Document:

Letter Agreement

 Exhibit 10.4 
 LETTER AGREEMENT 
 September 14, 2006 
 Energy Transfer Partners, L.P. 
 8801 South Yale Avenue 
 Tulsa, Oklahoma 74137 
 Ladies and Gentlemen: 
 Reference is hereby made to (i) that certain Purchase and Sale Agreement (the “CCE Acquisition Agreement”), dated as of September 14, 2006, by and among Energy Transfer Partners, L.P., a Delaware limited
partnership (“ETP”), EFS-PA, LLC, a Delaware limited liability company (“EFS-PA”), CDPQ Investments (U.S.) Inc., a Delaware corporation, Lake Bluff Inc., a Delaware corporation, Merrill Lynch Ventures, L.P. 2001, a
Delaware limited partnership, and Kings Road Holdings I LLC, a Delaware limited liability company, and (ii) that certain Redemption Agreement (the “Redemption Agreement”), dated as of September 14, 2006, by and between CCE
Holdings, LLC, a Delaware limited liability company (“CCE Holdings”), and ETP. Capitalized terms used herein but not defined herein shall have the meanings set forth in the Redemption Agreement. 
 Upon the closing of the transactions contemplated by the CCE Acquisition Agreement, CCE Acquisition LLC, a Delaware limited liability company
(“CCE Acquisition”), and CCEA Corp., a Delaware corporation (“CCEA”), which are wholly owned subsidiaries of Southern Union Company (“Southern Union”), and ETP will own all of the membership
interests in CCE Holdings. This letter is to set forth the understanding between Southern Union and ETP as to certain matters pertaining to the ownership and operation of CCE Holdings. 
 1. Waiver of Right of First Refusal. Promptly following the execution and delivery of this letter agreement, Southern Union will cause CCE
Acquisition and CCEA to execute and deliver to ETP a waiver of their rights under Section 8.4 of the Amended and Restated Limited Liability Company Agreement, dated as of November 5, 2004, as amended, of CCE Holdings, related to the
transfer of Class B Membership Interests pursuant to the CCE Acquisition Agreement. 
 2. Actions Upon Closing of CCE Acquisition
Agreement. Upon the closing of the transactions contemplated by the CCE Acquisition Agreement: 
 (a) Southern Union will cause CCE
Acquisition and CCEA to enter into, and ETP will enter into, that certain Second Amended and Restated Limited Liability Company Agreement of CCE Holdings in the form attached hereto as Exhibit A. 
 (b) The parties hereto will cause CCE Holdings, and Southern Union will cause its indirect, wholly owned subsidiary, SU Pipeline Management LP, to enter
into that certain Amended and Restated Administrative Services Agreement in the form attached hereto as Exhibit B; and 

 Energy Transfer Partners, L.P. 
 September 14, 2006 
 Page 2 
 (c) The Transfer Restriction Agreement dated as of November 4, 2004 given by Southern Union in favor of EFS-PA
automatically shall terminate. 
 3. Actions Upon Termination of Redemption Agreement. If the transactions contemplated by the CCE
Acquisition Agreement have been consummated but the transactions contemplated by the Redemption Agreement have not been consummated and the Redemption Agreement has been terminated, (i) Southern Union will cause CCE Acquisition and CCEA to, and
ETP shall, enter into that certain Third Amended and Restated Limited Liability Company Agreement of CCE Holdings in substantially the form attached hereto an Exhibit C, with such changes thereto as mutually agreed by the parties hereto as a
result of negotiations in good faith with respect to any such changes, it being understood that the intent of the Third Amended and Restated Limited Liability Company Agreement of CCE Holdings is to provide ETP with the risks and rewards (including
the profits and losses and cash flow) of Transwestern Pipeline Company, LLC, a Delaware limited liability company (“Transwestern”), and to provide Southern Union with the risks and rewards (including the profits and losses and cash flow)
of CrossCountry Citrus, LLC, a Delaware limited liability company (“CC Citrus”), and its subsidiaries; (ii) the parties hereto will negotiate in good faith to enter into arrangements mutually satisfactory to such parties that are
similar to those contained in the term sheet for a Transition Services Agreement set forth on Exhibit B to the Redemption Agreement and/or the Amended and Restated Administrative Services Agreement attached hereto as Exhibit B and that
will enable ETP to exercise effective management and control over the business and affairs of Transwestern in conjunction with services provided by CCE Holdings and its affiliates and that will enable Southern Union to exercise effective management
and control over the business and affairs of CC Citrus, (iii) Southern Union will take all necessary action to cause Transwestern Holding Company, LLC, a Delaware limited liability company (“TW Holdings”), to repay all of its
outstanding indebtedness within 60 days following the termination of the Redemption Agreement (without transferring or encumbering its equity interests in, or assets of, Transwestern and without the use of any borrowings, financial support or
guaranties from Transwestern), (iv) the parties hereto will cooperate to facilitate the refinancing by TPC of the Existing TPC Debt to the extent such debt would become due and payable as a result of the transactions contemplated by the CCE
Acquisition Agreement or the Redemption Agreement, after taking into account any consents or waivers previously obtained by TPC, and in connection therewith, ETP will use its commercially reasonable best efforts to make available a bridge loan or
other replacement financing to the extent necessary for TPC to avoid an acceleration of the payment of such debt, with all costs of such refinancing (including legal fees) to be borne by TPC, (v) Southern Union will cause CCE Holdings to pay to
ETP an amount equal to the Cash Redemption Amount (as such term is defined in the Redemption Agreement) determined on the basis that the “Closing Date” for 

