Document:

Exhibit 10.4

 

[EXECUTION]

[MIGC
Pledge Agreement]

 

AMENDED AND RESTATED SUBSIDIARY PLEDGE AGREEMENT

 

THIS SUBSIDIARY PLEDGE
AGREEMENT (this “Agreement”) is made as of June 29, 2004, by MIGC,
Inc., a Delaware corporation (herein called “Debtor”), in favor of Bank
of America, N.A., as Administrative Agent for the Lenders (herein called “Secured
Party”).

 

RECITALS:

 

1.                                       Western Gas Resources, Inc., a Delaware
corporation (“Parent”) and Bank of America, N.A., as Administrative Agent, and
certain financial institutions (collectively, the “Lenders”) are parties
to that certain Amended and Restated Credit Agreement of even date herewith (as
from time to time amended, supplemented, or restated, the “Credit Agreement”)
pursuant to which Parent has executed in favor of each Lender a promissory note
(such promissory notes, as from time to time supplemented or amended and all
promissory notes given in renewal and extension thereof are collectively
referred to herein as the “Notes”).

 

2.                                       Parent has executed those certain senior
notes pursuant to that certain Third Amended and Restated Master Shelf
Agreement among Parent, The Prudential Insurance Company of America (“PICA”),
Prudential Investment Management, Inc. (“PIMI”), Pruco Life Insurance Company
(“Pruco”) and certain Prudential Affiliates, as therein defined (PICA, PIMI,
Pruco and such Prudential Affiliates collectively herein called “Prudential”)
dated as of December 19, 1991 (effective January 13, 2003), as from
time to time supplemented or amended.

 

3.                                       Parent and one or more of the Lenders may,
from time to time, enter into interest rate swap agreements with respect to
various obligations of Parent (such agreements, as from time to time amended,
are collectively referred to herein as the “Swap Agreements”).

 

4.                                       It is a condition precedent to Lenders’
obligation to advance funds to Parent pursuant to the Credit Agreement that
Debtor shall execute and deliver this Agreement to Secured Party.

 

5.                                       Parent owns all of the issued and outstanding
stock of Debtor and the board of directors of Debtor has determined that
Debtor’s execution, delivery and performance of this Agreement may reasonably
be expected to benefit Debtor, directly or indirectly, and are in the best
interests of Debtor.

 

 

NOW, THEREFORE, in
consideration of the premises, of the benefits which will inure to Debtor and
the Parent from Lenders’ extensions of credit under the Credit Agreement, and
of Ten Dollars and other good and valuable consideration, the receipt and
sufficiency of all of which are hereby acknowledged, and in order to induce
Lenders to continue to extend credit under the Credit Agreement, Debtor hereby
agrees with Secured Party, for the benefit of each Lender, as follows:

 

AGREEMENTS:

 

ARTICLE I
— Definitions and References

 

Section 1.1.                                   General Definitions.  As
used herein, the terms “Credit Agreement”, “Debtor”, “Parent”, “Secured Party”,
“Lenders”, “Notes”, “Prudential” and “Swap Agreements” shall have the meanings
indicated above, and the following terms shall have the following meanings:

 

“Collateral” means
all property, of whatever type, which is described in Section 2.1 as being
at any time subject to a security interest granted hereunder to Secured Party.

 

“Commitment” means
the agreement or commitment by Lenders to make loans or otherwise extend credit
to Parent under the Credit Agreement, and any other agreement, commitment,
statement of terms or other document contemplating the making of loans or
advances or other extension of credit by Lenders to or for the account of
Parent which is now or at any time hereafter intended to be secured by the
Collateral under this Agreement.

 

“Event of Default”
means the occurrence of any “Event of Default” as such term is defined in the
Credit Agreement.

 

“Enforcement Action”
means any exercise by Secured Party of any rights or remedies against any
Collateral, whether hereunder or otherwise, in order to foreclose upon,
collect, take possession of, sell, lease, dispose of, or otherwise realize upon
Collateral.

 

“Guaranty” means that
certain Guaranty of even date herewith executed by Debtor in favor of Secured
Party, for the benefit of Lenders, pursuant to which Debtor guarantees the
payment and performance of the indebtedness, liabilities and obligations of
Parent owing to Lenders under the Obligation Documents.

 

“Intercreditor Agreement”
means that certain Intercreditor Agreement of even date herewith among Lenders
and Prudential, as from time to time amended.

 

“Issuer” means any
issuer of Pledged Shares and any successor of such Issuer.

 

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“Obligation Documents”
means the Credit Agreement, the Notes, the Security Documents and all other
documents and instruments under, by reason of which, or pursuant to which any
or all of the indebtedness and obligations arising under or pursuant to the
Credit Agreement are evidenced, governed, secured, guarantied, or otherwise
dealt with, and all other agreements, certificates, and other documents,
instruments and writings heretofore or hereafter delivered in connection
herewith or therewith.

 

“Other Liable Party”
means any Person, other than Debtor, who may now or may at any time hereafter
be primarily or secondarily liable for any of the Secured Obligations or who
may now or may at any time hereafter have granted to Secured Party a Lien upon
any property as security for the Secured Obligations.

 

“Pledged Shares” has
the meaning given it in Section 2.1(a).

 

“Related Person”
means Parent, each Subsidiary of Parent, and each Other Liable Party.

 

“Secured Obligations”
shall have the meaning given it in Section 2.2.

 

“UCC” means the
Uniform Commercial Code in effect in the State of Texas on the date hereof.

 

Section 1.2.                                   Incorporation of Other Definitions. 
Reference is hereby made to the Credit Agreement for a statement of the
terms thereof.  All capitalized terms
used in this Agreement which are defined in the Credit Agreement and not
otherwise defined herein shall have the same meanings herein as set forth
therein.  All terms used in this
Agreement which are defined in the UCC and not otherwise defined herein shall
have the same meanings herein as set forth therein, except where the context
otherwise requires.

 

Section 1.3.                                   Attachments.  All exhibits or schedules
which may be attached to this Agreement are a part hereof for all purposes.

 

Section 1.4.                                   Amendment of Defined Instruments. 
Unless the context otherwise requires or unless otherwise provided
herein, references in this Agreement to a particular agreement, instrument or
document (including, but not limited to, references in Section 2.1) also
refer to and include all renewals, extensions, amendments, modifications,
supplements or restatements of any such agreement, instrument or document,
provided that nothing contained in this Section shall be construed to
authorize any Person to execute or enter into any such renewal, extension,
amendment, modification, supplement or restatement.

 

Section 1.5.                                   References and Titles.  All
references in this Agreement to Exhibits, Articles, Sections, subsections, and
other subdivisions refer to the Exhibits, Articles, Sections, subsections and
other subdivisions of this Agreement unless expressly provided otherwise.  Titles appearing at the beginning of any
subdivision are for convenience only and do not

 

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constitute any part of any
such subdivision and shall be disregarded in construing the language contained
in this Agreement.  The words “this
Agreement”, “herein”, “hereof”, “hereby”, “hereunder” and words of similar
import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited.  The
phrases “this Section” and “this subsection” and similar phrases refer only to
the Sections or subsections hereof in which the phrase occurs.  The word “or” is not exclusive, and the word
“including” (in all of its forms) means “including without limitation”.  Pronouns in masculine, feminine and neuter
gender shall be construed to include any other gender, and words in the
singular form shall be construed to include the plural and vice versa unless
the context otherwise requires.

 

ARTICLE II
— Security Interest

 

Section 2.1.                                   Grant of Security Interest.  As
collateral security for all of the Secured Obligations, Debtor hereby pledges
and assigns to Secured Party and grants to Secured Party for the benefit of
each Lender a continuing security interest in and to all right, title and
interest of the following:

 

(a)                   Pledged Shares.  All
of the following, whether now or hereafter existing, which are owned by Debtor
or in which Debtor otherwise has any rights: the shares of stock of the
Subsidiaries of Debtor described in Exhibit A hereto and all certificates
representing such shares, all options and other rights, contractual or
otherwise, at any time existing with respect to such shares, and all dividends,
cash, instruments and other property now or hereafter received, receivable or
otherwise distributed in respect of or in exchange for any or all of such
shares (any and all such shares, certificates, options, rights, dividends,
cash, instruments and other property being herein called the “Pledged Shares”).

 

(b)                  Proceeds.  All proceeds of any and all
of the foregoing Collateral.

 

In each case, the foregoing
shall be covered by this Agreement, whether Debtor’s ownership or other rights
therein are presently held or hereafter acquired and however Debtor’s interests
therein may arise or appear (whether by ownership, security interest, claim or
otherwise).

 

Section 2.2.                                   Secured Obligations.  The
security interest created hereby in the Collateral constitutes continuing
collateral security for all of the following obligations, indebtedness and
liabilities, whether now existing or hereafter incurred or arising:

 

(a)                   Credit Agreement Indebtedness.  The
payment by Parent, as and when due and payable, of all amounts from time to
time owing by Parent under or in respect of the Credit Agreement, each Note,
and any of the other Obligation Documents, and the due performance by Parent of
all of its other obligations under or in respect of the various Obligation
Documents.

 

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(b)                  Guaranty Indebtedness.  The
payment by Debtor, as and when due and payable, of all amounts from time to
time owing by Debtor under or in respect of the Guaranty or any of the other
Obligation Documents to which Debtor is a party, and the due performance by
Debtor of all of its other respective obligations under or in respect of the
Guaranty and such other Obligation Documents.

 

(c)                   Renewals.  All renewals, extensions, amendments,
modifications, supplements, or restatements of or substitutions for any of the
foregoing.

 

(d)                  Swap Obligations.  All
obligations of any Related Person to any Lender or any Affiliate of any Lender
under or pursuant to a Swap Agreement between any Related Person and such
Lender or any Affiliate of such Lender.

 

As used herein, the term
“Secured Obligations” refers to all present and future indebtedness,
obligations, and liabilities of whatever type which are described above in this
section, including any interest which accrues after the commencement of any
case, proceeding, or other action relating to the bankruptcy, insolvency, or
reorganization of the Debtor.  It is the
intention of the Debtor and Secured Party that this Agreement not constitute a
fraudulent transfer or fraudulent conveyance under any state or federal law
that may be applied hereto.  Debtor hereby agrees that its obligations hereunder shall be
limited to an aggregate amount equal to the largest amount that would not
render its obligations hereunder subject to avoidance under Section 548 of
the Bankruptcy Code (Title 11, United States Code) or any comparable provisions
of any applicable state law.

 

ARTICLE III
— Representations, Warranties and Covenants

 

Section 3.1.                                   Representations and Warranties. 
Debtor hereby represents and warrants to Secured Party and the Lenders
as follows:

 

(a)                   Ownership Free of Liens. 
Debtor has good and marketable title to the Collateral free and clear of
all Liens, encumbrances or adverse claims, except for the security interest
created by this Agreement and the security interest in favor of Prudential
pursuant to the Prudential Pledge Agreement. 
No dispute, right of setoff, counterclaim or defense exists with respect
to all or any part of the Collateral. 
No effective financing statement or other instrument similar in effect
covering all or any part of the Collateral is on file in any recording office
except any which have been filed in favor of Secured Party relating to this
Agreement and any which have been filed in favor of Prudential relating to the
Prudential Pledge Agreement.

 

(b)                  No Conflicts or Consents. 
Neither the ownership or the intended use of the Collateral by Debtor,
nor the grant of the security interest by Debtor to Secured Party

 

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herein,
nor the exercise by Secured Party of its rights or remedies hereunder, will (i)
conflict with any provision of (a) the articles or certificate of incorporation
or bylaws of Debtor or any similar charter documents of any Issuer, or (b) any
agreement, judgment, license, order or permit applicable to or binding upon
Debtor or any Issuer, or (ii) result in or require the creation of any Lien,
charge or encumbrance upon any material assets or properties of Debtor or of
any Issuer or Related Person except as expressly contemplated in the Obligation
Documents.  Except as expressly
contemplated in the Obligation Documents (including, without limitation,
Section 6.13 of the Credit Agreement), no consent, approval, authorization
or order of, and no notice to or filing with, any court, governmental
authority, Issuer or third party is required in connection with the grant by
Debtor of the security interest herein, or the exercise by Secured Party of its
rights and remedies hereunder.

 

(c)                   Security Interest. 
Debtor has and will have at all times full right, power and authority to
grant a security interest in the Collateral to Secured Party as provided
herein, free and clear of any Lien, adverse claim, or encumbrance except for
the Liens in favor of Prudential pursuant to the Prudential Pledge Agreement or
restrictions imposed by a regulatory authority.

 

(d)                  Perfection.  The taking possession by
Secured Party of all certificates, instruments and cash constituting Collateral
from time to time and the filing of financing statements with the Secretary of
State (or equivalent governmental official) of the State in which Debtor is
organized will perfect, and establish the first priority of (subject only to
any Liens in favor of Prudential in accordance with and subject to the terms of
the Intercreditor Agreement), Secured Party’s security interest hereunder in
the Collateral securing the Secured Obligations.  No further or subsequent filing, recording, registration, other
public notice or other action is necessary or desirable to perfect or otherwise
continue, preserve or protect such security interest except (i) for
continuation statements described in UCC Section 9.515(d), (ii) for
filings required to be filed in the event of a change in the name, identity, or
corporate structure of Debtor, or (iii) in the event any financing statement
filed by Secured Party relating hereto otherwise becomes inaccurate or
incomplete.

 

(e)                   Location of Debtor and Records. 
Debtor’s chief executive office and principal place of business and the
office where the records concerning the Collateral are kept is located at 1099
18th Street, Suite 1200, Denver, Colorado 80202.

 

(f)                     Pledged Shares. 
Debtor has delivered to Secured Party all certificates evidencing
Pledged Shares.  All such certificates
are valid and genuine and have not been altered.  All shares and other securities constituting the Pledged Shares
have been duly authorized and validly issued, are fully paid and
non-assessable, and were not issued in violation of the preemptive rights of
any Person or of any agreement by which Debtor or the Issuer thereof is
bound.  All documentary, stamp or other
taxes or fees owing in

 

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connection
with the issuance, transfer or pledge of Pledged Shares (or rights in respect
thereof) have been paid.  No
restrictions or conditions exist with respect to the transfer, voting or
capital of any Pledged Shares under the documentation governing such Pledged
Shares or LLC Rights.  The Pledged
Shares constitute one hundred percent (100%) of the shares of capital stock of
each Issuer.  No Issuer of any Pledged
Shares has any outstanding stock rights, rights to subscribe, options, warrants
or convertible securities outstanding or any other rights outstanding whereby
any Person would be entitled to have issued to him capital stock of such
Issuer.  The Pledged Shares do not
constitute “margin stock” as such term is defined in Regulation U promulgated
by the Board of Governors of the Federal Reserve System.

