Delaware, the General Partner shall cause the Partnership to comply with all requirements necessary to qualify the Partnership as a foreign limited partnership in that jurisdiction. 
  
 2.5 Term. The Partnership shall continue in existence until an
election to dissolve the Partnership by the General Partner. 
  
 2.6 Organizational Certificate. A Certificate of Limited Partnership of the Partnership has been filed by the General Partner with the Secretary of State of the State of Delaware as required by the Delaware Act. The General
Partner shall cause to be filed such other certificates or documents as may be required for the formation, operation and qualification of a limited partnership in the State of Delaware and any state in which the Partnership may elect to do business.
The General Partner shall thereafter file any necessary amendments to the Certificate of Limited Partnership and any such other certificates and documents and do all things requisite to the maintenance of the Partnership as a limited partnership (or
as a partnership in which the Limited Partners have limited liability) under the laws of Delaware and any state or jurisdiction in which the Partnership may elect to do business. 
  
 2.7 Partnership Interests. Effective as of the date hereof, the General Partner shall have a 0.001% Percentage
Interest and the Limited Partner shall have a 99.999% Percentage Interest. 
  
 ARTICLE III 
 PURPOSE 
  
 The purpose and business of the Partnership shall be to engage in any lawful activity for which limited partnerships may be
organized under the Delaware Act. 
  
 ARTICLE IV 

CAPITAL CONTRIBUTIONS 
  
 Upon the Conversion, the Organizational Limited Partner was deemed to have made a capital contribution to the Partnership equal to 99.999% of the total
capital of the Partnership and the General Partner was deemed to have made a capital contribution to the Partnership equal to 0.001% of the total capital of the Partnership. The Partners shall have no obligation to make any additional capital
contributions to the Partnership. 
  
 ARTICLE V 

DISTRIBUTIONS 
  
 From time to time, but not less often than quarterly, the Partnership shall make such cash distributions as the General Partner, in its sole discretion,
may determine without being limited to current or accumulated income or gains from any Partnership funds, including, without limitation, Partnership revenues, capital contributions or borrowed funds; provided, however, that no such
distribution shall be made if, after giving effect thereto, the liabilities of the Partnership exceed the fair market value of the assets of the Partnership. In the General Partner’s sole discretion, the Partnership may, subject to the
foregoing proviso, also distribute to the 
  

 3 

 Partners other Partnership property, or other securities of the Partnership or other entities. All distributions by the
Partnership shall be made in accordance with the Percentage Interests of the Partners. 
  
 ARTICLE VI 
 TAXES 
  
 6.1 Tax Returns. The General Partner shall prepare and timely file all federal, state and local tax returns
required to be filed by the Partnership. 
  
 6.2 Tax
Characterization. The Partnership shall be treated as an entity disregarded separate from the Organizational Limited Partner pursuant to Treasury Regulation Section 301.7701-3. 
  
 ARTICLE VII 
 MANAGEMENT AND OPERATIONS OF BUSINESS 
  
 7.1
Management by General Partner. Except as otherwise expressly provided in this Agreement, all powers to control and manage the business and affairs of the Partnership shall be vested exclusively in the General Partner; the Limited Partner
shall not have any power to control or manage the Partnership. 
  
 7.2 Reimbursement of Expenses. The Partnership shall reimburse the General Partner for all costs and expenses incurred by the General Partner on behalf of the Partnership in its capacity as of the general partner of the Partnership.

  
 ARTICLE VIII 
 BOOKS, RECORDS AND BANK ACCOUNTS 
  
 8.1 Maintenance of Books. The General Partner shall keep or cause to be kept at the principal office of the Partnership complete and
accurate books and records of the Partnership and supporting documentation of the transactions with respect to the conduct of the Partnership’s business. The books and records shall be maintained with respect to accounting matters in accordance
with sound accounting practices. 
  
 8.2 Accounts. The
General Partner may establish one or more separate bank and investment accounts and arrangements for the Partnership, which shall be maintained in the Partnership’s name with financial institutions and firms that the General Partner
determines.  
  
 ARTICLE IX 
 RIGHTS AND OBLIGATIONS OF LIMITED PARTNER 
  
 The Limited Partner shall have no liability under this Agreement except as provided in Article IV. 
  

 4 

 ARTICLE X 
 DISSOLUTION, WINDING UP AND TERMINATION 
  
 10.1 Dissolution and Winding Up. On the occurrence of an event described in Section 2.5, the General Partner shall proceed diligently to wind up the affairs of the Partnership as provided in the Act. Until
final distribution, the General Partner shall continue to operate the Partnership properties with all of the power and authority given it under this Agreement or the Act. The costs of winding up shall be borne as a Partnership expense. 

 
 10.2 Liquidation. Any assets of the Partnership remaining at the
conclusion of the winding-up process shall be distributed to the Partners in accordance with their respective Percentage Interests. All distributions in kind to the Partners shall be made subject to the liability of the Partners after such
distribution for costs, expenses, and liabilities theretofore incurred by the Partnership or for which the Partnership has committed prior to the date of termination. The distribution of cash and/or property to the Partners in accordance with the
provisions of this Section 10.2 constitutes a complete return to the Partners of their respective capital contributions and a complete distribution to the Partners of their respective partnership interests in the Partnership and all the
Partnership’s property. 
  
 10.3 Termination. On
completion of such final distribution, the General Partner shall file a Certificate of Cancellation with the Secretary of State of Delaware, cancel any other filings made pursuant to Section 2.4 and Section 2.6, and take such other actions as may be
necessary to terminate the existence of the Partnership. 
  
 ARTICLE XI 
 AMENDMENT OF PARTNERSHIP AGREEMENT 
  
 The General Partner may amend any provision of this Agreement without the consent of the Limited Partner and may execute,
swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith. 
  
 ARTICLE XII 
 GENERAL PROVISIONS 
  
 12.1 Binding Effect. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their successors and assigns. 
  
 12.2 Integration. This Agreement constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 

 
 12.3 Governing Law; Severability. This Agreement shall be governed
by and construed and enforced in accordance with the laws of the State of Delaware. If any provision of this Agreement is or becomes invalid, illegal or enforceable in any respect, the validity, legality and enforceability of the remaining
provisions hereof, or of such provision in other respects, shall not be affected thereby. 
  

 5 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the General Partner and the
Organizational Limited Partner as of the date first above written. 
  

			
	GENERAL PARTNER:
	
	Magellan Pipeline GP, LLC
		
	 By:
	 	  

	 Name:
	 	 Don R. Wellendorf

	 Title:
	 	 President and Chief Executive Officer

	
	ORGANIZATIONAL LIMITED PARTNER:
	
	Magellan Midstream Partners, L.P.
		
	By:	 	Magellan GP, LLC,
	 	 	its general partner
		
	 By:
	 	  

	 Name:
	 	 Don R. Wellendorf

	 Title:
	 	 President and Chief Executive Officer

  

 6 

 Exhibit B 
  

CERTIFICATE OF CONVERSION 
 OF

 MAGELLAN PIPELINE COMPANY, LLC 
 INTO 
 MAGELLAN PIPELINE COMPANY, L.P. 
  
 UNDER SECTION 17-217 OF 
 THE DELAWARE REVISED UNIFORM 
 LIMITED
PARTNERSHIP ACT 
  

	 	1.	The date on which the limited liability company was first formed is June 25, 1999. 

  

	 	2.	The jurisdiction where the limited liability company was first formed is Delaware. 

  

	 	3.	The name of the limited liability company immediately prior to the filing of this Certificate is Magellan Pipeline Company, LLC. 

  

	 	4.	The name of the limited partnership as set forth in its Certificate of Limited Partnership filed in accordance with Section 17-217(b) is Magellan Pipeline Company, L.P.

  

	 	5.	The conversion is to be effective upon the filing of this Certificate of Conversion and the Certificate of Limited Partnership. 

  
 IN WITNESS WHEREOF, the undersigned has executed this Certificate of Conversion as of August
            , 2004. 

 Exhibit C 
  

CERTIFICATE OF LIMITED PARTNERSHIP 
 OF 
 MAGELLAN PIPELINE COMPANY, L.P. 
  
 The undersigned, desiring to form a limited partnership pursuant to the Delaware Revised Uniform Limited Partnership Act, 6
Delaware Code, Chapter 17, does hereby certify as follows: 
  

	 	1.	The name of the limited partnership is Magellan Pipeline Company, L.P. 

  

	 	2.	The address of the Partnership’s registered office in the State of Delaware is 1209 Orange Street, Wilmington, Delaware 19801, and the name of the Partnership’s registered
agent for service of process at such address is the Corporation Trust Company. 

  

	 	3.	The name and mailing address of the general partner is as follows: 

  

			
	 Name

	  	 Mailing Address

	 Magellan Pipeline GP, LLC
	  	 One Williams Center, Suite 2800

	 	  	 Tulsa, Oklahoma 74172

  
 IN WITNESS WHEREOF,
the undersigned has executed this Certificate of Limited Partnership of Magellan Pipeline Company, L.P. as of August [    ], 2004. 
  

			
	 By:
	 	Magellan Pipeline GP, LLC,
	 	 	    as General Partner
		
	 By:
	 	  

	 Name:
	 	 Lonny E. Townsend

	 Title:
	 	 Vice President, General Counsel &

	 	 	 Assistant SecretaryCredit Agreement dated as of September 14, 2004

 Exhibit 10.3 
  
 EXECUTION COPY 
  

  
  
 $300,000,000 
  
 CREDIT AGREEMENT

  
 among 
  
 MAGELLAN MIDSTREAM PARTNERS, L.P., 
 as Borrower, 
  
 The Several Lenders from Time to Time Parties Hereto, 
  
 LEHMAN BROTHERS INC., 
 as Arranger, 
  
 LEHMAN COMMERCIAL PAPER INC., 
 as Syndication Agent 
  
 and 
  
 LEHMAN
COMMERCIAL PAPER INC., 
 as Administrative Agent 
  
 Dated as of September 14, 2004 
  

 Table of Contents 
  

					
	 	 	 	  	Page

	 ARTICLE I DEFINITIONS
	  	1
			
	 SECTION 1.01.
	 	DEFINED TERMS	  	1
	 SECTION 1.02.
	 	TERMS GENERALLY	  	15
	 SECTION 1.03.
	 	ACCOUNTING TERMS; GAAP	  	15
		
	 ARTICLE II THE CREDITS
	  	16
			
	 SECTION 2.01.
	 	COMMITMENTS	  	16
	 SECTION 2.02.
	 	PROCEDURE FOR BORROWING	  	16
	 SECTION 2.03.
	 	REPAYMENT OF LOANS	  	16
	 SECTION 2.04.
	 	CONVERSION AND CONTINUATION OPTIONS	  	16
	 SECTION 2.05.
	 	MINIMUM AMOUNT	  	17
	 SECTION 2.06.
	 	REPAYMENT OF LOANS; EVIDENCE OF DEBT	  	17
	 SECTION 2.07.
	 	OPTIONAL PREPAYMENT OF LOANS	  	17
	 SECTION 2.08.
	 	MANDATORY PREPAYMENTS OF LOANS	  	18
	 SECTION 2.09.
	 	FEES	  	18
	 SECTION 2.10.
	 	INTEREST	  	18
	 SECTION 2.11.
	 	ALTERNATE RATE OF INTEREST	  	19
	 SECTION 2.12.
	 	INCREASED COSTS	  	19
	 SECTION 2.13.
	 	BREAK FUNDING PAYMENTS	  	20
	 SECTION 2.14.
	 	TAXES	  	20
	 SECTION 2.15.
	 	PAYMENTS GENERALLY; PRO RATA TREATMENT; SHARING OF
SET-OFFS	  	21
	 SECTION 2.16.
	 	MITIGATION OBLIGATIONS; REPLACEMENT OF LENDERS	  	22
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	23
			
	 SECTION 3.01.
	 	ORGANIZATION; POWERS	  	23
	 SECTION 3.02.
	 	AUTHORIZATION; ENFORCEABILITY	  	23
	 SECTION 3.03.
	 	NO UNDISCLOSED LIABILITIES	  	23
	 SECTION 3.04.
	 	GOVERNMENTAL APPROVALS; NO CONFLICTS	  	23
	 SECTION 3.05.
	 	FINANCIAL CONDITION; NO MATERIAL ADVERSE CHANGE	  	24
	 SECTION 3.06.
	 	PROPERTIES	  	24
	 SECTION 3.07.
	 	LITIGATION AND ENVIRONMENTAL MATTERS	  	24
	 SECTION 3.08.
	 	COMPLIANCE WITH LAWS AND AGREEMENTS	  	25
	 SECTION 3.09.
	 	INVESTMENT AND HOLDING COMPANY STATUS	  	25
	 SECTION 3.10.
	 	TAXES	  	25
	 SECTION 3.11.
	 	ERISA	  	25
	 SECTION 3.12.
	 	DISCLOSURE	  	25
	 SECTION 3.13.
	 	LABOR MATTERS	  	26
	 SECTION 3.14.
	 	SUBSIDIARIES	  	26
	 SECTION 3.15.
	 	MARGIN STOCK	  	26
	 SECTION 3.16.
	 	LICENSES AND PERMITS	  	26
	 SECTION 3.17.
	 	REPORTABLE TRANSACTION	  	26
	 SECTION 3.18.
	 	LIEN FILINGS	  	26
	 SECTION 3.19.
	 	USE OF PROCEEDS	  	26

