Document:

Second Amended and Restated Limited Liability Company Agreement

 Exhibit 10.5 
  
  
 SECOND AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT OF 
 DUKE ENERGY FIELD SERVICES, LLC 
 by and between 
 CONOCOPHILLIPS GAS COMPANY 
 and 
 DUKE ENERGY ENTERPRISES CORPORATION 
 Dated as of July 5, 2005 
  
  

 Table of Contents 
 ARTICLE I 
 CERTAIN DEFINITIONS 
  

					
	Section 1.1	  	Definitions	  	1
	Section 1.2	  	Construction	  	10
	
	ARTICLE II
	ORGANIZATION
			
	Section 2.1	  	Formation	  	10
	Section 2.2	  	Name	  	10
	Section 2.3	  	Registered Office; Registered Agent; Principal Office; Other	  	10
	Section 2.4	  	Purpose; Powers	  	11
	Section 2.5	  	Foreign Qualification	  	11
	Section 2.6	  	Term	  	11
	Section 2.7	  	No State-Law Partnership	  	11
	Section 2.8	  	Title to Company Assets	  	11
	Section 2.9	  	No Power to Bind Company or Other Members	  	12
	Section 2.10	  	Liability to Third Parties	  	12
	
	ARTICLE III
	MANAGEMENT
			
	Section 3.1	  	Management of the Company’s Affairs	  	12
	Section 3.2	  	Member Obligations	  	13
	Section 3.3	  	Company Board Composition; Initial Directors	  	14
	Section 3.4	  	Removal and Replacement of Directors	  	14
	Section 3.5	  	Meetings of the Company Board	  	14
	Section 3.6	  	Notice of Company Board Meetings	  	14
	Section 3.7	  	Actions by the Company Board	  	15
	Section 3.8	  	Action by Unanimous Written Consent of Voting Directors	  	15
	Section 3.9	  	Officers	  	16
	Section 3.10	  	Failure to Approve Budgets	  	17
	Section 3.11	  	Compensation	  	17
	Section 3.12	  	Deadlock Resolution Procedures	  	17
	Section 3.13	  	Cash Contribution	  	18
	
	ARTICLE IV
	BOOKS AND RECORDS; REPORTS AND
	INFORMATION AND ACCOUNTS
			
	Section 4.1	  	Maintenance of Books and Records	  	18
	Section 4.2	  	Auditors; Corporate Reports; Annual Financial Statements	  	18
	Section 4.3	  	Confidentiality	  	19

  

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	ARTICLE V
	LIQUIDITY AND TRANSFER RESTRICTIONS
			
	Section 5.1	  	Transfer of Interest	  	20
	Section 5.2	  	Right of First Offer	  	20
	Section 5.3	  	Change of Control	  	21
	Section 5.4	  	Transfers to Wholly Owned Subsidiaries	  	23
	Section 5.5	  	Void Transfers	  	23
	
	ARTICLE VI
	CAPITAL CONTRIBUTIONS AND CAPITAL ACCOUNTS
			
	Section 6.1	  	Capital Contributions	  	23
	Section 6.2	  	Additional Capital Contributions	  	23
	Section 6.3	  	Capital Accounts	  	24
	Section 6.4	  	Return of Contributions	  	24
	
	ARTICLE VII
	PROFITS AND LOSSES; DISTRIBUTIONS
			
	Section 7.1	  	Allocation of Profit and Losses	  	24
	Section 7.2	  	Limitations on Allocations	  	25
	Section 7.3	  	Restoration of Negative Capital Accounts	  	27
	Section 7.4	  	Interim Allocations Relating to Transferred Company Interests	  	27
	Section 7.5	  	Code Section 704(c) Allocations	  	27
	Section 7.6	  	Distributions	  	28
	
	ARTICLE VIII
	WITHHOLDING TAX MATTERS; TAX STATUS AND TREATMENT
			
	Section 8.1	  	Withholding	  	29
	Section 8.2	  	Tax Status	  	29
	Section 8.3	  	Tax Matters Partner; Tax Elections	  	32
	
	ARTICLE IX
	DISSOLUTION, WINDING-UP AND TERMINATION
			
	Section 9.1	  	Dissolution	  	33
	Section 9.2	  	Winding-Up and Termination	  	33
	
	ARTICLE X
	MISCELLANEOUS
			
	Section 10.1	  	Counterparts	  	34
	Section 10.2	  	Governing Law; Jurisdiction and Forum; Waiver of Jury Trial	  	34
	Section 10.3	  	Grant of Security Interest; Member Status	  	34
	Section 10.4	  	Entire Agreement	  	35
	Section 10.5	  	Notices	  	35
	Section 10.6	  	Successors and Assigns	  	37
	Section 10.7	  	Headings	  	37
	Section 10.8	  	Amendments and Waivers	  	37
	Section 10.9	  	Severability	  	37
	Section 10.10	  	Interpretation	  	37
	Section 10.11	  	Further Assurances	  	37

  

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 SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF DUKE ENERGY FIELD SERVICES, LLC, dated
as of July 5, 2005, by and between CONOCOPHILLIPS GAS COMPANY, a Delaware corporation (“CPGC”), and DUKE ENERGY ENTERPRISES CORPORATION (formerly Duke Energy Field Services Corporation), a Delaware corporation (“DEFS
Holding”). 
 RECITALS: 
 1. Duke Energy Field Services, LLC (the “Company”) was formed as a Delaware limited liability company on December 15, 1999 (the “Formation Date”), by the filing of a Certificate of Formation (the
“Certificate”) under and pursuant to the Act. DEFS Holding was admitted to the Company as the sole member, effective as of the Formation Date, pursuant to that certain Limited Liability Company Agreement of the Company, dated as of
December 15, 1999 (the “Original Agreement”). 
 2. DEFS Holding and CPGC (formerly Phillips Gas Company) amended and
restated the Original Agreement in its entirety on March 31, 2000 to reflect the admission of CPGC as a member of the Company (including the Amendments (defined below), the “Amended and Restated Agreement”). 
 3. The Amended and Restated Agreement was further amended by the First Amendment dated August 4, 2000 among CPGC, DEFS Holding, Phillips Gas
Investment Company (“Phillips Investment”) and Duke Energy Field Services Investment Corp. (“DEFS Investment”) to reflect the admission of Phillips Investment and DEFS Investment as Preferred Members of the Company,
as defined therein, and by a Second Amendment dated as of July 29, 2004 (such First Amendment and Second Amendment, the “Amendments”). 
 4. Phillips Investment and DEFS Investment are no longer Preferred Members of the Company effective as of December 31, 2003. 
 NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and
intending to be legally bound hereby, DEFS Holding and CPGC hereby amend and restate the Amended and Restated Agreement as follows: 
 ARTICLE I 
 CERTAIN DEFINITIONS 
 Section 1.1 Definitions. Each capitalized term used herein shall have the meaning given such term set forth below: 
 “Act” shall mean the Delaware Limited Liability Company Act and any successor statute, as amended from time to time. 

 “Adjusted Capital Account Deficit” shall mean, with respect to any Member, the deficit balance,
if any, in such Member’s Capital Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments: 
 (a) such Capital Account shall be deemed to be increased by any amounts that such Member is obligated to restore to the Company (pursuant to this Agreement or otherwise) or is deemed to be obligated to restore pursuant to (i) the
penultimate sentence of Regulation Section 1.704-2(g)(1), or (ii) the penultimate sentence of Regulation Section 1.704-2(i)(5); and 
 (b) such Capital Account shall be deemed to be decreased by the items described in Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5), and (6). 
 The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 “Affiliate” shall mean, with respect to any Person, a Person directly or indirectly Controlling, Controlled by or under common Control with
such Person. 
 “Agreement” shall mean this Second Amended and Restated Limited Liability Company Agreement, as amended from time
to time. 
 “Amended and Restated Agreement” shall have the meaning set forth in the Recitals. 
 “Amendments” shall have the meaning set forth in the Recitals. 
 “Book Value” shall mean (a) with respect to the assets of the Company contributed in accordance with Section 6.1(a) (i) by DEFS Holding, $3,585,500,000 and (ii) by CPGC, $2,139,500,000;
(b) with respect to the assets of the Company contributed by CPGC in accordance with Section 6.1(b), $398,000,000; (c) with respect to any asset of the Company contributed by any Member (other than as provided in clause (a) or
(b) above), the asset’s fair market value at the time of such contribution; and (d) with respect to any other asset of the Company, the adjusted tax basis of such asset as of the relevant date for U.S. federal income tax purposes,
except as follows: 
 (1) the Book Values of all Company assets (including intangible assets such as goodwill) shall be adjusted to equal
their respective fair market values (taking Code Section 7701(g) into account) as of the following times: 
 (A) the acquisition of an
additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution if such adjustment is necessary to reflect the relative economic interests of the interest holders in the Company; the
contribution of cash by CPGC in accordance with Section 6.1(b) shall cause such an adjustment; 
  

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 (B) the distribution by the Company to a Member of more than a de minimis amount of money or Company
property as consideration for an interest in the Company if such adjustment is necessary to reflect the relative economic interests of the interest holders in the Company; the distribution, in accordance with the Reorganization Agreement, of the
Equity Interests in the Canadian Holding Company (as defined in the Reorganization Agreement) and the TEPPCO GP Sale Proceeds Amount (as defined in the Reorganization Agreement) shall cause such an adjustment; 
 (C) the liquidation of the Company within the meaning of Regulation Section 1.704-1(b)(2)(iv)(f)(5)(ii); 
 (D) the grant of an interest in the Company (other than a de minimis interest) as consideration for the provision of services to or for the benefit of
the Company by an existing Member acting in its capacity as a Member or by a new Member acting in its capacity as a Member or in anticipation of becoming a Member; and 
 (E) any other event to the extent determined by the Tax Committee to be necessary to properly reflect Book Values in accordance with the standards set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(q).

 (2) the Book Value of any Company asset distributed in kind to any Member shall be the gross fair market value of such asset (taking Code
Section 7701(g) into account) on the date of such distribution; and 
 (3) the Book Value of Company assets shall be increased or
decreased, as appropriate, to reflect any adjustments to the adjusted tax bases of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining
Capital Accounts pursuant to Regulation Section 1.704-1(b)(2)(iv)(m) and subparagraph (f) of the definition of “Profits” and “Losses” herein; provided, however, that Book Values shall not be adjusted pursuant to this
subparagraph (3) to the extent that an adjustment pursuant to subparagraph (1) hereof is required in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (3). 
 The Book Value of an asset shall be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits and
Losses and other items allocated pursuant to Article VII hereof. The foregoing definition of Book Value is intended to comply with the provisions of Regulation Section 1.704-1(b)(2)(iv) and shall be interpreted and applied consistently
therewith. 
 “Business Day” shall mean any day on which banks are generally open to conduct business in the State of New York.

 “Business Dispute” shall have the meaning set forth in Section 3.12(a). 
 “Capital Account” shall have the meaning set forth in Section 6.3. 
 “Capital Contribution” shall mean, with respect to any Member, the amount of any money and the initial Book Value of any property (other than
money) contributed to the Company with respect to the interest in the Company held or purchased by such Member and credited to each such Member’s Capital Accounts pursuant to Article VI hereof. 
  

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 “Certificate” shall have the meaning set forth in the Recitals. 
 “Change of Control” shall mean an event that causes a Person that holds a Company Interest to cease to be Controlled by such Person’s
Parent; provided, however, that an event that causes Duke or COP to be Controlled by another Person shall not constitute a Change of Control; provided further, however, that the distribution of the equity interests in an entity that holds
Duke’s then existing interstate pipeline business and the Duke Member to the equity holders of Duke (or of the Parent of Duke) shall not constitute a Change of Control and thereafter the defined term Duke shall mean such entity. 
 “Changing Member” shall have the meaning set forth in Section 5.3(b). 
 “Changing Member Appraiser” shall have the meaning set forth in Section 5.3(c). 
 “Closing Date” shall have the meaning set forth in Section 3.1 of the Contribution Agreement. 
 “Code” shall mean the United States Internal Revenue Code of 1986, as amended. 
 “Company” shall have the meaning set forth in the Recitals. 
 “Company Board” shall have the meaning set forth in Section 3.1. 
 “Company
Interest” shall mean, with respect to either Member, such Member’s respective membership interest in the Company. 
 “Contribution Agreement” shall mean the Contribution Agreement, dated as of December 16, 1999, by and among Duke Energy Corporation, Phillips and the Company, as the same may be amended from time to time. 
 “Control” shall mean the possession, directly or indirectly, through one or more intermediaries, by any Person or group (within the meaning of
Section 13(d)(3) under the Securities Exchange Act of 1934, as amended) of both of the following: 
 (a) (i) in the case of a
corporation, more than 25% of the direct or indirect economic interest in the outstanding equity securities thereof; (ii) in the case of a limited liability company, partnership, limited partnership or venture, the right to more than 25% of the
distributions therefrom (including liquidating distributions); (iii) in the case of a trust or estate, including a business trust, more than 25% of the beneficial interest therein; and (iv) in the case of any other entity, more than 25% of
the economic or beneficial interest therein; and 
 (b) in the case of any entity, the power or authority, through ownership of voting
securities, by contract or otherwise, to control or direct the management and policies of the entity. 
  

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 “Control Acceptance” shall have the meaning set forth in Section 5.3(b). 
 “Control Appraiser Committee” shall have the meaning set forth in Section 5.3(c). 
 “Control Notice” shall have the meaning set forth in Section 5.3(b). 
 “Control Offer Period” shall have the meaning set forth in Section 5.3(b). 
 “COP” shall mean ConocoPhillips, a Delaware corporation. 
 “COP Directors” shall have the meaning set forth in Section 3.3. 
 “COP Member”
shall mean CPGC or any wholly owned Subsidiary of COP admitted as a substitute Member pursuant to Section 5.4; provided that in the event a COP Member transfers less than all of its Company Interest to a wholly owned subsidiary of COP pursuant
to Section 5.4, then “COP Member” shall be deemed to include both such COP Member and such wholly owned subsidiary of COP, to the extent applicable; provided, however, that in no event shall the COP Members collectively own more than
a 50 percent Percentage Interest. 
 “CPGC” shall have the meaning set forth in the Preamble. 
 “CPGC Contribution” shall have the meaning set forth in Section 8.2. 
 “CPGC Distribution” shall have the meaning set forth in Section 8.2. 
 “DEFS Holding” shall have the meaning set forth in the Preamble. 
 “DEFS Investment” shall have the meaning set forth in the Recitals. 
 “Depreciation”
shall mean, for each Fiscal Year or part thereof, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable for U.S. federal income tax purposes with respect to an asset for such Fiscal Year or part thereof,
except that if the Book Value of an asset differs from its adjusted tax basis for U.S. federal income tax purposes at the beginning of such Fiscal Year, the depreciation, amortization, or other cost recovery deduction for such Fiscal Year or part
thereof shall be an amount which bears the same ratio to such Book Value as the U.S. federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year or part thereof bears to such adjusted tax basis. If such asset
has a zero adjusted tax basis for U.S. federal income tax purposes, the depreciation, amortization, or other cost recovery deduction for such asset for such Fiscal Year shall be determined under a method reasonably selected by agreement among the
Members. 
 “Director” shall mean one or more members of the Company Board, as the context may require. 
 “Disguised Sale Amount” shall mean the excess of (a) $1,200,000,000 over (b) the product of the Percentage Interest of CPGC in the
Company as of the Closing Date and $2,400,000,000. 
  