 

Section 3.2.                                   Affirmative Covenants. 
Unless Secured Party shall otherwise consent in writing after having
received the consent of the Required Lenders, Debtor will at all times comply
with the covenants contained in this Section 3.2 from the date hereof and
so long as any part of the Secured Obligations or the Commitment is
outstanding.

 

(a)                   Ownership and Liens. 
Debtor will maintain good and marketable title to all Collateral free
and clear of all Liens, encumbrances or adverse claims, except for the security
interest created by this Agreement and the security interest created by the
Prudential Pledge Agreement.  Debtor
will defend Secured Party’s right, title and special property and security
interest in and to the Collateral against the claims of any Person.

 

(b)                  Further Assurances. 
Debtor will, at its reasonable expense and at any time and from time to
time, promptly execute and deliver all further instruments and documents and
take all further action that may be reasonably necessary or that Secured Party
may reasonably request in order (i) to perfect and protect the security
interest created or purported to be created hereby and the priority of such
security interest as stated herein; (ii) to enable Secured Party to exercise
and enforce its rights and remedies hereunder in respect of the Collateral; or
(iii) to otherwise effect the purposes of this Agreement, including but not
limited to: (A) executing and filing such financing or continuation statements,
or amendments thereto, as may be reasonably necessary or desirable or that
Secured Party may request in order to perfect and preserve the security
interest created or purported to be created hereby; and (B) furnishing to
Secured Party from time to time statements and schedules further identifying
and describing the Collateral and such other reports in connection with the
Collateral as Secured Party may reasonably request, all in reasonable detail.

 

(c)                   Inspection and Information. 
Debtor will furnish to Secured Party and each Lender any information
which Secured Party may from time to time reasonably request on behalf of
itself or any Lender concerning the Collateral, any covenant, provision or
condition of this Agreement, or any matter in connection with Debtor’s businesses
and operations.  Debtor shall permit
representatives and independent contractors of the Secured Party to make such
visitations and inspections on the terms as provided in

 

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Section 6.10
of the Credit Agreement.  Secured party
and each Lender hereby agree that it will, at all times, abide by the terms of
Section 10.08 of the Credit Agreement regarding treatment of confidential
information.

 

(d)                  Delivery of Pledged Shares.  All
instruments, certificates and writings evidencing the Pledged Shares shall be
delivered to Secured Party on or prior to the execution and delivery of this
Agreement, together with a true and correct copy of the articles of
incorporation and bylaws of each Issuer and all amendments and supplements
thereto.  All other instruments,
certificates and writings hereafter evidencing or constituting Pledged Shares
and all amendments or supplements to the articles of incorporation or bylaws
(whether or not authorized hereunder) shall be delivered to Secured Party
promptly upon the receipt thereof by or on behalf of Debtor.  All such Pledged Shares shall be held by or
on behalf of Secured Party pursuant hereto and shall be delivered in suitable
form for transfer by delivery with any necessary endorsement or shall be
accompanied by fully executed instruments of transfer or assignment in blank,
all in form and substance reasonably satisfactory to Secured Party.

 

(e)                   Proceeds of Pledged Shares.  If
Debtor shall receive, by virtue of its being or having been an owner of any
Pledged Shares, any (i) certificate evidencing shares of stock (including any
certificate representing a stock dividend or distribution in connection with
any increase or reduction of capital, reorganization, reclassification, merger,
consolidation, sale of assets, combination of shares, stock split, spinoff or
split-off), promissory note or other instrument or writing; (ii) option or
right, whether as an addition to, substitution for, or in exchange for, any
Pledged Shares, or otherwise; (iii) dividends payable in cash (except such
dividends permitted to be retained by Debtor pursuant to Section 4.8
hereof) or in securities or other property, or (iv) dividends or other
distributions in connection with a partial or total liquidation or dissolution
or in connection with a reduction of capital, capital surplus or paid-in
surplus, if an Event of Default shall have occurred and be continuing, Debtor
shall receive the same in trust for the benefit of Secured Party, shall
segregate it from Debtor’s other property, and shall promptly deliver it to
Secured Party in the exact form received, with any necessary endorsement or
appropriate stock powers duly executed in blank, to be held by Secured Party as
Collateral.

 

(f)                     Status of Pledged Shares.  The
certificates evidencing the Pledged Shares shall at all times be valid and
genuine and shall not be altered.  The
Pledged Shares at all times shall be duly authorized, validly issued, fully
paid, and non-assessable, and shall not be issued in violation of the
pre-emptive rights of any Person or of any agreement by which Debtor or the
Issuer thereof is bound and shall not be subject to any restrictions with
respect to transfer, voting or capital of such Pledged Shares.

 

8

 

(g)                  Notices from Issuer. 
Debtor will promptly deliver to Secured Party a copy of each notice or
other communication received by Debtor from any Issuer in respect of any
Pledged Shares.

 

Section 3.3.                                   Negative Covenants. 
Unless Secured Party shall otherwise consent in writing after having
received the consent of the Required Lenders, Debtor will at all times comply
with the covenants contained in the Credit Agreement and in this
Section 3.3 from the date hereof and so long as any part of the Secured
Obligations or the Commitment is outstanding.

 

(a)                   Transfer or Encumbrance. 
Except as expressly allowed under the Credit Agreement, without the
prior written consent of Required Lenders, Debtor will not sell, assign (by
operation of law or otherwise), transfer, exchange or otherwise dispose of any
of the Collateral, nor will Debtor grant a Lien upon or execute, file or record
any financing statement or other registration with respect to the Collateral,
nor will Debtor allow any such Lien, financing statement, or other registration
to exist or deliver actual or constructive possession of the Collateral to any
other Person, other than Liens, financing statements or other registrations in
favor of Secured Party and Prudential.

 

(b)                  Financing Statement Filings. 
Debtor recognizes that financing statements pertaining to the Collateral
have been or may be filed where Debtor has its chief executive office or chief
place of business.  Without limitation
of any other covenant herein, Debtor will not cause or permit any change to be
made in the location of its chief executive office or chief place of business,
unless Debtor shall have notified Secured Party of such change at least thirty
(30) days prior to the effective date of such change, and shall have first
taken all action reasonably required by Secured Party for the purpose of
further perfecting or protecting the security interest in favor of Secured
Party in the Collateral.  In any notice
furnished pursuant to this subsection, Debtor will expressly state that the
notice is required by this Agreement and contains facts that may require
additional filings of financing statements or other notices for the purposes of
continuing perfection of Secured Party’s security interest in the Collateral.

 

(c)                   Dilution of Shareholdings. 
Debtor will not permit the issuance of (i) any additional shares of any
class of capital stock of any Issuer (unless immediately upon issuance the same
are pledged and delivered to Secured Party pursuant to the terms hereof to the
extent necessary to give Secured Party a first priority security interest
unless prohibited by a regulatory authority having jurisdiction over an Issuer
(subject only to any security interest in favor of Prudential in accordance
with and subject to the terms of the Intercreditor Agreement) after such issue
in at least the same percentage of such Issuer’s outstanding shares as Debtor
had before such issue), (ii) any securities convertible voluntarily by the
holder thereof or automatically upon the occurrence or non-occurrence of any
event or condition into, or exchangeable for, any such shares of capital stock,
or (iii) any warrants, options, contracts or other commitments entitling any
Person to

 

9

 

purchase
or otherwise acquire any such shares of capital stock not outstanding as of the
date of this Agreement.

 

(d)                  Restrictions on Pledged Shares. 
Debtor will not enter into any agreement creating, or otherwise permit
to exist, any restriction or condition upon the transfer, voting or control of
any Pledged Shares except under the Debt Securities.

 

ARTICLE IV
— Remedies, Powers and Authorizations

 

Section 4.1.                                   Provisions Concerning the Collateral.

 

(a)                   Additional Filings. 
Debtor hereby authorizes Secured Party to file, without the signature of
Debtor where permitted by law, one or more financing or continuation
statements, and amendments thereto, relating to the Collateral.  Debtor further agrees that a carbon,
photographic or other reproduction of this Agreement or of any financing
statement describing any Collateral is sufficient as a financing statement and
may be filed in any jurisdiction by Secured Party as it may deem appropriate.

 

(b)                  Power of Attorney. 
Debtor hereby irrevocably appoints Secured Party as Debtor’s
attorney-in-fact and proxy, with full authority in the place and stead of
Debtor and in the name of Debtor or otherwise, from time to time in Secured
Party’s discretion, upon the occurrence and during the continuance of an Event
of Default, to take any action, and to execute or indorse any instrument,
certificate or notice, which Secured Party may deem necessary or advisable to
accomplish the purposes of this Agreement including any action or instrument:
(i) to request or instruct each Issuer (and any registrar, transfer agent, or
similar Person acting on behalf of each Issuer) to register the pledge or
transfer of the Collateral to Secured Party; (ii) to otherwise give
notification to any Issuer (or any such registrar, transfer agent, financial
intermediary, or other Person) of Secured Party’s security interests hereunder;
(iii) to ask, demand, collect, sue for, recover, compound, receive and give
acquittance and receipts for moneys due and to become due under or in respect
of any of the Collateral; (iv) to receive, indorse and collect any drafts or
other instruments or documents; (v) to enforce any obligations included among
the Collateral; and (vi) to file any claims or take any action or institute any
proceedings which Secured Party may deem necessary or desirable for the
collection of any of the Collateral or otherwise to enforce, perfect, or
establish the priority of the rights of Secured Party with respect to any of
the Collateral.  Debtor hereby
acknowledges that such power of attorney and proxy are coupled with an
interest, and are irrevocable.

 

(c)                   Performance by Secured Party.  If
Debtor fails to perform any agreement or obligation contained herein, Secured
Party may itself perform, or cause performance of, such agreement or
obligation, and the reasonable expenses of Secured Party incurred in connection
therewith shall be payable by Debtor under Section 4.5.

 

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Section 4.2.                                   Remedies.  If an Event of Default shall
have occurred and be continuing, Secured Party may, except as limited by any
regulatory approvals, requests or requirements, from time to time in its
discretion, without limitation and without notice except as expressly provided
below (in each case subject to the Intercreditor Agreement):

 

(a)                   exercise in respect of the Collateral, in
addition to any other rights and remedies provided for herein, under the other
Obligation Documents or otherwise available to it, all the rights and remedies
of a secured party on default under the UCC (whether or not the UCC applies to
the affected Collateral);

 

(b)                  require Debtor to, and Debtor hereby agrees
that it will at its expense and upon request of Secured Party, promptly
assemble all or part of the Collateral as directed by Secured Party and make it
(together with all books, records and information of Debtor relating thereto)
available to Secured Party at a place to be designated by Secured Party which
is reasonably convenient to both parties;

 

(c)                   reduce its claim to judgment or foreclose or
otherwise enforce, in whole or in part, the security interest created hereby by
any available judicial procedure;

 

(d)                  dispose of, at its office, on the premises of
Debtor or elsewhere, all or any part of the Collateral, as a unit or in
parcels, by public or private proceedings, and by way of one or more contracts
(it being agreed that the sale of any part of the Collateral shall not exhaust
Secured Party’s power of sale, but sales may be made from time to time, and at
any time, until all of the Collateral has been sold or until the Secured
Obligations have been paid and performed in full), and at any such sale it
shall not be necessary to exhibit any of the Collateral;

 

(e)                   buy (or allow one or more of the Lenders to
buy) the Collateral, or any part thereof, at any public sale;

 

(f)                     buy (or allow one or more of the Lenders to
buy) the Collateral, or any part thereof, at any private sale if the Collateral
is of a type customarily sold in a recognized market or is of a type which is
the subject of widely distributed standard price quotations;

 

(g)                  apply by appropriate judicial proceedings for
appointment of a receiver for the Collateral, or any part thereof, and Debtor
hereby consents to any such appointment;

 

(h)                  at its discretion, retain the Collateral in
satisfaction of the Secured Obligations whenever the circumstances are such
that Secured Party is entitled to do so under the UCC or otherwise (provided
that Secured Party shall in no circumstances be deemed to have retained the
Collateral in satisfaction of the Secured Obligations in the absence of an
express notice by Secured Party to Debtor that Secured Party has either done so
or intends to do so); and

 

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(i)                      take any other Enforcement Action.

 

Debtor agrees that, to the
extent notice of sale shall be required by law, at least ten (10) days’ notice
to Debtor of the time and place of any public sale or the time after which any
private sale is to be made shall constitute reasonable notification.  Secured Party shall not be obligated to make
any sale of Collateral regardless of notice of sale having been given.  Secured Party may adjourn any public or
private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and
place to which it was so adjourned.

 

Section 4.3.                                   Application of Proceeds. Whenever Secured Party applies any cash
held by Secured Party as Collateral, or any cash proceeds received by Secured
Party in respect of any sale of, collection from, or other realization upon all
or any part of the Collateral, the same shall be applied in the following order
(subject to the rights of Lenders under the Credit Agreement and subject to the
terms of the Intercreditor Agreement):

 

(a)                   To the repayment of all costs and expenses,
including reasonable attorneys’ fees and legal expenses, incurred by Secured
Party in connection with (i) the administration of this Agreement, (ii) the
custody, preservation, use or operation of, or the sale of, collection from, or
other realization upon, any Collateral, (iii) the exercise or enforcement of
any of the rights of Secured Party hereunder, or (iv) the failure of Debtor to
perform or observe any of the provisions hereof;

 

(b)                  To the payment or other satisfaction of any
Liens, encumbrances, or adverse claims upon or against any of the Collateral
(other than those arising pursuant to the Prudential Pledge Agreement);

 

(c)                   To the reimbursement of Secured Party for the
amount of any obligations of Debtor or any Other Liable Party paid or
discharged by Secured Party (other than amounts for principal and interest
under the Notes) pursuant to the provisions of this Agreement or the other
Obligation Documents, and of any expenses of Secured Party payable by Debtor hereunder
or under the other Obligation Documents;

 

(d)                  To the satisfaction of any other Secured
Obligations to each Lender and Prudential in accordance with its Proportionate
Share (as defined in the Intercreditor Agreement);

 

(e)                   By holding the same as Collateral;

 

(f)                     To the payment of any other amounts required
by applicable law (including any provision of the UCC); and

 

12

 

(g)                  By delivery to Debtor or to whomever shall be
lawfully entitled to receive the same or as a court of competent jurisdiction
shall direct.

 

Each Lender hereby
authorizes the Secured Party to remit to Prudential any cash held as Collateral
or cash proceeds at any time due to Prudential pursuant to clause (d) above and
the terms of the Intercreditor Agreement.