					
	 ARTICLE IV CONDITIONS
	  	27
			
	 SECTION 4.01.
	 	CLOSING DATE	  	27
		
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	28
			
	 SECTION 5.01.
	 	FINANCIAL STATEMENTS; RATINGS CHANGE AND OTHER INFORMATION	  	28
	 SECTION 5.02.
	 	NOTICES OF MATERIAL EVENTS	  	29
	 SECTION 5.03.
	 	EXISTENCE; CONDUCT OF BUSINESS	  	29
	 SECTION 5.04.
	 	PAYMENT OF OBLIGATIONS	  	29
	 SECTION 5.05.
	 	MAINTENANCE OF PROPERTIES; INSURANCE	  	30
	 SECTION 5.06.
	 	BOOKS AND RECORDS; INSPECTION RIGHTS	  	30
	 SECTION 5.07.
	 	COMPLIANCE WITH LAWS	  	30
	 SECTION 5.08.
	 	USE OF PROCEEDS	  	30
	 SECTION 5.09.
	 	COMPLIANCE WITH ERISA	  	30
	 SECTION 5.10.
	 	INTENTIONALLY DELETED	  	30
	 SECTION 5.11.
	 	COMPLIANCE WITH ENVIRONMENTAL LAWS; ENVIRONMENTAL REPORTS	  	30
	 SECTION 5.12.
	 	FURTHER ASSURANCES	  	31
	 SECTION 5.13.
	 	TAX SHELTER REGULATIONS	  	31
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	31
			
	 SECTION 6.01.
	 	INDEBTEDNESS	  	31
	 SECTION 6.02.
	 	LIENS	  	32
	 SECTION 6.03.
	 	FUNDAMENTAL CHANGES	  	33
	 SECTION 6.04.
	 	INVESTMENTS, LOANS, ADVANCES, GUARANTEES AND ACQUISITIONS	  	33
	 SECTION 6.05.
	 	SWAP AGREEMENTS	  	35
	 SECTION 6.06.
	 	RESTRICTED PAYMENTS	  	35
	 SECTION 6.07.
	 	TRANSACTIONS WITH AFFILIATES	  	35
	 SECTION 6.08.
	 	RESTRICTIVE AGREEMENTS	  	35
	 SECTION 6.09.
	 	CONSTITUTIVE DOCUMENTS	  	36
	 SECTION 6.10.
	 	INTENTIONALLY DELETED	  	36
	 SECTION 6.11.
	 	SALES AND LEASEBACKS	  	36
	 SECTION 6.12.
	 	CHANGES IN FISCAL YEAR	  	36
	 SECTION 6.13.
	 	INTENTIONALLY DELETED	  	36
	 SECTION 6.14.
	 	INTENTIONALLY DELETED	  	36
	 SECTION 6.15.
	 	MINIMUM INTEREST COVERAGE RATIO	  	36
	 SECTION 6.16.
	 	MAXIMUM LEVERAGE RATIO	  	36
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	36
		
	 ARTICLE VIII THE AGENTS
	  	38
			
	 SECTION 8.01.
	 	APPOINTMENT	  	38
	 SECTION 8.02.
	 	DELEGATION OF DUTIES	  	39
	 SECTION 8.03.
	 	EXCULPATORY PROVISIONS	  	39
	 SECTION 8.04.
	 	RELIANCE BY AGENTS	  	39
	 SECTION 8.05.
	 	NOTICE OF DEFAULT	  	39
	 SECTION 8.06.
	 	NON-RELIANCE ON AGENTS AND OTHER LENDERS	  	40
	 SECTION 8.07.
	 	INDEMNIFICATION	  	40

  

 ii 

					
	 SECTION 8.08.
	  	AGENT IN ITS INDIVIDUAL CAPACITY	  	40
	 SECTION 8.09.
	  	SUCCESSOR ADMINISTRATIVE AGENT	  	40
	 SECTION 8.10.
	  	THE ARRANGER AND THE SYNDICATION AGENT	  	41
		
	 ARTICLE IX MISCELLANEOUS
	  	41
			
	 SECTION 9.01.
	  	NOTICES	  	41
	 SECTION 9.02.
	  	WAIVERS; AMENDMENTS	  	42
	 SECTION 9.03.
	  	EXPENSES; INDEMNITY; DAMAGE WAIVER	  	42
	 SECTION 9.04.
	  	SUCCESSORS AND ASSIGNS; PARTICIPATIONS AND ASSIGNMENTS	  	43
	 SECTION 9.05.
	  	SURVIVAL	  	46
	 SECTION 9.06.
	  	COUNTERPARTS; INTEGRATION; EFFECTIVENESS	  	46
	 SECTION 9.07.
	  	SEVERABILITY	  	46
	 SECTION 9.08.
	  	RIGHT OF SETOFF	  	46
	 SECTION 9.09.
	  	GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS	  	47
	 SECTION 9.10.
	  	WAIVER OF JURY TRIAL	  	47
	 SECTION 9.11.
	  	HEADINGS	  	47
	 SECTION 9.12.
	  	CONFIDENTIALITY	  	48
	 SECTION 9.13.
	  	INTEREST RATE LIMITATION	  	48
	 SECTION 9.14.
	  	USA PATRIOT ACT	  	48
	 SECTION 9.15.
	  	SEPARATENESS	  	48
	 SECTION 9.16.
	  	RESTRICTED SUBSIDIARIES	  	49
	 SECTION 9.17.
	  	NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND
UNITHOLDERS	  	49

  
 SCHEDULES: 
  
 Schedule 2.01 — Commitments 
 Schedule 3.03 — Disclosed Matters 
 Schedule 3.14 — Subsidiaries

 Schedule 3.18 — Lien Jurisdictions 
 Schedule 6.01 —
Existing Indebtedness 
 Schedule 6.02 — Existing Liens 
 Schedule 6.08 — Existing Restrictions 
  
 EXHIBITS:

  
 Exhibit A — Form of Assignment and Assumption 
 Exhibit B — Form of Opinion of Borrower’s Counsel 
 Exhibit C —
Form of Opinion of In-House Counsel 
 Exhibit D — Form of Borrowing Notice 
  
 ANNEX 
  
 Annex 1 — Certain Adjustments to Consolidated EBITDA 
  

 iii 

 CREDIT AGREEMENT, dated as of September 14, 2004, among Magellan Midstream Partners, L.P., a Delaware
limited partnership (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”), LEHMAN BROTHERS INC., as exclusive advisor, sole lead
arranger and sole bookrunner (in such capacity, the “Arranger”), LEHMAN COMMERCIAL PAPER INC., as syndication agent (in such capacity, the “Syndication Agent”), and LEHMAN COMMERCIAL PAPER INC., as administrative
agent (in such capacity, the “Administrative Agent”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Borrower has requested that the Lenders provide it credit facilities in order to finance the Acquisition (as hereinafter defined); and

  
 WHEREAS, the Lenders are willing to make such credit
facilities available upon and subject to the terms and conditions hereinafter set forth; 
  
 NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereto hereby agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
  
 “ABR Loan” means Loans the interest rate applicable to
which is determined by reference to the Alternate Base Rate. 
  
 “Acquisition” means the acquisition of selected refined products pipelines and terminal assets owned by Equilon Enterprises LLC d/b/a Shell Oil Products US, a Delaware limited liability company, and its wholly owned
subsidiary, Shell Pipeline LP, a Delaware limited partnership, on terms and subject to conditions set forth in the Acquisition Agreement, as amended.  
  
 “Acquisition Agreement” means the Purchase and Sale Agreement, dated as of June 23, 2004, by and between the Borrower, Shell Pipeline LP,
a Delaware limited partnership, and Equilon Enterprises LLC d/b/a Shell Oil Products US, a Delaware limited liability company. 
  
 “Adjusted LIBO Rate” means, with respect to each day during each Interest Period, an interest rate per annum determined for such day in
accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 
  
                             LIBO
Rate                             
 1.00 - Eurocurrency Reserve Requirements 
  
 “Administrative Agent” has the meaning set forth in the preamble hereto. 
  
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 

 “Affiliate” means, with respect to a specified Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
  
 “Agents” is the collective reference to the Syndication Agent and the Administrative Agent. 
  
 “Agreement” has the meaning set forth in the preamble
hereto. 
  
 “Alternate Base Rate” for any day, a
rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%. For purposes hereof:
“Prime Rate” shall mean the prime lending rate as set forth on the British Banking Association Telerate Page 5 (or such other comparable publicly available page as may, in the reasonable opinion of the Administrative Agent after
notice to the Borrower, replace such page for the purpose of displaying such rate if such rate no longer appears on the British Bankers Association Telerate page 5), as in effect from time to time. The Prime Rate is a reference rate and does not
necessarily represent the lowest or best rate actually available. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change in
the Prime Rate or the Federal Funds Effective Rate, respectively. 
  
 “Applicable Percentage” means, as to any Lender at any time, the percentage which such Lender’s Commitment then constitutes of the aggregate Commitments of all Lenders (or, at any time after the Closing Date, the
percentage which the aggregate principal amount of such Lender’s Loans then outstanding constitutes of the aggregate principal amount of all Loans then outstanding). 
  
 “Applicable Rate” means, for any day, with respect to any ABR Loan or Eurodollar Loan, as the case may be,
the applicable rate per annum set forth below under the caption “ABR Spread” or “Eurodollar Spread”, as the case may be, based upon the ratings by Moody’s and S&P, respectively, applicable on such date to the Index Debt:

  

							
	 Index Debt Ratings:

	  	 ABR
 Spread

	 	 	Eurodollar
Spread

	 
	 Category 1
 BBB+/Baa1
	  	0.00	%	 	.625	%
	 Category 2
 BBB/Baa2
	  	0.00	%	 	.75	%
	 Category 3
 BBB-/Baa3
	  	0.00	%	 	1.00	%
	 Category 4
 BB+/Ba1
	  	0.00	%	 	1.25	%
	 Category 5
 BB/Ba2
	  	0.00	%	 	1.50	%

  
 For purposes of the
foregoing, (i) if either Moody’s or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have
established a rating in Category 5; (ii) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall fall within different Categories, the Applicable Rate shall be based on the higher of the two
ratings (unless one of the ratings is two or more Categories lower than the other, in which case the Applicable Rate shall be determined by reference to the Category next below that of the higher of the two ratings); and (iii) if 
  

 2 

 the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall be
changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change
shall have been furnished by the Borrower to the Administrative Agent and the Lenders pursuant to Section 5.01 or otherwise. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and
ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt
obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the
Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation. 
  
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party
whose consent is required by Section 9.04(c)), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 
  
 “Arranger” has the meaning set forth in the preamble hereto. 
  
 “Available Cash” has the meaning set forth in the
Partnership Agreement. 
  
 “Board” means the
Board of Governors of the Federal Reserve System of the United States of America. 
  
 “Borrower” has the meaning set forth in the preamble hereto. 
  
 “Borrowing Notice” means, with respect to the request for borrowing of Loans hereunder, a notice from the Borrower substantially in the
form of, and containing the information prescribed by, Exhibit D, delivered to the Administrative Agent. 
  
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or
required by Law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London
interbank market. 
  
 “Capital Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified
and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
  
 “Capital Stock” means any and all shares, interests,
participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the
foregoing. 
  
 “Change in Control” means the
occurrence of any of the following events: (a) the acquisition of greater than 50% of the voting or economic interests in the General Partner by any Person unless such Person has a consolidated net worth of greater than $500,000,000; (b) the General
Partner shall cease to own and control, of record and beneficially, directly, 100% of the general partner interests 
  

 3 

 in the Borrower or to be the sole managing general partner of the Borrower; or (c) any “person” or
“group” (as such terms are used in Sections 13(d) and 14(d) under the Exchange Act), excluding Magellan Midstream Holdings, L.P. and its Affiliates, shall become, or obtain rights (whether by means or warrants, options or otherwise) to
become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act) directly or indirectly, of a number of Units that would entitle such person or group entitled to vote Units representing, in the aggregate,
more than 20% of the total number of Outstanding Units at any annual meeting of the unitholders of the Borrower or otherwise in the election of directors of the General Partner. 
  
 “Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b)
any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.12(b), by any lending
office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. 
  