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 “Dispute Notice” shall have the meaning set forth in Section 3.12(a). 
 “Distribution” shall mean, with respect to any Member, the amount of money and the Book Value of any property (other than money) distributed to
such Member pursuant to Section 7.6 hereof (or pursuant to Section 2.2(a), 2.2(b)(ii) ), or 3.3(b) of the Reorganization Agreement) with respect to such Member’s Company Interest. 
 “Duke” shall mean Duke Energy Corporation, a North Carolina corporation. 
 “Duke Directors” shall have the meaning set forth in Section 3.3. 
 “Duke Member” shall mean DEFS Holding or any wholly owned Subsidiary of Duke admitted as a substitute member pursuant to Section 5.4;
provided that in the event a Duke Member transfers less than all of its Company Interest to a wholly owned subsidiary of Duke pursuant to Section 5.4, then “Duke Member” shall be deemed to include both such Duke Member and such wholly
owned subsidiary of Duke, to the extent applicable; provided, however, that in no event shall the Duke Members collectively own more than a 50 percent Percentage Interest. 
 “EBITDA” shall mean earnings before interest, taxes, depreciation and amortization, determined in accordance with GAAP. 
 “Equity Interest” shall mean, with respect to any Person, any and all shares, interests, participations or other equivalents, including
membership interests (however designated, whether voting or nonvoting or certificated or noncertificated), of equity of such person, including, if such Person is a partnership, partnership interests (whether general or limited) and any other
interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, excluding debt securities convertible or exchangeable into such equity. 
 “Fair Market Value” shall mean, with respect to any Member’s Company Interest, a purchase price equal to the value that would be obtained
for such Company Interest, in an arm’s-length transaction between an informed and willing buyer under no compulsion to buy, and an informed and willing seller under no compulsion to sell, such Company Interest. 
 “Financing” shall have the meaning set forth in the Contribution Agreement. 
 “Fiscal Year” shall mean the taxable year of the Company, which shall be a fiscal year ending on December 31st. 
 “Flow Through Subsidiaries” shall have the meaning set forth in Section 8.2. 
 “Formation Date” shall have the meaning set forth in the Recitals. 
 “GAAP” shall mean generally accepted accounting principles in the United States. 
 “Governmental Entity” shall mean any federal, state, political subdivision or other governmental agency or instrumentality, foreign or
domestic. 
  

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 “Law” shall mean any applicable constitutional provision, statute, act, code (including the
Code), law, regulation, rule, ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration or interpretative or advisory opinion or letter of a Governmental Entity. 
 “Lien” shall mean any mortgage, pledge, hypothecation, security interest, encumbrance, lien, charge or deposit arrangement or other arrangement
having the practical effect of the foregoing. 
 “Member” shall mean one or more of DEFS Holding, CPGC and any Person hereafter
admitted to the Company as a member as provided in this Agreement, as the context may require, but such term does not include any Person who has ceased to be a member in the Company. 
 “MLP” shall have the meaning set forth in Section 3.7. 
 “Neutral Control Appraiser” shall have the meaning set forth in Section 5.3(c). 
 “Neutral Firm” means a neutral nationally-recognized law firm or accounting firm designated by Duke and COP by mutual agreement. 
 “Non-Changing Member” shall have the meaning set forth in Section 5.3(b). 
 “Non-Changing Member
Appraiser” shall have the meaning set forth in Section 5.3(b). 
 “Nonrecourse Deductions” shall have the meaning set
forth in Regulation Section 1.704-2(b)(1). The amount of Nonrecourse Deductions for any Fiscal Year equals the excess, if any, of (a) the net increase in the amount of Partnership Minimum Gain during such Fiscal Year over (b) the
aggregate amount of any distributions during such Fiscal Year of proceeds of a Nonrecourse Liability that are allocable to an increase in Partnership Minimum Gain, determined in accordance with Regulation Section 1.704-2(c). 
 “Nonrecourse Liability” shall have the meaning set forth in Regulation Section 1.704-2(b)(3). 
 “Non-Transfer Member” shall have the meaning set forth in Section 5.2. 
 “Officers” shall have the meaning set forth in Section 3.1. 
 “Original Agreement” shall have the meaning set forth in the Recitals. 
 “Other Member”
shall have the meaning set forth in Section 7.6(a)(i). 
 “Parent” shall mean, with respect to a particular Person, the Person
that Controls such particular Person and is not itself Controlled by any other Person. 
 “Parent CEO” shall have the meaning set
forth in Section 3.12(b). 
 “Partnership Minimum Gain” shall mean the aggregate amount of gain (of whatever character),
determined for each Nonrecourse Liability of the Company, that would be realized by 

  

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the Company if it disposed of the Company property subject to such Nonrecourse Liability in a taxable transaction in full satisfaction thereof (and for no
other consideration), determined in accordance with Regulation Sections 1.704-2(d) and (k), and the determination of a Member’s share of Partnership Minimum Gain in accordance with Regulation Section 1.704-2(g). 
 “Partner Nonrecourse Debt” shall have the meaning set forth in Regulation Section 1.704-2(b)(4). 
 “Partner Nonrecourse Debt Minimum Gain” shall mean the aggregate amount of gain (of whatever character), determined for each Partner
Nonrecourse Debt, that would be realized by the Company if it disposed of the Company property subject to such Partner Nonrecourse Debt in a taxable transaction in full satisfaction thereof (and for no other consideration), determined in accordance
with Regulation Sections 1.704-2(i)(3) and (k), and the determination of a Member’s share of minimum gain attributable to a Partner Nonrecourse Debt in accordance with Regulation Section 1.704-2(i)(5). 
 “Partner Nonrecourse Deductions” shall mean the excess, if any, of (a) the net increase, if any, in the amount of Partner Nonrecourse Debt
Minimum Gain during any Fiscal Year over (b) the aggregate amount of any distributions during such Fiscal Year of proceeds of a Partner Nonrecourse Debt that are allocable to an increase in Partner Nonrecourse Debt Minimum Gain, determined in
accordance with Regulation Sections 1.704-2(i)(2). 
 “Percentage Interest” shall mean, with respect to the Company Interest owned
by the Duke Member, 50 percent, and with respect to the Company Interest owned by the COP Member, 50 percent. 
 “Person” shall
mean any individual, partnership, limited liability company, firm, corporation, association, joint venture, trust or other entity or any Governmental Entity. 
 “Phillips” shall mean Phillips Petroleum Company. 
 “Phillips Investment” shall have the
meaning set forth in the Recitals. 
 “Profits” and “Losses” shall mean, for each Fiscal Year or part thereof, the
taxable income or loss of the Company for such Fiscal Year determined, solely for U.S. federal income tax purposes, in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated
separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments (without duplication): 
 (a) any income of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this definition shall be added to such taxable income or loss;

 (b) any expenditure of the Company that is (i) not deductible in computing U.S. taxable income and not properly chargeable to the
Members’ Capital Accounts as described in Code Section 705(a)(2)(B) or treated as such pursuant to Regulation Section 1.704-1(b)(2)(iv)(i), and (ii) not otherwise taken into account in computing Profits and Losses pursuant to
this definition, shall be subtracted from such taxable income or loss; 
  

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 (c) any Depreciation for such Fiscal Year or part thereof shall be taken into account in lieu of the
depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss; 
 (d) gain or
loss resulting from any disposition of Company property with respect to which gain or loss is recognized for U.S. federal income tax purposes shall be computed with reference to the Book Value of the property disposed of, notwithstanding that the
adjusted tax basis of such property for U.S. federal income tax purposes differs from its Book Value; 
 (e) in the event the Book Value of
any Company asset is adjusted pursuant to subparagraphs (1) and (2) of the definition of Book Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Book Value of the asset) or an item of
loss (if the adjustment decreases the Book Value of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Profits and Losses; 
 (f) to the extent an adjustment to the adjusted tax basis of any Company asset under Code Section 734(b) is required, pursuant to Regulation
Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s Company Interest, the amount of such adjustment shall be treated as an item of
gain (if the adjustment increases the adjusted tax basis of the asset) or an item of loss (if the adjustment decreases the adjusted tax basis of the asset) from the disposition of such asset and shall be taken into account for purposes of computing
Profits and Losses; and 
 (g) notwithstanding any other provision of this definition, such taxable income or loss shall be deemed not to
include any income, gain, loss, deduction or other item thereof specially allocated pursuant to Section 7.2(b), (c), (d), (e), (f) or (h) or the proviso in Section 7.1(b). 
 The amounts of the items of Company income, gain, loss or deduction available to be specially allocated pursuant to Section 7.2(b), (c), (d), (e),
(f) and (h) shall be determined by applying rules analogous to those set forth in subparagraphs (a) through (f) above. 
 “Regulation” shall mean the income tax regulations promulgated under the Code by the U.S. Department of the Treasury (whether final or temporary). 
 “Regulatory Allocations” shall have the meaning set forth in Section 7.2(g). 
 “Reorganization Agreement” shall mean the DEFS Reorganization Agreement, dated as of May 26, 2005, by and among Duke Capital LLC, COP and the Company, as the same may be amended from time to time. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Subject Subsidiary” shall have the meaning set forth in Section 5.2. 
 “Subsidiary” shall mean, when used with respect to any Person, any Affiliate of such Person that is Controlled by such Person. 
  

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 “Tax Committee” shall have the meaning set forth in Section 8.3(a). 
 “Tax Matters Partner” shall have the meaning set forth in Section 8.3(a). 
 “Taxing Authority” shall have the meaning set forth in the Reorganization Agreement. 
 “Transfer” shall mean any sale, assignment or other transfer, whether by operation of law or otherwise (and any deemed transfer pursuant to
Section 338 of the Code of the assets of a Member in connection with the purchase of the stock of such Member and any other transfer for U.S. federal income tax purposes of the assets held by a Member if such deemed transfer or transfer would
result in a termination of the Company pursuant to Section 708(b)(1)(B) of the Code). “Transferred” and “Transferring” shall have correlative meanings. 
 “Transfer Member” shall have the meaning set forth in Section 5.2. 
 “Transfer Notice” shall have the meaning set forth in Section 5.2. 
 Section 1.2 Construction. Unless the context requires otherwise: (a) the gender (or lack of gender) of all words used in this Agreement
includes the masculine, feminine and neuter; (b) references to Articles and Sections refer to Articles and Sections of this Agreement; (c) references to Laws refer to such Laws as they may be amended from time to time, and references to
particular provisions of a Law include any corresponding provisions of any succeeding Law; (d) references to money refer to legal currency of the United States of America; (e) the word “including” means “including, without
limitation”; and (f) all capitalized terms defined herein are equally applicable to both the singular and plural forms of such terms. For the avoidance of doubt, the parties hereto agree that, except as specifically provided herein,
(x) this Agreement takes effect and governs with respect to the Fiscal Years, or portions thereof, in each case, beginning after the date hereof and (y) with respect to the Fiscal Years, or portions thereof, in each case, ending on or
prior to the date hereof, the Amended and Restated Agreement governs. 
 ARTICLE II 
 ORGANIZATION 
 Section 2.1
Formation. The Company has been organized as a Delaware limited liability company by the filing of the Certificate under and pursuant to the Act. Each of DEFS Holding’s and CPGC’s status as a Member is hereby continued, in each case
effective contemporaneously with the execution by such Person of this Agreement. 
 Section 2.2 Name. The name of the Company is
“Duke Energy Field Services, LLC”, and all Company business must be conducted in that name or such other names that comply with Law as the Company Board may select. 
 Section 2.3 Registered Office; Registered Agent; Principal Office; Other. The registered office of the Company required by the Act to be
maintained in the State of Delaware shall be the office of the initial registered agent for service of process named in the Certificate or such other office (which need not be a place of business of the Company) as the Company Board may designate in
the manner provided by Law. The registered agent for service of process of the Company in the State of Delaware shall be the initial registered agent for service of process 

  

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named in the Certificate or such other Person or Persons as the Company Board may designate in the manner provided by Law. The principal office of the
Company in the United States shall be 370 17th Street, Suite 900, Denver, Colorado 80202, or such other place as the Company Board may from time to time designate, which need not be in the State of Delaware, and the Company shall maintain records
there and shall keep the street address of such principal office at the registered office of the Company in the State of Delaware. The Company may have such other offices as the Company Board may designate. 
 Section 2.4 Purpose; Powers. 
 (a) The purposes of the Company are to engage in the midstream gas gathering, processing, transportation and marketing business in the United States and Canada, the marketing of natural gas liquids in Mexico, the transportation of refined
petroleum products and liquefied petroleum gases and related products and related terminaling, storage and other activities, and the gathering, transportation, storage and marketing of crude oil. The Company may also pursue other business purposes
beyond those described in the immediately preceding sentence; provided that any such other business purposes (i) are not forbidden by the Act or by applicable Law and (ii) are approved by the Company Board in accordance with
Section 3.7. 
 (b) The Company has the power to do any and all acts necessary, appropriate, proper, advisable, incidental or convenient
to or in furtherance of the purposes of the Company set forth in Section 2.4(a) herein and has, without limitation, any and all powers that may be exercised on behalf of the Company by the Directors and Officers pursuant to Article III hereof.

 Section 2.5 Foreign Qualification. Prior to the Company’s conducting business in any jurisdiction other than Delaware,
the Company Board shall cause the Company to comply, to the extent procedures are available and those matters are reasonably within the control of the Company Board, with all requirements necessary to qualify the Company as a foreign limited
liability company in that jurisdiction. At the request of the Company Board, each Member shall execute, acknowledge, swear to and deliver all certificates and other instruments conforming with this Agreement that are necessary or appropriate to
qualify, continue and terminate the Company as a foreign limited liability company in all such jurisdictions in which the Company may conduct business. 
 Section 2.6 Term. The Company commenced on December 15, 1999 by the filing of the Certificate with the Secretary of State of the State of Delaware, and its existence shall be perpetual, unless and
until it is dissolved in accordance with Article IX. 
 Section 2.7 No State-Law Partnership. The Members intend that the Company
shall be a limited liability company and, except as provided in Section 8.2 with respect to U.S. federal income tax treatment (and other tax treatment consistent therewith), the Company shall not be a state Law partnership (including a limited
partnership) or joint venture, and no Member shall be a state Law partner or joint venturer of any other Member, for any purposes, and this Agreement may not be construed to suggest otherwise. 
 Section 2.8 Title to Company Assets. Title to Company assets, whether real, personal or mixed and whether tangible or intangible, shall be
deemed to be owned by the Company as an 

  