 

Section 4.4.                                   Deficiency.  In the event that the
proceeds of any sale, collection or realization of or upon Collateral by
Secured Party are insufficient to pay all Secured Obligations and any other
amounts to which Secured Party and Lenders are legally entitled, Debtor shall
be liable for the deficiency, together with interest thereon as provided in the
governing Obligation Documents or (if no interest is so provided) at such other
rate as shall be fixed by applicable law, together with the costs of collection
and the reasonable fees of any attorneys employed by Secured Party to collect
such deficiency.

 

Section 4.5.                                   Indemnity and Expenses.  In
addition to, but not in qualification or limitation of, any similar obligations
under other Obligation Documents:

 

(a)                   Debtor will indemnify Secured Party and each
Lender from and against any and all claims, losses and liabilities growing out
of or resulting from this Agreement (including enforcement of this Agreement), WHETHER OR NOT SUCH CLAIMS, LOSSES AND LIABILITIES ARE
IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE IN OR PART, UNDER ANY CLAIM OR
THEORY OF STRICT LIABILITY, OR ARE CAUSED BY OR ARISE OUT OF SUCH INDEMNIFIED
PARTY’S OWN NEGLIGENCE, except to the extent such claims, losses or
liabilities are proximately caused by the indemnified party’s individual gross
negligence or willful misconduct.  As
used in this Section 4.5, the terms “Secured Party” and “Lender” shall
include each director, officer, agent, attorney, employee, representative and
Affiliate of such Person.

 

(b)                  Debtor will upon demand pay to Secured Party
the amount of any and all reasonable costs and expenses, including the
reasonable fees and disbursements of Secured Party’s counsel and of any experts
and agents, which Secured Party may incur in connection with (i) the
transactions which give rise to this Agreement, (ii) the preparation of this
Agreement and the perfection and preservation of this security interest created
under this Agreement, (iii) the administration of this Agreement; (iv) the
custody, preservation, use or operation of, or the sale of, collection from, or
other realization upon, any Collateral; (v) the exercise or enforcement of any
of the rights of Secured Party hereunder; or (vi) the failure by Debtor to perform
or observe any of the provisions hereof, except expenses resulting from Secured
Party’s gross negligence or willful misconduct.

 

13

 

Section 4.6.                                   Non-Judicial Remedies.  In
granting to Secured Party the power to enforce its rights hereunder without
prior judicial process or judicial hearing, Debtor expressly waives, renounces
and knowingly relinquishes any legal right which might otherwise require
Secured Party to enforce its rights by judicial process.  In so providing for non-judicial remedies,
Debtor recognizes and concedes that such remedies are consistent with the usage
of trade, are responsive to commercial necessity, and are the result of a
bargain at arm’s length.  Nothing herein
is intended, however, to prevent Secured Party or Debtor from resorting to
judicial process at its option.

 

Section 4.7.                                   Other Recourse. 
Debtor waives any right to require Secured Party or any Lender to
proceed against any other Person, to exhaust any Collateral or other security
for the Secured Obligations, or to have any Other Liable Party joined with
Debtor in any suit arising out of the Secured Obligations or this Agreement, or
pursue any other remedy in Secured Party’s power.  Debtor further waives any and all notice of acceptance of this
Agreement and of the creation, modification, rearrangement, renewal or
extension for any period of any of the Secured Obligations of any Other Liable
Party from time to time.  Debtor further
waives any defense arising by reason of any disability or other defense of any
Other Liable Party or by reason of the cessation from any cause whatsoever of
the liability of any Other Liable Party. 
This Agreement shall continue irrespective of the fact that the
liability of any Other Liable Party may have ceased and irrespective of the
validity or enforceability of any other Obligation Document to which Debtor or
any Other Liable Party may be a party, and notwithstanding any death,
incapacity, reorganization, or bankruptcy of any Other Liable Party or any
other event or proceeding affecting any Other Liable Party.  Until all of the Secured Obligations shall
have been paid in full, Debtor shall have no right to subrogation and Debtor
waives the right to enforce any remedy which Secured Party or any Lender has or
may hereafter have against any Other Liable Party, and waives any benefit of
and any right to participate in any other security whatsoever now or hereafter
held by Secured Party and each Lender. 
Debtor authorizes Secured Party, without notice or demand, without any
reservation of rights against Debtor, and without in any way affecting Debtor’s
liability hereunder or on the Secured Obligations, from time to time to (a)
take or hold any other property of any type from any other Person as security
for the Secured Obligations, and exchange, enforce, waive and release any or
all of such other property, (b) apply the Collateral or such other property and
direct the order or manner of sale thereof as Secured Party may in its
discretion determine, subject to the Intercreditor Agreement, (c) renew, extend
for any period, accelerate, modify, compromise, settle or release any of the
obligations of any Other Liable Party in respect of any or all of the Secured
Obligations or other security for the Secured Obligations, (d) waive, enforce,
modify, amend, restate or supplement any of the provisions of any Obligation
Document with any Person other than Debtor, and (e) release or substitute any
Other Liable Party.  Any action
described in this Section 4.7 may be taken by Secured Party only in
accordance with the Intercreditor Agreement.

 

14

 

Section 4.8.                                   Voting Rights, Dividends, Etc. in Respect of
Pledged Shares.

 

(a)                   So long as no Event of Default shall have occurred
and be continuing Debtor may receive and retain any and all dividends or
interest paid in respect of the Pledged Shares; provided, however,
that any and all

 

(i)                  dividends and interest paid or payable other
than in cash in respect of, and instruments and other property received,
receivable or otherwise distributed in respect of or in exchange for, any
Pledged Shares,

 

(ii)               dividends and other distributions paid or
payable in cash in respect of any Pledged Shares in connection with a partial
or total liquidation or dissolution or in connection with a reduction of
capital, capital surplus or paid-in surplus, and

 

(iii)            cash paid, payable or otherwise distributed
in redemption of, or in exchange for, any Pledged Shares,

 

shall be, and shall
forthwith be delivered to Secured Party to hold as, Pledged Shares and shall,
if received by Debtor, be received in trust for the benefit of Secured Party,
be segregated from the other property or funds of Debtor, and be forthwith
delivered to Secured Party in the exact form received with any necessary
indorsement or appropriate stock powers duly executed in blank, to be held by
Secured Party as Collateral.

 

(b)                   Upon the occurrence and during the
continuance of an Event of Default:

 

(i)                  all rights of Debtor to receive and retain
the dividends and interest payments which it would otherwise be authorized to
receive and retain pursuant to subsection (a) of this section shall
automatically cease, and all such rights shall thereupon become vested in
Secured Party which shall thereupon have the sole right to receive and hold as
Pledged Shares such dividends and interest payments;

 

(ii)               without limiting the generality of the
foregoing, Secured Party may at its option (subject to the Intercreditor
Agreement) exercise any and all rights of conversion, exchange, subscription or
any other rights, privileges or options pertaining to any of the Pledged Shares
as if it were the absolute owner thereof, including, without limitation, the
right to exchange, in its discretion, any and all of the Pledged Shares upon
the merger, consolidation, reorganization, recapitalization or other adjustment
of any Issuer, or upon the exercise by any Issuer of any right, privilege or
option pertaining to any Pledged Shares, and, in connection therewith, to
deposit and deliver any and all of the Pledged Shares with any committee,
depository, transfer, agent, registrar or other designated agent upon such
terms and conditions as it may determine; and

 

(iii)            all dividends and interest payments which are
received by Debtor contrary to the provisions of subsection (b)(i) of this
section shall be received in

 

15

 

trust for the benefit of
Secured Party, shall be segregated from other funds of Debtor, and shall be
forthwith paid over to Secured Party as Pledged Shares in the exact form
received, to be held by Secured Party as Collateral.

 

Section 4.9.                                   Private Sale of Pledged Shares. 
Debtor recognizes that Secured Party may deem it impracticable to effect
a public sale of all or any part of the Pledged Shares and that Secured Party
may, therefore, determine to make one or more private sales of any such
securities to a restricted group of purchasers who will be obligated to agree,
among other things, to acquire such securities for their own account, for
investment and not with a view to the distribution or resale thereof.  Debtor acknowledges that any such private
sale may be at prices and on terms less favorable to the seller than the prices
and other terms which might have been obtained at a public sale and,
notwithstanding the foregoing, agrees that such private sales shall be deemed
to have been made in a commercially reasonable manner and that Secured Party
shall have no obligation to delay sale of any such securities for the period of
time necessary to permit the Issuer of such securities to register such
securities for public sale under the Securities Act of 1933, as amended.  Debtor further acknowledges and agrees that
any offer to sell such securities which has been (a) publicly advertised on a bona
fide basis in a newspaper or other publication of general circulation in
the financial community of Denver, Colorado (to the extent that such an offer
may be so advertised without prior registration under the Securities Act), or
(b) made privately in the manner described above to not less than fifteen (15) bona
fide offerees shall be deemed to involve a “public disposition” for the
purposes of Section 9.610(c) of the UCC (or any successor or similar,
applicable statutory provision) as then in effect in the State of Texas,
notwithstanding that such sale may not constitute a “public offering” under the
Securities Act of 1933, as amended, and that Secured Party may, in such event,
bid for the purchase of such securities. 
Notwithstanding anything herein to the contrary, Secured Party
acknowledges that any sale hereunder with respect to a PUC Subsidiary may be
subject to the approval of any applicable public utility commission having
regulatory authority over such PUC Subsidiary.

 

ARTICLE VI
— Miscellaneous

 

Section 6.1.                                   Notices.  Any notice or communication
required or permitted hereunder shall be given as provided in the Credit
Agreement.

 

Section 6.2.                                   Amendments.  No amendment of any provision
of this Agreement shall be effective unless it is in writing and signed by
Debtor, Secured Party, and Required Lenders (or Debtor and Secured Party with
the prior written consent of Required Lenders) and no waiver of any provision
of this Agreement, and no consent to any departure by Debtor therefrom, shall
be effective unless it is in writing and signed by Secured Party with the prior
written consent of Required Lenders, and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given and to the extent specified in such writing.

 

16

 

Section 6.3.                                   Preservation of Rights.  No
failure on the part of Secured Party or any Lender to exercise, and no delay in
exercising, any right hereunder or under any other Obligation Document shall
operate as a waiver thereof; nor shall any single or partial exercise of any
such right preclude any other or further exercise thereof or the exercise of
any other right.  Neither the execution
nor the delivery of this Agreement shall in any manner impair or affect any
other security for the Secured Obligations. 
The rights and remedies of Secured Party and each Lender provided herein
and in the other Obligation Documents are cumulative and are in addition to,
and not exclusive of, any rights or remedies provided by law.  The rights of Secured Party and each Lender
under any Obligation Document against any party thereto are not conditional or
contingent on any attempt by Secured Party or such Lender to exercise any of
its rights under any other Obligation Document against such party or against
any other Person.

 

Section 6.4.                                   Unenforceability.  Any
provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or invalidity without invalidating the remaining portions
hereof or thereof or affecting the validity or enforceability of such provision
in any other jurisdiction.

 

Section 6.5.                                   Survival of Agreements.  All
representations and warranties of Debtor herein, and all covenants and
agreements herein shall survive the execution and delivery of this Agreement,
the execution and delivery of any other Obligation Documents and the creation
of the Secured Obligations.

 

Section 6.6.                                   Other Liable Party. 
Neither this Agreement nor the exercise by Secured Party or the failure
of Secured Party to exercise any right, power or remedy conferred herein or by
law shall be construed as relieving any Other Liable Party from liability on
the Secured Obligations or any deficiency thereon.  This Agreement shall continue irrespective of the fact that the
liability of any Other Liable Party may have ceased or irrespective of the
validity or enforceability of any other Obligation Document to which Debtor or
any Other Liable Party may be a party, and notwithstanding the reorganization,
death, incapacity or bankruptcy of any Other Liable Party, and notwithstanding
the reorganization or bankruptcy or other event or proceeding affecting any Other
Liable Party.

 

Section 6.7.                                   Binding Effect and Assignment. 
This Agreement creates a continuing security interest in the Collateral
and (a) shall be binding on Debtor and its successors and permitted assigns and
(b) shall inure, together with all rights and remedies of Secured Party
hereunder, to the benefit of Secured Party that inure to the benefit of such
Lender, and their respective successors, transferees and assigns.  Without limiting the generality of the
foregoing, each Lender may (except as otherwise provided in and subject to the
Credit Agreement and the Intercreditor Agreement) pledge, assign or otherwise
transfer any or all of its rights under any or all of the Obligation Documents
to any other Person, and such other Person shall thereupon become vested with
all of the benefits in respect thereof, herein or otherwise.  None of the rights or duties of Debtor
hereunder may be assigned or otherwise transferred without the prior written
consent of Secured Party.

 

17

 

Section 6.8.                                   Termination.  It is contemplated by the
parties hereto that there may be times when no Secured Obligations are
outstanding, but notwithstanding such occurrences, this Agreement shall remain
valid and shall be in full force and effect as to subsequent outstanding
Secured Obligations.  Upon the
satisfaction in full of the Secured Obligations, upon the termination or
expiration of the Credit Agreement and the Commitment, and upon written request
for the termination hereof delivered by Debtor to Secured Party, this Agreement
and the security interest created hereby shall terminate and all rights to the
Collateral shall revert to Debtor. 
Secured Party will, upon Debtor’s request and at Debtor’s reasonable
expense, (a) return to Debtor such of the Collateral as shall not have been
sold or otherwise disposed of or applied pursuant to the terms hereof; and (b)
execute and deliver to Debtor such documents as Debtor shall reasonably request
to evidence such termination.

 

SECTION 6.9.                  FINAL AGREEMENT.  THIS WRITTEN AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE
FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES HERETO.  THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES HERETO.

 

Section 6.10.                             Loan Document. 
This Agreement is a “Loan Document”, as defined in the Credit Agreement,
and, except as expressly provided herein to the contrary, this Agreement is
subject to all provisions of the Credit Agreement governing such Loan
Documents.

 

Section 6.11.                             Governing Law. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of Texas applicable to contracts made and to be performed
entirely within such State, except as required by mandatory provisions of law
and except to the extent that the perfection and the effect of perfection or
non-perfection of the security interest created hereunder, in respect of any
particular collateral, are governed by the laws of a jurisdiction other than
such State.

 

Section 6.12.                             Counterparts. 
This Agreement may be separately executed in any number of counterparts,
all of which when so executed shall be deemed to constitute one and the same
Agreement.

 

Section 6.13.                             Amendment and Restatement. 
This Agreement renews, amends and restates that certain Pledge Agreement
dated as of April 24, 2003, executed by Debtor in favor of Bank of
America, N.A., for the benefit of the “Lenders” named therein (the “Original
Pledge Agreement”), in its entirety, effective as of the date first written
above, and all of the terms and provisions hereof shall supersede the terms and
provisions thereof; provided, however that this Agreement renews, extends and
continues all Liens existing by the Original Pledge Agreement,

 

18

 

although
the terms and provisions and conditions of such Liens shall hereafter be
governed in all respects by this Agreement.