 “Closing Date” means the date on which the conditions
specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02), which date shall occur on or prior to November 15, 2004. 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Commitment” means, as to any Lender, the obligation of such
Lender to make a Loan to the Borrower hereunder in a principal amount not to exceed the amount set forth under the heading “Commitment” opposite such Lender’s name on Schedule 2.01, or, as the case may be, in the Assignment and
Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original aggregate amount of the Commitments is $300,000,000. 
  
 “Common Units” means the common units representing limited
partner interests in the Borrower. 
  
 “Consolidated
EBITDA” means, with respect to the Borrower and its Restricted Subsidiaries for any period, Consolidated Net Income for such period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net
Income for such period, the sum of (a) income tax expense, (b) interest expense, amortization or write-off of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness (including the
Indebtedness hereunder), (c) depreciation and amortization expense, (d) amortization of intangibles and organization costs, (e) any extraordinary non-cash expenses or losses and (f) any extraordinary, unusual or non-recurring cash income or gains to
the extent not included in Consolidated Net Income, and minus, (i) to the extent included in the statement of such Consolidated Net Income for such period, any extraordinary, unusual or non-recurring non-cash income or gains (including, whether or
not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales of assets outside of the ordinary course of business) and (ii) any cash payments made during such period in respect of
items described in clause (e) above subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were reflected as a charge in the statement of Consolidated Net Income, all as determined on a consolidated basis. For purposes of
calculating Consolidated EBITDA for any each quarter commencing on or after June 17, 2003, adjustments shall be made to income and expenses as set forth on Annex 1 hereto. Upon the consummation of any acquisition by any Person of the assets
or Equity Interests of any other Person, or the Disposition by such Person of any of its assets or the Disposition of its Equity Interests of any other Person, in each case to the extent such acquisition or 
  

 4 

 Disposition involves consideration having a value equal to or greater than $10,000,000, the Consolidated EBITDA of such
Person shall be adjusted on a pro forma basis to include, in the case of an acquisition, or exclude, in the case of a Disposition, the historical financial results attributable to such Equity Interests or assets; such adjustment to be made in a
manner consistent with the regulations and practices of the United States Securities and Exchange Commission (whether or not applicable). 
  
 “Consolidated Indebtedness” means the consolidated Indebtedness of the Borrower and its Restricted Subsidiaries. 
  
 “Consolidated Interest Expense” means, for any period, the
sum of aggregate interest expense and capitalized interest of the Borrower and its Restricted Subsidiaries determined on a consolidated basis for such period. 
  

“Consolidated Net Income” means for any period, the consolidated net income (or loss) of the Borrower and its Restricted Subsidiaries,
as applicable, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Restricted Subsidiary of the Borrower, or is
merged into or consolidated with the Borrower or any of its Restricted Subsidiaries, as applicable, (b) the income (or deficit) of any Person (other than a Restricted Subsidiary of the Borrower, as applicable) in which the Borrower or any of its
Restricted Subsidiaries, as applicable, has an ownership interest, except to the extent that any such income is actually received by the Borrower or any of its Restricted Subsidiaries, as applicable, in the form of dividends or similar
distributions, and (c) the undistributed earnings of any Restricted Subsidiary of the Borrower, to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary is not at the time permitted by the
terms of any Contractual Obligation (other than under any Note Purchase Document (as defined in the Note Purchase Agreement) or any Loan Document) or by any Law applicable to such Restricted Subsidiary. 
  
 “Contractual Obligation” means as to any Person, any
provision of any security issued by such Person or of any material agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 
  
 “Control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto. 
  
 “Control Investment
Affiliate” means, as to any Person, any other Person that (a) directly or indirectly, is in control of, is controlled by, or is under common control with, such Person and (b) is organized by such Person primarily for the purpose of making
equity or debt investments in one or more companies. For purposes of this definition, “control” of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether by
contract or otherwise. 
  
 “Default” means any
event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
  

“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.03 or
previously disclosed in the Borrower’s filings with the SEC. 
  
 “Dispose” means with respect to any property, to sell, lease, engage in a sale and leaseback with respect thereto, assign, convey, transfer or otherwise dispose thereof. The term “Disposition” shall have a
correlative meaning. 
  

 5 

 “dollars” or “$” refers to lawful money of the United States of
America. 
  
 “EDGAR”: the Electronic Data
Gathering, Analysis, and Retrieval computer system for the receipt, acceptance, review and dissemination of documents submitted to the SEC in electronic format. 
  

“Environmental Laws” means all applicable laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, or
legally enforceable directives issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management or release of any Hazardous Material or to
health (with respect to exposure to Hazardous Materials) and safety matters. 
  
 “Environmental Liability” means any liability (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary resulting
from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release of any Hazardous
Materials into the environment or (e) any contract or other written agreement pursuant to which liability is assumed by or imposed against Borrower or any Subsidiary with respect to any of the foregoing. 
  
 “Equity Interests” means shares of capital stock,
partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or
acquire any such equity interest. 
  
 “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for
purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
  
 “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with
respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA),
whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA
Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any
Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the
receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer
Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
  
 “Eurocurrency Reserve Requirements” means, for any day, the aggregate (without duplication) of the maximum rates (expressed as a decimal
fraction) of reserve requirements in effect on 
  

 6 

 such day (including, without limitation, basic, supplemental, marginal and emergency reserves) under any regulations of
the Board or other Governmental Authority having jurisdiction with respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board)
maintained by a member bank of the Federal Reserve System. 
  
 “Eurodollar Loans” means Loans the interest rate applicable to which is determined by reference to the Adjusted LIBO Rate. 
  
 “Event of Default” has the meaning assigned to such term in Article VII. 
  
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any
payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such recipient
is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other
jurisdiction in which the Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.16(b)), any withholding tax that is imposed on amounts payable to such Foreign
Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with Section 2.14(e), except to the extent that such Foreign
Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.14(a). 

 
 “Existing Credit Agreement” means the Credit Agreement,
dated as of May 25, 2004 among the Borrower, as borrower, the several lenders from time to time party thereto, J.P. Morgan Securities and Lehman Brothers Inc., as Joint Bookrunners and Lead Arrangers, and JPMorgan Chase Bank, as Administrative
Agent, as amended by Amendment No. 1, dated as of September 9, 2004. 
  
 “Federal Funds Effective Rate”: for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day of such transactions received by the Administrative Agent from three
federal funds brokers of recognized standing selected by it. 
  
 “Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower. 
  
 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located.
For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
  
 “Funding Office” means the office specified from time to time by the Administrative Agent as its funding
office by notice to the Borrower and the Lenders. 
  
 “GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time. 
  

 7 

 “General Partner” means Magellan GP, LLC, a Delaware limited liability company and the
general partner of the Borrower. 
  
 “Governmental
Approval” means (a) any authorization, consent, approval, license, waiver, ruling, permit, tariff, rate, certification, exemption, filing, variance, claim, order, judgment, decree, sanction or publication of, by or with; (b) any notice to;
(c) any declaration of or with; or (d) any registration by or with, or any other action or deemed action by or on behalf of, any Governmental Authority. 
  
 “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government. 
  
 “Guarantee” of or by any Person
(the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d)
as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of
business. 
  
 “Hazardous Materials” means all
explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas and all
other substances or wastes of any nature regulated pursuant to any applicable Environmental Law. 
  
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of
such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person
in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all
Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (i) all obligations, contingent or otherwise, of such Person in
respect of bankers’ acceptances; provided, however, that in no event shall “Indebtedness” include any contingent reimbursement obligation arising under any letter of credit issued under the Existing Credit
Agreement to the extent such reimbursement obligation has been cash collateralized. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent
such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 
  

 8 

 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
  
 “Independent Directors” means individuals who are not
officers, directors, employees or agents of the General Partner or any Affiliate thereof and who otherwise meet the independence and experience requirements set forth most recently by any National Securities Exchange on which any Units or other
Partnership Securities are listed or quoted. 
  
 “Index
Debt” means senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other Person or subject to any other credit enhancement. 
  
 “Interest Coverage Ratio” means, at any date, the ratio of (a) Consolidated EBITDA to (b) Consolidated
Interest Expense, in each case for the period of four consecutive fiscal quarters most recently ended on or prior to such date for which financial information is available. 
  
 “Interest Payment Date” means (a) as to any ABR Loan, the last day of each March, June, September and
December, (b) as to any Eurodollar Loan having an Interest Period of three months or shorter, the last day of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three months, each day that is three months, or a
whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (d) as to any Loan, the date of any repayment made in respect thereof. 
  
 “Interest Period” means as to any Eurodollar Loan, (a) initially the period commencing on the borrowing or
conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect
thereto; and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower by irrevocable notice to
the Administrative Agent not less than three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that, all of the foregoing provisions related to Interest Periods are subject to the
following: 
  
 (1) if any Interest Period would otherwise end on
a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period
shall end on the immediately preceding Business Day; 
  
 (2) any
Interest Period that would otherwise extend beyond the date final payment is due on the Loans shall end on such due date; and 
  
 (3) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the
calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period. 
  
 “Law” means all laws, statutes, treaties, ordinances, codes, acts, rules, regulations, Government Approvals and Orders of all
Governmental Authorities, whether now or hereafter in effect. 
  
 “Lehman Entity” means any of Lehman Commercial Paper Inc. or any of its affiliates. 
  

 9 

 “Lenders” means the Persons listed on Schedule 2.01 and any other Person that
shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 
  
 “Leverage Ratio” means, at any date, the ratio of (a) Consolidated Indebtedness at such date to (b)
Consolidated EBITDA for the four consecutive fiscal quarters most recently ended on or prior to such date for which financial information is available. 
  
 “LIBO Rate” means, with respect to each day during each Interest Period, the rate per annum determined on the basis of the rate for
deposits in Dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on Page 3750 of the Telerate screen as of 11:00 A.M., London time, two Business Days prior to the beginning of such Interest
Period. In the event that such rate does not appear on Page 3750 of the Telerate screen (or otherwise on such screen), the “LIBO Rate” for purposes of this definition shall be determined by reference to such other comparable
publicly available service for displaying eurodollar rates as may be selected by the Administrative Agent. 
  
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the
foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 
  
 “Loan Documents” means this Agreement, any promissory notes executed in connection herewith, and any other
agreements and documents executed and delivered in connection with this Agreement. 
  
 “Loans” has the meaning assigned to such term in Section 2.01. 
  
 “Magellan Pipeline” means Magellan Pipeline Company, LLC or, after conversion of such Person to a limited partnership form, Magellan
Pipeline Company, L.P., in each case a Subsidiary. 
  
 “Material Adverse Effect” means a material adverse effect on (a) the Acquisition, (b) the business, assets, operations or condition, financial or otherwise, of the Borrower and the Subsidiaries taken as a whole, (c) the
ability of the Borrower to perform any of its obligations under this Agreement or (d) the validity or enforceability of this Agreement. 
  
 “Material Indebtedness” means Indebtedness (other than the Loans) and obligations in respect of one or more Swap Agreements, of any one
or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $25,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect
of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 
  
 “Maturity Date” means the date which is 364 days after the
Closing Date. 
  
 “Moody’s” means
Moody’s Investors Service, Inc. 
  
 “Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
  

 10 

 “Net Cash Proceeds” means, in connection with any issuance or sale of equity securities
or debt securities or instruments or the incurrence of loans, the cash proceeds received from such issuance or incurrence, net of attorney’s fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other
customary fees and expenses actually incurred in connection therewith. 
  
 “Note Purchase Agreement” means the Amended and Restated Note Purchase Agreement, dated as of May 25, 2004, among Magellan Pipeline, the Borrower, the General Partner and the Purchasers listed therein, as amended by the
Amendment and Consent, dated as of August 30, 2004. 
  
 “Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or
enforcement of, or otherwise with respect to, this Agreement. 
  
 “Outstanding Units” has the meaning set forth in the Partnership Agreement 
  
 “Participant” has the meaning set forth in Section 9.04(b). 
  
 “Partnership Agreement” means the Third Amended and Restated Agreement of Limited Partnership of the
Borrower, dated as of April 22, 2004, as amended through the date hereof. 
  
 “Payment Office” means the office specified from time to time by the Administrative Agent as its payment office to the Borrower and the Lenders. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation
referred to and defined in ERISA and any successor entity performing similar functions. 
  