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entity, and no Member, Director or Officer, individually or collectively, shall have any ownership interest in such Company assets or any portion thereof.
Title to any or all of the Company assets may be held in the name of the Company or one or more of its Affiliates or one or more nominees, as the Company Board may determine. All Company assets shall be recorded as the property of the Company in its
books and records, irrespective of the name in which record title to such Company assets is held. The Company’s credit and assets shall be used solely for the benefit of the Company, and no asset of the Company shall be Transferred or
encumbered for, or in payment of any individual obligation of, any Member, Director or Officer. 
 Section 2.9 No Power to Bind
Company or Other Members. A Member or Affiliate of a Member may not take any action purporting to bind the Company, any other Member or their respective Affiliates, except as provided in this Agreement. All actions undertaken by the Members and
their Affiliates, or any of them, are at their sole risk and expense except to the extent, if any, that the Company with the approval of the Company Board assumes those obligations by executing appropriate documentation in accordance with this
Agreement. None of the Members is an agent, employee, contractor, vendor, representative or (except for tax purposes) partner of any other Member or its Affiliates by virtue of its execution of this Agreement, and a Member may not hold itself out as
such; provided, however, that Members and their Affiliates may, subject to any applicable terms hereof, be parties to agreements with the Company with the approval of the Company Board. 
 Section 2.10 Liability to Third Parties. No Member shall be liable for the debts, obligations or liabilities of the Company solely by reason
of being a Member. 
 ARTICLE III 
 MANAGEMENT 
 Section 3.1 Management of the Company’s Affairs. All management powers over the business and
affairs of the Company shall be exclusively vested in a board of directors (the “Company Board”) and, subject to the direction of the Company Board, the officers of the Company (the “Officers”). The Officers and
Directors shall collectively constitute “managers” of the Company within the meaning of the Act. Neither Member, by virtue of its status as a member of the Company, shall have any management power over the business and affairs of the
Company or actual or apparent authority to enter into contracts on behalf of, or to otherwise bind, the Company. Except as otherwise specifically provided in this Agreement, the authority and functions of the Company Board on the one hand and of the
Officers on the other shall be identical to the authority and functions of the board of directors and officers, respectively, of a corporation organized under the Delaware General Corporation Law. Thus, except as otherwise specifically provided in
this Agreement, the business and affairs of the Company shall be managed under the direction of the Company Board, which may delegate from time to time such authority and duties as it deems appropriate to one or more of the Officers, who shall be
agents of the Company. In addition to the powers that now or hereafter can be granted to managers under the Act and to all other powers granted under any other provision of this Agreement, and subject to any provisions of this Agreement (including
Section 3.7 and Section 3.9) that permit action or require approval of specified Persons, the Company Board and the Officers (subject to the direction of the Company Board) shall have full, complete and absolute power and authority to do
all things on such terms as they may deem necessary or appropriate to conduct, or cause to be conducted, or to manage, the business and affairs of the Company, including the following: 
 (a) the making of any expenditures, the lending or borrowing of money, the assumption or guarantee of, or other contracting for, indebtedness and other
liabilities, the issuance of evidences of indebtedness and the incurring of any other obligations; 
  

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 (b) the making of tax (consistent with Articles VII and VIII), regulatory and other filings, or rendering
of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Company; 
 (c) the
merger or other combination of the Company with or into another Person; 
 (d) the use of the assets of the Company (including cash on hand)
for any purpose consistent with the terms of this Agreement and the repayment of obligations of the Company; 
 (e) the negotiation,
execution and performance of any contracts, conveyances or other instruments; 
 (f) the distribution of Company cash; 
 (g) the selection, engagement and dismissal of Officers, employees and agents, outside attorneys, accountants, engineers, consultants and contractors and
the determination of their compensation and other terms of employment or hiring; 
 (h) the maintenance of such insurance for the benefit of
the Company as it deems necessary or appropriate; 
 (i) the acquisition or disposition of assets; 
 (j) the formation of, or acquisition of an interest in, or the contribution of property to, any entity; 
 (k) the control of any matters affecting the rights and obligations of the Company, including the commencement, prosecution and defense of actions at law
or in equity and otherwise engaging in the conduct of litigation and the incurring of legal expense and the settlement of claims and litigation; and 
 (l) the indemnification of any Person against liabilities and contingencies to the extent permitted by law. 
 Section 3.2 Member Obligations. Neither Member nor any Affiliate of, or any Director appointed by, either Member shall have any obligation or owe any duty, fiduciary or otherwise, to the Company or to any other Member or its
Affiliates, including any obligation (a) to offer business opportunities to the Company, (b) to refrain from pursuing business opportunities that may have a competitive impact upon the Company or (c) to refrain from taking 

  

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any other action that will or may be detrimental to the Company, and neither Member nor any Affiliate of such Member shall, by virtue of the relationship
established pursuant to this Agreement, have any other obligations to take or refrain from taking any other action that may impact the Company. The provisions of this Section 3.2 constitute an agreement to modify or eliminate fiduciary duties
pursuant to the provisions of Section 18-1101 of the Act. 
 Section 3.3 Company Board Composition; Initial Directors. The
Company Board shall consist of five Directors, four of whom shall be voting Directors. The President of the Company shall be the Chairman of the Board. The Chairman of the Board shall be the fifth Director and shall be a non-voting Director. The
Duke Member shall appoint two voting Directors (the “Duke Directors”). The COP Member shall appoint two voting Directors (the “COP Directors”). Each Director appointed to the Company Board shall serve until his or
her successor is duly appointed or until his or her earlier removal or resignation. 
 Section 3.4 Removal and Replacement of
Directors. The Duke Member shall have the right, at any time and for any reason (or for no reason), to remove any or all of the Duke Directors. The COP Member shall have the right, at any time and for any reason (or for no reason), to remove any
or all of the COP Directors. Should any Director be unwilling or unable to continue to serve, or otherwise cease to serve (including by reason of his or her involuntary removal or the expiration of any applicable term of office), then (a) in
the case of a vacancy of a Duke Director, the Duke Member shall fill the resulting vacancy on the Company Board by a Person designated by the Duke Member, and (b) in the case of a vacancy of a COP Director, the COP Member shall fill the
resulting vacancy in the Company Board by a Person designated by the COP Member. 
 Section 3.5 Meetings of the Company Board.

 (a) Regular meetings of the Company Board shall be held quarterly. 
 (b) Either Member may request a special meeting of the Company Board at any time on two Business Days’ prior notice. 
 (c) A quorum for meetings of the Company Board shall be at least three voting Directors, present in person, by telephone or represented by proxy.

 (d) Directors may participate in and hold a meeting of the Company Board by means of conference telephone, video conference or similar
communications equipment by which all Persons participating in the meeting can hear each other, and participation in such manner in any such meeting constitutes presence in person at the meeting. 
 (e) The Chairman of the Board, if present and acting, shall preside at all meetings of the Company Board and of Members. Otherwise, any other Director
chosen by the Company Board, shall preside. 
 Section 3.6 Notice of Company Board Meetings. Written notice of all regular
meetings of the Company Board must be given to all Directors at least 15 days prior to any regular meeting of the Company Board and two Business Days prior to any special meeting of the Company Board. Any such notice, or waiver thereof, need not
state the purpose of such 

  

 14 

 
meeting except as may otherwise be required by Law. Attendance of a Director at a meeting (including pursuant to Section 3.5(d)) shall constitute a
waiver of notice of such meeting, except where such Director attends the meeting for the express purposes of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened. 
 Section 3.7 Actions by the Company Board. All decisions of the Company Board shall require the affirmative majority vote of the voting
Directors present at a meeting at which a quorum is present provided that the affirmative vote of both at least one Duke Director and at least one COP Director shall be required for all decisions of the Company Board. Notwithstanding the foregoing,
(a) the Duke Member and the COP Member will cause their respectively appointed Company Board members to take all action necessary to cause the Company to form a master limited partnership (“MLP ”) as soon as reasonably
practicable in 2005, including (i) initially contributing assets from the list of assets on Schedule 3.7 with an aggregate EBITDA of up to $75 million and priced in the aggregate at not less than 7 times such EBITDA, (ii) effecting an
initial public offering of limited partner interests and an initial debt financing for the MLP in compliance with Sarbanes Oxley and all other applicable laws and regulations, and (iii) subject to clause (b) immediately below, designating
Jim Mogg and Mike Bradley as the initial Chairman and CEO, respectively, of the general partner of the MLP with authority on behalf of DEFS to implement and make decisions relating to the formation of the MLP, (b) persons subsequently holding
the positions of Chairman and CEO of the general partner of the MLP and all executive officers of such general partner and the MLP shall be selected by the board of the general partner of the MLP, which board shall consist of nine individuals, two
of which shall be appointed by the Duke Member, two of which shall be appointed by the COP Member and five of which shall consist of independent directors as mutually agreed in good faith by the Duke Member and the COP Member; provided, however,
that the board of the general partner of the MLP shall have the authority to appoint, remove and replace the Chairman and CEO of the general partner of the MLP and all executive officers of such general partner and the MLP, and (c) the Duke
Directors shall make all decisions relating to the enforcement of any rights or obligations of the Company or any of its Affiliates against or to COP or any of its Affiliates, and the COP Directors shall have the exclusive authority to make all
decisions relating to the enforcement of any rights or obligations of the Company or any of its Affiliates against or to Duke or any of its Affiliates, and the COP Directors shall have the exclusive authority to make all decisions relating to the
enforcement of any rights or obligations of the Company or any of its Affiliates against or to Duke or any of its Affiliates and, in the event of a Change of Control that results (pursuant to the last proviso in the definition of the term
“Change of Control”) in the term “Duke” no longer referring to Duke Energy Corporation, against Duke Energy Corporation as to matters relating to periods prior to such Change of Control. The formation of additional master limited
partnerships shall be at the discretion of the Company Board. 
 Section 3.8 Action by Unanimous Written Consent of Voting
Directors. To the extent permitted by applicable Law, the Company Board may act without a meeting, without prior notice and without a vote so long as all voting Directors shall have executed a written consent or consents with respect to any such
Company Board action taken in lieu of a meeting. 
  

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 Section 3.9 Officers. (a) Generally. Unless provided otherwise in this Agreement or by
resolution of the Company Board, the Officers shall have the titles, power, authority and duties described below in this Section 3.9. 
 (b) Titles and Number. The Officers of the Company shall be the Chairman of the Board, the President, any and all Vice Presidents, the Secretary and Treasurer and any and all Assistant Secretaries and Assistant Treasurers. There shall be
appointed from time to time, in accordance with Section 3.9(c) below, such Vice Presidents, Secretaries, Assistant Secretaries, Treasurers and Assistant Treasurers as the Company Board may desire. Any person may hold two or more offices.

 (c) Appointment and Term of Office. The Officers shall be appointed by the Company Board at such time and for such term as the Company
Board shall determine. Any Officer may be removed, with or without cause, only by the Company Board, provided, however, that such removal shall be without prejudice to the rights, if any, of such Officer under any contract to which the Company is a
party. Vacancies in any office may be filled only by the Company Board. Any Officer may resign at any time by giving written notice to the Company Board. Any resignation shall take effect at the date of the receipt of that notice or at any later
time specified in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Company under any
contract to which the officer is a party. 
 (d) President. Subject to the limitations imposed by this Agreement, any employment agreement,
any employee plan or any determination of the Company Board, the President, subject to the direction of the Company Board, shall be the chief executive officer and Chairman of the Board of the Company and, as such, shall be responsible for the
management and direction of the day-to-day business and affairs of the Company, its other Officers, employees and agents, shall supervise generally the affairs of the Company and shall have the full authority to execute all documents and take all
actions that the Company may legally take. The President shall exercise such other powers and perform such other duties as may be assigned to him by this Agreement or the Company Board, including any duties and powers stated in any employment
agreement approved by the Company Board. 
 (e) Vice President. In the absence of the President, each Vice President shall have all of the
powers and duties conferred upon the President, including the same power as the President to execute documents on behalf of the Company. Each such Vice President shall perform such other duties and may exercise such other powers as may from time to
time be assigned to him by the Company Board or the President. 
 (f) Secretary and Assistant Secretaries. The Secretary shall record or
cause to be recorded in books provided for that purpose the minutes of the meetings or actions of the Company Board and Members, shall see that all notices are duly given in accordance with the provisions of this Agreement and as required by Law,
shall be custodian of all records (other than financial), shall see that the books, reports, statements, certificates and all other documents and records required by Law are properly kept and filed, and, in general, shall perform duties incident to
the office of Secretary and such other duties as may, from time to time, be assigned to him by this Agreement, the Company Board or the President. The Assistant Secretaries shall exercise the powers of the Secretary during that Officer’s
absence or inability or refusal to act. 
  

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 (g) Treasurer and Assistant Treasurers. The Treasurer shall keep or cause to be kept the books of account
of the Company and shall render statements of the financial affairs of the Company in such form and as often as required by this Agreement, the Company Board or the President. The Treasurer, subject to the order of the Company Board, shall have the
custody of all funds and securities of the Company. The Treasurer shall perform all other duties commonly incident to his office and shall perform such other duties and have such other powers at this Agreement, the Company Board or the President
shall designate from time to time. The Assistant Treasurers shall exercise the power of the Treasurer during the Officer’s absence or inability or refusal to act. Each of the Assistant Treasurers shall possess the same power as the Treasurer to
sign all certificates, contracts, obligations and other instruments of the Company. If no Treasurer or Assistant Treasurer is appointed and serving or in the absence of the appointed Treasurer and Assistant Treasurer, the Senior Vice President, or
such other Officer as the Company Board shall select, shall have the powers and duties conferred upon the Treasurer. 
 Section 3.10
Failure to Approve Budgets. If the Company Board fails to timely approve capital or operating budgets for any period, the Officers are hereby authorized to spend such amounts as are necessary or appropriate to meet the Company’s prior
commitments and obligations and to conduct and maintain the Company’s operations and properties in a safe and efficient manner in accordance with industry practice. 
 Section 3.11 Compensation. The Officers shall receive such compensation for their services as may be designated by the Company Board. In addition, the Officers shall be entitled to be reimbursed for
out-of-pocket costs and expenses incurred in the course of their service hereunder. In addition, the members of the Company Board shall be entitled to be reimbursed for out-of-pocket costs and expenses incurred in the course of their service
hereunder. 
 Section 3.12 Deadlock Resolution Procedures. 
 (a) Failure to Approve Actions Requiring Approval by Company Board. If the Company Board has disagreed regarding any action when properly submitted to it
for a vote (a “Business Dispute”) pursuant to Section 3.7, then the voting Directors will consult and negotiate with each other in good faith to find a solution that would be approved by the Company Board. If the voting
Directors do not reach such solution within 10 Business Days from the date the disagreement occurred, then either Member may give written notice to the other that the Company Board’s failure to approve such action will, in such Member’s
judgment, adversely affect the Company (a “Dispute Notice”). 
 (b) Consideration by Member Executives. Within two Business
Days after the giving of the Dispute Notice, the Business Dispute will be referred by the Directors to the chief executive officer of the Parent of each Member to whom the respective Directors report (each a “Parent CEO ”) in an
attempt to reach resolution. The Parent CEOs will consult and negotiate with each other in good faith. If they are unable to agree within 20 Business Days of the date of the Dispute Notice, then they will adjourn such attempts for a further period
of 5 Business Days during which the Parent CEOs will not consult with each other. On the day 

  

 17 

 
following such period, the Parent CEOs will consult with each other again in an effort to resolve the Business Dispute. If the Parent CEOs are unable to
resolve the Business Dispute within 48 hours after the time at which they last consulted with each other, then the action shall be considered not approved by the Company Board. 
 Section 3.13 Cash Contribution. The Company shall segregate the cash contribution referenced in Section 8.2(c)(5) in a separate account
and shall use such cash for the acquisition or improvement of plant, property and equipment. 
 ARTICLE IV 
 BOOKS AND RECORDS; REPORTS AND 
 INFORMATION AND ACCOUNTS 
 Section 4.1 Maintenance of Books and Records. Records and books of account (including
those required by the Act) shall be kept by the Company in which shall be entered all transactions and other matters relative to the Company’s business as are usually entered into records and books of account maintained by Persons engaged in
business of like character. The Company books and records shall be maintained in accordance with GAAP. 
 Section 4.2 Auditors;
Corporate Reports; Annual Financial Statements. 
 (a) Auditors. As of the date hereof, the auditors of the Company shall be
Deloitte & Touche L.L.P.; provided that the Company’s auditors may be changed from time to time by the Company Board, in accordance with Section 3.7. 
 (b) Company Reports. (i) Each Member and its respective representatives shall be entitled to reasonable access, during regular business hours and upon reasonable advance notice, to the corporate books and records
and properties, and the executive officers and representatives, of the Company and its Subsidiaries, for any reasonable purpose, including in order to conduct any investigation or audit of the business, financial position and financial statements of
any such entity; provided that nothing herein shall authorize access to classified or controlled unclassified information, except as authorized by applicable Law. 
 (ii) Each Member shall be supplied not later than 45 days after the end of each of the first three calendar quarters of each year with unaudited financial statements of the Company and each of its Subsidiaries on a
consolidated basis, including a balance sheet, an income statement and a statement of cash flows, as well as a comparison of actual performance with any applicable business plan and such tax information as either Member may reasonably request.