 

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

19

 

IN WITNESS WHEREOF, Debtor,
Secured Party, and each Lender has caused this Agreement to be executed and
delivered this Agreement by its officer thereunto duly authorized, as of the
date first above written.

 

 

	
   

  	
  MIGC, INC., as Debtor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William J. Krysiak

  	
   

  
	
   

  	
   

  	
  William J. Krysiak

  
	
   

  	
   

  	
  Executive Vice President
  and

  
	
   

  	
   

  	
  Chief Financial Officer

  

 

 

	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as Secured Party

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard L. Stein

  	
   

  
	
   

  	
   

  	
  Name: Richard L. Stein

  
	
   

  	
   

  	
  Title: Principal

  

 

 

EXHIBIT A

 

Issuers

 

	
  Issuer

  	
   

  	
  Certificate No.

  	
   

  	
  No. of Shares

  	
   

  	
  Class

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MGTC, Inc.

  	
   

  	
  5

  	
   

  	
  60,000

  	
   

  	
  commonExhibit 10.5

 

[EXECUTION]

 

AMENDED AND RESTATED INTERCREDITOR AGREEMENT

 

This
INTERCREDITOR AGREEMENT (as amended or supplemented from time to time, herein
called this “Agreement”), is
entered into as of June 29, 2004, by and among the BANKS (as defined below),
BANK OF AMERICA, N.A., as Administrative Agent for the Banks (in such capacity,
the “Agent”) and as Collateral
Agent for the Lenders (in such capacity, the “Collateral
Agent”), and THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (“PICA”), PRUCO LIFE INSURANCE COMPANY (“Pruco”), ING LIFE INSURANCE & ANNUITY
COMPANY (“ING”), PRUDENTIAL
INVESTMENT MANAGEMENT, INC. (“Prudential”),
PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY (“Pruco
NJ”), GIBRALTER LIFE INSURANCE CO., LTD. (“Gibralter”), RGA REINSURANCE COMPANY (“RGA”), AMERICAN BANKERS LIFE ASSURANCE
COMPANY OF FLORIDA, INC. (“American”),
FORTIS BENEFITS INSURANCE COMPANY (“Fortis”),
and CONNECTICUT GENERAL LIFE INSURANCE COMPANY (“Connecticut” and, together with PICA, Pruco, ING, Prudential,
Pruco NJ, Gibralter, RGA, American, and Fortis, collectively, the “Initial Prudential Noteholders”).

 

W I T N E S S E T H:

 

WHEREAS,
WESTERN GAS RESOURCES, INC., a Delaware corporation (herein called the “Company”), the Banks and the Agent have
entered into that certain Amended and Restated Credit Agreement of even date
herewith (herein, as from time to time amended, supplemented or restated,
called the “Bank Agreement”) which
amends and restates in its entirety the Credit Agreement dated as of
April 24, 2003 among the Company, the Agent and the lenders named therein
(the “Existing Credit Agreement”);

 

WHEREAS,
pursuant to the Bank Agreement, the Banks have agreed to make revolving loans
to the Company and to issue letters of credit for the account of the Company,
and the Company has executed in favor of each Bank a promissory note (such
promissory notes, as from time to time supplemented or amended and all
promissory notes given in renewal and extension thereof are collectively
referred to herein as the “Bank Notes”);

 

WHEREAS,
one or more of the Banks or Prudential Affiliates (as defined herein) may, from
time to time, enter into Swap Contracts with the Company or Affiliates of the
Company;

 

WHEREAS,
payment of the obligations of the Company to the Banks and the Agent arising
under or in connection with the Bank Agreement and the Swap Contracts from time
to time is guaranteed pursuant to that certain Guaranty of even date herewith
from the Guarantors in favor of Agent and the Banks (herein, as amended from
time to time, collectively called the “Bank
Guaranty”) which amends and restates the Guaranty dated as of
April 24, 2003 from each Guarantor in favor of the Banks and the Agent;

 

 

WHEREAS,
the Company and the Initial Prudential Noteholders have entered into that
certain Third Amended and Restated Master Shelf Agreement dated as of
December 19, 1991 and effective as of January 13, 2003 (herein, as
from time to time amended, supplemented or restated, called the “Prudential Agreement”), which amended and
restated the Master Shelf Agreement dated as of December 19, 1991 between
the Company and PICA;

 

WHEREAS,
the Company has issued and may hereafter issue Senior Notes pursuant to the
Prudential Agreement, in each case evidencing indebtedness of the Company to
the Initial Prudential Noteholders and all subsequent holders of Prudential
Notes;

 

WHEREAS,
each Guarantor has heretofore executed and delivered to Prudential its guaranty
(herein, as amended from time to time, collectively called the “Prudential Guaranties”), guaranteeing payment
of obligations of the Company to Prudential, for itself and on behalf of the
Initial Prudential Noteholders under the Prudential Agreement and all
subsequent holders of Prudential Notes under the Prudential Agreement, arising
under or in connection with the Prudential Notes and the Prudential Agreement
and, to the extent any Prudential Affiliate enters into a Swap Contract, any
such Swap Contract (by amendment to the Prudential Guaranties);

 

WHEREAS,
hereafter subsidiaries of the Company may from time to time issue additional
guaranties in favor of the Banks or any of them in connection with the Bank
Agreement, in favor of any Swap Lenders in connection with any Swap Contracts,
or in favor of Prudential in connection with the Prudential Notes and the
Prudential Agreement (any such guaranties herein being called “Additional Guaranties” and any subsidiaries
executing Additional Guaranties herein being called the “Additional Guarantors”);

 

WHEREAS,
the Company has executed and delivered to the Agent
for the benefit of the Banks that certain Amended and Restated Pledge Agreement
of even date herewith (as from time to time supplemented, amended or restated,
the “Company Pledge Agreement”),
which amends and restates in its entirety the Pledge Agreement dated as of
April 24, 2003, pursuant to which the Company has granted to the Agent a
security interest in all of its ownership interests in certain of its
subsidiaries;

 

WHEREAS,
MIGC has executed and delivered to the Agent for the
benefit of the Banks that certain Amended and Restated Stock Pledge Agreement
of even date herewith (as from time to time supplemented, amended or restated,
the “Subsidiary Pledge Agreement”),
which amends and restates the Stock Pledge Agreement dated as of April 24,
2003, pursuant to which MIGC has granted to the Agent a security interest in
all of its ownership interests in MGTC;

 

WHEREAS,
the Company has executed and delivered to Prudential
that certain Pledge Agreement dated as of April 29, 1999 (as amended by
Amendment No. 2 to Pledge Agreement dated as of April 24, 2003 appointing
Bank of America, N.A. as collateral agent thereunder), pursuant to which the
Company has granted to Prudential, for itself and on behalf of the Initial
Prudential Noteholders under the Prudential Agreement and all subsequent
holders of the Prudential Notes under the Prudential Agreement, a security
interest in all of its ownership interests in certain of its subsidiaries, and
MIGC has executed and delivered to Prudential that 

 

2

 

certain Pledge
Agreement dated as of April 29, 1999 (as amended by Amendment No. 2 to
Pledge Agreement dated as of April 24, 2003 appointing Bank of America,
N.A. as collateral agent thereunder), pursuant to which MIGC has granted to
Prudential, for itself and on behalf of the Initial Prudential Noteholders
under the Prudential Agreement and all subsequent holders of the Prudential
Notes under the Prudential Agreement, a security interest in all of its
ownership interests in MGTC (such Pledge Agreements as from time to time
amended, supplemented or restated herein being collectively called the “Prudential Pledge Agreements”);

 

WHEREAS,
subsidiaries of the Company may from time to time
create additional pledge agreements in favor of the Banks or any of them in
connection with the Bank Agreement, in favor of any Swap Lenders in connection
with any Swap Contracts, or in favor of the holders of the Prudential Notes in
connection with the Prudential Agreement (any such pledge agreements herein
being called the “Additional Pledge
Agreements” and any subsidiaries executing such Additional Pledge
Agreement herein being collectively called the “Additional Pledgors”);

 

WHEREAS,
the Agent, the Collateral Agent, Prudential, and the Banks have entered into
that certain Intercreditor Agreement dated as of as of April 24, 2003 (as
amended and supplemented to the date hereof, the “Existing Intercreditor Agreement”) to evidence their agreement
with respect to certain payments that may be received by the Lenders under or
in connection with the Subject Guaranties and the Pledge Agreements; and

 

WHEREAS,
the Lenders desire to amend and restate the Existing Intercreditor Agreement as
provided herein;

 

NOW,
THEREFORE, in consideration of the premises and the
mutual agreements herein contained, the Lenders hereby agree that the Existing
Intercreditor Agreement is hereby amended and restated to read in its entirety
as follows:

 

1.                                       Definitions.  As used herein the following definitions
shall have the meanings set forth below:

 

“Acceleration Event” means (i) the failure
by the Company to pay in full the outstanding principal balance of and any
accrued and unpaid interest on any Note on the final maturity date of such
Note; (ii) the acceleration of the outstanding principal balance of and any
accrued and unpaid interest on, any Note by any Lender or by any person or
entity acting on behalf of any Lender; or (iii) any of the Debtor Parties (A)
suffers the entry against it of a judgment, decree or order or relief by a
court of competent jurisdiction in an involuntary proceeding commenced under
any applicable bankruptcy, insolvency or other similar law of any jurisdiction
now or hereafter in effect, including the federal Bankruptcy Code, as from time
to time amended, or has any such proceeding commenced against it which remains
undismissed for a period of sixty days; (B) commences a voluntary case under
any applicable bankruptcy, insolvency or similar law now or hereafter in
effect, including the federal Bankruptcy Code, as from time to time amended; or
applies for or consents to the entry of an order for relief in an involuntary
case under any such law; or makes a general assignment for the benefit of
creditors; or fails generally to pay (or admits in writing its inability to
pay) its debts as such debts become

 

3

 

due; or takes
corporate or other action to authorize any of the foregoing; or (C) suffers the
appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of all or a substantial
part of its assets in a proceeding brought against or initiated by it, and such
appointment or taking possession is neither made ineffective nor discharged
within thirty days after the making thereof, or such appointment or taking
possession is at any time consented to, requested by, or acquiesced to by it.

 

“Affiliate” means, with respect to any
Person, another Person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the Person
specified.  “Control” means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the
ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings
correlative thereto.  Without limiting
the generality of the foregoing, a Person shall be deemed to be Controlled by
another Person if such other Person possesses, directly or indirectly, power to
vote 15% or more of the securities having ordinary voting power for the
election of directors, managing general partners or the equivalent.

 

“Agent” has the meaning assigned to such
term in the preamble of this Agreement.

 

“Additional Guaranties” has the meaning
assigned to such term in the preamble of this Agreement.

 

“Additional Guarantors” has the meaning
assigned to such term in the preamble of this Agreement.

 

“Additional Pledge Agreements” has the meaning
assigned to such term in the preamble of this Agreement.

 

“Additional Pledgors” has the meaning
assigned to such term in the preamble of this Agreement.

 

“Banks” means the “Lenders” as such term is
defined in the Bank Agreement.

 

“Bank Agreement” has the meaning assigned to
such term in the preamble of this Agreement.

 

“Bank Agreement Obligations” means all
“Obligations” as defined in the Bank Agreement, as from time to time
supplemented, amended or restated (including, without limitation, default interest,
interest accruing at the then applicable rate provided in the Bank Agreement
after the maturity of the Bank Notes and interest accruing at the then
applicable rate provided in the Bank Agreement after the filing of any petition
in bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding, relating to any of the Debtor Parties, whether or not a claim for
post-filing or post-petition interest is allowed in such proceeding), whether
direct or indirect, absolute or contingent, due or to become due, or now
existing or hereafter incurred, that arise under, out of, or in connection
with, the Bank Agreement, any Bank Notes or any other document made, delivered
or given in connection therewith, whether on account of principal, interest,
premium, fees, indemnities, costs, expenses

 

4

 

or otherwise
(including, without limitation, all fees and disbursements of counsel to the
Agent and the Banks that are required to be paid by any of the Debtor Parties
pursuant to the terms of this Agreement, the Bank Agreement, any Bank Notes or
any other document made, delivered or given in connection therewith).

 

“Bank Guaranty” has the meaning assigned to
such term in the preamble of this Agreement.

 

“Bank Notes” has the meaning assigned to
such term in the preamble of this Agreement.

 

“Bank Pledge Agreements” means the Company
Pledge Agreement and the Subsidiary Pledge Agreement.

 

“Calculation Date” has the meaning assigned
to such term in Section 2 of this Agreement.

 

“Collateral” means all property subject to
the Security Documents.

 

“Collateral Agent” means Bank of America,
N.A., in its capacity as Collateral Agent under and subject to the terms and
conditions of this Agreement.

 

“Collateral Agent-Related Persons” means the
Collateral Agent, together with its Affiliates, and the officers, directors,
employees, agents and attorneys-in-fact of such Persons and Affiliates.

 

“Company” has the meaning assigned to such
term in the preamble of this Agreement.

 

“Company Pledge Agreement” has the meaning
assigned to such term in the preamble of this Agreement

 

“Credit Agreements” means the Bank
Agreement, the Swap Contracts, and the Prudential Agreement.

 

“Debtor Parties” means the Company, MIGC,
any Guarantor, any Additional Guarantor, any Additional Pledgor.

 

“Determination Date” has the meaning
assigned to such term in Section 3 of this Agreement

 

“Existing Credit Agreement” has the meaning
assigned to such term in the preamble of this Agreement.

 

“Existing Intercreditor Agreement” has the
meaning assigned to such term in the preamble of this Agreement.

 

“Finance Documents” means this Agreement,
the Credit Agreements, the Security Documents and all other documents and
instruments under, by reason of which, or pursuant to

 

5

 

which any or
all of the indebtedness and obligations arising under or pursuant to the Credit
Agreements are evidenced, governed, secured, guarantied, or otherwise dealt
with, and all other agreements, certificates, and other documents, instruments
and writings heretofore or hereafter delivered in connection herewith or
therewith.

 

“Guarantors” means Mountain Gas Resources,
Inc., a Delaware corporation, Western Gas Resources-Texas, Inc., a Texas corporation,
MGTC, Inc., a Wyoming corporation (“MGTC”),
MIGC, Inc., a Delaware corporation (“MIGC”),
Lance Oil & Gas Company, Inc., a Delaware corporation, and Western Gas
Wyoming, L.L.C., a Wyoming limited liability company.