 “Permitted Encumbrances” means: 
  
 (a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.04; 
  
 (b) carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 5.04;

  
 (c) pledges and deposits made in the ordinary
course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; 
  
 (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds
and other obligations of a like nature, in each case in the ordinary course of business; 
  
 (e) judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; 
  
 (f) easements, zoning restrictions, rights-of-way and
similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary
conduct of business of the Borrower or any Subsidiary; 
  

 11 

 (g) Liens securing obligations (other than obligations representing Indebtedness for
borrowed money) under operating, reciprocal easement or similar agreements entered into in the ordinary course of business of the Borrower and its Subsidiaries; 
  
 (h) licenses of patents, trademarks and other intellectual property rights granted by the Borrower or any of
its Subsidiaries in the ordinary course of business and not interfering in any material respect with the ordinary conduct of the business of the Borrower or such Subsidiary; 
  
 (i) the lien reserved in leases for rent and for compliance with the terms of the lease in the case of
leasehold estates; 
  
 (j) any Lien in favor of
any Governmental Authority to secure partial, progress, advance or other payments pursuant to any contract or statute, or any Lien securing industrial development, pollution control or similar revenue bonds; and 
  
 (k) any easements, exceptions or reservations in any
property or assets granted or reserved for the purpose of pipelines, roads, the removal of oil, gas, coal or other minerals, and other like purposes, or for the joint or common use of real property, facilities and equipment which are incidental to,
and do not materially interfere with, the ordinary conduct of the Borrower’s and/or its Subsidiaries’ business. 
  
 provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness except as otherwise permitted above. 
  
 “Permitted Investments” means: 
  
 (a) direct obligations of, or obligations the principal of
and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one
year from the date of acquisition thereof; 
  
 (b) investments in commercial paper, asset-backed securities, auction rate securities or similar securities maturing or resetting within 270 days from the date of acquisition thereof and having, at such date of acquisition, a credit rating
of at least A-2 or AA from S&P or P-2 or Aa2 from Moody’s; 
  
 (c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit
accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000;

  
 (d) fully collateralized repurchase
agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; 
  
 (e) money market funds that (i) comply with the criteria set
forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000; 
  

 12 

 (f) securities with maturities of six months or less from the date of acquisition backed
by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; and 
  
 (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through
(f) of this definition, except that with respect to the maturities of the assets included in such funds the requirements of clauses (a) through (f) shall not be applied to the individual assets included in such funds but to the weighted-average
maturity of all assets included in such funds. 
  
 “Permitted Joint Venture” means any Person (other than a Subsidiary) in which the Borrower, directly or through Subsidiaries, holds equity interests representing less than 100%, of the total outstanding equity interests of
such Person. 
  
 “Person” means any natural
person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
  
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5)
of ERISA. 
  
 “Register” has the meaning set
forth in Section 9.04(d). 
  
 “Regulation
D” means Regulation D of the Board, as the same is from time to time in effect, and all official rulings and interpretations thereunder or thereof. 
  
 “Regulation T” means Regulation T of the Board, as the same is from time to time in effect, and all official rulings and interpretations
thereunder or thereof. 
  
 “Regulation U” means
Regulation U of the Board, as the same is from time to time in effect, and all official rulings and interpretations thereunder or thereof. 
  
 “Regulation X” means Regulation X of the Board, as the same is from time to time in effect, and all official rulings and interpretations
thereunder or thereof. 
  
 “Related Fund” means,
with respect to any Lender, any fund that (a) invests in commercial loans and (b) is managed or advised by the same investment advisor as such Lender, by such Lender or an Affiliate of such Lender. 
  
 “Related Parties” means, with respect to any specified
Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
  

“Required Lenders” means, at any time, the holders of more than 50% of (a) until the Closing Date, the Commitments, and (b)
thereafter, the aggregate unpaid principal amount of the Loans then outstanding. 
  
 “Response” means (a) “response” as such term is defined in CERCLA, 42 U.S.C. §9601(25), and (b) all other actions required by any Governmental Authority or voluntarily undertaken to:
(i) clean up, remove, treat, abate, or in any other way address any Hazardous Material in the environment; (ii) prevent the release of any Hazardous Material; or (iii) perform studies and investigations in connection with clause (i) or (ii) above.

  

 13 

 “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the Borrower or any option, warrant or other right to acquire any such Equity Interests in the Borrower. 
  
 “Restricted Subsidiary” means each of (a) (i) Magellan GP,
Inc., a Delaware corporation, (ii) Magellan OLP, L.P., a Delaware limited partnership, (iii) Magellan Pipeline, (iv) Magellan NGL, LLC, a Delaware limited liability company, (v) Magellan Ammonia Pipeline, L.P., a Delaware limited partnership, (vi)
Magellan Terminals Holdings, L.P., a Delaware limited partnership, (vii) Magellan Pipelines Holdings, L.P., a Delaware limited partnership, and (viii) Magellan Asset Services, L.P., a Delaware limited partnership, and (b) any other Subsidiary of the
Borrower designated by the Borrower as a Restricted Subsidiary pursuant to Section 9.16. 
  
 “S&P” means Standard & Poor’s. 
  
 “SEC” means the Securities and Exchange Commission (or successors thereto or an analogous Governmental Authority). 
  
 “Services Agreement” means the New Services Agreement, dated
as of June 17, 2003, among the General Partner, the Borrower, Magellan Pipeline, Magellan Terminals Holding, L.P. and Magellan Midstream Holdings, L.P. as in effect as of the date hereof without giving any effect to any subsequent amendment,
supplement or other modification thereto or termination thereof not approved of by the Required Lenders if such amendment, supplement or other modification thereto or termination thereof would reasonably be expected to adversely affect the Lenders.

  
 “Subordinated Units” means the subordinated
units representing limited partner interests in the Borrower. 
  
 “subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated
with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association
or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as
of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
  
 “Subsidiary” means any subsidiary of the Borrower.

  
 “Swap Agreement” means any agreement with
respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or
pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services
provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement. 
  

 14 

 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions,
charges or withholdings imposed by any Governmental Authority. 
  
 “Transactions” means the execution, delivery and performance by the Borrower of this Agreement, the borrowing of Loans, the use of the proceeds thereof and the consummation of the Acquisition. 
  
 “Type” refers to whether the rate of interest on any Loan is
determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
  
 “Units” has the meaning set forth in the Partnership Agreement 
  
 “Unrestricted Subsidiary” means any Subsidiary other than a Restricted Subsidiary. 
  
 “Withdrawal Liability” means liability to a Multiemployer
Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
  
 SECTION 1.02. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document
herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein),
(b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer
to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. 
  
 SECTION 1.03. Accounting Terms; GAAP.
Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that
the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the
Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be
interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in a manner satisfactory to the Borrower and the Required
Lenders. 
  

 15 

 ARTICLE II 
  
 The Credits 
  
 SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make a loan (each, a
“Loan”) to the Borrower on the Closing Date in a principal amount for each Lender not to exceed the amount of the Commitment of such Lender. The Loans may from time to time be Eurodollar Loans or ABR Loans as determined by the
Borrower and notified to the Administrative Agent in accordance with Sections 2.02 and 2.04. If the terms and conditions to making any Loan hereunder are not satisfied on or prior to November 15, 2004, the Commitments of each Lender hereunder shall
terminate on such date and the Lenders will no longer be obligated to make loans to the Borrower hereunder. 
  
 SECTION 2.02. Procedure for Borrowing. The Borrower shall deliver to the Administrative Agent a Borrowing Notice (which Borrowing Notice must be
received by the Administrative Agent prior to 10:00 A.M., New York City time, one Business Day prior to the anticipated Closing Date in the case of ABR Loans, or three days prior to the anticipated Closing Date, in the case of Eurodollar Loans)
requesting that the Lenders make the Loans on the Closing Date. Upon receipt of such Borrowing Notice the Administrative Agent shall promptly notify each Lender thereof. Not later than 12:00 Noon, New York City time, on the Closing Date, each Lender
shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the Loan or Loans to be made by such Lender. The Administrative Agent shall make available to the Borrower the aggregate of the
amounts made available to the Administrative Agent by the Lenders, in like funds as received by the Administrative Agent. 
  
 SECTION 2.03. Repayment of Loans. The Loan of each Lender shall mature and, unless earlier accelerated or payable in accordance with the terms of
this Agreement, shall be payable in full on the Maturity Date. 
  
 SECTION 2.04. Conversion and Continuation Options. (a) The Borrower may elect from time to time to convert Eurodollar Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of
such election, provided that any such conversion of Eurodollar Loans may be made only on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to Eurodollar Loans by giving the
Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan may be converted into a Eurodollar
Loan (i) when any Event of Default has occurred and is occurring and the Administrative Agent has, or the Required Lenders have, determined in its or their sole discretion not to permit such conversions or (ii) after the date that is one month prior
to the Maturity Date of the Loans. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. 
  
 (b) The Borrower may elect to continue any Eurodollar Loan as such upon the expiration of the then current Interest Period with respect thereto by giving
irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.01, of the length of the next Interest Period to be applicable to such Loans; provided
that no Eurodollar Loan may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has, or the Required Lenders have, determined in its or their sole discretion not to permit such continuations;
and provided, further, that if the Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso, such Loans shall be converted
automatically to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. 
  

 16 

 SECTION 2.05. Minimum Amount. Notwithstanding anything to the contrary in this Agreement, all
borrowings, conversions, continuations and optional prepayments of Eurodollar Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections that, after giving effect thereto, the aggregate principal
amount of the Eurodollar Loans shall be equal to $1,000,000 or a whole multiple of $1,000,000 in excess thereof. 
  
 SECTION 2.06. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the
account of each Lender the then unpaid principal amount of each Loan on the Maturity Date (or on such earlier date on which the Loans shall become due and payable pursuant to Article VII). The Borrower hereby further agrees to pay interest on the
unpaid principal amount of the Loans from time to time outstanding from the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in Section 2.10. 
  
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of
the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
  
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder and
Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the
Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
  
 (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and
amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans
in accordance with the terms of this Agreement. 
  
 (e) Any Lender
may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender
and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be
represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
  
 SECTION 2.07. Optional Prepayment of Loans. The Borrower may, at any
time and from time to time, prepay the Loans, in whole or in part, without premium or penalty (except as otherwise provided herein), upon irrevocable notice delivered to the Administrative Agent at least three Business Days prior thereto in the case
of Eurodollar Loans and at least one Business Day prior thereto in the case of ABR Loans, which notice shall specify the date and amount of such prepayment and whether such prepayment is of Eurodollar Loans or ABR Loans; provided that if a
Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.13. Upon receipt of any such notice the Administrative Agent shall
promptly notify each Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the amount prepaid. Partial prepayments of
Loans under this Section 2.07 shall be in an aggregate amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof. 
  

 17 

 SECTION 2.08. Mandatory Prepayments of Loans. Unless the Required Lenders shall otherwise agree,
if any Capital Stock shall be issued, or Indebtedness incurred by the Borrower or any of its Subsidiaries (excluding any Indebtedness incurred in accordance with Section 6.01(a), Section 6.01(c), Section 6.01(d), Section
6.01(e), Section 6.01 (f) or Section 6.01(i) as in effect on the date of this Agreement or any Indebtedness incurred under the Existing Credit Agreement), then on the date of such issuance or incurrence, the Loans shall be prepaid
by an amount equal to the amount of Net Cash Proceeds of such issuance or incurrence. 
  
 SECTION 2.09. Fees. The Borrower agrees to pay, on the date which is 180 days after the Closing Date, to the Administrative Agent for the account of each Lender a facility fee in an amount equal to 0.25% of the
aggregate unpaid principal amount of the Loans of such Lender outstanding on such 180th day after the Closing
Date. 
  
 SECTION 2.10. Interest. (a) Each ABR Loan
shall bear interest for each day on which it is outstanding at a rate per annum equal to the Alternate Base Rate in effect for such day plus the Applicable Rate in effect for such date. 
  
 (b) Each Eurodollar loan shall bear interest for each day during each Interest Period with respect thereto at a rate per
annum equal to the Eurodollar Rate determined for such day plus the Applicable Rate in effect for such day. 
  
 (c) Intentionally deleted. 
  
 (d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid
when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate
otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section. 
  
 (e) Accrued interest on each Loan shall be payable in arrears on each
Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be
payable on the effective date of such conversion. 
  
 (f) All
interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year
of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be
determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
  

 18 

 SECTION 2.11. Alternate Rate of Interest. If prior to the commencement of any Interest Period:

  
 (a) the Administrative Agent determines (which determination
shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
  
 (b) the Administrative Agent is advised by the Required Lenders that the
Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) during such Interest Period; 
  
 then the Administrative Agent shall give telecopy or telephonic notice thereof to the
Borrower and the Lender as soon as practicable thereafter. If such notice is given (x) any Eurodollar Loans requested to be made on the first day of such Interest Period shall be made as ABR Loans, (y) any Loans that were to have been converted on
the first day of such Interest Period to Eurodollar Loans shall be continued as ABR Loans and (z) any outstanding Eurodollar Loans shall be converted, on the last day of the then current Interest Period with respect thereto, to ABR Loans. Until such
notice has been withdrawn by the Administrative Agent, no further Eurodollar Loans shall be made or continued as such, nor shall the Borrower have the right to convert Loans to Eurodollar Loans. 
  