 (iii) The Company Board shall be supplied not later than 45 days after the end of each calendar month with unaudited financial statements
of the Company and each of its Subsidiaries on a consolidated basis, including a balance sheet, an income statement and a statement of cash flows, as well as a comparison of actual performance with any applicable business plan and, within 45 days of
the end of each calendar quarter, budget and cash flow forecasts showing the position of the Company and its Subsidiaries on a consolidated basis for the next 12-month period together with such additional information as the Company Board may
reasonably request. 
  

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 (c) Annual Financial Statements. (i) Annual financial statements for the Company and its
Subsidiaries on a consolidated basis shall be prepared in accordance with GAAP and subject to an audit by the auditors of the Company. 
 (ii) The Company shall make available to each Member simultaneously the consolidated annual audited financial statements for the Company and its Subsidiaries, taken as a whole, and the reports of the auditors thereon as soon as practicable
after the issuance by the auditors of such reports. 
 (iii) The Company and its Subsidiaries shall prepare annual financial statements in
respect of each fiscal year for presentation to the auditors within one month from the end of that fiscal year and shall use reasonable best efforts to ensure that the auditors will issue their reports on such financial statements by March 15
of each year. 
 Section 4.3 Confidentiality. (a) Each Member and its respective Affiliates shall keep confidential all
information which is obtained by them as Members or otherwise pursuant to this Agreement or the Reorganization Agreement, whether that information is (i) generated or commissioned by the Company or any of its Subsidiaries or (ii) related
to the business affairs of any of the Members or of their respective Affiliates. 
 (b) The restrictions in Section 4.3(a) shall not
apply to: 
 (i) information which enters the public domain otherwise than by breach of this Agreement; 
 (ii) information already in the possession of a Member or any of its Affiliates before disclosure to it under this Agreement and which was not acquired
directly or indirectly from the other Member or any of its Affiliates and which is not the subject of a confidentiality agreement in favor of the provider of such information; 
 (iii) information lawfully obtained from a third party that is free to disclose such information; 
 (iv) information developed or created by a Member or any of its Affiliates (other than the Company or its Subsidiaries) independent of this Agreement;

 (v) information required to be disclosed by a Member or any of its Affiliates to a third party contemplating purchasing shares in that
Member in order to permit such third party to decide whether or not to proceed and what price to offer; provided that such third party shall prior to any such disclosure have entered into a confidentiality agreement with such Member and its
Affiliates on terms no less strict than the terms of this Section 4.3; 
 (vi) information requested by any Governmental Entity
entitled by Law to require the same; provided that prior to such disclosure if practicable, the disclosing Member shall notify in writing the owner of such information (where the identity of such owner can be reasonably determined) that such request
has been made; provided further that the Member seeking to rely on an exemption contained in this Section 4.3(b) shall provide such evidence as the other Member may reasonably require to prove that the information sought to be exempted falls
within the relevant category; and 
  

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 (vii) information that a Member or its Affiliates must disclose under applicable securities Laws or
stock exchange regulations. 
 (c) The restrictions contained in Section 4.3(a) shall last until the date two years from the relevant
disclosure. 
 ARTICLE V 
 LIQUIDITY AND TRANSFER RESTRICTIONS 
 Section 5.1 Transfer of Interest. Except to the extent permitted pursuant
to Section 5.4, no Member may Transfer all or any part of its Company Interest without the express prior written consent of the other Member. 
 Section 5.2 Right of First Offer. If the holder of any Equity Interest in the Duke Member or the holder of any Equity Interest in the COP Member desires to Transfer all or any part of such Equity Interest to a Person other than
a wholly owned Subsidiary of the Parent of such Member, then prior to effecting or making such Transfer, the Duke Member (if the subject Equity Interest is in the Duke Member) or the COP Member (if the subject Equity Interest is in the COP Member)
(the “Transfer Member”) shall notify in writing the other Member (the “Non-Transfer Member”) of the terms and conditions upon which such Transfer is proposed to be effected (which notice shall be herein referred to
as a “Transfer Notice” and shall include all material price and non-price terms and conditions). The Non-Transfer Member shall have the right to cause a wholly owned Subsidiary of its Parent (the “Subject
Subsidiary”) to acquire all (but not less than all) of the Equity Interest that is the subject of the Transfer Notice on the same terms and conditions as are set forth in the Transfer Notice. The Non-Transfer Member shall have 30 days
following delivery of the Transfer Notice during which to notify the Transfer Member whether or not it desires to exercise such right of first offer. If the Non-Transfer Member does not respond during the applicable period set forth above for
exercising its purchase right under this Section 5.2, such Non-Transfer Member shall be deemed to have waived such right. If the Non-Transfer Member elects to cause the Subject Subsidiary to purchase all, but not less than all, of the Equity
Interest that is the subject of the Transfer Notice, the closing of such purchase shall occur at the principal place of business of the Company on the tenth day following the first date on which all applicable conditions precedent have been
satisfied or waived (but in no event shall such closing take place later than the date that is 60 days (subject to extension for regulatory approvals, but in no event more than 180 days) following the date on which the Non-Transfer Member agrees to
cause the Subject Subsidiary to purchase all of the Equity Interest that is the subject of the Transfer Notice). The Transfer Member agrees, and the Non-Transfer Member agrees to cause the Subject Subsidiary, to use commercially reasonable efforts
to cause any applicable conditions precedent to be satisfied as expeditiously as possible. At the closing, (a) the Transfer Member shall cause the holder of the Equity Interest to execute and deliver to the Subject Subsidiary (i) an
assignment of the Equity Interest described in the Transfer Notice, in form and substance reasonably acceptable to the Subject Subsidiary, and (ii) any other instruments reasonably requested by the Subject Subsidiary to give effect to the
purchase; and (b) the Non-Transfer Member shall cause the Subject Subsidiary to deliver to the 

  

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holder of such Equity Interest the purchase price specified in the Transfer Notice in immediately available funds or other consideration as specified in the
Transfer Notice. If the Non-Transfer Member does not elect to cause the Subject Subsidiary to purchase the Equity Interest pursuant to this Section 5.2, or having elected to so purchase such Equity Interest fails to do so within the time period
required by this Section 5.2, the holder of such Equity Interest shall be free for a period of 180 days after the expiration of the offer period referred to above or the date of such failure, as applicable, to enter into a definitive written
agreement with an unaffiliated third party regarding the Transfer of such Equity Interest on terms and conditions that satisfy the following criteria: 
 (1) the amount of consideration to be paid by the purchasing party may not be less than the consideration set forth in the Transfer Notice; 
 (2) the form of consideration may not be materially different from that set forth in the Transfer Notice, except to the extent any change in the form of
consideration makes the terms of the transaction less favorable from the purchaser’s standpoint; and 
 (3) the terms and conditions
set forth in such definitive written agreement, when considered together with the form and amount of consideration to be paid by such purchasing party, may not render the terms of such transaction, taken as a whole, materially inferior (to the
holder of such Equity Interest from an economic standpoint) to those set forth in the Transfer Notice (it being agreed that the granting by the holder of such Equity Interest of representations, warranties and indemnities with respect to the
business or properties of the Company, as applicable, or any of its subsidiaries that are different from or in addition to any such provisions referenced in the Transfer Notice shall not be considered to be more favorable to the purchaser for
purposes of this clause (3)). 
 If such a definitive written agreement is entered into with an unaffiliated third party within such time
period, the holder of such Equity Interest shall be free for a period of 270 days following the execution of such definitive written agreement to consummate the Transfer of such Equity Interest in accordance with the terms thereof. If such Transfer
is not consummated within such time period in accordance with the terms of such definitive written agreement, the requirements of this Section 5.2 shall apply anew to any further efforts by the holder of such Equity Interest to Transfer such
Equity Interest. 
 Section 5.3 Change of Control. 
 (a) If (i) a Change of Control occurs with respect to the Duke Member other than pursuant to Section 5.2, the COP Member shall have the option to purchase the Duke Member’s Company Interest for Fair
Market Value pursuant to the provisions of Section 5.3(b), (c) and (d), or (ii) a Change of Control occurs with respect to the COP Member other than pursuant to Section 5.2, the Duke Member shall have the option to purchase the
COP Member’s Company Interest for Fair Market Value pursuant to the provisions of Section 5.3(b), (c) and (d). 
 (b) In the
event of a transaction giving rise to a Change of Control of either the Duke Member or the COP Member other than pursuant to Section 5.2, the Member who has suffered such a Change of Control (the “Changing Member”) shall
promptly (and in any event 

  

 21 

 
within three days of the consummation of such transaction) deliver notice (the “Control Notice”) to the other Member (the
“Non-Changing Member”) of such Change of Control transaction. The Non-Changing Member shall have the right, to be exercised by notice (the “Control Acceptance”) on or before the 60th day following receipt of the
Control Notice (the “Control Offer Period”), to elect to purchase the Company Interest of the Changing Member for Fair Market Value as of the date of the Change of Control. The Control Acceptance shall set forth the name of a
nationally recognized appraisal firm (which may be an investment banking, accounting or other firm that performs appraisal and valuation services) designated by the Non-Changing Member as its appraisal firm (the “Non-Changing Member
Appraiser”). 
 (c) If the Non-Changing Member timely delivers the Control Acceptance during the Control Offer Period, within 15
days from the date of receipt of the Control Acceptance, the Changing Member shall notify the Non-Changing Member in writing of the name of an appraisal firm (which may be an investment banking, accounting or other firm that performs appraisal and
valuation services) designated as the Changing Member’s appraisal firm (the “Changing Member Appraiser”). The Non-Changing Member Appraiser and the Changing Member Appraiser shall jointly choose a third appraisal firm (which
may be an investment banking, accounting or other firm that performs appraisal and valuation services) within 15 days after the appointment of the Non-Changing Member Appraiser (provided, however, that if they fail to select a third appraisal firm
within 15 days after the appointment of the Non-Changing Member Appraiser, such third firm (which shall be an investment banking, accounting or other firm that performs appraisal and valuation services) will be selected by the American Arbitration
Association at the request of either party within 10 days after such request) (the “Neutral Control Appraiser”, and together with the Changing Member Appraiser and the Non-Changing Member Appraiser, the “Control Appraiser
Committee”). Once the Control Appraiser Committee has been chosen, each of the Changing Member and Non-Changing Member shall submit proposed Fair Market Values of the Changing Member’s Company Interest to the Control Appraiser
Committee, together with any supporting documentation such Member deems appropriate, as soon as practicable, but in no event earlier than 30 days after the date of receipt of the Control Acceptance nor later than 30 days after the date of selection
of the Neutral Control Appraiser. If either Member fails to submit its proposed Fair Market Value within the required time period, the Fair Market Value proposed by the other Member (assuming such other Member has submitted its proposed value within
the required time period) shall be deemed to be the Fair Market Value of the Changing Member’s Company Interest for purposes of this Section 5.3. If both Members submit their respective proposed values on a timely basis, the Control
Appraiser Committee shall determine, by majority vote, the Fair Market Value as of the date of the Change of Control of the Changing Member’s Company Interest as promptly as possible (and in any event on or before the 30th day after submittal
of the competing proposals), which determination shall be final and binding on the Members. The cost of such appraisal shall be paid in equal portions by the Duke Member and the COP Member. Each of the Changing Member and the Non-Changing Member
shall provide to the other and, if applicable, the Control Appraisal Committee, all information reasonably requested by them. 
 (d) The
closing of the Non-Changing Member’s acquisition of the Changing Member’s Company Interest shall be consummated on or before the 60th day after the determination of the Fair Market Value in accordance with Section 5.3(c). The
acquisition shall be consummated at a closing held at the principal offices of the Company (unless otherwise 

  

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mutually agreed by the Changing Member and the Non-Changing Member) at which time the purchase price, payable in the form of immediately available funds,
shall be delivered to the Changing Member, and the Changing Member shall deliver or cause to be delivered to the Non-Changing Member (or at the election of the Non-Changing Member, its designee) such transfer documentation reasonably acceptable to
the Non-Changing Member as shall be required to evidence the transfer of the Changing Member’s Company Interest free and clear of all liens and encumbrances, except those created under this Agreement. 
 Section 5.4 Transfers to Wholly Owned Subsidiaries. A Member may Transfer all or any part of its Company Interest to a wholly owned
Subsidiary of the Parent of the COP Member (in the case of the COP Member) or of the Parent of the Duke Member (in the case of the Duke Member), and such wholly owned Subsidiary shall be admitted as a substitute Member, all without the consent of
the other Member, provided that (i) reasonable advance notice of such Transfer is provided to the other Member, including for purposes of effecting the provisions of Section 10.3(a), (ii) such wholly owned Subsidiary becomes a party
to this Agreement by executing an assumption and adoption agreement in a form reasonably acceptable to the other Member and (iii) such Member remains fully liable for the fulfillment of its obligations hereunder. Notwithstanding the foregoing,
if any such Transfer would result in a termination of the Company pursuant to Section 708(b)(1)(B) of the Code, (i) a Member may Transfer only so much of its Company Interest to such wholly owned Subsidiary as will not cause such a
termination, and (ii) provided that reasonable advance notice of such Transfer is provided to the other Member, including for purposes of effecting the provisions of Section 10.3(a), the remaining portion of its Company Interest may be
transferred to such wholly owned Subsidiary as soon as practicable after the date that such a transfer will not cause such a termination. 
 Section 5.5 Void Transfers. For the absence of doubt, notwithstanding Section 5.2, 5.3 or 5.4, there shall be no Transfer of a Company Interest held by a Member that would result in a termination of the Company pursuant to
Section708(b)(1)(B) of the Code without the prior written consent of the other Member. Any purported Transfer of a Company Interest, of any Equity Interest in the COP Member, or of any Equity Interest in the Duke Member prohibited by this Article V
shall be void. 
 ARTICLE VI 
 CAPITAL CONTRIBUTIONS AND CAPITAL ACCOUNTS 
 Section 6.1 Capital Contributions. 
 (a) The initial Capital Contributions made to the Company by the Members shall be the property contributed by the Members pursuant to Article II of the
Contribution Agreement. 
 (b) On the date of this Agreement, CPGC has made a Capital Contribution to the Company pursuant to
Section 2.2(d) of the Reorganization Agreement. 
 Section 6.2 Additional Capital Contributions. The Members may make
additional Capital Contributions or loans to the Company as requested by the Company Board. Except for the Capital Contributions required of the Members pursuant to Section 6.1, no Member shall be required to make any Capital Contributions to
the Company. 
  