 

“Indebtedness” means, with respect to any
Calculation Date or Determination Date, the aggregate outstanding principal
amount of indebtedness of the Company under the Bank Agreement, the Bank Notes,
the Prudential Agreement, and the Prudential Notes on such date.

 

“Indemnified Liabilities” means any and all
liabilities, obligations, losses, damages, penalties, claims, demands, actions,
judgments, suits, costs, expenses and disbursements (including reasonable
attorney’s costs and expenses) of any kind or nature whatsoever which may at
any time be imposed on, incurred by or asserted against any Collateral
Agent-Related Person in any way relating to or arising out of or in connection
with (a) the execution, delivery, enforcement, performance or administration of
this Agreement or any Security Document, (b) the use or proposed use of the
proceeds of any Collateral, or (c) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory (including any investigation of, preparation
for, or defense of any pending or threatened claim, investigation, litigation
or proceeding).

 

“Initial Prudential Noteholders” has the
meaning assigned to such term in the preamble of this Agreement.

 

“Lenders” means the Banks, the Agent, the
Initial Prudential Noteholders and the other holders from time to time of the
Prudential Notes.

 

“Majority Lenders” means two or more
Lenders, including at least one holder of a Bank Note and one holder of a
Prudential Note, whose Proportionate Shares equal or exceed sixty-six and
two-thirds percent (66 2/3%).

 

“Make-Whole Amount” means with respect to
the holders of the Prudential Notes, the “Yield Maintenance Amount” as defined
in the Prudential Agreement except that (for purposes of this Agreement only)
the “Reinvestment Yield”, which is defined in the Prudential Agreement and used
in computing such Yield Maintenance Amount, shall be the rate of 1.45% per
annum with respect to the 9.24% Notes, 1.55% per annum with respect to the
7.61% Notes, 3.45% per annum with respect to the 6.36% Notes, and 1.62% per
annum with respect to the 5.92% Notes, above the Reinvestment Yield, as it
would otherwise be calculated under the Prudential Agreement, and with respect
to additional Prudential Notes issued under the Prudential Agreement, the
initial spread over comparable average life U.S. treasuries at time of
commitment

 

6

 

to purchase
such Prudential Notes above the Reinvestment Yield, as it would otherwise be
calculated under the Prudential Agreement.

 

“Notes” means the Bank Notes and the
Prudential Notes.

 

“Obligations” means (i) the Bank Agreement
Obligations, (ii) the Swap Agreement Obligations and (iii) the Prudential
Agreement Obligations.

 

“Person” means any natural person,
corporation, limited liability company, trust, joint venture, association,
company, partnership, governmental agency or authority or other entity.

 

“PICA” has the meaning assigned to such term
in the preamble of this Agreement.

 

“Pledge Agreements” means the Bank Pledge
Agreements, the Prudential Pledge Agreements, and all Additional Pledge
Agreements.

 

“Proportionate Share” means a fraction (i)
the numerator of which is the sum of the Indebtedness owing to such Lender plus
the Swap Amount and/or Make-Whole Amount owing to such Lender and (ii) the
denominator of which is the sum of the Indebtedness owing to all Lenders plus
the Swap Amount and/or Make-Whole Amount owing to all Lenders;

 

“Pruco” has the meaning assigned to such term
in the preamble of this Agreement.

 

“Prudential” has the meaning assigned to
such term in the preamble of this Agreement.

 

“Prudential Affiliate” means (i) any
corporation or other entity controlling, controlled by, or under common control
with, Prudential either directly or through subsidiaries and (ii) any managed
account or investment fund which is managed by Prudential or a Prudential
Affiliate described in clause (i) of this definition.  For purposes of this definition, the terms “control”, “controlling”
and “controlled” shall mean the ownership, directly or through subsidiaries, of
a majority of a corporation’s or other entity’s Voting Stock or equivalent
voting securities or interests.

 

“Prudential Agreement” has the meaning
assigned to such term in the preamble of this Agreement.

 

“Prudential Agreement Obligations” means the
unpaid principal of, interest on and “Yield Maintenance Amount” as defined in
the Prudential Agreement, if any, on the Prudential Notes and all other
obligations and liabilities of any of the Debtor Parties to the holders from
time to time of the Prudential Notes (including, without limitation, interest
accruing at the then applicable rate provided in the Prudential Agreement, as
from time to time supplemented, amended or restated, or the Prudential Notes, as applicable, after the maturity
thereof and interest accruing at the then applicable rate provided in the
Prudential Agreement or the Prudential Notes, as applicable, after the filing
of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to any of the Debtor Parties,
whether or not a claim for post-filing or post-petition interest is allowed in
such proceeding), whether direct or indirect, absolute or contingent, due or to
become due, or now existing or hereafter incurred,

 

7

 

which may
arise under, out of, or in connection with, the Prudential Agreement, any
Prudential Notes or any other document made, delivered or given in connection
therewith, whether on account of principal, interest, Make-Whole Amount, fees,
indemnities, costs, expenses or otherwise (including, without limitation, all
fees and disbursements of counsel to any holder(s) of the Prudential Notes that
are required to be paid by the Debtor Parties pursuant to the terms of this
Agreement, the Prudential Agreement, the Prudential Notes or any other document
made, delivered or given in connection therewith).

 

“Prudential Guaranties” has the meaning
assigned to such term in the preamble of this Agreement.

 

“Prudential Notes” means the 7.61% Senior
Notes due July 28, 2007 (the “7.61%
Notes”), the 9.24% Senior Notes due October 27, 2004 (the “9.24% Notes”), the 6.36% Senior Notes,
Series H, due January 17, 2008 (the “6.36%
Notes”), the 5.92% Senior Notes, Series I, due June 30, 2011
(the “5.92% Notes”), and any
additional Senior Notes issued pursuant to the Prudential Agreement or in
replacement thereof.

 

“Prudential Pledge Agreements” has the
meaning assigned to such term in the preamble of this Agreement.

 

“Subject Guaranties” means the Bank
Guaranty, the Prudential Guaranties and the Additional Guaranties.

 

“Subject Guaranty Excess Amount” has the
meaning assigned to such term in Section 2 of this Agreement.

 

“Subsidiary Pledge Agreement” has the
meaning assigned to such term in the preamble of this Agreement

 

“Security Documents” means the Pledge
Agreements.

 

“Security Document Excess Amount” has the
meaning assigned to such term in Section 3 of this Agreement.

 

“Swap Agreement Obligations”  means any amounts that, at the time in
question, are due and payable to any Swap Lender under any Swap Contract.

 

“Swap Amount” means with respect to each
Swap Lender on each Calculation Date and on each Determination Date, the Swap
Termination Value under all Swap Contracts which would be due and owing
thereunder to such Swap Lender on such Calculation Date or Determination Date
if any such Swap Contract were terminated on such date whether or not such Swap
Amount is actually due and owing on such date.

 

“Swap Lender” means with respect to any
Calculation Date or any Determination Date, each Lender that is a party to a
Swap Contract with the Company or an Affiliate of the Company on such date.

 

8

 

“Swap Contract” means (a) any and all rate
swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts,
equity or equity index swaps or options, bond or bond price or bond index swaps
or options or forward bond or forward bond price or forward bond index
transactions, interest rate options, forward foreign exchange transactions, cap
transactions, floor transactions, collar transactions, currency swap
transactions, cross-currency rate swap transactions, currency options, spot
contracts, or any other similar transactions or any combination of any of the
foregoing (including any options to enter into any of the foregoing), whether
or not any such transaction is governed by or subject to any master agreement,
and (b) any and all transactions of any kind, and the related confirmations,
which are subject to the terms and conditions of, or governed by, any form of
master agreement published by the International Swaps and Derivatives
Association, Inc., any International Foreign Exchange Master Agreement, or any
other master agreement (any such master agreement, together with any related
schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement.

 

“Swap Termination Value” means, in respect
of any one or more Swap Contracts, after taking into account the effect of any
legally enforceable netting agreement relating to such Swap Contracts, (a) for
any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination
value(s), and (b) for any date prior to the date referenced in clause (a), the
amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as
determined based upon one or more mid-market or other readily available
quotations provided by any recognized dealer in such Swap Contracts (which may
include a Lender or any Affiliate of a Lender).

 

“Voting Stock”  means, with respect to any corporation, any shares of stock
of such corporation whose holders are entitled under ordinary circumstances to
vote for the election of directors of such corporation (irrespective of whether
at the time stock of any other class or classes shall have or might have voting
power by reason of the happening of any contingency).

 

2.                                       Subject
Guaranties.  If, after the
occurrence and during the continuance of a “Default” or “Event of Default”
under any Credit Agreement (as “Default” or “Event of Default” is defined in
each Credit Agreement) any Lender shall at any time obtain any payment or other
recovery (whether voluntary, involuntary, by application of setoff or
otherwise) from any Guarantor pursuant to a Subject Guaranty (each date on which
a Lender receives any such payment or recovery is herein called a “Calculation Date”) in excess of its
Proportionate Share calculated as of such date of payments or other recoveries
then or therewith obtained by all Lenders with respect to the Subject Guaranties,
such Lender shall purchase from the other Lenders such participation(s) in the
Indebtedness (and interest thereon) of the Company held by such other Lenders
that is guaranteed pursuant to such other Lenders’ Subject Guaranty or Subject
Guaranties, as shall be necessary to cause such purchasing Lender to share such
payment or other recovery ratably with such selling Lenders; provided, however,
that if all or any portion of such payment or other recovery is thereafter
recovered from such purchasing Lender, the purchase shall be rescinded, and
each selling Lender shall repay to the purchasing Lender the purchase price, to
the ratable extent of such recovery, together with an amount equal to such
selling Lender’s ratable share (according to the proportion of (x) the amount
of such selling

 

9

 

Lender’s
required repayment to the purchasing Lender to (y) the total amount so
recovered from the purchasing Lender) of any interest or other amount paid or
payable by the purchasing Lender in respect of the total amount so
recovered.  Notwithstanding the
foregoing, if a Swap Amount is not due and owing on a Calculation Date or does
not actually become due and owing within 30 days of such Calculation Date, and
as a result of the inclusion of the Swap Amount in calculating a Swap Lender’s
Proportionate Share, such Swap Lender receives a greater portion of any payment
or other recovery from any Guarantor than it would have if the Swap Amount had
not been included in such calculation (such amount is herein called a “Subject Guaranty Excess Amount”), then such
Swap Lender shall immediately purchase from each other Lender such
participation(s) in the Indebtedness (and interest thereon) of the Company held
by such other Lender that is guaranteed pursuant to such other Lender’s Subject
Guaranty or Subject Guaranties in an amount equal to such other Lender’s
Proportionate Share as of such Calculation Date (after being recalculated to
exclude the Swap Amount) of the Subject Guaranty Excess Amount plus such other
Lender’s Proportionate Share of any interest earned by the Swap Lender on such
Subject Guaranty Excess Amount.

 

3.                                       Security
Documents.  If any Lender shall at
any time obtain any payment or other recovery (whether voluntary, involuntary,
or otherwise) under a Security Document (each date on which a Lender receives
any such payment or recovery is herein called a “Determination Date”) in excess of its Proportionate Share
calculated as of such date of payments or other recoveries then or therewith
obtained by all Lenders under a Security Document, such Lender shall purchase
from the other Lenders such participation(s) in the Indebtedness (and interest
thereon) of the Company held by such other Lenders that is secured by the Security
Documents, as shall be necessary to cause such purchasing Lender to share such
payment or other recovery ratably with such selling Lenders; provided, however,
that if all or any portion of such payment or other recovery is thereafter
recovered from such purchasing Lender, the purchase shall be rescinded, and
each selling Lender shall repay to the purchasing Lender the purchase price, to
the ratable extent of such recovery, together with an amount equal to such
selling Lender’s ratable share (according to the proportion of (x) the amount
of such selling Lender’s required repayment to the purchasing Lender to (y) the
total amount so recovered from the purchasing Lender) of any interest or other
amount paid or payable by the purchasing Lender in respect of the total amount
so recovered.  Notwithstanding the
foregoing, if a Swap Amount is not due and owing on a Determination Date or
does not actually become due and owing within 30 days of such Determination
Date, and as a result of the inclusion of the Swap Amount in calculating a Swap
Lender’s Proportionate Share, such Swap Lender receives a greater portion of
any payment or other recovery with respect to the Collateral under any Security
Documents than it would have if the Swap Amount had not been included in such
calculation (such amount is herein called a “Security
Document Excess Amount”), then such Swap Lender shall immediately
purchase from each other Lender such participation(s) in the Indebtedness (and
interest thereon) of the Company held by such other Lender that is secured
under such other Lender’s Security Document in an amount equal to such other
Lender’s Proportionate Share as of such Determination Date (after being
recalculated to exclude the Swap Amount) of the Security Document Excess Amount
plus such other Lender’s Proportionate Share of any interest earned by the Swap
Lender on such Security Document Excess Amount.

 

10

 

4.                                       Consent
and Agreement.  Each of the Company
and each Guarantor, by signing the Consent and Agreement attached hereto,
agrees that each Lender so purchasing a participation from another Lender
pursuant to Section 2 or 3 hereof may, to the fullest extent permitted by
law, exercise all its rights of payment (including rights of setoff) with
respect to such participation as fully as if such Lender were the direct
creditor of the Company and such Guarantor in the amount of such
participation.  By its execution of the
Consent and Agreement, the Company hereby agrees that it shall cause each
Additional Guarantor and each Additional Pledgor to execute and deliver to
Lenders a Consent and Agreement substantially in the form attached hereto
concurrently with the delivery of its respective Additional Guaranty or
Additional Pledge Agreement, as applicable.

 

5.                                       Bankruptcy
Claims.  If under any applicable
bankruptcy, insolvency or other similar law, any Lender receives a secured
claim in lieu of a setoff to which Section 3 hereof applies, such Lender
shall exercise its rights in respect of such secured claim in a manner
consistent with the rights of the other Lenders in accordance with
Section 3 hereof.

 

6.                                       Perfection
and Priority.  All security
interests of the Lenders in the Collateral shall be pari passu
regardless of the order of filing of any financing statements with respect
thereto or the taking of any other action relevant to the determination of the
perfection or priority of such security interests.  Except for the filings to be made by the Agent on behalf of the
Banks, each Lender shall be responsible for the preparation and filing of its
respective financing statement covering the Collateral.  The Lenders hereby direct the Agent to
receive and maintain physical possession, of all certificates (the “Certificates”) evidencing the Collateral.  The Agent will hold the Certificates to
perfect each Lender’s security interest in the Collateral.  The Agent will hold the Certificates in its
capacity as collateral agent for the Lenders.