 SECTION 2.12. Increased Costs. (a) If any Change in Law shall:

  
 (i) impose, modify or deem applicable any
reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 
  
 (ii) impose on any Lender or the London interbank market any
other condition affecting this Agreement or Eurodollar Loans made by such Lender or participation therein; 
  
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any
sum received or receivable by such Lender (whether of principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction
suffered. 
  
 (b) If any Lender determines that any Change in Law
regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such
Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with
respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
  
 (c) A certificate of a Lender setting forth the amount or amounts necessary
to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the
amount shown as due on any such certificate within 10 days after receipt thereof. 
  

 19 

 (d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not
constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 180 days
prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving
rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 
  
 SECTION 2.13. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other
than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.07 and is revoked in accordance therewith), or (d) the assignment
of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.16, then, in any such event, the Borrower shall compensate each Lender for the loss,
cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which
would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest
Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the
interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth any amount or
amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10
days after receipt thereof. 
  
 SECTION 2.14. Taxes. (a)
Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any
Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the
Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted
to the relevant Governmental Authority in accordance with applicable Law. 
  
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Law. 
  
 (c) The Borrower shall indemnify the Administrative Agent and each Lender, within 10 days after written demand therefor, for
the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including Indemnified Taxes
or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto (except as a result that such sums were imposed as a result of
the willful misconduct or gross negligence of the Administrative Agent or such 
  

 20 

 Lender, as applicable, as finally determined by a court of competent jurisdiction), whether or not such Indemnified Taxes
or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf
or on behalf of a Lender, shall be conclusive absent manifest error. Neither the Administrative Agent nor any Lender shall be entitled to receive any payment with respect to the Indemnified Taxes or Other Taxes that are incurred or accrued more than
180 days prior to the date the Administrative Agent or such Lender, as applicable, gives notice thereof and demand therefor to the Borrower. 
  
 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver
to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the
Administrative Agent. 
  
 (e) Any Foreign Lender that is entitled
to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower
(with a copy to the Administrative Agent), at the time or times prescribed by applicable Law, such properly completed and executed documentation prescribed by applicable Law or reasonably requested by the Borrower as will permit such payments to be
made without withholding or at a reduced rate. 
  
 (f) If the
Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts
pursuant to this Section 2.14, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.14 with respect to the Taxes or Other
Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided,
that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative
Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make available its
tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person. 
  
 SECTION 2.15. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The borrowing by the Borrower from the Lenders hereunder shall be
made pro rata according to the respective Applicable Percentages of the Lenders. Each payment by the Borrower of interest in respect of the Loans and each payment in respect of fees payable hereunder shall be applied to the amounts of
such obligations owing to the Lenders pro rata according to the respective amounts then due and owing to the Lenders. 
  
 (b) Each payment (including each prepayment) of the Loans shall be allocated among the Lenders pro rata based on the principal amount of the
Loans held by the Lenders. Amounts prepaid on account of the Loans may not be reborrowed. 
  
 (c) The application of any payment of the Loans (including optional and mandatory prepayments) shall be made, first, to ABR Loans and, second, to Eurodollar Loans. Each payment of the Loans shall be
accompanied by accrued interest to the date of such payment on the amount paid. 
  

 21 

 (d) All payments (including prepayments) to be made by the Borrower hereunder, whether on account of
principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the Administrative Agent, for the account of the Lenders, at the Payment
Office, in Dollars and in immediately available funds. Any payment made by the Borrower after 12:00 Noon, New York City time, on any Business Day shall, in the discretion of the Administrative Agent, be deemed to have been on the next following
Business Day. The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received. If any payment hereunder (other than payments on the Eurodollar Loans) becomes due and payable on a day other than
a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding
Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of the
principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension. 
  
 (e) Unless the Administrative Agent shall have been notified in writing by any Lender prior to the Closing Date that such Lender will not make the amount
that would constitute its share of the Loans available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon
such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on Closing Date, such Lender shall pay to the Administrative Agent, on demand, such amount
with interest thereon at a rate equal to the greater of (i) to the Federal Funds Effective Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, for the period until such
Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest
error. 
  
 (f) Unless the Administrative Agent shall have been
notified in writing by the Borrower prior to the date of any payment due to be made by the Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making
such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders their pro rata shares of a corresponding amount. If such payment is not made to the
Administrative Agent by the Borrower within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence,
such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower. 
  
 SECTION 2.16. Mitigation Obligations; Replacement of Lenders. (a) If
any Lender requests compensation under Section 2.12, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, then such Lender shall
use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12 or 2.14, as the case may be, in the future and (ii) would not subject such Lender to any un-reimbursed cost or expense and would not
otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
  

 22 

 (b) If any Lender requests compensation under Section 2.12, or if the Borrower is required to pay
any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, or if any Lender defaults in its obligation to fund Loans hereunder, then the Borrower may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and
obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the
Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable
to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation
under Section 2.12 or payments required to be made pursuant to Section 2.14, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
  
 ARTICLE III 
  
 Representations and Warranties 
  
 The Borrower represents and warrants to the Lenders that: 
  
 SECTION 3.01. Organization; Powers. Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 
  
 SECTION 3.02. Authorization; Enforceability. The Transactions are within the Borrower’s limited partnership powers and have been duly
authorized by all necessary limited partnership action. This Agreement has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

  
 SECTION 3.03. No Undisclosed Liabilities. The Borrower
and its Subsidiaries have no material liabilities or obligations of any nature except for (a) liabilities or obligations reflected or reserved against in the Financial Statements or in the financial statements most recently delivered by the Borrower
pursuant to Section 5.01, (b) current liabilities incurred in the ordinary course of business since the date of such financial statements, (c) liabilities or obligations that are not required to be included in financial statements prepared in
accordance with GAAP, and (d) those set forth in Schedule 3.03 attached to this Agreement or previously disclosed in the Borrower’s filings with the SEC. 
  
 SECTION 3.04. Governmental Approvals; No Conflicts. The Transactions (a) as of the Closing Date, will not require any
consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and 
  

 23 

 effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents
of the Borrower or any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or its assets,
or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries.

  
 SECTION 3.05. Financial Condition; No Material Adverse
Change. (a) The Borrower has heretofore furnished to the Lenders its consolidated balance sheet and statements of income and cash flows (i) as of and for the fiscal year ended 2003, reported on by Ernst & Young LLP, independent public
accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended June 30, 2004, certified by its chief financial officer. Such financial statements present fairly, in all material respects, the financial position and
results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year end audit adjustments and the absence of footnotes in the case of the statements
referred to in clause (ii) above. 
  
 (b) The unaudited
pro forma consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at June 30, 2004 (including the notes thereto) ( the “Pro Forma Balance Sheet”), copies of which have heretofore been furnished
to each Lender, has been prepared giving effect (as if such event had occurred on such date) to (i) the consummation of the Acquisition, (ii) the Loans to be made on the Closing Date and the use of proceeds thereof and (iii) the payment of fees and
expenses in connection with the foregoing. The Pro Forma Balance Sheet has been prepared based on the best information available to the Borrower as of the date of delivery thereof, and presents fairly on a pro forma basis the estimated
financial position of Borrower and its consolidated Subsidiaries as at June 30, 2004, assuming that the events specified in the preceding sentence had actually occurred at such date. 
  
 (c) Since December 31, 2003, no event has occurred that could reasonably expected to have a Material Adverse Effect.

  
 SECTION 3.06. Properties. (a) Each of the Borrower and
its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for such defects in title that would not reasonably be expected to have a Material Adverse Effect.

  
 (b) Each of the Borrower and its Subsidiaries owns, or is
licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other Person, except for any
such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  
 SECTION 3.07. Litigation and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental
Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined,
would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement or, as of the Closing Date, the Transactions. 
  
 (b) Except for the Disclosed Matters and except with respect to any other
matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or
comply with any permit, license or other approval required under any 
  

 24 

 Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received written notice of any claim
with respect to any Environmental Liability or (iv) knows of any reasonable basis for any Environmental Liability. 
  
 (c) Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted
in, or materially increased the likelihood of, a Material Adverse Effect. 
  
 SECTION 3.08. Compliance with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property
and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  
 SECTION 3.09. Investment and Holding Company Status. Neither the
Borrower nor any of its Subsidiaries is (a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined in, or subject to regulation under, the
Public Utility Holding Company Act of 1935. 
  
 SECTION
3.10. Taxes. Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a)
Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be
expected to result in a Material Adverse Effect. 
  
 SECTION 3.11. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to
result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most
recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan by an amount that would reasonably be expected to have a Material Adverse Effect, and the present value of all accumulated benefit
obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market
value of the assets of all such underfunded Plans by an amount that would reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 3.12. Disclosure. The Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or
any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No reports, financial statements, certificates or other information
furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to pro forma and
projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 
  

 25 

 SECTION 3.13. Labor Matters. There are no strikes, lockouts or slowdowns against the Borrower or
any of its Subsidiaries pending or, to the knowledge of the Borrower, threatened that could reasonably be expected to have a Material Adverse Effect. The hours worked by and payments made to employees of the Borrower and its Subsidiaries have not
been in violation of the Fair Labor Standards Act or any other Law dealing with such matters to the extent that such violation could reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 3.14. Subsidiaries. Schedule 3.14 lists, for each
Subsidiary of the Borrower as of the date hereof, its full legal name, its jurisdiction of organization, the number of shares of capital stock or other Equity Interests outstanding and the owner(s) of such shares or Equity Interests.

  
 SECTION 3.15. Margin Stock. Neither the Borrower nor
any Subsidiary is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation T, U or X of the Board of Governors of the
Federal Reserve System), and no part of the proceeds of any Loan will be used to purchase or carry any margin stock in violation of said Regulation T, U or X or to extend credit to others for the purpose of purchasing or carrying margin stock in
violation of said Regulation T, U or X. 
  
 SECTION 3.16.
Licenses and Permits. Each of the Borrower and its Subsidiaries possess all licenses, permits, authorizations, registrations, approvals and similar rights necessary under Law for such Person to conduct its operations as now being conducted,
each of such licenses, permits, authorizations, registrations, approvals and similar rights is valid and subsisting, in full force and effect and enforceable by such Person, and such Person is in compliance with all terms, conditions or other
provisions of such permits, authorizations, registrations, approvals and similar rights except where such failure to possess or such noncompliance would not reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 3.17. Reportable Transaction. The Borrower does not intend to
treat the Loans as being a “reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4). In the event the Borrower determines to take any action inconsistent with such intention, it will promptly notify the
Administrative Agent thereof. Furthermore, the Borrower acknowledges that one or more of the Lenders may treat its Loans as part of a transaction that is subject to Treasury Regulation Section 1.6011-4 or Section 301.6112-1, and the Administrative
Agent and such Lender or Lenders, as applicable, may file such IRS forms or maintain such lists and other records as they may determine are required by such Treasury Regulations. 
  
 SECTION 3.18. Lien Filings. Schedule 3.18 attached hereto lists all of the jurisdictions in which liens have
been filed in connection with the Note Purchase Agreement. 
  
 SECTION 3.19. Use of Proceeds. The Proceeds of the Loans shall be used to finance a portion of the Acquisition and to pay related fees and expenses. 
  

 26 

 ARTICLE IV 
  
 Conditions 
  
 SECTION 4.01. Closing Date. The agreement of each Lender to make its Loan on the Closing Date is subject to the satisfaction (or waiver in
accordance with Section 9.02), prior to or concurrently with the making of such Loan on the Closing Date, of the following conditions precedent: 
  

(a) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement and all other
documents required by Lender in connection with this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement)
that such party has signed a counterpart of this Agreement and all other documents required by Lender in connection with this Agreement. 
  
 (b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Closing
Date) of Vinson Elkins, LLP, counsel for the Borrower, substantially in the form of Exhibit B, and covering such other matters relating to the Borrower, this Agreement or the Transactions as the Required Lenders shall reasonably request. The
Borrower hereby requests such counsel to deliver such opinion. 
  
 (c) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Closing Date) of the general counsel of the Borrower, substantially in the form of Exhibit
C, and covering such other matters relating to the Borrower, this Agreement or the Transactions as the Required Lenders shall reasonably request. 
  
 (d) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request
relating to the organization, existence and good standing of the Borrower and the General Partner, the authorization of the Transactions and any other legal matters relating to the Borrower and the General Partner, this Agreement or the
Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel. 
  
 (e) All governmental and third party approvals necessary in connection with the Transactions shall have been obtained and be in full force and effect.

  
 (f) The Administrative Agent shall have received true and
correct copies, certified as to authenticity by the Borrower, of (i) the Existing Credit Agreement and the Note Purchase Agreement, (ii) the Acquisition Agreement and (iii) such other documents or instruments as may be reasonably requested by the
Administrative Agent. 
  