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 Section 6.3 Capital Accounts. A “Capital Account ” shall be maintained for
each Member on the books of the Company in compliance with the requirements of Code Section 704(b) and the Regulations thereunder. The Capital Accounts of the Members immediately after the Capital Contributions made pursuant to
Section 6.1(a) were (prior to reduction for the amount of any cash distributed to DEFS Holding and CPGC on the Closing Date), in the case of DEFS Holding, $3,585,500,000 and, in the case of CPGC, $2,139,500,000. In connection with the
transactions contemplated by the Reorganization Agreement, the Capital Accounts of the Members shall be adjusted in the manner illustrated in Schedule 6.3 of this Agreement. Each Member’s Capital Account shall be increased by (i) the
Capital Contributions of such Member, (ii) Profits and items of income or gain allocated to such Member as set forth in Article VII hereof, (iii) any positive adjustment to such Capital Account by reason of an adjustment to the Book Value
of Company assets, and (iv) the amount of Company liabilities assumed by such Member or which are secured by any property distributed to such Member. Each Member’s Capital Account shall be decreased by (i) the amount of any cash and
the Book Value of any property distributed to such Member, (ii) Losses, Nonrecourse Deductions, Partner Nonrecourse Deductions, and items of loss or deduction allocated to such Member as set forth in Article VII hereof, (iii) any negative
adjustment to such Capital Account by reason of an adjustment to the Book Value of Company assets, and (iv) the amount of any liabilities of such Member assumed by the Company or which are secured by property contributed by such Member to the
Company. In determining the amount of any liability for purposes of the preceding two sentences, there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 
 Section 6.4 Return of Contributions. Although a Member has the right to receive Distributions in accordance with the terms of this Agreement,
a Member is not entitled to the return of any part of its Capital Contributions or to be paid interest in respect of either its Capital Account or its Capital Contributions. An unrepaid Capital Contribution is not a liability of the Company or of
any Member. No Member will be required to contribute or to lend any cash or property to the Company to enable the Company to return any Member’s Capital Contributions. 
 ARTICLE VII 
 PROFITS AND LOSSES; DISTRIBUTIONS 
 Section 7.1 Allocation of Profit and Losses. 
 (a) In General. This Section 7.1 sets forth the general rules for book allocations to the Members and shall apply to allocations with respect to the operations and liquidation of the Company, maintaining the
books and records of the Company and computing the Members’ Capital Accounts or share of Profit, Losses, other items or distributions pursuant to this Agreement, in each case as required for U.S. federal income tax purposes under Code
Section 704(b) and the Regulations thereunder. These provisions do not apply to the requirement that the Company maintain books and records for financial reporting purposes in accordance with Section 4.1. 
  

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 (b) Profits and Losses. For Fiscal Years, or portions thereof, in each case, beginning after the date
hereof, Profits and Losses shall be allocated among the Members in accordance with their respective Percentage Interests in the Company; provided, however, that the Company shall make special allocations to the extent required pursuant to Article V
of Annex A to the Contribution Agreement and Sections 3.3(a), 7.10 and 7.15(c) of the Reorganization Agreement). 
 Section 7.2
Limitations on Allocations. Notwithstanding the general allocation rules set forth in Section 7.1 hereof, the following special allocation rules and limitations shall apply with respect to maintaining the Company’s books and records
and computing the Members’ Capital Accounts or share of Profits, Losses, other items or distributions pursuant to this Agreement, in each case as required for U.S. federal income tax purposes under Code Section 704(b) and the Regulations
thereunder. 
 (a) Limitations on Loss Allocations. The losses allocated to any Member pursuant to Section 7.1(b) hereof with respect to
any Fiscal Year shall not exceed the maximum amount of losses that can be so allocated without causing such Member to have an Adjusted Capital Account Deficit at the end of such Fiscal Year. In the event some but not all of the Members would have
Adjusted Capital Account Deficits as a consequence of an allocation of losses pursuant to Section 7.1(b) hereof, the limitation set forth in this Section 7.2(a) shall be applied on a Member-by-Member basis and any such losses not allocable
to a Member as a result of such limitation shall be allocated to the other Members in accordance with their positive Capital Account balances so as to allocate the maximum possible losses to each Member under Regulation
Section 1.704-1(b)(2)(ii)(d). 
 (b) Qualified Income Offset. If in any Fiscal Year a Member unexpectedly receives an adjustment,
allocation or distribution described in Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6), and such adjustment, allocation, or distribution causes or increases an Adjusted Capital Account Deficit for such Member, then, before any other
allocations are made under this Article VII or otherwise, such Member shall be allocated items of income and gain (consisting of a pro rata portion of each item of Company income, including gross income and gain) in an amount and manner sufficient
to eliminate such Adjusted Capital Account Deficit as quickly as possible; provided that an allocation pursuant to this Section 7.2(b) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after
all other allocations provided for in this Article VII have been made as if this Section 7.2(b) were not in this Agreement. This Section 7.2(b) is intended to constitute a “qualified income offset” as provided in Regulation
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 (c) Partnership Minimum Gain Chargeback. If there is a
net decrease in Partnership Minimum Gain during any Fiscal Year, then, except as provided in Regulation Section 1.704-2(f)(2), (3), or (5), each Member shall be allocated items of income and gain for such Fiscal Year (and, if necessary, for
subsequent Fiscal Years) in proportion to, and to the extent of, such Member’s share of the net decrease in Partnership Minimum Gain during such Fiscal Year. Allocations pursuant to the previous sentence shall be made in proportion to the
respective amounts required to be allocated to each Member pursuant thereto and the items to be so allocated shall be determined in accordance with Regulation Sections 1.704-2(f)(6) and 1.704-2(j)(2). 

  

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To the extent that this Section 7.2(c) is inconsistent with Regulation Section 1.704-2(f) or incomplete with respect to such Regulations, the
Partnership Minimum Gain chargeback provided for herein shall be applied and interpreted in accordance with such Regulation. 
 (d) Partner
Nonrecourse Debt Minimum Gain Chargeback. If there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any Fiscal Year, then, except as provided in Regulation Section 1.704-2(i)(4), each Member with a share of Partner Nonrecourse
Debt Minimum Gain shall be allocated items of income and gain for such Fiscal Year (and, if necessary, for subsequent Fiscal Years) in proportion to, and to the extent of, such Member’s share of the net decrease in Partner Nonrecourse Debt
Minimum Gain during such Fiscal Year. Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto and the items to be so allocated shall be determined
in accordance with Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2). To the extent that this Section 7.2(d) is inconsistent with Regulation Section 1.704-2(i) or incomplete with respect to such Regulation, the Partner Nonrecourse Debt
Minimum Gain chargeback provided for herein shall be applied and interpreted in accordance with such Regulation. 
 (e) Nonrecourse
Deductions. Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Members in proportion to each of their respective Percentage Interests in the Company. This provision is to be interpreted in a manner consistent with
Regulation Sections 1.704-2(b)(1) and 1.704-2(e). 
 (f) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions shall be allocated
among the Members in accordance with the ratios in which the Members share the economic risk of loss for the Partner Nonrecourse Debt that gave rise to those deductions. This allocation is intended to comply with the requirements of Regulation
Section 1.704-2(i) and shall be interpreted and applied consistently therewith. 
 (g) Limited Effect and Interpretation. The special
rules set forth in Section 7.2(a), (b), (c), (d), (e) and (f) (the “Regulatory Allocations”) shall be applied only to the extent required by applicable Regulations for the resulting allocations provided for in this
Section 7.2, taking into account such Regulatory Allocations, to be respected for U.S. federal income tax purposes. The Regulatory Allocations are intended to comply with the requirements of Regulation Sections 1.704-1(b), 1.704-2 and 1.752-1
through 1.752-5, inclusive and shall be interpreted and applied consistently therewith. 
 (h) Offsetting Allocations. The Regulatory
Allocations may not be consistent with the manner in which the Members intend to divide Company Profits, Losses, and other similar items. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset either
with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss or deduction pursuant to this Section 7.2(h). Therefore, notwithstanding any other provision of this Article VII (other than the
Regulatory Allocations), the Company shall make such offsetting special allocations of Company income, gain, loss or deduction in a manner such that, after the offsetting allocations are made, each Member’s Capital Account Balance is, to the
extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to Section 7.1 hereof. 
  

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 Section 7.3 Restoration of Negative Capital Accounts. At no time shall a Member with a
negative balance in its Capital Account have any obligation to the Company or to any other Member to restore such negative balance. 
 Section 7.4 Interim Allocations Relating to Transferred Company Interests. Notwithstanding any other provision of this Agreement or the Reorganization Agreement, in the event of a change in a Member’s Percentage Interest in
the Company as a result of a Transfer or deemed Transfer of a Member’s Company Interest or as a result of a contribution of assets by a Member to the Company or a distribution of assets by the Company to a Member during a Fiscal Year, the
allocations required under this Article VII shall be made with respect to the Members for the portions of the Fiscal Year through the date of the Transfer, contribution or distribution and after the date of the Transfer, contribution or distribution
based on an interim closing of the Company’s books. The effective date of any such Transfer, contribution or distribution shall be the actual date of the Transfer, contribution or distribution as recorded on the books of the Company. This
Section 7.4 shall also apply for purposes of computing a Member’s Capital Account. For the avoidance of doubt, there shall be an interim closing of the Company’s books as of the date hereof, and the allocations required under this
Article VII shall be made with respect to the Members (i) for the portion of the Fiscal Year through the date hereof in accordance with the Members’ Percentage Interests being 69.7 percent for the Duke Member and 30.3 percent for the COP
Member, and (ii) for the portion of the Fiscal Year after the date hereof in accordance with the Members’ Percentage Interests being 50 percent for the Duke Member and 50 percent for the COP Member. 
 Section 7.5 Code Section 704(c) Allocations. 
 (a) In accordance with Code Section 704(c) and the Regulations thereunder, income, gain, loss and deduction with respect to any property contributed to the capital of the Company or any Subsidiary thereof that is
treated as a partnership or disregarded entity for U.S. federal income tax purposes shall, solely for U.S. federal income tax purposes, be allocated among the Members so as to take account of any variation between the adjusted tax basis of such
property to the Company for U.S. federal income tax purposes and its Book Value (computed in accordance with the definition of Book Value) using the “Traditional Method with Curative Allocations” as defined in Regulation
Section 1.704-3(c). 
 (b) In the event the Book Value of any asset of the Company (or any Subsidiary thereof that is treated as a
partnership or disregarded entity for U.S. federal income tax purposes) is adjusted pursuant to subparagraph (1) of the definition of Book Value or otherwise pursuant to Code Section 704(b) and the Regulations thereunder, subsequent
allocations of income, gain, loss and deduction with respect to any such asset so adjusted shall take account of any variation between the adjusted tax basis of such asset for U.S. federal income tax purposes and the Book Value in the same manner as
under Code Section 704(c), the Regulations thereunder and Section 7.5(a). 
  

 27 

 (c) Allocations pursuant to this Section 7.5 are solely for purposes of U.S. federal income taxes
and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Profits, Losses or other items allocated under Section 7.1 or Section 7.2. 
 Section 7.6 Distributions. 
 (a)
Distributions Other Than in Liquidation of the Company. Except as provided in Section 7.6(b) below (and taking into account deemed distributions, if any, under Section 8.1 which are not re-contributed pursuant to Section 8.1),
Distributions of cash of the Company shall be made at the end of each quarterly accounting period of the Company to each Member of the Company in the following amounts: 
 (i) the greater of (A) the excess of (x) the product of (I) the sum of the maximum U.S. regular federal income tax rate applicable to C corporations under Section 11 of the Code and 4.5 percent and
(II) the excess, if any, of taxable income and gain over taxable loss or deduction of the Company allocated to such Member with respect to such period over (y) the amount of any credits allocated to such Member with respect to such period for
U.S. regular federal income tax purposes and State income tax purposes and (B) (x) such Member’s Percentage Interest in the Company as of the end of such period multiplied by the quotient of (y) the amount calculated under clause
(A) with respect to such period for the other Member (or Members) (the “Other Member”) divided by (z) the Other Member’s Percentage Interest in the Company as of the end of such period; and 
 (ii) such Distributions as the Company Board may determine in its discretion pursuant to Section 3.7. 
 Such Distributions pursuant to clause (i) shall be made in a manner consistent with the estimated annual tax items of the Company, and Distributions pursuant to
clause (i) for each quarterly accounting period (or portion thereof) shall be adjusted to the extent Distributions for prior quarterly accounting periods did not correctly estimate such items. For each quarterly accounting period ending prior
to the date of this Agreement, the Members’ Percentage Interests for purposes of this Section 7.6 shall be 69.7 percent for the Duke Member and 30.3 percent for the COP Member. For purposes of this Section 7.6(a), the quarterly
accounting period during which the date of this Agreement occurs shall be deemed to consist of two separate quarterly accounting periods, one of which shall be deemed to end as of the date hereof (with respect to which the Duke Member’s
Percentage Interest shall be equal to 69.7 and the COP Member’s Percentage Interest shall be equal to 30.3 percent) and the other of which shall be deemed to begin the day following the date hereof and end at the end of such quarterly
accounting period (with respect to which each of the Duke Member’s Percentage Interest and the COP Member’s Percentage Interest shall be equal to 50 percent). Notwithstanding the foregoing, (A) any taxable income or gain resulting
from the TEPPCO GP Sale (as defined in the Reorganization Agreement) shall be disregarded for purposes of this Section 7.6(a), and no Distribution shall be made pursuant to this Section 7.6(a) in respect of such taxable income or gain, and
(B) any distribution under Section 7.6(a)(i) to be made after the date hereof by reason of an increase in taxable income as a result of adjustments to depreciation deductions claimed by the Company or allocated to the Members for taxable
years prior to 2005 or other adjustments to taxable income or deductions shall be made 50 percent to the Duke Member and 50 percent to the COP Member. 
  