 

7.                                       Collateral
Agent Appointment, Powers, and Immunities.

 

(a)                                  Each
Lender hereby irrevocably appoints and authorizes Bank of America, N.A. to act
as Collateral Agent under the Security Documents on the terms and conditions
set forth in this Agreement and any other Security Documents (including,
without limitation, the Bank Pledge Agreements and any Additional Pledge
Agreements), as applicable, in the name of and for the benefit of the Lenders,
and Bank of America, N.A., hereby accepts such appointment and shall have all
of the rights and obligations of the Collateral Agent hereunder and under the
Security Documents.

 

(b)                                 Each
Lender hereby authorizes Collateral Agent to do the following in accordance
with the terms of this Agreement and the Security Documents:

 

(i)                                     to
receive all documents and items to be furnished from time to time to Collateral
Agent or any Lender under the Security Documents;

 

(ii)                                  to
distribute to the Lenders information, requests, documents, and other items
received from the Company and other Persons under the Security Documents;

 

11

 

(iii)                               to
execute and deliver to the Company and other Persons requests, demands,
notices, approvals, consents, waivers, and other communications received from
Lenders in connection with the Security Documents and herewith subject to the
terms and conditions set forth therein and herein;

 

(iv)                              to
receive on behalf of each of the Lenders any payment of monies paid to
Collateral Agent in accordance with this Agreement and the Security Documents,
and to distribute to each Lender in accordance with the terms of this Agreement
such Lender’s share of all payments so received based upon such Lender’s
Proportionate Share;

 

(v)                                 to
act on behalf of Lenders at the direction of any Lender to maintain the
perfection and priority of the Liens created under the Security Documents;

 

(vi)                              subject
to the terms and conditions of the Security Documents and this Agreement, to
exercise on behalf of each Lender all remedies of Lenders under the Security
Documents upon the occurrence of any Acceleration Event; and

 

(vii)                           subject
to the terms and conditions of the Security Documents and this Agreement, to
take such other actions as may be directed by Majority Lenders as are
reasonably incident to any powers granted to Collateral Agent hereunder, including
but not limited to any action described in Sections 8 and 9(a) hereof.

 

8.                                       Enforcement
Against Collateral; Application of Proceeds from Collateral.

 

(a)                                  Prior
to the occurrence of an Acceleration Event, no Lender shall exercise any remedy
or other right available to it with respect to any Collateral.  Concurrently with the occurrence of any
event described in either clause (i) or (ii) of the definition of Acceleration
Event, the Lender whose Note has matured and has not been paid at maturity or
so accelerating its Note, as the case may be, shall give written notice of such
Acceleration Event to the Agent, in its capacity as Collateral Agent, and each
other Lender.

 

(b)                                 The
Lenders agree among themselves and for their own benefit alone that the liens
and security interests granted and provided for in the Security Documents shall
not be enforced against any of the Collateral except at the direction of the
Majority Lenders upon the occurrence of one or more Acceleration Events and in
compliance with the provisions hereof. Each Lender agrees that, as long as any
Indebtedness exists or may become outstanding pursuant to the terms of the
Finance Documents, the provisions of this Agreement shall provide the exclusive
method by which any Lender may exercise rights and remedies under the Security
Documents.

 

(c)                                  Upon
the occurrence of any Acceleration Event and the Collateral Agent’s actual
knowledge of or receipt of a notice of Acceleration Event, the Collateral
Agent, at the direction of the Majority Lenders, shall seek to realize upon the
security interests and liens granted to the Collateral Agent and/or any Lenders
under the Security Documents in such manner as shall be directed by the
Majority Lenders. Whether before or after any Acceleration Event, subject to
the terms and conditions hereof, the Collateral Agent shall (except to the
limited extent provided in

 

12

 

the last
sentence of Section 9(e)) act only on the directions of the Majority
Lenders with respect to the preservation, protection, collection or realization
upon any Collateral.  Notwithstanding
the foregoing, in the event that the Collateral Agent deems (in its reasonable
discretion) that the provisions of this Agreement are not adequate to protect
the Collateral Agent against the liabilities associated with any of the actions
described above, then the Collateral Agent may refuse to take such action until
such time as the Lenders have granted to Collateral Agent additional security
or indemnifications satisfactory to Collateral Agent in its reasonable
discretion to protect it against such liabilities.

 

(d)                                 Whenever
Collateral Agent applies any cash proceeds received by Collateral Agent in
respect of any sale of, collection from, or other realization upon all or any
part of the Collateral, the same shall be applied in the following order:

 

(i)                                     To
the repayment of all costs and expenses, including reasonable attorneys’ fees
and legal expenses, incurred by Collateral Agent in connection with (1) the administration
of the Security Documents, (2) the custody, preservation, use or operation of,
or the sale of, collection from, or other realization upon, any Collateral, (3)
the exercise or enforcement of any of the rights of Collateral Agent hereunder
or under the Security Documents, or (4) the failure of the Company or any
Affiliate of the Company to perform or observe any of the provisions of the
Security Documents and to any Indemnified Liabilities and reimbursements due
Collateral Agent under Section 9(g);

 

(ii)                                  To
the payment or other satisfaction of any Liens, encumbrances, or adverse claims
upon or against any of the Collateral that are prior to those of the Collateral
Agent or which Collateral Agent is otherwise required to pay under applicable
law;

 

(iii)                               To
the reimbursement of Collateral Agent for the amount of any obligations of the
Company or any Affiliate of the Company that are prior to those of the
Collateral Agent or which Collateral Agent is otherwise required to pay under
applicable law and are paid or discharged by Collateral Agent (other than
amounts for principal and interest under the Notes) pursuant to the provisions
hereof or of the Security Documents, and of any expenses of Collateral Agent
payable by the Company or any Affiliate of the Company hereunder or thereunder;

 

(iv)                              To
the satisfaction the Obligations of the Lenders, to each Lender in accordance
with such Lender’s Proportionate Share;

 

(v)                                 To
the payment or prepayment of any other Obligations of a Lender not included in
subsection (iv) above, which payment shall be made ratably to each Lender
in accordance with its pro rata share of such Obligations;

 

(vi)                              To
the payment of any other amounts required by applicable law (including any
provision of the UCC); and

 

13

 

(vii)                           By
delivery to the Company or to whomever shall be lawfully entitled to receive
the same or as a court of competent jurisdiction shall direct.

 

The provisions
of this Section 8(d) are intended solely to establish the manner and
amount of distribution of proceeds as among the Lenders.  The provisions of this Agreement are not
intended, as among the Banks, to modify or amend the manner of application of
funds as set forth in the Bank Agreement and related documents or to modify or
amend the manner of application of funds as set forth in the Prudential
Agreement and related documents.  Any
amounts distributable hereunder to a Lender shall be applied in accordance with
the priorities set forth in the applicable Finance Documents, regardless of how
such payments are characterized or the order of priority under this
Section 8(d).

 

(e)                                  Whenever
Collateral Agent in good faith determines that it is uncertain about how to
distribute to Lenders any funds which it has received, or whenever Collateral
Agent in good faith determines that there is any dispute among Lenders about
how such funds should be distributed, Collateral Agent may choose to defer
distribution of the funds which are the subject of such uncertainty or dispute.  If Collateral Agent in good faith believes
that the uncertainty or dispute will not be promptly resolved, or if Collateral
Agent is otherwise required to invest funds pending distribution to Lenders,
Collateral Agent shall invest such funds pending distribution; all interest on
any such investment shall be distributed upon the distribution of such
investment and in the same proportion and to the same Persons as such
investment.  All moneys received by
Collateral Agent for distribution to Lenders shall be held by Collateral Agent
pending such distribution solely as Collateral Agent for such Lenders, and
Collateral Agent shall have no equitable title to any portion thereof except in
its separate capacity as a Lender.

 

9.                                       Provisions
Concerning Collateral Agent.

 

(a)                                  Duties
as Collateral Agent. 
Notwithstanding any provision to the contrary contained elsewhere herein
or in any other Finance Document, the Collateral Agent shall not have any
duties or responsibilities, except those expressly set forth herein, nor shall
the Collateral Agent have or be deemed to have any fiduciary relationship with
any Lender or participant, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Finance Document or otherwise exist against the
Collateral Agent.  Without limiting the
generality of the foregoing sentence, the use of the term “agent” herein with
reference to the Collateral Agent is not intended to connote any fiduciary or
other implied (or express) obligations arising under agency doctrine of any
applicable law.  Instead, such term is
used merely as a matter of market custom, and is intended to create or reflect
only an administrative relationship between independent contracting
parties.  The Lenders irrevocably
authorize the Collateral Agent, at its option and in its discretion, to release
any lien on or security interest in any Collateral (i) if the property subject
to such lien or security interest is permitted to be sold or otherwise transferred
pursuant to both the Bank Agreement and the Prudential Agreement or such lien
is otherwise permitted to be released pursuant to such Credit Agreements and
(ii) upon termination of and payment in full of all Obligations (other than
contingent indemnification obligations, including but not limited to
obligations of the Debtor Parties under the Swap Agreements that are not yet
due).

 

14

 

(b)                                 Delegation
of Duties.  The Collateral Agent may
execute any of its duties under this Agreement or any Security Document by or
through agents, employees or attorneys-in-fact and shall be entitled to advice
of counsel and other consultants or experts concerning all matters pertaining
to such duties.  The Collateral Agent
shall not be responsible for the negligence or misconduct of any agent or
attorney-in-fact that it selects in the absence of gross negligence or willful
misconduct.

 

(c)                                  Liability
of Collateral Agent.  No Collateral
Agent-Related Person shall (a) be liable for any action taken or omitted to be
taken by any of them under or in connection with this Agreement or any Security
Document or the transactions contemplated hereby and thereby including but not limited to those arising from its
own negligence  (except for its own
gross negligence or willful misconduct in connection with its duties expressly
set forth herein), or (b) be responsible in any manner to any Lender
or participant for any recital, statement, representation or warranty made by
the Company, any of the Company’s Affiliates or any officer thereof, contained
herein or in any other Security Document, or in any certificate, report,
statement or other document referred to or provided for in, or received by the
Collateral Agent under or in connection with, this Agreement or any Security
Document, or the validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement or any Security Document, or for any failure of
the Company or any of its Affiliates to perform its obligations hereunder or
thereunder.  No Collateral Agent-Related
Person shall be under any obligation to any Lender or participant to ascertain
or to inquire as to the observance or performance of any of the agreements
contained in, or conditions of, this Agreement or any Security Document, or to
inspect the properties, books or records of the Company or any of its
Affiliates.

 

(d)                                 Reliance
by Collateral Agent.  The Collateral
Agent shall be entitled to rely, and shall be fully protected in relying, upon
any writing, communication, signature, resolution, representation, notice,
consent, certificate, affidavit, letter, telegram, facsimile, telex or
telephone message, electronic mail message, statement or other document or
conversation reasonably believed by it to be genuine and correct and to have
been signed, sent or made by the proper Person or Persons, and upon advice and
statements of legal counsel (including counsel to the Company or any of its
Affiliates), independent accountants and other experts selected by the
Collateral Agent.  The Collateral Agent
shall be fully justified in failing or refusing to take any action under any
Security Document unless it shall first receive such advice or concurrence of
the Majority Lenders as it deems appropriate and, if it so requests, it shall
first be indemnified to its satisfaction by the Lenders against any and all
liability and expense which may be incurred by it by reason of taking or
continuing to take any such action.  The
Collateral Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Agreement or any Security Document in
accordance with a request or consent of the Majority Lenders (or such greater
number of Lenders as may be expressly required hereby in any instance) and such
request and any action taken or failure to act pursuant thereto shall be
binding upon all the Lenders.

 

(e)                                  Notice
of Default.  The Collateral Agent
shall not be deemed to have knowledge or notice of the occurrence of any
Acceleration Event or any “Default” or “Event of Default” under any Credit
Agreement or Security Document (as “Default” or “Event of Default” is defined
in each Credit Agreement and Security Document), except with respect to
defaults in the payment of principal, interest and fees required to be paid to the
Collateral Agent, acting in its

 

15

 

capacity as
“Administrative Agent” under the Bank Agreement, as for the account of the
Banks, or unless the Collateral Agent shall have received written notice from a
Lender or the Company, describing such “Default” or “Event of Default” and
stating that such notice is a “notice of default.”  The Collateral Agent will notify the Lenders of its receipt of
any such notice.  The Collateral Agent
shall take such action with respect to the Collateral after any such “Default”
or “Event of Default” as may be directed by the Majority Lenders in accordance
with the terms hereof.  Unless and until
the Collateral Agent has received any such direction, the Collateral Agent
shall not be obligated to take such action with respect to such “Default” or
“Event of Default”.  Furthermore, the
Collateral Agent may (but shall not be obligated to) take action hereunder to
the extent necessary to maintain insurance on the Collateral or otherwise
protect the Collateral from damage or destruction.

 

(f)                                    Credit
Decision; Disclosure of Information by Collateral Agent.  Each Lender acknowledges that no Collateral
Agent-Related Person has made any representation or warranty to it, and that no
act by the Collateral Agent hereafter taken, including any consent to and
acceptance of any assignment or review of the affairs of the Company or any of
its Affiliates, shall be deemed to constitute any representation or warranty by
any Collateral Agent-Related Person to any Lender as to any matter, including
whether Collateral Agent-Related Persons have disclosed material information in
their possession.  Each Lender
represents to the Collateral Agent that it has, independently and without
reliance upon any Collateral Agent-Related Person and based on such documents
and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, prospects, operations, property, financial and
other condition and creditworthiness of the Company and its Affiliates, and all
applicable bank or other regulatory laws relating to the transactions
contemplated hereby, and made its own decision to enter into the Finance
Documents and this Agreement and to extend credit to the Company under its Credit
Agreement.  Each Lender also represents
that it will, independently and without reliance upon any Collateral
Agent-Related Person and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under this Agreement
and the other Finance Documents, and to make such investigations as it deems
necessary to inform itself as to the business, prospects, operations, property,
financial and other condition and creditworthiness of the Company.  Except for notices, reports and other
documents expressly required to be furnished to the Lenders by the Collateral
Agent herein (or required to be furnished to the Banks by the Agent, in its
capacity as “Administrative Agent” under the Bank Agreement), the Collateral
Agent shall not have any duty or responsibility to provide any Lender with any
credit or other information concerning the business, prospects, operations,
property, financial and other condition or creditworthiness of any of the
Company or its Affiliates which may come into the possession of any Collateral
Agent-Related Person.