 (g) The Administrative Agent shall have
received a certificate, dated the Closing Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (j) and (k) of this Section. 
  
 (h) The Administrative Agent and the Arranger shall have received all fees
and other amounts due and payable on or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment of all out of pocket expenses required to be reimbursed or paid by the Borrower hereunder. 
  
 (i) The Lenders shall have received (i) satisfactory audited consolidated
financial statements of the Borrower for the two (2) most recent fiscal years ended prior to the Closing Date as to which such financial statements are available, (ii) satisfactory unaudited interim consolidated financial statements of the Borrower
for each quarterly period ended subsequent to the date of the latest financial statements delivered pursuant to clause (i) immediately above as to which such financial statements are available and (iii) the Pro Forma Balance Sheet. 
  
 (j) Each of the representations and warranties made by the Borrower in or
pursuant to this Agreement shall be true and correct as on and as of the Closing Date as if made on and as of the Closing Date. 
  

 27 

 (k) No Default or Event of Default shall have occurred and be continuing on the Closing Date after giving
effect to the extensions of credit requested to be made on such date. 
  
 ARTICLE V 
  
 Affirmative Covenants 
  
 So long as any Loan or other amount is owing to any Lender or any Agent
hereunder, the Borrower covenants and agrees that: 
  
 SECTION
5.01. Financial Statements; Ratings Change and Other Information. The Borrower will furnish to the Administrative Agent and each Lender: 
  
 (a) within 90 days after the end of each fiscal year of the Borrower, on EDGAR (or upon the request of any Lender, the Borrower shall
provide a copy of such statement or report described above to any Lender that does not have access to EDGAR), its audited consolidated balance sheet and related statements of income, partners’ equity and cash flows as of the end of and for such
year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by Ernst & Young LLP or other independent public accountants of recognized national standing (without a “going concern” or
like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of
operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 
  
 (b) within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower on EDGAR (or upon the
request of any Lender, the Borrower shall provide a copy of such statement or report described above to any Lender that does not have access to EDGAR), its consolidated balance sheet and related statements of income and cash flows as of the end of
and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous
fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with
GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; 
  
 (c) concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of the
Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations
demonstrating compliance with Section 6.15 and Section 6.16, and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the last audited financial statements delivered pursuant to
Section 5.01(a) above and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate; 
  
 (d) concurrently with any delivery of financial statements under clause (a) above, a certificate of the
accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default (which certificate may be limited to the extent required by
accounting rules or guidelines); 
  

 28 

 (e) promptly after the same become publicly available, on EDGAR (or upon the request of
any Lender, the Borrower shall provide a copy of such statement or report described above to any Lender that does not have access to EDGAR) copies of all periodic and other reports, proxy statements and other materials filed by the Borrower or any
Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, as the case may be; 
  
 (f) promptly after Moody’s or S&P shall have
announced a change in the rating established for the Index Debt, written notice of such rating change; and 
  
 (g) promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of
the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request. 
  
 SECTION 5.02. Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the
following: 
  
 (a) the occurrence of any
Default of which the Borrower has notice; 
  
 (b)
the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Subsidiary thereof that, if adversely determined, could reasonably be expected to result in a
Material Adverse Effect; 
  
 (c) the occurrence
of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount that could reasonably be expected to have a
Material Adverse Effect; and 
  
 (d) any other
development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 
  
 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such
notice and any action taken or proposed to be taken with respect thereto. 
  
 SECTION 5.03. Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its
legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; provided that
the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03. 
  
 SECTION 5.04. Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including Tax
liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the
Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP or (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse
Effect. 
  

 29 

 SECTION 5.05. Maintenance of Properties; Insurance. The Borrower will, and will cause each of its
Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition in accordance with industry practice, ordinary wear and tear excepted, and (b) maintain, with financially sound and
reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 
  
 SECTION 5.06. Books and Records; Inspection Rights. The Borrower will,
and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrower will, and will cause each
of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties subject to applicable safety rules and procedures, to examine and make
extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested. 
  
 SECTION 5.07. Compliance with Laws. The Borrower will, and will cause
each of its Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect. 
  
 SECTION 5.08.
Use of Proceeds. The proceeds of the Loans will be used only to finance the Acquisition and to pay related fees and expenses. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a
violation of any of the regulations of the Board, including Regulations T, U and X.  
  
 SECTION 5.09. Compliance with ERISA. In addition to and without limiting the generality of Section 5.07, the Borrower shall, and shall cause its Subsidiaries to, (a) comply in all material respects with
all applicable provisions of ERISA and the regulations and published interpretations thereunder with respect to all employee benefit plans (as defined in ERISA), (b) not take any action or fail to take action the result of which could be (i)
a liability to the PBGC or (ii) a past due liability to any Multiemployer Plan, (c) not participate in any prohibited transaction that could result in any civil penalty under ERISA or any tax under the Code, and (d) operate each employee
benefit plan in such a manner that will not incur any tax liability under Section 4980B of the Code or any liability to any qualified beneficiary as defined in Section 4980B of the Code except to the extent, in each case, where the failure to do so
would not reasonably be expected to result in a Material Adverse Effect. The Borrower shall, and shall cause each of its Subsidiaries to, furnish to the Administrative Agent upon the Administrative Agent’s request such additional information
about any employee benefit plan sponsored, maintained or contributed to by any of said Persons, as may be reasonably requested by the Administrative Agent. 
  
 SECTION 5.10. Intentionally Deleted. 
  
 SECTION 5.11. Compliance with Environmental Laws; Environmental Reports. In addition to and without limiting the
generality of Section 5.07, the Borrower shall, and shall cause its Subsidiaries to, (a) comply in all material respects with all Environmental Laws applicable to its operations and real property except where the failure to do so,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; (b) obtain and renew all material 
  

 30 

 Governmental Approvals required under Environmental Laws applicable to its operations and real property; and (c) conduct
any Response legally required by Borrower or any of its Subsidiaries in accordance with applicable Environmental Laws. 
  
 SECTION 5.12. Further Assurances. The Borrower will, and will cause each Subsidiary to, at its own cost and expense, to promptly (a) correct any
material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof and (b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all
such further acts, deeds, certificates, assurances and other instruments the Administrative Agent may reasonably require from time to time in order to carry out more effectively the purposes of the Loan Documents. 
  
 SECTION 5.13. Tax Shelter Regulations. If the Borrower determines to
take any action inconsistent with Section 3.17, the Borrower will promptly notify the Administrative Agent thereof and will promptly deliver to the Administrative Agent a duly completed copy of IRS Form 8886 (or any successor form). The
Borrower acknowledges that, upon any such notification, any Lender may treat its Loans hereunder as part of a transaction that is subject to Treasury Regulation Section 301.6112-1, and such Lender will maintain the lists and other records required
by such Treasury Regulation. 
  
 ARTICLE VI 
  
 Negative Covenants 
  
 So long as any Loan or any other amount is owing to any Lender or any Agent
hereunder, the Borrower covenants and agrees that: 
  
 SECTION
6.01. Indebtedness. The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except: 
  
 (a) Indebtedness created hereunder or under the Existing Credit Agreement; 
  
 (b) unsecured Indebtedness of the Borrower so long as the
incurrence or maintenance of such Indebtedness does not cause a Default or an Event of Default under any other provision of this Agreement; 
  
 (c) Indebtedness existing on the date hereof and set forth in Schedule 6.01, and any extensions, refinancing (excluding
refinancings of the Series B Notes issued pursuant to the Note Purchase Agreement), renewals or replacements of any such Indebtedness; provided that such Indebtedness is not increased in connection therewith except for increases in an amount
equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such extension, renewal, refinancing, or replacement and in an amount equal to any existing commitments unutilized
thereunder, and is not secured by any additional assets; 
  
 (d) purchase money Indebtedness (including Capital Lease Obligations) of the Restricted Subsidiaries representing the portion of the purchase price of any office equipment, data processing equipment (including,
without limitation, computer and computer peripheral equipment), trucks, tractors, trailers and other transportation equipment which may be secured by Liens permitted under Section 6.02(d); provided that the aggregate principal amount
of Indebtedness permitted by this clause (d) shall not exceed $25,000,000 at any time outstanding; 
  

 31 

 (e) Indebtedness of the Borrower to any Restricted Subsidiary and of any Restricted
Subsidiary to the Borrower or any other Restricted Subsidiary; 
  
 (f) Guarantees by the Borrower of Indebtedness of any Restricted Subsidiary and by any Restricted Subsidiary of Indebtedness of the Borrower or any other Restricted Subsidiary; 
  
 (g) unsecured Indebtedness of the Restricted Subsidiaries;
provided that (i) the incurrence or maintenance of such Indebtedness does not cause a Default or an Event of Default under any other provisions of this Agreement; and (ii) the aggregate principal amount of Indebtedness permitted by this
clause (g) shall not exceed $50,000,000 at any time outstanding; 
  
 (h) Indebtedness of Unrestricted Subsidiaries except to the extent such Indebtedness would also constitute Indebtedness of the Borrower and/or any Restricted Subsidiary (i.e., such Indebtedness is non recourse to
Borrower and each of the Restricted Subsidiaries and their respective properties and assets); and 
  
 (i) Indebtedness consisting of surety bonds that the Borrower or any Subsidiary is required to obtain in order to comply with applicable
Law or the requirements of any Governmental Authority in the ordinary course of business. 
  
 SECTION 6.02. Liens. The Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or
assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 
  
 (a) Permitted Encumbrances; 
  
 (b) any Lien on any property or asset of the Borrower or any Restricted Subsidiary existing on the date hereof and set forth in
Schedule 6.02; provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Restricted Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof and any
extensions, renewals and replacements thereof; 
  
 (c) any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Restricted Subsidiary or existing on any property or asset of any Person that becomes a Restricted Subsidiary after the date hereof prior
to the time such Person becomes a Restricted Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Restricted Subsidiary, as the case may be, (ii) such Lien
shall not apply to any other property or assets of the Borrower or any Restricted Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Restricted
Subsidiary, as the case may be, and any extensions, renewals and replacements thereof; 
  
 (d) Liens securing the Indebtedness permitted by clause (d) of Section 6.01 and placed on the property described therein
contemporaneously with the purchase thereof or within 90 days thereafter, by the Borrower or any of its Restricted Subsidiaries to secure all or a portion of the purchase price thereof; provided that such Lien shall not extend to any other property
or assets of the Borrower or its Restricted Subsidiaries; 
  
 (e) Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any Restricted Subsidiary; provided that (i) such security interests and the Indebtedness secured 
  

 32 

 thereby are incurred prior to or within 180 days after such acquisition or the completion of such
construction or improvement, (ii) the Indebtedness secured thereby does not exceed 90% of the cost of acquiring, constructing or improving such fixed or capital assets and (iii) such security interests shall not apply to any other property or assets
of the Borrower or any Restricted Subsidiary; 
  
 (f) any interest or title of a lessor under any lease entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of its business and covering only the assets so leased, and any interest of a landowner in the
case of easements entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of its business and covering only the property subject to the easement; 
  
 (g) Liens not otherwise permitted by this Section so long as the aggregate outstanding principal amount of
the obligations secured thereby does not exceed (as to the Borrower and all its Restricted Subsidiaries) $10,000,000 at any one time; 
  
 (h) any Lien created or assumed by the Borrower or any Restricted Subsidiary in connection with the issuance of Indebtedness, the interest
on which is excludable from gross income of the holder of such Debt pursuant to the Code, for the purpose of financing, in whole or in part, the acquisition or construction of property or assets to be used by the Borrower or its Restricted
Subsidiaries; 
  
 (i) Liens on any additions,
improvements, replacements, repairs, fixtures, appurtenances or component parts thereof attaching to or required to be attached to property or assets pursuant to the terms of any mortgage, pledge agreement, security agreement or other similar
instrument, creating a Lien upon such property or asset otherwise permitted under this Section; 
  
 (j) any Liens arising out of the refinancing, extension, renewal or refunding of any Indebtedness secured by any Lien permitted by any of
the foregoing clauses of this Section, provided that such Indebtedness is not increased except for increases in an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection
with such extension, renewal, refinancing, or replacement and in an amount equal to any existing commitments unutilized thereunder, and is not secured by any additional assets; and 
  
 (k) Liens securing the Indebtedness under the Note Purchase Agreement and/or the Existing Credit Agreement;
provided that such Liens equally and ratably secure the Indebtedness and other obligations under this Agreement. 
  
 SECTION 6.03. Fundamental Changes. Except to the extent that such would not constitute a Change in Control, neither the Borrower nor any Restricted
Subsidiary will merge or consolidate with or into any other Person unless (a) both before and after giving effect to such merger or consolidation, the exists no Default or Event of Default and (b) the Borrower or such Restricted Subsidiary is the
surviving Person. 
  