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 (b) Distributions in Liquidation of the Company. Upon the dissolution or liquidation of the Company, the
proceeds of sale of the properties and assets of the Company that have been sold in liquidation, and all other properties and assets of the Company not otherwise sold (and valued at their fair market value), shall be applied and distributed as
follows, and in the following order of priority: (i) first, to the payment of all debts and liabilities of the Company and the expenses of liquidation not otherwise adequately provided for; (ii) second, to the setting up of any reserves
that are reasonably necessary for any contingent unforeseen liabilities or obligations of the Company or of the Members arising out of or in connection with the Company; (iii) third, to the Members in proportion to the positive balances of each
of their respective Capital Accounts after all allocations have been made to such Capital Accounts pursuant to this Agreement, until the remaining balances of such Capital Accounts are zero; and (iv) fourth, the remaining proceeds to the
Members in proportion to each of their Percentage Interests in the Company. 
 ARTICLE VIII 
 WITHHOLDING TAX MATTERS; TAX STATUS AND TREATMENT 
 Section 8.1 Withholding. The Company shall comply with all withholding requirements under U.S. federal, state, local and foreign tax Laws and shall remit amounts withheld to, and file required forms with,
such applicable Taxing Authorities. To the extent that the Company withholds and pays over any amounts to any Taxing Authority with respect to the distributions or allocations to any Member, the amount withheld (or credited against withholding tax
otherwise due) shall be treated as a Distribution to such Member in the amount of the withholding (or credit). In the event of any claimed overwithholding by the Company, if the Company is required to take any action in order to secure a refund or
credit for the benefit of a Member in respect of any amount withheld by it, it will take any such action including applying for such refund on behalf of the Member and paying it over to such Member. If any amount required to be withheld was not
withheld from actual Distributions made to a Member, the Member to which the Distribution was made shall reimburse the Company for such withholding. In the event of any underwithholding by the Company to a Member, each Member agrees to indemnify and
hold harmless the Company and its subsidiaries from and against any liability, including interest and penalties, with respect to such underwithholding to such Member. Each Member agrees to furnish the Company with any representations and forms as
shall reasonably be requested by the Company to assist the Company in determining the extent of, and in fulfilling, the Company’s withholding obligations, if any. The provisions of this Section 8.1 shall be applied in a manner, taking into
consideration any tiered partnership structure that the Company may be part of, that reflects the relative economic interests of each Member in the Company. 
 Section 8.2 Tax Status. 
 (a) The Company is intended to be treated as a partnership for U.S.
federal income tax purposes, and each of the Subsidiaries of the Company organized under the laws of the United States, a State of the United States or any political subdivision thereof (other than 

  

 29 

 
Duke Energy Field Services Canada Holdings, Inc., DEFS Northern Investments, Inc., Duke Energy Guadalupe Pipeline, Inc., Gas Supply Resources, Inc., GSRI
Transportation, Inc. and any entity that the Tax Committee causes to elect to be classified as an association taxable as a corporation in connection with the reorganization of the Company’s Subsidiaries presently under review) (the
“Flow Through Subsidiaries”) is intended to be treated as a partnership or disregarded entity for U.S. federal income tax purposes. 
 (b) Each of the Members and the Company shall take no action or position inconsistent with (or that could reasonably be expected to be viewed by the Internal Revenue Service as inconsistent with), and shall make or
cause to be made all applicable elections with respect to: (i) the treatment of the Company (or any successor thereto) as a partnership for U.S. federal income tax purposes and the treatment of each of the Flow Through Subsidiaries (or any
successor thereto) as a partnership or disregarded entity for U.S. federal income tax purposes; (ii) the treatment of the Company as not being a publicly traded partnership for U.S. federal income tax purposes; (iii) for all periods (or
portions thereof) prior to the First Closing (as defined in the Reorganization Agreement), the allocation of the Financing under Regulation Section 1.752-3(a)(3) among the Members in proportion to their Percentage Interests as of the Closing
Date; (iv) the treatment of the contribution to the Company by DEFS Holding pursuant to Section 2.2 of the Contribution Agreement as a contribution pursuant to Code Section 721, the treatment of the distribution to DEFS Holding
pursuant to Section 3.2(c)(2) of the Contribution Agreement (as adjusted pursuant to Section 3.3 thereof) as a distribution pursuant to Code Section 731 and the treatment that, for purposes of the Code, neither such contribution nor
such distribution is a transfer that constitutes a sale or exchange (or portion thereof) of property in whole or in part to the Company by a Member in the Company acting in a capacity other than as a Member of the Company; and (v) the treatment
of the contribution to the Company by CPGC pursuant to Section 2.3 of the Contribution Agreement (the “CPGC Contribution”) as a contribution pursuant to Code Section 721, the treatment of the distribution to CPGC pursuant
to Section 3.2(c)(1) of the Contribution Agreement (as adjusted pursuant to Section 3.3 thereof) (the “CPGC Distribution”) as a distribution pursuant to Code Section 731 and the treatment that, for purposes of the
Code, neither the CPGC Contribution nor the CPGC Distribution is a transfer that constitutes a sale or exchange (or portion thereof) of property in whole or in part to the Company by a Member in the Company acting in a capacity other than as a
Member of the Company (except in the case of this clause (v) that the Members and the Company shall treat (except to the extent Duke, COP, the Members and the Company agree in writing or are required by the Neutral Firm to treat otherwise) an
amount of the CPGC Distribution equal to the Disguised Sale Amount as proceeds of a sale by CPGC to the Company under Code Section 707(a) and an amount of the CPGC Contribution equal in fair market value to the Disguised Sale Amount as property
that is sold by CPGC to the Company under Code Section 707(a) (such property treated as having been sold having regular federal income tax basis equal to the aggregate regular federal income tax basis of the property contributed in the CPGC
Contribution multiplied by a fraction the numerator of which is the Disguised Sale Amount and the denominator of which is the value of the property contributed in the CPGC Contribution, such value being for this purpose $2,139,500,000)). 

(c) For U.S. federal income tax purposes, Duke (and Duke Energy Corporation in the event that references to “Duke” no longer refers to Duke
Energy Corporation pursuant to the “Change of Control” definition herein), COP, the Members and the Company 

  

 30 

 
agree to file their respective federal income Tax Returns on a basis that is consistent, and agree not to take any position for U.S. federal income tax
purposes that is inconsistent, with the following (in each case unless either (i) required to do otherwise pursuant to a “determination” within the meaning of Section 1313(a) of the Code (or any similar provision of state, local
or foreign Tax law) or (ii) there is a change in applicable law or regulation). Capitalized terms used in this Section 8.2(c) but not otherwise defined herein shall have the meanings ascribed to them in the Reorganization Agreement.

 (1) The fair market value of the Company Interests as of December 31, 2004 was $6,797,969,547 plus an amount determined by dividing
the COP Excess Canadian Cash by 30.3%. 
 (2) The sale of the Subject Company Equity Interest by DEFS Holding to COP Transferee will be
treated as a sale by a partner of an interest in a partnership to which Sections 741 and 751 of the Code apply. The fair market value of the Subject Company Equity Interest as of December 31, 2004 was $440 million. 
 (3) The distribution of 100% of the TEPPCO GP Sale Proceeds Amount by the Company to DEFS Holding will be treated as a distribution to DEFS Holding of
money to which Sections 731(a), 733 and 751 of the Code apply; provided, however, that for purposes of Section 751(b), the interest in Company property of each of DEFS Holding and CPGC after the transactions contemplated by the Reorganization
Agreement shall be determined (i) giving effect to the adjustment to the Book Value of all Company assets by reason of clauses (1)(A) and (1)(B) of such definition and (ii) taking into account reverse Code Section 704(c)
allocations. 
 (4) The distribution of the Equity Interests in the Canadian Holding Company by the Company to DEFS Holding will be treated
as a distribution by a partnership of property to a partner to which Sections 731(a), 731(b), 732(a) and 733 of the Code apply. The fair market value of the Equity Interests in the Canadian Holding Company as of the Second Closing Date is equal to
$300 million plus an amount determined by dividing the COP Excess Canadian Cash by 30.3%. 
 (5) The contribution of the Second Closing Cash
Amount in cash by CPGC to the Company will be treated as a contribution of money by a partner to a partnership to which Sections 721 and 722 of the Code apply. 
 (6) The transactions described in paragraphs (2), (3), (4) and (5) above will result in a reduction in DEFS Holding’s Percentage Interest from 69.7% to 50% based upon the values of such transactions and
of the Company Interests set forth above, subject to any adjustment to such values as agreed by the parties. 
 (7) Any contribution of cash
pursuant to Section 3.3(a)(ii) of the Reorganization Agreement by Company to Canadian Holding Company will be treated as a contribution to a corporation to which Section 351 of the Code applies. 
 (8) Any distribution of cash pursuant to Section 3.3(b) of the Reorganization Agreement to DEFS Holding and CPGC will be treated as a distribution
by a partnership to which Sections 731(a) and 733 of the Code apply, and any contribution of cash pursuant to Section 3.3(b) of the Reorganization Agreement by DEFS Holding and CPGC will be treated as a contribution to a partnership to which
Section 721 of the Code applies. 
  

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 Section 8.3 Tax Matters Partner; Tax Elections. 
 (a) The Company hereby elects to have a “tax matters partner” as provided under Code Section 6231(a)(7)(B) (the “Tax Matters
Partner”). Subject to the provisions of Section 8.3(d) below, the Duke Member is hereby designated as such Tax Matters Partner. For the avoidance of doubt, except for the making of the elections described in Section 8.3(b)(1) and
(2) and Section 8.3(c), the Tax Matters Partner shall not (1) take any action without the approval of the Tax Committee (as defined below) or (2) fail to take any action that it is directed to take by the Tax Committee.

 (b) The Company shall make all elections required under U.S. federal income tax Laws and regulations and any similar state statutes and
shall make the following elections: 
 (1) Adopt the calendar year as the annual accounting period; 
 (2) Adopt the accrual method of accounting; and 
 (3) Adopt the maximum allowable accelerated method and shortest permissible life for determining depreciation deductions. 
 (c) The
Company shall make the election provided for in Section 754 of the Code in connection with the filing of Form 1065 (U.S. Return of Partnership Income) for the first tax year for which it may make a valid election but not later than the tax year
that includes the First Closing (as defined in the Reorganization Agreement) and shall provide each Member with a copy of such election. 
 (d) The Company Board shall establish a separate committee responsible for tax matters (the “Tax Committee”). The Tax Committee shall have two members, one of which shall be appointed by COP and one of which shall be
appointed by Duke. The Tax Committee shall be responsible for, and shall determine all actions to be taken with respect to, all tax matters of the Company and its Subsidiaries (consistent with the terms of this Agreement, the Reorganization
Agreement and the Contribution Agreement) for all open taxable periods, including (1) approving all elections under U.S. federal, state and local and foreign tax Laws and regulations other than the elections made pursuant to Sections 8.3(b)(1)
and (2) and 8.3(c), (2) reviewing tax returns (including all federal income tax returns), (3) controlling tax audits and (4) making any adjustments to depreciation deductions claimed by the Company or allocated to the Members for
taxable years prior to 2005 or other adjustments to taxable income, deductions and allocations. The Company shall provide the Tax Committee, Duke and COP with drafts of each IRS Form 1065 (U.S. Return of Partnership Income), Schedule K-1, and any
other significant federal, state, local or foreign tax return at least three and one-half months prior to the due date (including extensions) thereof for review and approval by the Tax Committee. COP and Duke and the members of the Tax Committee
shall have 30 days to review such returns and provide comments thereon. All decisions of the Tax Committee shall be unanimous. In the event that the Tax Committee is unable to agree with respect to any tax matter, then the members of the Tax
Committee shall negotiate in good faith for a period of 21 days in an attempt to resolve the 

  

 32 

 
issue. If, at the end of 21 days, the members of the Tax Committee have been unable to resolve the disputed issue, the Chief Financial Officer of Duke (the
“Duke CFO”) and the Chief Financial Officer of COP (the “COP CFO” and, together with the Duke CFO, the “CFOs”) shall endeavor in good faith for a period of 21 days to resolve the issue. If, at the end of 21 days, the
CFOs have been unable to resolve the disputed issue, such issue shall be referred to the Neutral Firm, which shall resolve the dispute in accordance with this Agreement, the Contribution Agreement and the Reorganization Agreement in a timely manner
as directed by the Tax Committee. This Section 8.3(d) and any other provisions in this Agreement regarding the Tax Committee are for the benefit of COP and Duke and shall not be amended without their prior written consent. 
 ARTICLE IX 
 DISSOLUTION, WINDING-UP
AND TERMINATION 
 Section 9.1 Dissolution. The Company shall dissolve and its affairs shall be wound up on the first to
occur of the following events (each a “Dissolution Event”): 
 (a) the consent of the Company Board pursuant to
Section 3.7; or 
 (b) entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act. 
 Section 9.2 Winding-Up and Termination. 
 (a) On the occurrence of a Dissolution Event, the Company Board shall select one or more Persons to act as liquidator. The liquidator shall proceed diligently to wind up the affairs of the Company and make final distributions as provided in
Section 7.6(b) and in the Act. The costs of winding up shall be borne as a Company expense. Until final distribution, the liquidator shall continue to operate the Company properties with all of the power and authority of the Company Board.

 (b) All distributions in kind to the Members shall be made subject to the liability of each distributee for costs, expenses and
liabilities theretofore incurred or for the payment of which the Company has committed prior to the date of termination. The distribution of cash or property to a Member in accordance with the provisions of Section 7.6(b) and this Section 9.2
constitutes a complete return to the Member of its Capital Contributions and a complete distribution to the Member of its share of all the Company’s property and constitutes a compromise to which all Members have consented within the meaning of
Section 18-502(b) of the Act. 
 (c) On completion of such final distribution, the liquidator shall file a Certificate of Cancellation
with the Secretary of State of the State of Delaware and take such other actions as may be necessary to terminate the existence of the Company. 
  

 33 

 ARTICLE X 
 MISCELLANEOUS 
 Section 10.1 Counterparts. This Agreement may be executed by facsimile
and in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered (including by facsimile) to the other
party. 
 Section 10.2 Governing Law; Jurisdiction and Forum; Waiver of Jury Trial. 
 (a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without reference to the choice of law
principles thereof. 
 (b) Each Member hereto irrevocably submits to the jurisdiction of any Delaware state court or any federal court
sitting in the State of Delaware in any action arising out of or relating to this Agreement, and hereby irrevocably agrees that all claims in respect of such action may be heard and determined in such Delaware state or federal court. Each Member
hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The Members further agree, to the extent permitted by Law, that final and unappealable
judgment against any of them in any action or proceeding contemplated above shall be conclusive and may be enforced in any other jurisdiction within or outside the United States by suit on the judgment, a certified copy of which shall be conclusive
evidence of the fact and amount of such judgment. 
 (c) To the extent that any Member has or hereafter may acquire any immunity from
jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, each Member hereby irrevocably
waives such immunity in respect of its obligations with respect to this Agreement. 
 (d) Each Member waives, to the fullest extent permitted
by applicable Law, any right it may have to a trial by jury in respect of any action, suit or proceeding arising out of or relating to this Agreement. Each Member certifies that it has been induced to enter into this Agreement by, among other
things, the mutual waivers and certifications set forth above in this Section 10.2. 
 Section 10.3 Grant of Security Interest;
Member Status. 
 (a) Each Member represents to the Company and the other Member that it owns good title to its Company Interest free and
clear of all Liens as of the time of the attachment of the security interest granted pursuant to the following provisions of this Section 10.3(a), and each Member agrees to keep its Company Interest free and clear of all Liens (other than the
security interest granted pursuant to this Section 10.3(a)). Each Member grants to the Company and to each other Member, as security, equally and ratably, for the payment and performance of all obligations, liabilities, costs and expenses owed
to the Company or any other Member under this Agreement, a security interest in and a general lien on its Company Interest and other interests in the Company and the proceeds thereof, all under the Uniform Commercial Code of the State of Delaware.
The Company and each Member, as applicable, shall be entitled 

  

 34 

 
to all the rights and remedies of a secured party under the Uniform Commercial Code of the State of Delaware with respect to the security interest granted in
this Section 10.3(a). Each Member shall execute and deliver to the Company and each other Member all financing statements and other instruments that the Company Board or any other Member, as applicable, may request to effectuate and carry out
the preceding provisions of this Section 10.3(a). At the option of the Company Board or any Member, this Agreement or a copy hereof may serve as a financing statement. 
 (b) Each of the Duke Member and the COP Member agrees as to itself to have no assets other than its Company Interest and no liabilities other than the
obligations set forth in this Agreement. 
 Section 10.4 Entire Agreement. This Agreement constitutes the entire agreement of the
Members between the Members with respect to the subject matter hereof and there are no agreements, understandings, representations or warranties between the Members other than those set forth or referred to herein (including references to the
Reorganization Agreement). Except as set forth in Section 8.3(d), this Agreement is not intended to confer upon any person not a party hereto any rights or remedies hereunder. 
 Section 10.5 Notices. All notices and other communications to be given to any party hereunder (including notices to Directors under
Section 3.6) shall be sufficiently given for all purposes hereunder if in writing and delivered by hand, courier or overnight delivery service or three days after being mailed by certified or registered mail, return receipt requested, with
appropriate postage prepaid, or when received in the form of a telegram or facsimile and shall be directed, if the Company or a Member, to the address or facsimile number set forth below (or at such other address or facsimile number as the Company
or such Member shall designate by like notice): 
  

					
	 (a)
	  	If to the COP Member:
		