 

(g)                                 Indemnification
of Collateral Agent.  The Lenders
shall indemnify upon demand each Collateral Agent-Related Person (to the extent
not reimbursed by or on behalf of the Company or any of its Affiliates and
without limiting the obligation of the Company or any of its Affiliates to do
so), to the extent of each Lender’s Proportionate Share, and hold harmless each
Collateral Agent-Related Person from and against any and all Indemnified
Liabilities incurred by it, including but not
limited to those arising from its own negligence;  provided,
however, that no Lender shall be liable for the payment to any
Collateral Agent-Related Person of

 

16

 

any
portion of such Indemnified Liabilities to the extent determined in a final,
nonappealable judgment by a court of competent jurisdiction to have resulted
from such Collateral Agent-Related Person’s own gross negligence or willful
misconduct; provided, however, that no
action taken in accordance with the directions of the Majority Lenders shall be
deemed to constitute gross negligence or willful misconduct for purposes of
this Section.  Without limitation of the
foregoing, each Lender shall reimburse the Collateral Agent upon demand for its
ratable share of any costs or out-of-pocket expenses (including reasonable
attorney’s fees and expenses) incurred by the Collateral Agent in connection
with the preparation, execution, delivery, administration, modification,
amendment or enforcement (whether through negotiations, legal proceedings or
otherwise) of, or legal advice in respect of rights or responsibilities under,
this Agreement or any Security Document to the extent that the Collateral Agent
is not reimbursed for such expenses by or on behalf of the Company.  The undertaking in this Section shall
survive termination of the Indebtedness. 
Notwithstanding anything herein to
the contrary, the parties hereto agree that the obligations of each holder of a
Prudential Note to Collateral Agent under this Section 9(g) shall be
limited to the amount of the proceeds of the Collateral it receives hereunder,
under the Security Documents or from any other source that is attributable to
the Collateral.

 

(h)                                 Collateral
Agent in its Individual Capacity. 
Bank of America, N.A. (“Bank of America”) and its Affiliates may make
loans to, issue letters of credit for the account of, accept deposits from,
acquire equity interests in and generally engage in any kind of banking, trust,
financial advisory, underwriting or other business with the Company and its
Affiliates as though Bank of America were not the Collateral Agent hereunder
and without notice to or consent of the Lenders.  The Lenders acknowledge that, pursuant to such activities, Bank
of America or its Affiliates may receive information regarding the Company or
its Affiliates (including information that may be subject to confidentiality
obligations in favor of the Company or such Affiliate) and acknowledge that the
Collateral Agent shall be under no obligation to provide such information to
them.  With respect to the Collateral,
Bank of America shall have the same rights and powers under this Agreement and
the Security Documents as any other Lender and may exercise such rights and
powers as though it were not the Collateral Agent, and the terms “Lender” and
“Lenders” include Bank of America in its individual capacity.

 

(i)                                     Successor
Collateral Agent.  The Collateral
Agent may resign as Collateral Agent upon not less than 60 days’ notice to the
Lenders, with such resignation to take effect upon the acceptance by a
successor Collateral Agent of its appointment as the Collateral Agent
hereunder.  In addition, the Majority
Lenders may remove the Collateral Agent by giving written notice thereof to the
Collateral Agent at least 30 days’ prior to the effective date of such removal.
Upon any such resignation or removal, the Majority Lenders shall have the right
to appoint a successor Collateral Agent. 
If no successor Collateral Agent shall have been so appointed and shall
have accepted such appointment in writing within 30 days after the retiring
Collateral Agent’s giving of notice of resignation or its removal, then the
retiring Collateral Agent may, on behalf of the Lenders, appoint a successor
Collateral Agent which meets the eligibility requirements of Section 9(k),
and the Debtor Parties agree to pay such reasonable fees and expenses of any
such appointee as shall be necessary to induce such appointee to agree to
become a successor Collateral Agent hereunder. Upon acceptance of appointment
as Collateral Agent, such successor shall thereupon and forthwith succeed to
and become vested with all the rights, powers and

 

17

 

privileges,
immunities and duties of the retiring Collateral Agent, the term “Collateral
Agent” shall mean such successor Collateral Agent, and the retiring Collateral
Agent, upon the transferring and setting over to such successor Collateral
Agent all rights, moneys and other collateral held by it in its capacity as
Collateral Agent, shall be discharged from its duties and obligations
hereunder.  After any retiring
Collateral Agent’s resignation or removal hereunder as Collateral Agent, the
provisions of this Section 9 shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was Collateral Agent under this
Agreement.

 

(j)                                     Succession
of Successor Collateral Agent.  Any
successor Collateral Agent appointed hereunder shall execute, acknowledge and
deliver to the Debtor Parties, the Banks, the holders of the Prudential Notes
and the predecessor Collateral Agent an instrument accepting such appointment,
and thereupon such successor Collateral Agent, without any further act, deed,
conveyance or transfer, shall become vested with the title to the Collateral,
and with all the rights, powers, duties and obligations of the predecessor
Collateral Agent in the trust hereunder, with like effect as if originally
named as Collateral Agent herein.  Upon
the request of any such successor Collateral Agent, the Debtor Parties and the
predecessor Collateral Agent shall promptly execute and deliver such instruments
of conveyance and further assurance reflecting terms consistent with the terms
of the Finance Documents then in effect and do such other things as may
reasonably be required for more fully and certainly vesting and confirming in
such successor Collateral Agent its interest in the Collateral and all such
rights, powers, duties and obligations of the predecessor Collateral Agent
hereunder, and the predecessor Collateral Agent shall also promptly assign and
deliver to the successor Collateral Agent any Collateral subject to the lien
and security interest of this Agreement which may then be in its possession.

 

(k)                                  Eligibility
of Designated Replacement Collateral Agent.  Any successor Collateral Agent appointed by a retiring Collateral
Agent pursuant to Section 9(i) shall be a state or national bank or trust
company in good standing, organized under the laws of the United States of
America or of any state, having a capital, surplus and undivided profits
aggregating at least $500,000,000 and whose certificates of deposit have a
Satisfactory Rating, if there be such a bank or trust company willing and able
to accept the duties hereunder upon reasonable and customary terms.  As used in this Section 9(k), the term
“Satisfactory Rating” means, with respect to any Person, that such Person and
its bank deposits or other short term credit obligations have both a short-term
bank deposit rating of Prime-2 or better from Moody’s Investors Service, Inc.
and a short term credit obligation rating of A-3 or better from Standard and
Poor’s, a division of The McGraw-Hill Companies.

 

(l)                                     Successor
Collateral Agent by Merger.  Any
corporation into which the Collateral Agent may be merged or with which it may
be consolidated, or any corporation resulting from any merger or consolidation
to which the Collateral Agent shall be a party, or any state or national bank
or trust company in any manner succeeding to the corporate trust business of
the Collateral Agent as a whole or substantially as a whole shall be the
successor of the Collateral Agent hereunder without the execution or filing of
any paper or any further act on the part of any of the parties hereto, anything
to the contrary contained herein notwithstanding.

 

10.                                 Unconditional
Agreement.  This Agreement shall in
all respects be a continuing, absolute, unconditional and irrevocable
agreement, and shall remain in full force and effect until

 

18

 

the payment in
full of all Obligations (other than contingent obligations, including but not
limited to obligations of the Debtor Parties under Swap Agreements which are
not yet due) satisfied in full, all obligations of all Lenders to the other
Lenders hereunder shall have been satisfied in full and all Security Documents
have been terminated.  Each Lender
agrees that this Agreement shall continue to be effective or be reinstated, as
the case may be, if at any time any payment (in whole or in part) of any of the
obligations of the Company, any of the Guarantors or any of the Additional
Guarantors is rescinded or must otherwise be restored by any Lender, upon the
insolvency, bankruptcy or reorganization of the Company, any of the Guarantors
or any of the Additional Guarantors or otherwise, as though such payment had
not been made.

 

11.                                 Representations
and Warranties of Bank.  In order to
induce the Initial Prudential Noteholders to enter into this Agreement, each of
the Banks and the Agent severally represent and warrant to the Initial
Prudential Noteholders that it has full corporate power, and has taken all
action necessary, to execute and deliver this Agreement and to fulfill its
respective obligations hereunder, and that no governmental or other
authorizations are required in connection herewith, and that this Agreement
constitutes its legal, valid and binding obligation, enforceable in accordance
with its terms, except as limited by bankruptcy, insolvency, reorganization,
moratorium, regulatory and similar laws of general application and by general
principles of equity.

 

12.                                 Representations
and Warranties of the Initial Prudential Noteholders.  In order to induce the Banks and the Agent
to enter into this Agreement, each Initial Prudential Noteholder represents and
warrants to the Banks and the Agent that it has full corporate power, and has
taken all action necessary, to execute and deliver this Agreement and to
fulfill its obligations hereunder, and that no governmental or other
authorizations are required in connection herewith, and that this Agreement
constitutes its legal, valid and binding obligation, enforceable in accordance
with its terms, except as limited by bankruptcy, insolvency, reorganization,
moratorium, regulatory and similar laws of general application and by general
principles of equity.

 

13.                                 Successors
and Assigns.  This Agreement shall
be binding upon, and inure to the benefit of and be enforceable by, the Lenders
and each of their respective successors, transferees and assigns.  Without limiting the generality of the
foregoing sentence, any Lender may assign or otherwise transfer (in whole or in
part) to any other person or entity the obligations of the Debtor Parties to
such Lender (with respect to the Banks, subject to the provisions of the Bank
Agreement and with respect to the holders of the Prudential Notes, subject to
the Prudential Agreement), and such other person or entity shall thereupon
become vested with all rights and benefits, and become subject to all the
obligations, in respect thereof granted to or imposed upon such Lender under
this Agreement, subject, however, to any contrary provisions in such assignment
or transfer (with respect to the Banks, subject to the provisions of the Bank
Agreement and with respect to the holders of the Prudential Notes, subject to
the Prudential Agreement).

 

14.                                 Benefit
of Agreement.  None of the
provisions of this Agreement shall inure to the benefit of any of the Debtor
Parties or any other Person other than the Lenders; consequently, neither the
Debtor Parties nor any other persons shall be entitled to rely upon, or to
raise as a

 

19

 

defense, in
any manner whatsoever, the provisions of this Agreement or the failure of any
Lender to comply with such provisions.

 

15.                                 Amendments
and Waivers.  No amendment to or
waiver of any provision of this Agreement, nor consent to any departure by any
Lender herefrom, shall in any event be effective unless the same shall be in
writing and signed by Majority Lenders, and each such waiver or consent shall
be effective only in the specific instance and for the specific purpose for which
given; provided, however, that without the consent of each
Lender, no such amendment, waiver or consent shall: (a) amend this
Section 15, (b) amend the definition of Proportionate Share or (c) change
Sections 2, 3, 6 or 8 in a manner that would alter the pari passu treatment of
the security interests of the Lenders, the order of priority or the pro rata
sharing of payments required thereby.

 

16.                                 Notices.  All notices and other communications
provided to any Lender under this Agreement shall be in writing or by facsimile
and addressed, delivered or transmitted to such Lender at its address or
facsimile number set forth (a) on Annex 1 hereto, or (b) at such other address
or facsimile number as may be designated by such Lender in a notice to the
other Lenders.  Any notice, if mailed
and properly addressed with postage prepaid or if properly addressed and sent
by prepaid courier service, shall be deemed given received; any notice, if
transmitted by facsimile, shall be deemed given when transmitted if actually
received, and the burden of proving receipt shall be on the transmitting
Lender.

 

17.                                 Remedies
Cumulative.  No failure or delay on
the part of any Lender in exercising any power or right under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power or right preclude any other or further exercise thereof of the
exercise of any other power or right. 
The remedies herein provided are cumulative and not exclusive of any
remedies provided by law.

 

18.                                 Integration.  Whenever possible each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be
prohibited by or invalid under such law, such provision shall be ineffective to
the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement.

 

19.                               NO
ORAL AGREEMENTS.  THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF TEXAS.  THIS AGREEMENT
CONSTITUTES THE ENTIRE UNDERSTANDING BETWEEN THE PARTIES HERETO WITH RESPECT TO
THE SUBJECT MATTER HEREOF AND SUPERSEDES ANY PRIOR AGREEMENTS, WRITTEN OR ORAL,
WITH RESPECT THERETO.

 

20.                               JURY
TRIAL.  EACH LENDER HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF,
UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE
OF DEALING, STATEMENTS (WHETHER

 

20

 

ORAL
OR WRITTEN) OR ACTIONS OF ANY LENDER IN CONNECTION HEREWITH.  EACH LENDER ACKNOWLEDGES AND AGREES THAT IT
HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS
PROVISION IS A MATERIAL INDUCEMENT FOR THE OTHER LENDERS ENTERING INTO THIS
AGREEMENT.

 

21.                                 Restatement.  This Agreement amends and restates in its
entirety the Existing Intercreditor Agreement.

 

22.                                 Counterparts.  This Agreement may be separately executed in
counterparts and by the different parties hereto in separate counterparts, each
of which when so executed shall be deemed to constitute one and the same
Agreement.  This Agreement may be duly executed
by facsimile or other electronic transmission.

 

23.                                 Return
and Release of Original Mortgage. 
Each party hereto that was a party to the Existing Intercreditor
Agreement agrees to return to the Borrower its original counterpart of the
Mortgage (as defined in the Existing Credit Agreement), to the extent
practicable.  Each such party hereby
further authorizes Collateral Agent to release all liens, security interests
and other rights and interests created by such Mortgage.