 Energy Transfer Partners, L.P. 
 September 14, 2006 
 Page 3 
 purposes of the
determination of the Cash Redemption Amount is the date of the termination of the Redemption Agreement, and (vi) the parties hereto will follow the procedures specified in Section 2.4 of the Redemption Agreement to determine the
Post-Closing Adjustment Amount, substituting Southern Union for CCE Holdings, and if the Post-Closing Adjustment Amount is positive, then ETP will pay to Southern Union the Post-Closing Adjustment Amount or, if the Post-Closing Adjustment Amount is
negative, then Southern Union will pay to ETP the absolute value of the Post-Closing Adjustment, in each case in accordance with the procedures specified in Section 2.4(c) of the Redemption Agreement, substituting Southern Union for CCE
Holdings. 
 4. Confidential Project Information. Upon the closing of the transactions contemplated by the Redemption Agreement and
for a period of three and one-half years thereafter, Southern Union shall, and shall cause its Affiliates to: (i) maintain the confidentiality of any proprietary business information of TPC relating to the economic terms and conditions of the
TPC Expansion Projects (the “Project Information”); provided, however, that such confidentiality obligation shall not apply in the event such Project Information is or becomes generally available to the public, and (ii) not use
such Project Information in a manner intended to be detrimental to TPC’s pursuit of the TPC Expansion Projects or otherwise take any action to oppose or challenge the TPC Expansion Projects. 
 5. Termination of Confidentiality Agreement. Upon the closing of the transaction contemplated by the Redemption Agreement, the Confidentiality
Agreement, dated July 25, 2006, between ETP and Southern Union, shall terminate. 
 [THE REMAINDER OF THIS PAGE INTENTIONALLY IS LEFT
BLANK.] 

 Energy Transfer Partners, L.P. 
 September 14, 2006 
 Page 4 
 Please signify your acceptance of and agreement with the foregoing by executing one copy of this letter where indicated below. 
  

			
	Sincerely yours,
	
	SOUTHERN UNION COMPANY
		
	By:	 	 /s/ Robert O. Bond

	Name:	 	Robert O. Bond
	Title:	 	Senior Vice President, Pipeline Operations

 Accepted and agreed to as of September     ,
2006. 
  

			
	ENERGY TRANSFER PARTNERS, L.P.
		
	By:	 	Energy Transfer Partners GP, L.P., its general partner
		
	By:	 	Energy Transfer Partners, L.L.C., its general partner
		
	By:	 	 /s/ Kelcy Warren

	Name:	 	Kelcy Warren
	Title:	 	Co-Chief Executive Officer

 Exhibit A 
  
  
 SECOND AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 CCE HOLDINGS, LLC 
 dated as of             , 2006 
  
  