 SECTION 6.04. Investments, Loans,
Advances, Guarantees and Acquisitions. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly-owned Restricted
Subsidiary prior to such merger) any capital stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any
Indebtedness of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit,
except: 
  
 (a) Permitted Investments;

  

 33 

 (b) investments by the Borrower in the capital stock of its Restricted Subsidiaries;

  
 (c) investments by the Borrower and its
Restricted Subsidiaries in its Unrestricted Subsidiaries and/or Permitted Joint Ventures; provided that the aggregate amount of investments permitted by this clause (c) shall not exceed $200,000,000 at anytime outstanding; provided that the
limitation on investments in this clause (c) is not intended to limit Borrower’s ability to invest in Unrestricted Subsidiaries as set forth in clause (d) of this Section 6.04; 
  
 (d) investments by the Borrower and its Restricted
Subsidiaries in its Unrestricted Subsidiaries and/or Permitted Joint Ventures out of the net proceeds received by Borrower from the issuance of any Equity Interests of the Borrower; 
  
 (e) investments by Restricted Subsidiaries in Permitted Joint Ventures; provided that such Permitted
Joint Ventures shall be deemed to be Restricted Subsidiaries for all purposes hereunder, except that for the purposes of calculating Consolidated EBITDA, Consolidated Net Income, Consolidated Interest Expense and Consolidated Indebtedness, the
inclusion of the relevant financial data regarding such Permitted Joint Ventures shall be limited to the percentage Equity Interest in such Permitted Joint Ventures owned by such Restricted Subsidiaries; 
  
 (f) investments in Unrestricted Subsidiaries the proceeds of
which shall be immediately used by such Unrestricted Subsidiary to repay outstanding Indebtedness of such Unrestricted Subsidiary; provided that the making of any such investment shall be deemed to be an election by Borrower to convert such
Unrestricted Subsidiary into a Restricted Subsidiary pursuant to Section 9.16 without any further action of Borrower; 
  
 (g) loans or advances made by the Borrower to any Restricted Subsidiary and made by any Restricted Subsidiary to the Borrower or any other
Restricted Subsidiary; 
  
 (h) Guarantees
constituting Indebtedness permitted by Section 6.01; 
  
 (i) any purchases or other acquisitions of all or substantially all of the Equity Interests in any Person that, immediately upon consummation thereof, will be a Restricted Subsidiary (including, without limitation, as
a result of a merger or consolidation otherwise permitted under this Agreement) and any purchases or other acquisition of any property or assets of any Person; 
  

(j) investments consisting of non-cash consideration with respect to any sale of assets by the Borrower or any Restricted Subsidiary;

  
 (k) investments consisting of extensions of
credit, including without limitation, in the nature of accounts receivable arising from the grant of trade credit or prepayments or similar transactions entered into in the ordinary course of business and investments by the Borrower or any
Restricted Subsidiary in satisfaction or partial satisfaction thereof from financially troubled account debtors to prevent or limit financial loss; and 
  
 (l) to the extent not prohibited by Law, loans and advances to the officers, directors and employees of the Borrower and its Subsidiaries
made from time to time in the ordinary course of business; provided that the aggregate amount of investments permitted by this clause (l) shall not exceed $500,000 at anytime outstanding. 
  

 34 

 SECTION 6.05. Swap Agreements. The Borrower will not, and will not permit any of its Restricted
Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Restricted Subsidiary has actual exposure (other than those in respect of Equity Interests of the
Borrower or any of its Restricted Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with
respect to any interest-bearing liability or investment of the Borrower or any Restricted Subsidiary. 
  
 SECTION 6.06. Restricted Payments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, declare or make, or agree to
pay or make, directly or indirectly, any Restricted Payments, except that so long as no Default or Event of Default shall have occurred and be continuing and provided that no Default or Event of Default would result from the making of such
Restricted Payment: 
  
 (a) any Restricted Subsidiary may
make Restricted Payments to the Borrower or any Restricted Subsidiary; 
  
 (b) the Borrower may make Restricted Payments from Available Cash; and 
  
 (c) the Borrower may make Restricted Payments in connection with stock option plans or other benefit plans for management or employees of the Borrower and its Subsidiaries. 
  
 SECTION 6.07. Transactions with Affiliates. Except as otherwise
permitted hereunder, the Borrower will not, and will not permit any of its Restricted Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise
engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Restricted Subsidiary than could be obtained on an
arm’s-length basis from unrelated third parties, including, without limitation, any transaction entered into pursuant to the Services Agreement or the Partnership Agreement, (b) transactions between or among the Borrower and its Restricted
Subsidiaries not involving any other Affiliate, and (c) any Restricted Payment permitted by Section 6.06. 
  
 SECTION 6.08. Restrictive Agreements. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly,
enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon the ability of any Restricted Subsidiary to (a) make Restricted Payments, including, without limitation, to pay dividends
or other distributions in respect of any Equity Interests of such Restricted Subsidiary, (b) make or repay loans or advances to the Borrower or any other Restricted Subsidiary, or (c) Guarantee Indebtedness of the Borrower or any other Restricted
Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on
Schedule 6.08 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained
in agreements relating to the sale of a Restricted Subsidiary pending such sale, provided such restrictions and conditions apply only to the Restricted Subsidiary that is to be sold and such sale is permitted hereunder, and (iv) the foregoing
shall not apply to restrictions and conditions contained in the Existing Credit Agreement (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any restrictions or conditions contained in the
Existing Credit Agreement or any other documents entered 
  

 35 

 into in connection therewith); provided that in no event shall such restrictions and conditions contained in the
Existing Credit Agreement be more restrictive than the restrictions and conditions set forth in Section 6.06 of this Agreement and this Section 6.08.  
  
 SECTION 6.09. Constitutive Documents. The Borrower will not, and will not permit any Subsidiary to, amend its charter
or by-laws or other constitutive documents in any manner that would adversely and materially affect the rights of the Lenders under this Agreement or their ability to enforce the same. Notwithstanding the above, the Borrower shall comply with the
terms and provisions of Section 2.9 and Section 12.9 of the Partnership Agreement and shall not amend, supplement or otherwise modify (pursuant to a waiver or otherwise) any of such Sections. 
  
 SECTION 6.10. Intentionally Deleted. 
  
 SECTION 6.11. Sales and Leasebacks. Except to the extent such leases
in the aggregate would not require total payments of more than $10,000,000 per annum, the Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, become or remain liable as lessee or as a guarantor or
other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired that (i) the Borrower or any of its Restricted Subsidiaries has sold or transferred or is to sell or transfer to any
other Person (other than the Borrower or any of its Restricted Subsidiaries) or (ii) the Borrower or any of its Restricted Subsidiaries intends to use for substantially the same purpose as any other property that has been or is to be sold or
transferred by the Borrower or any of its Restricted Subsidiaries to any Person (other than the Borrower or any of its Restricted Subsidiaries) in connection with such lease.  
  
 SECTION 6.12. Changes in Fiscal Year. The Borrower shall not change the end of its fiscal year to a date other than
December 31. 
  
 SECTION 6.13. Intentionally
Deleted. 
  
 SECTION 6.14. Intentionally Deleted.

  
 SECTION 6.15. Minimum Interest Coverage Ratio. The
Borrower shall not permit the Interest Coverage Ratio as of the last day of any fiscal quarter to be less than 2.5 to 1.0. 
  
 SECTION 6.16. Maximum Leverage Ratio. The Borrower shall not permit the Leverage Ratio as of the last day of any fiscal quarter to exceed 4.5 to
1.0. 
  
 ARTICLE VII 
  
 Events of Default 
  
 If any of the following events (“Events of Default”) shall
occur: 
  
 (a) the Borrower shall fail to pay any
principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
  
 (b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an
amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days; 
  

 36 

 (c) any representation or warranty made or deemed made by or on behalf of the Borrower or
any Subsidiary in or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or
any amendment or modification hereof or waiver hereunder, shall prove to have been incorrect when made or deemed made; 
  
 (d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with
respect to the Borrower’s existence) or 5.08 or in Article VI; 
  
 (e) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those
specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender);

  
 (f) the Borrower or any Subsidiary shall fail
to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable; 
  
 (g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its
scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to
become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or
transfer of the property or assets securing such Indebtedness; 
  
 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Subsidiary or its debts, or of a
substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar
official for the Borrower or any Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be
entered; 
  
 (i) the Borrower or any Subsidiary
shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent
to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for the Borrower or any Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment
for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
  
 (j) the Borrower or any Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become
due; 
  

 37 

 (k) one or more final non-appealable judgments for the payment of money in an aggregate
amount in excess of $25,000,000 (net of insurance coverage which is reasonably expected to be paid by the insurer thereunder as confirmed by such insurer) shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same
shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to
enforce any such judgment and is not released, vacated or fully bonded within 30 days after its attachment or levy; 
  
 (l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that
have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount that could reasonably be expected to have a Material Adverse Effect; 
  
 (m) a Change in Control shall occur; or 
  
 (n) the failure of the Borrower to comply with the terms and
provisions of Section 6.09. 
  
 then, and in every such event (other than
an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower, take the following actions: (i) at any time prior to the Closing Date, terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) at any time on or after the Closing Date, declare the Loans then
outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable,
together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived
by the Borrower; and in case of any event with respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate (if such event occurs at any time prior to the Closing Date or the principal of the
Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of
which are hereby waived by the Borrower (if such event occurs at any time on or after the Closing Date). 
  
 ARTICLE VIII 
  
 The Agents 
  
 SECTION 8.01. Appointment.
Each Lender hereby irrevocably designates and appoints the Agents as the agents of such Lender under this Agreement, and each Lender irrevocably authorizes each Agent, in such capacity, to take such action on its behalf under the provisions of this
Agreement and to exercise such powers and perform such duties as are expressly delegated to such Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding
any provision to the contrary elsewhere in this Agreement, no Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against any Agent. 
  

 38 

 SECTION 8.02. Delegation of Duties. Each Agent may execute any of its duties under this Agreement
by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it
with reasonable care. 
  
 SECTION 8.03. Exculpatory
Provisions. Neither any Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this
Agreement (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful misconduct) or (ii)
responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by the Borrower or any officer thereof contained in this Agreement or in any certificate, report, statement or other document referred
to or provided for in, or received by the Agents under or in connection with, this Agreement or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or for any failure of the Borrower to perform its
obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement, or to inspect the
properties, books or records of the Borrower. 
  
 SECTION
8.04. Reliance by Agents. Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message,
statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower),
independent accountants and other experts selected by such Agent. The Agents may deem and treat the payee of any Note as the owner thereof for all purposes unless such Note shall have been transferred in accordance with Section 9.04 and all
actions required by such Section in connection with such transfer shall have been taken. Each Agent shall be fully justified in failing or refusing to take any action under this Agreement unless it shall first receive such advice or concurrence of
the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any
and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a
request of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement), and such request and any action taken or failure to act pursuant thereto shall be binding
upon all the Lenders and all future holders of the Loans. 
  
 SECTION 8.05. Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless such Agent shall have received notice from a Lender or the Borrower
referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent shall receive such a notice, the Administrative Agent shall give
notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders or any other
instructing group of Lenders specified by this Agreement); provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain
from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 
  

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 SECTION 8.06. Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that
neither any of the Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the
affairs of the Borrower or any affiliate of the Borrower, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents that it has, independently and without reliance upon any Agent or
any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrower and
its affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems
necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Borrower and its affiliates. Except for notices, reports and other documents expressly required to be furnished to the
Lenders by the Administrative Agent hereunder, no Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or
creditworthiness of the Borrower or any affiliate of the Borrower that may come into the possession of such Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 
  
 SECTION 8.07. Indemnification. The Lenders agree to indemnify each
Agent in its capacity as such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Applicable Percentages in effect on the date on which indemnification is
sought under this Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Loan Percentages immediately prior to such date),
for, and to save each Agent harmless from and against, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (including, without
limitation, at any time following the payment of the Loans) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of, the Commitments, this Agreement or any documents contemplated by or referred to herein or
therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s gross
negligence or willful misconduct. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 
  

SECTION 8.08. Agent in its Individual Capacity. Each Agent and its affiliates may make loans to, accept deposits from and generally engage in
any kind of business with the Borrower as though such Agent were not an Agent. With respect to its Loans made or renewed by it, each Agent shall have the same rights and powers under this Agreement as any Lender and may exercise the same as though
it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity. 
  
 SECTION 8.09. Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 10 days’ notice to the Lenders
and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event
of Default under Section 7(a) or Section 7(h) with respect to the Borrower shall 
  

 40 

 have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably
withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and
approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this
Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 10 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative
Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as
provided for above. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative
Agent under this Agreement. 
  