 

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

 

21

 

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

 

 

	
   

  	
  BANK OF
  AMERICA, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard
  L. Stein

  	
   

  
	
   

  	
   

  	
  Name:
  Richard L. Stein

  
	
   

  	
   

  	
  Title:
  Principal

  

 

 

	
   

  	
  BANK OF
  OKLAHOMA, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  M. Foncannon

  	
   

  
	
   

  	
   

  	
  Name: Thomas
  M. Foncannon

  
	
   

  	
   

  	
  Title:
  Senior Vice President

  

 

 

	
   

  	
  BNP PARIBAS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J.
  Onischuk

  	
   

  
	
   

  	
   

  	
  Name: J.
  Onischuk

  
	
   

  	
   

  	
  Title:
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Greg
  Smothers

  	
   

  
	
   

  	
   

  	
  Name: Greg
  Smothers

  
	
   

  	
   

  	
  Title: Vice
  President

  
					

 

 

	
   

  	
  COMERICA
  BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter L.
  Sefzik

  	
   

  
	
   

  	
   

  	
  Name: Peter
  L. Sefzik

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

 

	
   

  	
  COMPASS BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John M.
  Falbo

  	
   

  
	
   

  	
   

  	
  Name: John
  M. Falbo

  
	
   

  	
   

  	
  Title:
  Senior Vice President

  

 

 

	
   

  	
  KEYBANK
  NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  Rajan

  	
   

  
	
   

  	
   

  	
  Name: Thomas
  Rajan

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

 

	
   

  	
  JPMORGAN
  CHASE BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert
  C. Mertensotto

  	
   

  
	
   

  	
   

  	
  Name: Robert
  C. Mertensotto

  
	
   

  	
   

  	
  Title:
  ManagingDirector

  

 

 

	
   

  	
  THE ROYAL
  BANK OF SCOTLAND plc

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith
  Johnson

  	
   

  
	
   

  	
   

  	
  Name: Keith
  Johnson

  
	
   

  	
   

  	
  Title:
  Senior Vice President

  

 

 

	
   

  	
  UNION BANK
  OF CALIFORNIA, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kimberly
  Coil

  	
   

  
	
   

  	
   

  	
  Name:
  Kimberly Coil

  
	
   

  	
   

  	
  Title:
  Assistant Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ali
  Ahmed

  	
   

  
	
   

  	
   

  	
  Name: Ali
  Ahmed

  
	
   

  	
   

  	
  Title: Vice
  President

  
					

 

 

	
   

  	
  U.S. BANK
  NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kathryn
  A. Gaiter

  	
   

  
	
   

  	
   

  	
  Name:
  Kathryn A. Gaiter

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

 

	
   

  	
  WACHOVIA
  BANK, NATIONAL

  
	
   

  	
  ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Philip
  Trinder

  	
   

  
	
   

  	
   

  	
  Name: Philip
  Trinder

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

 

	
   

  	
  WELLS FARGO
  BANK, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Karen L.
  Rogers

  	
   

  
	
   

  	
   

  	
  Name: Karen
  L. Rogers

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

 

	
   

  	
  THE
  PRUDENTIAL INSURANCE COMPANY

  
	
   

  	
    OF
  AMERICA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian E.
  Lemons

  	
   

  
	
   

  	
   

  	
  Brian E.
  Lemons

  
	
   

  	
   

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PRUCO LIFE
  INSURANCE COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian E.
  Lemons

  	
   

  
	
   

  	
   

  	
  Brian E.
  Lemons

  
	
   

  	
   

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PRUDENTIAL
  INVESTMENT MANAGEMENT,

  
	
   

  	
    INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian E.
  Lemons

  	
   

  
	
   

  	
   

  	
  Brian E.
  Lemons

  
	
   

  	
   

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PRUCO LIFE
  INSURANCE COMPANY OF

  
	
   

  	
    NEW
  JERSEY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian E.
  Lemons

  	
   

  
	
   

  	
   

  	
  Brian E.
  Lemons

  
	
   

  	
   

  	
  Vice
  President

  
					

 

 

	
   

  	
  ING LIFE
  INSURANCE & ANNUITY COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Prudential
  Private Placement Investors, L.P.,

  
	
   

  	
   

  	
  (as
  Investment Advisor)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Prudential
  Private Placement Investors, Inc.,

  
	
   

  	
   

  	
  General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Brian E.
  Lemons

  	
   

  
	
   

  	
   

  	
   

  	
  Brian E.
  Lemons

  
	
   

  	
   

  	
   

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GIBRALTAR
  LIFE INSURANCE CO., LTD.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Prudential
  Investment Management (Japan),

  
	
   

  	
   

  	
  Inc., as
  Investment Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Prudential
  Investment Management, Inc.,

  
	
   

  	
   

  	
  as
  Sub-Adviser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Brian E.
  Lemons

  	
   

  
	
   

  	
   

  	
   

  	
  Brian E.
  Lemons

  
	
   

  	
   

  	
   

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  RGA
  REINSURANCE COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Prudential
  Private Placement Investors,

  
	
   

  	
   

  	
  L.P. (as
  Investment Advisor)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Prudential
  Private Placement Investors, Inc.

  
	
   

  	
   

  	
  (as its
  General Partner)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Brian E.
  Lemons

  	
   

  
	
   

  	
   

  	
   

  	
  Brian E.
  Lemons

  
	
   

  	
   

  	
   

  	
  Vice
  President

  

 

 

	
   

  	
  AMERICAN
  BANKERS LIFE ASSURANCE

  
	
   

  	
    COMPANY
  OF FLORIDA, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Prudential
  Private Placement Investors,

  
	
   

  	
   

  	
  L.P. (as
  Investment Advisor)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Prudential
  Private Placement Investors, Inc.

  
	
   

  	
   

  	
  (as its
  General Partner)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Brian E.
  Lemons

  	
   

  
	
   

  	
   

  	
   

  	
  Brian E.
  Lemons

  
	
   

  	
   

  	
   

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FORTIS
  BENEFITS INSURANCE COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Prudential
  Private Placement Investors,

  
	
   

  	
   

  	
  L.P. (as
  Investment Advisor)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Prudential
  Private Placement Investors, Inc.

  
	
   

  	
   

  	
  (as its
  General Partner)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Brian E.
  Lemons

  	
   

  
	
   

  	
   

  	
   

  	
  Brian E.
  Lemons

  
	
   

  	
   

  	
   

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CONNECTICUT
  GENERAL LIFE INSURANCE

  
	
   

  	
    COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Prudential
  Investment Management, Inc.,

  
	
   

  	
   

  	
  as
  Investment Manager

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Brian E.
  Lemons

  	
   

  
	
   

  	
   

  	
   

  	
  Brian E.
  Lemons

  
	
   

  	
   

  	
   

  	
  Vice
  President

  

 

 

CONSENT AND AGREEMENT

 

Each of the
undersigned hereby consents to Section 4, Section 7(a),
Section 9(i) and Section 9(j) of the foregoing Agreement as of the
date first written above.

 

 

	
   

  	
  WESTERN GAS
  RESOURCES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William
  J. Krysiak

  	
   

  
	
   

  	
   

  	
  William J.
  Krysiak

  
	
   

  	
   

  	
  Executive
  Vice President and

  
	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MIGC, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William
  J. Krysiak

  	
   

  
	
   

  	
   

  	
  William J.
  Krysiak

  
	
   

  	
   

  	
  Executive
  Vice President and

  
	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MGTC, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William
  J. Krysiak

  	
   

  
	
   

  	
   

  	
  William J.
  Krysiak

  
	
   

  	
   

  	
  Executive
  Vice President and

  
	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WESTERN GAS
  RESOURCES-TEXAS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William
  J. Krysiak

  	
   

  
	
   

  	
   

  	
  William J.
  Krysiak

  
	
   

  	
   

  	
  Executive
  Vice President and

  
	
   

  	
   

  	
  Chief
  Financial Officer

  

 

 

	
   

  	
  MOUNTAIN GAS
  RESOURCES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William
  J. Krysiak

  	
   

  
	
   

  	
   

  	
  William J.
  Krysiak

  
	
   

  	
   

  	
  Executive
  Vice President and

  
	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LANCE OIL
  & GAS COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William
  J. Krysiak

  	
   

  
	
   

  	
   

  	
  William J.
  Krysiak

  
	
   

  	
   

  	
  Executive
  Vice President and

  
	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WESTERN GAS
  WYOMING, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  WESTERN GAS
  RESOURCES, INC., its

  
	
   

  	
   

  	
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ William
  J. Krysiak

  	
   

  
	
   

  	
   

  	
   

  	
  William J.
  Krysiak

  
	
   

  	
   

  	
   

  	
  Executive
  Vice President and

  
	
   

  	
   

  	
   

  	
  Chief
  Financial Officer

  
							

 

 

Annex 1

 

ADDRESSES FOR NOTICE

 

	
  BANK OF AMERICA, N.A.

  
	
  901 Main
  Street, 14th Floor

  
	
  Dallas, TX
  75201

  
	
  Attn:

  	
  Ramon Presas

  
	
  Tel:

  	
  214.209.2642

  
	
  Fax:

  	
  214.290.8364

  
	
   

  	
   

  
	
  with a copy to:

  
	
  BANK OF AMERICA, N.A.

  
	
  700
  Louisiana, 8th Floor

  
	
  TX4-213-08-14

  
	
  Houston, TX
  77002

  
	
  Attn:

  	
  Richard Stein

  
	
  Tel:

  	
  713.247.7258

  
	
  Fax:

  	
  713.247.7286

  
	
   

  
	
   

  
	
  BANK OF OKLAHOMA, N.A.

  
	
  1625
  Broadway, Suite 1570

  
	
  Denver, CO
  80202

  
	
  Attn:

  	
  Thomas M. Foncannon

  
	
  Tel:

  	
  303.534.9461

  
	
  Fax:

  	
  303.534.9499

  
	
   

  	
   

  
	
  with a copy to:

  
	
  BANK OF OKLAHOMA, N.A.

  
	
  1625
  Broadway, Suite 1570

  
	
  Denver, CO 80202

  
	
  Attn:

  	
  Mary Anne Anderson

  
	
  Tel:

  	
  303.534.9465

  
	
  Fax:

  	
  303.534.9499

  
	
   

  	
   

  
	
   

  	
   

  
	
  BNP PARIBAS

  
	
  1220 Smith
  Street, Suite 3100

  
	
  Houston, TX
  77002

  
	
  Attn:

  	
  Joe Onischuk

  
	
  Tel:

  	
  713.982.1161

  
	
  Fax:

  	
  713.659.6915

  

 

 

	
  COMERICA BANK

  
	
  1601 Elm
  Street

  
	
  2nd
  Floor, MC 6593

  
	
  Dallas, TX
  75201

  
	
  Attn:

  	
  Peter L. Sefzik

  
	
  Tel:

  	
  214.969.6563

  
	
  Fax:

  	
  214.969.6561

  
	
   

  	
   

  
	
   

  	
   

  
	
  COMPASS BANK

  
	
  999 18th
  Street, #2800

  
	
  Denver, CO
  80202

  
	
  Attn:

  	
  John Falbo

  
	
  Tel:

  	
  303.217.2227

  
	
  Fax:

  	
  303.217.2288

  
	
   

  	
   

  
	
   

  	
   

  
	
  JPMORGAN CHASE BANK

  
	
  600 Travis,
  20th Floor

  
	
  Houston, TX
  77002

  
	
  Attn:

  	
  Bob Mertensotto

  
	
  Tel:

  	
  713.216.4147

  
	
  Fax:

  	
  713.216.8870

  
	
   

  	
   

  
	
   

  	
   

  
	
  KEYBANK NATIONAL ASSOCIATION

  
	
  8117 Preston
  Road

  
	
  Mail Code
  TX-07-14-0600

  
	
  Dallas,
  Texas 75225

  
	
  Attn:

  	
  Thomas Rajan

  
	
  Tel:

  	
  214.414.2580

  
	
  Fax:

  	
  214.414.2621

  
	
   

  	
   

  
	
   

  	
   

  
	
  THE ROYAL BANK OF SCOTLAND PLC

  
	
  600 Travis
  Street, Suite 6070

  
	
  Houston, TX
  77002

  
	
  Attn:

  	
  Matthew J. Main

  
	
  Tel:

  	
  713.221.2415

  
	
  Fax:

  	
  713.221.2430

  

 

2

 

	
  UNION BANK OF CALIFORNIA, INC.

  
	
  500 N.
  Akard, Suite 4200

  
	
  Dallas, TX
  75201

  
	
  Attn:

  	
  Kimberly Coil

  
	
  Tel:

  	
  214.922.4200

  
	
  Fax:

  	
  214.922.4209

  
	
   

  	
   

  
	
  with a copy to:

  
	
  UNION BANK OF CALIFORNIA, INC.

  
	
  601 Potrero
  Grande Dr., 1st Floor

  
	
  Monterey
  Park, CA 91754

  
	
  Attn:

  	
  An Cheng

  
	
  Tel:

  	
  323.720.7837

  
	
  Fax:

  	
  323.278.6173

  
	
   

  	
   

  
	
   

  	
   

  
	
  U.S. BANK NATIONAL ASSOCIATION

  
	
  918 17TH
  Street, 3rd Floor

  
	
  DNCOBB3E

  
	
  Denver, CO
  80202

  
	
  Attn:

  	
  Kathryn A. Gaiter

  
	
  Tel:

  	
  303.585.4210

  
	
  Fax:

  	
  303.585.4362

  
	
   

  	
   

  
	
   

  	
   

  
	
  WACHOVIA BANK, NATIONAL ASSOCIATION

  
	
  1001 Fannin
  Street, Suite 2255

  
	
  Houston, TX
  77002

  
	
  Attn:

  	
  Philip Trinder

  
	
  Tel:

  	
  713.346.2718

  
	
  Fax:

  	
  713.650.6354

  
	
   

  	
   

  
	
   

  	
   

  
	
  WELLS FARGO BANK, N.A.

  
	
  1740
  Broadway, 6th Floor

  
	
  MAC
  C7300-061

  
	
  Denver, CO
  80274

  
	
  Attn:

  	
  Patricia A. Ropers

  
	
  Tel:

  	
  303.863.5793

  
	
  Fax:

  	
  303.863.5196

  

 

3

 

	
  THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

  
	
  PRUCO LIFE INSURANCE COMPANY

  
	
  PRUDENTIAL INVESTMENT MANAGEMENT, INC.

  
	
  PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

  
	
  2200 Ross
  Avenue, Suite 4200E

  
	
  Dallas, TX
  75201

  
	
  Attn:

  	
  Ric Abel

  
	
  Tel:

  	
  214.720.6202

  
	
  Fax:

  	
  214.720.6299

  
	
   

  	
   

  
	
   

  	
   

  
	
  GIBRALTER LIFE INSURANCE CO., LTD.

  
	
  c/o
  Prudential Investment Management (Japan), Inc.

  
	
  2200 Ross
  Avenue, Suite 4200E

  
	
  Dallas, TX
  75201

  
	
  Attn:

  	
  Ric Abel

  
	
  Tel:

  	
  214.720.6202

  
	
  Fax:

  	
  214.720.6299

  
	
   

  	
   

  
	
   

  	
   

  
	
  ING LIFE INSURANCE & ANNUITY COMPANY

  
	
  RGA REINSURANCE COMPANY

  
	
  AMERICAN BANKERS LIFE ASSURANCE COMPANY OF FLORIDA, INC.

  
	
  FORTIS BENEFITS INSURANCE COMPANY

  
	
  c/o
  Prudential Private Placement Investors, L.P.

  
	
  4 Gateway
  Center, 100 Mulberry Street

  
	
  Newark NJ
  07102

  
	
  Attn:

  	
  Albert Trank

  
	
  Tel:

  	
  973.802.8608

  
	
  Fax:

  	
  973.624.6432

  
	
   

  	
   

  
	
   

  	
   

  
	
  CONNECTICUT GENERAL LIFE INSURANCE COMPANY

  
	
  c/o
  Prudential Investment Management, Inc.

  
	
  2200 Ross
  Avenue, Suite 4200E

  
	
  Dallas, TX
  75201

  
	
  Attn:

  	
  Ric Abel

  
	
  Tel:

  	
  214.720.6202

  
	
  Fax:

  	
  214.720.6299

  

 

4

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