 SECOND AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 CCE HOLDINGS, LLC 
 This Second Amended
and Restated Limited Liability Company Agreement of CCE Holdings, LLC, a Delaware limited liability company (the “Company”), is entered into as of this              day of
            , 2006, by and between Energy Transfer Partners, L.P., a Delaware limited partnership, CCE Acquisition, LLC, a Delaware limited liability company, and CCEA Corp., a Delaware
corporation. 
 W I T N E S S E T H: 
 WHEREAS, the Certificate of Formation of the Company was filed with the Secretary of State of Delaware on May 14, 2004, in accordance with the Delaware Limited Liability Company Act; 
 WHEREAS, the parties hereto are the sole members of the Company; and 
 WHEREAS, the parties hereto desire to amend and restate the limited liability company agreement of the Company as set forth herein in order to provide for the manner in which the Company shall be governed and operated
subsequent to the date hereof; and 
 NOW, THEREFORE, in consideration of the premises hereof, and of the mutual covenants and agreements
contained herein, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I. 
 DEFINITIONS 
 1.1 Defined Terms. The following terms have the meanings hereinafter indicated whenever used in this Agreement with initial capital letters: 
 “Accepting Member” shall have the meaning specified in Section 5.1(b)(i). 
 “Act” shall mean the Delaware Limited Liability Company Act, at Del. Code Ann., Title 6, Section 18-101, et seq., as
amended. 
 “Adjusted Capital Account” shall mean, with respect to any Member, the balance in such Member’s Capital
Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments: 
 (a) Crediting to such Capital Account
any amounts that such Member is obligated to restore pursuant to this Agreement or is deemed to be obligated to restore pursuant to Regulations Sections 1.704-1(b)(2)(ii)(b)(3), 1.704-1(b)(2)(ii)(c), 1.704-2(g)(1) and 1.704-2(i)(5); and 

 (b) Debiting to such Capital Account the items described in Regulations Sections 1.704-1(b)(2)(ii)
(d)(4), (5) and (6). 
 The foregoing definition of “Adjusted Capital Account” is intended to comply with the provisions of
Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 “Adjusted Capital Account
Deficit” shall mean, with respect to any Member, the deficit balance, if any, in such Member’s Adjusted Capital Account. 
 “Administrative Services Agreement” shall mean the Amended and Restated Administrative Services Agreement substantially in the form of Exhibit C or in such other form as shall be approved by the Executive Committee.

 “Administrative Services Provider” shall mean the Person that from time to time shall be a party to the Administrative
Services Agreement with the Company. 
 “Affiliate” shall mean, with respect to a Person, another Person that directly or
indirectly controls, is controlled by or is under common control with such first Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and
“under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to vote a majority of the securities having voting power for the election of directors of such Person or otherwise to direct
or cause the direction of the management and policies of that Person, whether through ownership of voting securities, by contract or otherwise. 
 “Aggregate Percentage Interest” shall mean, with respect to each Member, its proportionate interest, expressed as a percentage, in the residual Profits, Losses and distributions of the Company to which the Members are
entitled. The Aggregate Percentage Interests of the Members are set forth on Exhibit A. 
 “Agreement” shall mean
this Amended and Restated Limited Liability Company Agreement, including all exhibits and schedules attached hereto, as amended, modified or otherwise supplemented, from time to time. 
 “Asset Value” shall mean, with respect to any asset of the Company (other than cash), the adjusted basis of such asset as of the
relevant date for federal income tax purposes, except as follows: 
 (a) the initial Asset Value of any asset (other than cash) contributed
by a Member to the Company shall be the fair market value of such asset (as determined by the Members) at the time of contribution; 
 (b)
the Asset Values of all Company assets (including intangible assets such as goodwill) shall be adjusted to equal their respective fair market values as of the following times: 
 (i) the acquisition of an additional interest in the Company by any new or existing Member in exchange for a Capital Contribution;

  

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 (ii) the distribution by the Company to a Member of an amount of money or Company
property as consideration for an interest in the Company; or 
 (iii) the liquidation of the Company within the meaning of
Regulations Section 1.704-1(b)(2)(ii)(g); 
 (c) the Asset Value of any Company asset distributed in kind to any Member shall be
adjusted to equal the gross fair market value of such asset on the date of distribution, as determined by the Members; 
 (d) the Asset
Values of any Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken
into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided that Asset Values shall not be adjusted pursuant to Code Section 743(b) to the extent that the Members make a corresponding
adjustment under subparagraph (b)(ii); and 
 (e) if the Asset Value of an asset has been determined or adjusted pursuant to subsection (a),
(b) or (d) above, such Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits and Losses and other items allocated pursuant to Article VII. 