		  	ConocoPhillips Gas Company
		  	c/o ConocoPhillips
		  	600 North Dairy Ashford Road
		  	Houston, Texas 77079-1175
		  	Attention:	 	Wayne C. Byers
		  	Fax No.:	 	(281) 293-4111
		
		  	With a copy to:
		
		  	Wachtell, Lipton, Rosen & Katz
		  	51 West 52nd Street
		  	New York, NY 10019
		  	Attention:	 	Andrew R. Brownstein, Esq.
		  		 	Gregory N. Racz, Esq.
		  	Fax No.:	 	(212) 403-2000

  

 35 

			
	(b)	  	If to the Duke Member:
		
		  	Duke Energy Enterprises Corporation
		  	370 17th Street, Suite 900
		  	Denver, CO 80202
		  	Attention: Brent L. Backes
		  	Fax No.: (303) 605-2226
		
		  	With a copy to:
		
		  	Duke Energy Corporation
		  	5400 Westheimer Court, 8th Floor
		  	Houston, Texas 77056-5310
		  	Attention: General Counsel
		  	Fax No.: (704) 382-7705
		
		  	and
		
		  	Vinson & Elkins L.L.P.
		  	1001 Fannin, Suite 2300
		  	Houston, Texas 77002-6760
		  	Attention: Bruce R. Bilger
		  	Fax No.: (713) 615-5429
		
	(c)	  	If to the Company:
		
		  	ConocoPhillips
		  	600 North Dairy Ashford Road
		  	Houston, Texas 77079-1175
		  	Attention: Wayne C. Byers
		  	Fax No.: (281) 293-4111
		
		  	and
		
		  	Duke Energy Field Services, LLC
		  	370 17th Street, Suite 900
		  	Denver, CO 80202
		  	Attention: Brent L. Backes
		  	Fax No.: (303) 605-2226
		
		  	and
		
		  	Duke Energy Corporation
		  	5400 Westheimer Court, 8th Floor
		  	Houston, Texas 77056-5310
		  	Attention: General Counsel
		  	Fax No.: (704) 382-7705

  

 36 

 Section 10.6 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the Members (and Duke and COP to the extent provided in Sections 8.3(d) and 10.4) and their respective successors and permitted assigns; provided, however, that no Member will assign its rights or delegate any or all of its obligations
under this Agreement without the express prior written consent of each other Member other than in connection with a permitted Transfer pursuant to Section 5.4 (and then only to the wholly owned Subsidiary of the Parent of COP or Duke, as
applicable, that is the transferee of the Company Interest). 
 Section 10.7 Headings. The section and article headings contained
in this Agreement are inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement. 
 Section 10.8 Amendments and Waivers. This Agreement may not be modified or amended except by an instrument or instruments in writing signed by all of the Members. Either Member may, only by an instrument in writing, waive
compliance by the other Member with any term or provision of this Agreement on the part of such other party hereto to be performed or complied with. The waiver by any Member of a breach of any term or provision of this Agreement shall not be
construed as a waiver of any subsequent breach. Except as otherwise expressly provided herein, no failure to exercise, delay in exercising or single or partial exercise of any right, power or remedy by any Member, and no course of dealing between
the Members, shall constitute a waiver of any such right, power or remedy. 
 Section 10.9 Severability. If any provision of this
Agreement shall be held invalid, illegal or unenforceable, the validity, legality or enforceability of the other provisions of this Agreement shall not be affected thereby, and there shall be deemed substituted for the provision at issue a valid,
legal and enforceable provision as similar as possible to the provision at issue. 
 Section 10.10 Interpretation. In the event
an ambiguity or questions of intent or interpretation arises with respect to this Agreement, this Agreement shall be construed as if it was drafted jointly by the Members, and no presumption or burden of proof shall arise favoring or disfavoring
either Member by virtue of the authorship of any provisions of this Agreement. 
 Section 10.11 Further Assurances. The Members
agree that, from time to time, each of them will execute and deliver, or cause to be executed and delivered, such further agreements and instruments and take such other action as may be necessary to effectuate the provisions, purposes and intents of
this Agreement. 
  

 37 

 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement as of the date first set forth
above. 
  

			
	DUKE ENERGY ENTERPRISES CORPORATION
		
	By:	 	 /s/ Keith G. Butler

		 	Keith G. Butler
		 	President
	
	CONOCOPHILLIPS GAS COMPANY
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 38 

 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement as of the date first set forth
above. 
  

			
	DUKE ENERGY ENTERPRISES CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	CONOCOPHIILLIPS GAS COMPANY
		
	By:	 	 /s/ John E. Lowe

	Name:	 	John E. Lowe
	Title:	 	President

  

 39 

 Schedule 3.7 
 Potential MLP Assets 
 Dollars in Millions 
  

																		
	 	 	 	 	2005E	 	 
	 	 	 Asset
	 	EBITDA	 	 	Maintenance
Capex	 	Book
Value(b)	 	Tax
Basis(b)	 	 Description

	

	 	 Southeast Texas
	 	$	19.8	  	 	$	2.6	 	$	100.9	 	$	39.4	 	 Port Arthur and West Beaumont gathering and processing systems

	 	 Minden
	 	 	21.0	  	 	 	0.8	 	 	70.3	 	 	6.6	 	 Gas processing plant in Louisiana

	 	 ADA
	 	 	7.0	  	 	 	0.5	 	 	17.8	 	 	2.6	 	 Gas treating plant in Louisiana

		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	

	 	 Mont Belvieu I Fractionator (a)
	 	 	0.0	  	 	 	0.4	 	 	13.0	 	 	6.0	 	 Interest in Mont Belvieu I Fractionator (20% interest)

	 	 Enterprise Fractionator (a)
	 	 	0.0	  	 	 	0.3	 	 	17.0	 	 	0.3	 	 Interest in Enterprise Fractionator at Mont Belvieu (12.5%)

	 	 Gulf Coast NGL Pipeline (a)
	 	 	1.1	  	 	 	—  	 	 	11.6	 	 	8.5	 	 Tristate NGL Pipeline (16.67% interest ), Belle Rose (16.67% interest)

	 	 Black Lake (a)
	 	 	0.4	  	 	 	—  	 	 	6.5	 	 	11.8	 	 NGL pipeline connecting LA production to MB fractionators (50% interest)

	 	 Ozona
	 	 	0.7	  	 	 	—  	 	 	2.1	 	 	0.1	 	 NGL pipeline connecting West Texas production to MB markets

	 	 Crocket
	 	 	0.7	  	 	 	—  	 	 	0.4	 	 	0.0	 	 NGL pipeline connecting to Ozona pipeline

	 	 Seabreeze
	 	 	2.3	  	 	 	—  	 	 	18.6	 	 	10.8	 	 NGL pipeline serving South Texas

	 	 Stratton
	 	 	0.2	  	 	 	0.1	 	 	2.7	 	 	0.1	 	 NGL pipeline serving South Texas

	 	 Jasper
	 	 	0.9	  	 	 	—  	 	 	6.6	 	 	1.6	 	 NGL pipeline connecting to Black Lake pipeline

		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	

	 	 Main Pass Crude (a)
	 	 	5.2	  	 	 	—  	 	 	12.2	 	 	9.5	 	 Offshore crude oil gathering pipelines (33.3% interest)

	 	 DIGP (a)
	 	 	4.5	  	 	 	1.3	 	 	128.6	 	 	8.0	 	 Offshore gas gathering pipelines lines (84.1% interest)

	 	 Mobil Bay
	 	 	5.5	  	 	 	0.1	 	 	42.9	 	 	4.9	 	 Onshore processing system for DIGP

	 	 Discovery (a)
	 	 	12.5	  	 	 	—  	 	 	89.0	 	 	35.6	 	 Offshore gas gathering and onshore processing system (33.3% interest)

		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	

	 	 Winnie/Spindletop
	 	 	10.2	  	 	 	1.0	 	 	101.3	 	 	16.7	 	 Southeast Texas gas storage and pipeline system

	 	 Pelico
	 	 	9.7	  	 	 	0.4	 	 	69.9	 	 	34.2	 	 Intrastate gas pipeline in Louisiana

	 	 Guadalupe
	 	 	3.3	  	 	 	0.3	 	 	6.9	 	 	23.6	 	 Texas intrastate gas pipeline between Waha and Katy hub

	 	 Cyril
	 	 	7.7	  	 	 	2.6	 	 	37.0	 	 	6.5	 	 Oklahoma gathering pipeline

	 	 East Texas Gathering System
	 	 	3.8	  	 	 	—  	 	 	18.5	 	 	16.3	 	 Header system at Carthage Hub

	 	 East Trans
	 	 	(0.4	) 	 	 	—  	 	 	3.1	 	 	0.0	 	 Gas pipeline tied to HPL and Carthage

	 	 Fuels Cotton Valley
	 	 	0.4	  	 	 	0.2	 	 	6.0	 	 	1.1	 	 Gas gathering system in East Texas

	 	 Hinshaw Pipeline
	 	 	0.2	  	 	 	1.0	 	 	2.6	 	 	1.9	 	 Gas pipeline from interstate to Calpine Power Plant

	 	 Overland Trail
	 	 	2.5	  	 	 	0.2	 	 	41.6	 	 	19.8	 	 Southwest Wyoming intrastate gas pipeline

		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	

	 	 New England Wholesale Propane
	 	 	10.2	  	 	 	0.1	 	 	46.3	 	 	5.4	 	 Northeast wholesale propane business

	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 Total
	 	$	129.3	  	 	$	11.9	 	$	873.6	 	$	271.3	 	
	 	 Less G&A Expenses
	 	 	21.2	  	 			 			 			 	 Estimate of G&A allocated to assets

		 	 Total EBITDA
	 	$	108.1	  	 			 			 			 	

  

	(a)	Equity investment. 

	(b)	Estimated Basis as of 12/31/05. 

 Schedule 3.7 

 Schedule 6.3 
 Duke Energy Field Services, LLC 
 Reorganization to Adjust Ownership to 50/50 
 Illustration of Section 704(b) Capital Account Adjustments 
  

																		
	 	 	 	  	 	 	 	Duke	 	 	COP	 	 	Total	 
	 Estimated Capital Account Balances 12/31/2004
	 		  			 	$	(141,938,149	) 	 	$	(61,416,439	) 	 	$	(203,354,588	) 
		 		  			 	 	69.79835	% 	 	 	30.20165	% 	 	 	100.00000	% 
	 Gain on TEPPCO GP Sale
	 		  			 	 	763,074,106	  	 	 	331,723,750	  	 	 	1,094,797,856	  
		 		  			 	 	 	 	 	 	 	 	 	 	 	 
	 Net Capital Account before Book up
	 		  			 	 	621,135,957	  	 	 	270,307,311	  	 	 	891,443,268	  
						
	 Book up to Agreed Value (@ 69.7/30.3)
	 		  			 	 	4,119,148,916	  	 	 	1,790,677,363	  	 	 	5,909,826,279	  
		 		  			 	 	 	 	 	 	 	 	 	 	 	 
	 Agreed Value - Excluding YTD Earnings
	 		  			 	 	4,740,284,873	  	 	 	2,060,984,674	  	 	 	6,801,269,547	  
		 		  			 	 	69.69706	% 	 	 	30.30294	% 	 	 	100.00000	% 
	 Sale for Cash Amount
	 	440,000,000	  	6.469	% 	 	 	(440,000,000	) 	 	 	440,000,000	  	 	 	0	  
		 		  			 	 	 	 	 	 	 	 	 	 	 	 
						
	 Adjusted Capital Accounts
	 		  			 	 	4,300,284,873	  	 	 	2,500,984,674	  	 	 	6,801,269,547	  
						
	 Distribution of TEPPCO Sales Proceeds
	 		  			 	 	(1,100,000,000	) 	 	 	0	  	 	 	(1,100,000,000	) 
						
	 Distribution of Canadian Holding Company
	 		  			 	 	(303,300,000
	)1 	 	 	0	  	 	 	(303,300,000	) 
						
	 Contribution of Cash in lieu of Midstream Assets
	 		  			 	 	0	  	 	 	398,000,000	  	 	 	398,000,000	  
		 		  			 	 	 	 	 	 	 	 	 	 	 	 
	 Adjusted Capital Accounts before YTD Activity
	 		  			 	 	2,896,984,873	  	 	 	2,898,984,674	  	 	 	5,795,969,547	  
		 		  			 	 	 	 	 	 	 	 	 	 	 	 
	 Ownership of Capital Accounts
	 		  			 	 	49.9827	% 	 	 	50.0173	% 	 	 	100.0000	% 
						
	 Allocation of YTD Income
	 		  			 	 	209,100,000
	2 	 	 	90,900,000	  	 	 	300,000,000	  
						
	 Tax Distribution
	 		  			 	 	(34,850,000	) 	 	 	(15,150,000	) 	 	 	(50,000,000	) 
						
	 Distribution of Excess Cash/Working Capital Before Canada Cash Adjustment
	 		  			 	 	(139,400,000	) 	 	 	(60,600,000	) 	 	 	(200,000,000	) 
	 Canada Cash Adjustment
	 		  			 	 	999,900	  	 	 	(999,900	) 	 	 	0	  
		 		  			 	 	 	 	 	 	 	 	 	 	 	 
	 Distribution of Excess Cash/Working Capital
	 		  			 	 	(138,400,100	) 	 	 	(61,599,900	) 	 	 	(200,000,000	) 
						
	 Adjusted Capital Accounts End of Reorganization
	 		  			 	$	2,932,834,773	  	 	$	2,913,134,774	  	 	$	5,845,969,547	  
		 		  			 	 	 	 	 	 	 	 	 	 	 	 

  

	1
	 This number assumes that the Canadian Cash in excess of C$53,131,000 equates to US$3,300,000. 

	2
	 The numbers in the next three columns and rows assume $300,000,000 of YTD income, $50,000,000 of tax distribution and $200,000,000 of distribution of excess
cash/working capital. 

 Schedule 6.3Loan Agreement

 Exhibit 10.6 
 LOAN AGREEMENT 
 between 
 Duke Energy Field Services, LLC 
 and 
 Duke Capital LLC 
 $766,700,000
Revolving Line of Credit 
 February 25, 2005 

 LOAN AGREEMENT 
 THIS LOAN AGREEMENT (this “Agreement”), dated as of February 25, 2005, is made and entered into by and between 
 Duke Energy Field Services, LLC, (the “Lender”), a Delaware company; and 
 Duke Capital LLC, (the “Borrower”), a Delaware company. 
 Recitals 
 A. The Borrower has requested that the Lender extend a
$766,700,000 (USD seven hundred sixty-six million, seven hundred thousand) revolving line of credit to the Borrower, to be advanced by the Lender pursuant to the terms and conditions hereof. 
 B. The Lender is willing to extend the line of credit described above upon the terms and subject to the conditions set forth in this Loan Agreement.

 C. The Lender has also extended a $333,300,000 (USD three hundred thirty three million, three hundred thousand) revolving line of credit
to Conoco Phillips Company dated February 25, 2005 (the “ConocoPhillips Loan Agreement”). 
 Agreement 
 NOW, THEREFORE, in consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and in order to induce the Lender to make the loans described herein, the parties hereto hereby agree as follows: 
 ARTICLE
I 
 REVOLVING LINE OF CREDIT 
 Section 1.1 Revolving Line of Credit. The Lender hereby establishes, on the terms and conditions of this Agreement and in reliance upon the representations and warranties made hereunder, a revolving line of credit (the
“Revolving Line of Credit”) in favor of the Borrower in the aggregate principal amount of up to seven hundred sixty-six million, seven hundred thousand United States Dollars (USD 766,700,000). The Lender agrees to make and remake
one or more loans (the “Revolving Loans”) to the Borrower under the Revolving Line of Credit, from time to time on any business day during the period from the date hereof through the termination of this Agreement. The Borrower may
borrow, repay and reborrow Revolving Loans under the Revolving Line of Credit, provided that the aggregate principal amount of Revolving Loans outstanding at any one time under the Revolving Line of Credit may not exceed the limit provided above.
The Revolving Loans shall be evidenced by a note (the “Revolving Credit Note”) in the form of Exhibit A attached hereto. 