 SECTION 8.10. The
Arranger and the Syndication Agent. Neither the Arranger nor the Syndication Agent, in their respective capacities as such, shall have any duties or responsibilities, nor shall either of them incur any liability, under this Agreement and the
other Loan Documents. 
  
 ARTICLE IX 
  
 Miscellaneous 
  
 SECTION 9.01. Notices. (a) Except in the case of notices and other
communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopy, as follows: 
  
 (i) if to the Borrower, to it at One Williams Center, Suite 2800, Tulsa, Oklahoma, 74172, Attention of Jeff Holman (Telecopy No. (918) 574-7003); 
  
 (ii) if to the Administrative Agent, to Lehman Commercial Paper Inc., 745 Seventh Avenue, New York, New York
10019, Attention of Francis Chang (Telecopy No. (646) 758-3864); 
  
 (iii) If to the Syndication Agent, to Lehman Commercial Paper Inc., 745 Seventh Avenue, New York, New York 10019, Attention of Francis Chang (Telecopy No. (646) 758-3864); and 
  
 (iv) if to any other Lender, to it at its address (or
telecopy number) set forth in its Administrative Questionnaire. 
  
 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to
notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by
electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 
  

 41 

 (c) Any party hereto may change its address or telecopy number for notices and other communications
hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 
  
 SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the
Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a
right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies
that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether
the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. 
  
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered
into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written
consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of
payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or extend the expiration date of any Commitment, without the written consent of each
Lender affected thereby, (iv) change Section 2.15(c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, or (v) change any of the provisions of this Section or the
definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the
written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent.

  
 SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a)
The Borrower shall pay (i) all reasonable out of pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the
syndication of the credit facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall
be consummated) and (ii) all reasonable out-of-pocket expenses incurred by the Agents or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent or any Lender, in connection with the enforcement or
protection of its rights in connection with this Agreement, including its rights under this Section, or in connection with the Loans made, including all such out-of pocket expenses incurred during any workout, restructuring or negotiations in
respect of such Loans. 
  
 (b) The Borrower shall indemnify
the Agents and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and
related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against 
  

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 any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or
any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the
proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any
of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and non-appealable
judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
  
 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative
Agent such Lender’s Applicable Percentage (determined as of the time that the applicable un-reimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the un-reimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its capacity as such. 
  
 (d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of
liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions,
any Loan or the use of the proceeds thereof. 
  
 (e) All amounts
due under this Section shall be payable not later than ten (10) days after written demand therefor. 
  
 SECTION 9.04. Successors and Assigns; Participations and Assignments. (a) This Agreement shall be binding upon and inure to the benefit of the
Borrower, the Lenders, the Agents, all future holders of the Loans and their respective successors and assigns, except that the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written
consent of the Agents and each Lender. 
  
 (b) Any Lender
may, without the consent of the Borrower, in accordance with applicable law, at any time sell to one or more banks, financial institutions or other entities (each, a “Participant”) participating interests in any Loan owing to such
Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Loan Documents. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender’s obligations under
this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the
other Loan Documents, and the Borrower and the Agents shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. In no event shall any
Participant under any such participation have any right to approve any amendment or waiver of any provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or
consent would require the consent of all Lenders pursuant to Section 9.02. The Borrower agrees that if amounts outstanding under this Agreement and the Loans are due or unpaid, or shall have been declared or shall have become due and payable
upon the occurrence of an Event of Default, each Participant shall, to the maximum extent permitted by applicable law, be deemed to have the right of setoff in respect of its 
  

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 participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating
interest were owing directly to it as a Lender under this Agreement, provided that, in purchasing such participating interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in
Section 9.08(a) as fully as if such Participant were a Lender hereunder. The Borrower also agrees that each Participant shall be entitled to the benefits of Sections 2.12, 2.13 and 2.14 with respect to its participation
in the Commitments and the Loans outstanding from time to time as if such Participant were a Lender; provided that, in the case of Section 2.13, such Participant shall have complied with the requirements of said Section, and
provided, further, that no Participant shall be entitled to receive any greater amount pursuant to any such Section than the transferor Lender would have been entitled to receive in respect of the amount of the participation
transferred by such transferor Lender to such Participant had no such transfer occurred. 
  
 (c) Any Lender (an “Assignor”) may, in accordance with applicable law and upon written notice to the Administrative Agent, at any time and from time to time assign to any Lender or any affiliate,
Related Fund or Control Investment Affiliate thereof or, with the consent of the Borrower and the Agents (which, in each case, shall not be unreasonably withheld or delayed), to an additional bank, financial institution or other entity (an
“Assignee”) all or any part of its rights and obligations under this Agreement pursuant to an Assignment and Assumption, substantially in the form of Exhibit A, executed by such Assignee and such Assignor (and, where the consent of
the Borrower or the Agents is required pursuant to the foregoing provisions, by the Borrower and such other Persons) and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that no such assignment
to an Assignee (other than any Lender or any affiliate thereof) shall be in an aggregate principal amount of less than $2,500,000 (other than in the case of an assignment of all of a Lender’s interests under this Agreement), unless otherwise
agreed by the Borrower and the Administrative Agent. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Assumption, (x) the Assignee thereunder shall be a party
hereto and, to the extent provided in such Assignment and Assumption, have the rights and obligations of a Lender hereunder with Commitments and/or Loans as set forth therein, and (y) the Assignor thereunder shall, to the extent provided in such
Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of an Assignor’s rights and obligations under this Agreement, such Assignor shall cease to be a
party hereto, except as to Sections 2.12, 2.13, 2.14 and 9.03 in respect of the period prior to such effective date). Notwithstanding any provision of this Section, the consent of the Borrower shall not be required for
any assignment that occurs at any time when any Event of Default shall have occurred and be continuing. For purposes of the minimum assignment amounts set forth in this paragraph, multiple assignments by two or more Related Funds shall be
aggregated. 
  
 (d) The Administrative Agent shall, on behalf of
the Borrower, maintain at its address referred to in Section 9.01 a copy of each Assignment and Assumption delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the
Commitment of, and principal amount of the Loans owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, each Agent and the Lenders shall treat each Person whose
name is recorded in the Register as the owner of the Loans and any Notes evidencing such Loans recorded therein for all purposes of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon
appropriate entries with respect thereto being made in the Register (and each Note shall expressly so provide). Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for
registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Assumption; thereupon one or more new Notes in the same aggregate principal amount shall be issued to the designated Assignee, and
the old Notes shall be returned by the Administrative Agent to the Borrower marked “canceled”. The Register shall be available for inspection by the Borrower or any Lender (with respect to any entry relating to such Lender’s Loans) at
any reasonable time and from time to time upon reasonable prior notice. 
  

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 (e) Upon its receipt of an Assignment and Assumption executed by an Assignor and an Assignee (and, in any
case where the consent of any other Person is required by Section 9.04(c), by each such other Person) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (treating multiple, simultaneous
assignments by or to two or more Related Funds as a single assignment) (except that no such registration and processing fee shall be payable (y) in connection with an assignment by or to a Lehman Entity or (z) in the case of an Assignee which is
already a Lender or is an affiliate or Related Fund of a Lender or a Person under common management with a Lender), the Administrative Agent shall (i) promptly accept such Assignment and Assumption and (ii) on the effective date determined pursuant
thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Borrower. On or prior to such effective date, the Borrower, at its own expense, upon request, shall execute and deliver to the
Administrative Agent (in exchange for the Note of the assigning Lender) a new Note to the order of such Assignee in an amount equal to the Loans assumed or acquired by it pursuant to such Assignment and Assumption and, if the Assignor has retained
Loans, upon request, a new Note to the order of the Assignor in an amount equal to the Loans retained by it hereunder. Such new Note or Notes shall be dated the Closing Date and shall otherwise be in the form of the Note or Notes replaced thereby.

  
 (f) For avoidance of doubt, the parties to this Agreement
acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests in Loans and Notes, including, without
limitation, any pledge or assignment by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law. 
  
 (g) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding
vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender
would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise
fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent,
and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender).
In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or
other indebtedness of any SPC, it will not institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any
state thereof. In addition, notwithstanding anything to the contrary in this Section 9.04(g), any SPC may (A) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any
processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender, or with the prior written consent of the Borrower and the Administrative Agent (which consent shall not be unreasonably withheld) to any financial
institutions providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans, and (B) disclose on a confidential basis any non-public information relating to its Loans to any rating agency,
commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC; provided that non-public information with respect to the Borrower may be disclosed only with the Borrower’s consent which will
not be unreasonably withheld. This paragraph may not be amended without the written consent of any SPC with Loans outstanding at the time of such proposed amendment. 
  

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 SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by the
Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this
Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is
outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14 and 9.03 and Article VIII shall survive and remain in full force and effect
regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans or the termination of this Agreement or any provision hereof. 
  
 SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable
to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as
provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
  
 SECTION 9.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  
 SECTION 9.08. Right of Setoff. (a) Except to the extent that this Agreement provides for payments to be allocated to a particular Lender, if any Lender (a “Benefitted Lender”) shall at any time
receive any payment of all or part of the obligations owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 7(h) or
7(i), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s obligations, such Benefitted Lender shall purchase for cash from the other
Lenders a participating interest in such portion of each such other Lender’s obligations, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess
payment or benefits of such collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be
rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.  
  
 (b) If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to
time, to the fullest extent permitted by 
  

 46 

 law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time
held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender,
irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other
rights of setoff) which such Lender may have. 
  
 SECTION 9.09.
Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
  
 (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of
or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in
such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its
properties in the courts of any jurisdiction. 
  
 (c) The Borrower
hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court. 
  
 (d) Each party to this Agreement
irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

 
 SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
  
 SECTION 9.11. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
  

 47 

 SECTION 9.12. Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority, (c) to the
extent required by applicable Laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this
Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of
its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the
extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent or any Lender on a non-confidential basis from a source other than the Borrower. For the
purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent or any Lender on a
non-confidential basis prior to disclosure by the Borrower; provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information. 
  
 SECTION 9.13. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are
treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the
Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the
interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods
shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
  
 SECTION 9.14. USA PATRIOT Act. Each Lender that is subject to the
requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record
information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 
  
 SECTION 9.15. Separateness. The Lenders acknowledge that (i) the
Lenders have advanced funds to the Borrower in reliance upon the separateness of the Borrower and the General Partner from each other and from any other Persons, including Magellan Midstream Holdings, L.P. and the General Partner, and (ii) the
Borrower has assets and liabilities that are separate from those of other Persons, including Magellan Midstream Holdings, L.P. and the General Partner. 
  

 48 

 SECTION 9.16. Restricted Subsidiaries. The Borrower may, at any time, by notice to the
Administrative Agent, designate any Subsidiary as a Restricted Subsidiary; provided, that (a) the Borrower would not be in violation of Section 6.01 if any Indebtedness of such Subsidiary were incurred on the date of such designation, and (b)
after giving effect to such designation no Default or Event of Default will have occurred and be continuing. 
  
 SECTION 9.17. No Personal Liability of Directors, Officers, Employees and Unitholders. No director, officer, partner, employee, member or manager
of the General Partner will have any liability for any obligations of the Borrower, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Lender waives and releases all such liability. This waiver and
release are part of the consideration for the making of the Loans.  
  
 [END OF TEXT] 
  

 49 

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

					
	 MAGELLAN MIDSTREAM PARTNERS, L.P.,

	 a Delaware limited partnership

		
	 By:
	 	 Magellan GP, LLC,

	 	 	 a Delaware limited liability company

			
	 	 	 By:
	 	 /s/ John D. Chandler

	 	 	 Name:
	 	 John D. Chandler

	 	 	 Title:
	 	 Chief Financial Officer

			
	 LEHMAN COMMERCIAL PAPER INC.,

	 as Administrative Agent,

		
	 By:
	 	 /s/ Michelle Rosolinsky

	 Name:
	 	 Michelle Rosolinsky

	 Title:
	 	 Authorized Signatory

			
	 CITIBANK, N.A.

		
	 By:
	 	 /s/ Charles F. Bohn, Jr.

	 Name:
	 	 Charles F. Bohn, Jr.

	 Title:
	 	 M.D.

			
	 GOLDMAN SACHS CREDIT PARTNERS L.P.

		
	 By:
	 	 /s/ William W. Archer

	 Name:
	 	 William W. Archer

	 Title:
	 	 Managing Director

			
	 UBS LOAN FINANCE LLC

		
	 By:
	 	 /s/ Wilfred V. Saint

	 Name:
	 	 Wilfred V. Saint

	 Title:
	 	 Director, Banking Products Services, US

		
	 By:
	 	 /s/ Joseline Fernandes

	 Name:
	 	 Joseline Fernandes

	 Title:
	 	Associate Director, Banking Products Services, US

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ R. Clingman

	 Name:
	 	 R. Clingman

	 Title:
	 	 Director

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