 Section 1.2 Term. The initial term of the Revolving Line of Credit shall be for 364 days from
the date hereof, unless this Agreement is terminated in accordance with Section 1.4 hereof, provided that at the end of the first 364-day period, and for each 364-day period thereafter, this Agreement will renew automatically for an additional
364-day period unless either the Borrower or the Lender terminates this Agreement by giving written notice of such termination no later than 30 days prior to the termination of the then current 364-day period. 
 Section 1.3 Interest. 
 (a) The
Revolving Loans shall bear, and the Borrower shall pay, interest at the 90 day LIBOR rate as quoted by the British Bankers Association. The rate will be set on the first day of the initial borrowing and shall reset each calendar quarter using the
LIBOR rate quoted on Bloomberg (page BBAM) from two business days prior to the interest period. (A business day will be defined as any day US banks are open). Interest will be calculated based on the actual number of days in the period based on a
360 day year. Advances occurring mid-quarter will be added to the existing principal and charged the 90 day rate set at the beginning of the quarter for the number of days outstanding. 
 (b) Interest on the outstanding principal balance of the Revolving Loans shall be due and payable (i) quarterly on the fifth business day of each
successive calendar quarter, in arrears, until the entire principal amount of the Revolving Loans plus accrued and outstanding interest thereon is paid in full and (ii) on each date when all or any amount of the unpaid principal balance of the
Revolving Loans shall be due (whether at maturity, by acceleration or otherwise), but only to the extent accrued. 
 (c) The Borrower may
choose to delay interest payment with consent of the Lender. Unpaid interest will accrue interest from the first day of the succeeding quarter until it is paid. 
 Section 1.4 Repayment. The Borrower shall repay the Revolving Loans: 
 (a) In full or in part,
as the Lender elects, within thirty days of the date on which the Lender makes demand for payment of the Revolving Loans. The Lender’s demand for payment may be made at any time and in the Lender’s sole discretion. Provided, however, if
the Lender makes demand for payment under this Agreement, the Lender must also demand payment pro-rata under the ConocoPhillips Loan Agreement. 
 (b) In full, upon the occurrence of an Event of Default (as hereinafter defined) and notice of the same by the Lender to the Borrower. 
 (c) In full, upon termination of this Agreement. 
 (d) In part or in full, at any other time as the Borrower may choose to repay
all or a portion of the Revolving Credit Note. 
 Prepayments will be applied first to unpaid interest and then to principal. The Revolving Line of Credit
shall terminate automatically if the Lender provides notice for the repayment in full of the Revolving Loans pursuant to paragraphs (a) or (b) of this Section 1.4. 
  

 2 

 ARTICLE II 
 ADDITIONAL PROVISIONS APPLICABLE TO THE REVOLVING LINE OF CREDIT 
 Section 2.1 Disbursement
of Loan Proceeds. The Borrower shall provide a written request to the Lender for a Revolving Loan on or before the date such Revolving Loan is to be made to the Borrower. Such notice shall specify the date on which the Revolving Loan shall be
made, the amount of the Revolving Loan and the Borrower’s account into which the proceeds from the Revolving Loan shall be deposited. All Revolving Loans made by the Lender to the Borrower pursuant to this Agreement and all repayments of the
principal thereof shall be recorded at the Lender’s accounting records, but failure to make any such records shall not affect Borrower’s obligations in respect to such Revolving Loans. Lender’s accounting records shall be conclusive
and shall be binding absent manifest error. 
 Section 2.2 Default Rate. Notwithstanding any other provision of this Agreement to
the contrary, upon and during the continuance of any Event of Default under this Agreement, at the option of the Lender without any required notice to the Borrower, the outstanding principal amount of the Revolving Loans, and to the full extent
permitted by law, all interest accrued on the Revolving Loans, shall bear interest at the interest rate that is in effect at such time plus 2% per annum. Such default interest shall be payable on demand. 
 Section 2.3 Payment. All payments (including prepayments) by the Borrower on account of principal and interest on the Revolving Loans shall
be made in immediately available funds to the Lender’s account 910-2771343 at JP Morgan, New York, ABA: 021000021 or to another account as instructed by the Lender. 
 Section 2.4 Taxes. All payments of principal, interest and fees and all other amounts to be made by the Borrower pursuant to this Agreement with respect to the Revolving Loans or fees relating thereto
shall be paid without deduction for, and free from, any tax, imposts, levies, duties, deductions, or withholdings of any nature now or at any time hereafter imposed on or measured by any governmental authority or by any taxing authority thereof, or
therein, excluding (i) taxes imposed on or measured by the Lender’s net income and (ii) franchise taxes imposed on the Lender by the jurisdiction under the laws of which the Lender is organized or any political subdivision thereof.

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 The Borrower represents and warrants to the Lender as follows: 
 Section 3.1 Corporate Organization and Power. The Borrower (a) is a company duly organized, validly existing and in good standing under
the laws of Delaware; (b) is duly qualified or licensed to do business and is in good standing in every other jurisdiction where the nature of its business or its properties makes such qualification or licensing necessary (except where the
failure to be so qualified or licensed would not have a material adverse effect); (c) has the corporate power and authority to own or lease its properties and to carry on its business as it is now being conducted, and (d) has all
governmental licenses, permits, franchises, certificates, 
  

 3 

 
inspections, authorizations, consents and approvals required to carry on its business as it is now being conducted (except where the failure to have such
governmental authorization would not have a material adverse effect). 
 Section 3.2 Corporate Authority: No Conflict with Other
Instruments or Law. The execution, delivery and performance of this Agreement and the Revolving Credit Note and the consummation of the transactions contemplated hereby and thereby (a) are within the corporate power and authority of the
Borrower, (b) have been duly authorized by all necessary corporate action on the part of the Borrower, (c) do not and will not conflict with, contravene or violate any provision of, or result in a breach of or default under, or require the
waiver (not already obtained) of any provision of or the consent (not already given) of any person under the terms of the Borrower’s articles of incorporation or bylaws, or any indenture, mortgage, deed of trust, loan or credit agreement or
other agreement or instrument to which the Borrower is a party or by which it is bound or to which any of its properties are subject, (d) will not violate, conflict with, give rise to any liability under, or constitute a default under any
applicable law, regulation, order (including, without limitation, all applicable state and federal securities laws) or any other requirement of any court, tribunal, arbitrator, or governmental authority, and (e) will not result in the creation,
imposition, or acceleration of any indebtedness or tax or any lien of any nature upon, or with respect to, the Borrower or any of its properties. 
 Section 3.3 Due Execution and Delivery. This Agreement and the Revolving Credit Note have been duly executed and delivered by the Borrower. 
 Section 3.4 Enforceability. This Agreement and the Revolving Credit Note constitute the legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their terms,
except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws, statutes or rules of general application affecting the enforcement of creditor’s rights or general principles of equity.

 ARTICLE IV 
 EVENTS
OF DEFAULT 
 If any one or more of the following events (“Events of Default”) shall have occurred and be continuing:

 (a) the Borrower shall fail to pay any interest on the Loans within 30 days of the date when due or the Borrower shall fail to pay any
principal of the Loans when due; or 
 (b) any representation and warranty made by the Borrower herein or in any document or instrument
delivered pursuant hereto shall prove to be incorrect or misleading in any material respect on the date when made or deemed to be made, and not corrected by Borrower within 10 days after Borrower becomes aware, or reasonably should have become
aware, of such incorrect or misleading representation or warranty; or 
 (c) the Borrower shall fail to pay or otherwise default on any term,
covenant or agreement contained herein (other than those specified in clauses (a) or (b) above) for 30 days after written notice thereof has been given to such Borrower by the Lender; or 
  

 4 

 (d) the Borrower or any of its Subsidiaries shall (i) fail to pay any indebtedness (other than under
this Agreement) with an aggregate principal amount in excess of $200,000,000 when due or to pay interest thereon and, with respect to interest, such failure shall continue for more than any applicable grace period, or (ii) fail to observe or
perform any other term, covenant or agreement contained in any agreement, instrument, agreements, or instruments (other than this Agreement) by which it is bound evidencing, securing or relating to indebtedness in an aggregate principal amount in
excess of $200,000,000, if the effect thereof is to permit (or, with the giving of notice or lapse of time or both, would permit) the holder or holders thereof or of any obligations issued thereunder or a trustee or trustees acting on behalf of such
holder or holders to cause acceleration of the maturity thereof or of any such obligations; or 
 (e) the Borrower or any of its Subsidiaries
shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other
proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action to authorize any of the foregoing; or 
 (f) an involuntary case or other proceeding shall be commenced against the Borrower or any of its Subsidiaries seeking liquidation, reorganization or
other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial
part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order for relief shall be entered against the Borrower or any of its Subsidiaries under the federal bankruptcy
laws as now or hereafter in effect; or 
 (g) one or more judgments involving a liability of $200,000,000 or more against the Borrower or any
of its Subsidiaries, or attachments against the Property of either remain unpaid, unstayed on appeal, not being appealed in good faith, undischarged, unbonded or undismissed for a period of 30 days; 
 then, and in every such event, (1) in the case of any of the Events of Default specified in paragraphs (e) or (f) above, the Commitment shall thereupon
automatically be terminated and the principal of and accrued interest on the Loans shall automatically become due and payable without presentment, demand, protest or other notice or formality of any kind, all of which are hereby expressly waived and
(2) in the case of any other Event of Default specified above, the Lender may, by notice in writing to the Borrower, terminate the Commitment and declare the Loans and all other sums payable under this Agreement to be, and the same shall
thereupon forthwith become, due and payable. 
  

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 ARTICLE V 
 MISCELLANEOUS 
 Section 5.1 Notices. All demands, notices, approvals, consents, requests,
and other communications hereunder shall be in writing and shall be deemed to have been given when the writing is delivered, if given or delivered by hand, overnight delivery service or facsimile transmitter (with confirmed receipt), or five
(5) days after being mailed, if mailed, by first class, registered or certified mail, postage prepaid, to the address or telecopy number set forth below: 
  

			
	 Party
	  	 Address

		
	Lender	  	Duke Energy Field Services, LLC
		  	370 17th Street, Suite 2500

		  	Denver, CO 80202
		  	Attention:   Irene Lofland
		  	Telephone:   (303) 605-1822
		  	Fax: (720) 359-3555
		
	Borrower	  	Duke Capital LLC.
		  	422 South Church St.
		  	Charlotte, N 28202-1904
		  	Attention:   John Heffernan
		  	Telephone:   (704) 382-3239
		  	Fax: (704) 382-7363

 The Borrower or the Lender may, by notice given hereunder, designate any further or different addresses or
telecopy numbers to which subsequent demands, notices, approvals, consents, requests or other communications shall be sent or persons to whose attention the same shall be directed. 
 Section 5.2 Controlling Law. This Agreement shall be interpreted in accordance with the internal laws (as opposed to conflicts of laws
provisions) of New York. 
 Section 5.3 Assignment and Sale. The Borrower may not sell, assign or transfer this Agreement or the
Revolving Credit Note or any portion hereof or thereof, including without limitation the Borrower’s rights, title, interests, remedies, powers, and duties hereunder or thereunder. Any such sale, assignment or transfer shall be null and void
without the Lender’s consent, which consent shall be given in its sole discretion. 
 Section 5.4 Entire
Agreement. THIS AGREEMENT AND THE DOCUMENTS AND INSTRUMENTS EXECUTED AND DELIVERED CONTEMPORANEOUSLY HEREWITH EMBODY THE ENTIRE AGREEMENT AND UNDERSTANDING BETWEEN THE PARTIES HERETO AND SUPERSEDE ALL PRIOR AGREEMENTS AND UNDERSTANDINGS OF
SUCH PERSONS, VERBAL OR WRITTEN, RELATING TO THE SUBJECT MATTER HEREOF. 
  

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 Section 5.5 Amendment. Any provision of this Agreement or the Revolving Credit Note may be
amended if such amendment is in writing and is signed by the Borrower and the Lender. 
 Section 5.6 Counterparts. This Agreement
may be executed in several counterparts, each of which shall be an original and all of which, together shall constitute but one and the same instrument. 
 [The remainder of this page is left blank intentionally.] 
  

 7 

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

			
	DUKE ENERGY FIELD SERVICES, LLC
		
	By:	 	 /s/ Rose Robeson

	Name:	 	 Rose Robeson

	Title:	 	 VP & CFO

	
	DUKE CAPITAL LLC
		
	By:	 	 /s/ Myron L. Caldwell

	Name:	 	 Myron L. Caldwell

	Title:	 	 VP & Treasurer

  

 8 

 Exhibit A 
 REVOLVING CREDIT NOTE 
  

			
	$766,700,000	  	Dated February 25, 2005

 FOR VALUE RECEIVED, Duke Capital LLC, a Delaware company (referred to as the
“Borrower”), hereby promises to pay to the order of 
 Duke Energy Field Services, LLC, a Delaware company
(“the Lender”), the principal sum of 
 United States Dollars seven hundred sixty-six million, seven hundred thousand (USD
766,700,000), or such lesser amount as may constitute the unpaid principal amount of the Revolving Loans payable to the Lender, under the terms and conditions of that certain Loan Agreement dated as of the date hereof, by and between the Borrower
and the Lender (as the same may be amended, modified, renewed, restated, extended or supplemented from time to time, the “Loan Agreement”). The Borrower also unconditionally promises to pay interest on the aggregate unpaid principal
and accrued interest amount of this Revolving Credit Note at the rates provided in the Loan Agreement. 
 This Revolving Credit Note is
issued to evidence the Revolving Loans made pursuant to Article I of the Loan Agreement. 
 The defined terms in the Loan Agreement
are used herein with the same meaning. All of the terms, conditions and covenants of the Loan Agreement are expressly made a part of this Revolving Credit Note by reference in the same manner and with the same effect as if set forth herein at length
and any holder of this Revolving Credit Note is entitled to the benefits of and remedies provided in the Loan Agreement and any other agreements by and between the Borrower and the Lender. Reference is made to the Loan Agreement for provisions
relating to the interest rate, maturity, payment, prepayment and acceleration of this Revolving Credit Note. 
 In the event of an
acceleration of the maturity of this Revolving Credit Note, this Revolving Credit Note, and all other indebtedness of the Borrower to the Lender, shall become immediately due and payable, without presentation, demand, protest or notice of any kind,
all of which are hereby waived by the Borrower. 
 In the event this Revolving Credit Note is not paid when due at any stated or accelerated
maturity, the Borrower agrees to pay, in addition to the principal and interest, all costs of collection, including reasonable attorneys’ fees. 
 This Revolving Credit Note shall be governed by and construed in accordance with the internal laws and judicial decisions of the United States. 

 IN WITNESS WHEREOF, the Borrower has caused this Revolving Credit Note to be executed by its duly
authorized officer on the day and year first above written. 
  

			
	DUKE CAPITAL LLC
		
	By:	 	 /s/ Myron L. Caldwell

	Name:	 	 Myron L. Caldwell

	Title:	 	 VP & Treasurer

  

 2

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