The foregoing definition of “Asset Value” is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(iv) and shall
be interpreted and applied consistently therewith. 
 “Bankruptcy Event” shall be deemed to occur with respect to any Person
if (a) such Person shall institute a voluntary case seeking liquidation or reorganization under Bankruptcy Law, or shall consent to the institution of an involuntary case thereunder against it; (b) such Person shall file a petition or
consent or shall otherwise institute any similar proceeding under any other applicable Federal or state law, or shall consent thereto; (c) such Person shall apply for, or by consent there shall be an appointment of, a receiver, liquidator,
sequestrator, trustee or other officer with similar powers for itself or any substantial part of its assets; (d) such Person shall make an assignment for the benefit of its creditors; (e) such Person shall admit in writing its inability to
pay its debts generally as they become due; (f) an involuntary case shall be commenced seeking liquidation or reorganization of such Person under Bankruptcy Law or any similar proceedings shall be commenced against such Person under any other
applicable Federal or state law and (i) the petition commencing the involuntary case is not dismissed within 60 days of its filing, (ii) an interim trustee is appointed to take possession of all or a portion of the property, and/or to
operate all or any part of the business of such Person and such appointment is not vacated within 60 days, or (iii) an order for relief shall have been issued or entered therein; (g) a decree or order of a court having jurisdiction in the
premises for the appointment of a receiver, liquidator, sequestrator, trustee or other officer having similar powers of such Person or all or a part of its property shall have been entered; or (h) any other similar relief shall be granted
against such Person under any applicable Federal or state law. 
  

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 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the
relief of debtors. 
 “Business Day” shall mean any day that is neither a Saturday nor a Sunday nor a legal holiday on which
commercial banking institutions are authorized or required by law, regulation or executive order to be closed in the States of New York or Texas. 
 “Capital Account” shall mean, with respect to any Member (and without duplication), the Capital Account maintained for such Member in accordance with the following provisions: 
 (a) From time to time, the Capital Account of each Member shall be increased by (i) the amount of any cash contributed by the Member to the Company,
(ii) the Asset Value (as determined by the Members) of any property contributed by the Member to the Company (net of liabilities that the Company is deemed to have assumed or taken subject to, under and pursuant to Section 752 of the
Code), and (iii) allocations to the Member of Profit (or items thereof) and other income and gain pursuant to Section 7.1, including income and gain exempt from tax, and income and gain described in Regulations
Section 1.704-1(b)(2)(iv)(g), but excluding items of income and gain described in Regulations Section 1.704-1(b)(4)(i). 
 (b) The
Capital Account of each Member shall be decreased by (i) the amount of any cash distributed to such Member, (ii) the Asset Value (as determined by the Members) of any property distributed to such Member (net of any liabilities that such
Member is deemed to have assumed or taken subject to, under and pursuant to Section 752 of the Code), (iii) allocations to the Member of expenditures described in Section 705(a)(2)(B) of the Code, and (iv) allocations to the
Member of Loss (or items thereof) and other loss and deductions pursuant to Section 7.1, including loss and deduction described in Regulations Section 1.704-1(b)(2)(iv)(g), but excluding items described in clause (iii) above,
tax items of loss and deduction described in Regulations Section 1.704-1(b)(4)(i), and items of deduction described in Regulations Section 1.704-1(b)(4)(iii). 
 (c) A single Capital Account shall be maintained for each Member, which Capital Account shall reflect all allocations, distributions, or other adjustments required by this definition with respect to the Membership
Interest owned by such Member. 
 (d) Upon any transfer of all or part of a Membership Interest as permitted by this Agreement, the Capital
Account (or portion thereof) of the transferor that is attributable to the transferred interest (or portion thereof) shall carry over to the transferee as prescribed by Regulations Section 1.704-1(b)(2)(iv)(l). 
 (e) Notwithstanding anything to the contrary in this definition, it is the intention of the Members that the Capital Accounts of the Members be
maintained strictly in accordance with the capital account maintenance requirements of Regulations Section 1.704-1(b)(2)(iv), and that such Capital Accounts be adjusted to the extent required by the provisions of such Regulations or any
successor provisions thereto. 
 “Capital Contribution” shall mean the total amount of money and the net fair market value
of property (as determined by the Executive Committee) contributed by each Member to the Company pursuant to this Agreement. 
  

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 “Cash Flow” shall mean, with respect to any period, all cash received by
the Company (other than from the liquidation of any assets pursuant to Article X) plus all cash withdrawn from reserves (as determined to be appropriate by the Executive Committee or, if the Executive Committee does not approve the
amount of such reserves, no withdrawal from reserves will be made for such period), less (a) all operating expenses of the Company (including amounts payable under the Administrative Services Agreement but excluding capital
expenditures), (b) any amounts withheld by the Company in accordance with Section 6.2, (c) additions to reserves made during such period (as determined to be appropriate by the Executive Committee or, if the Executive Committee
does not approve the amount of such reserves, no addition to reserves will be made for such period) and (d) all payments of interest and scheduled principal in respect of Indebtedness of the Company. 
 “CCE” shall mean CCE Acquisition, LLC, a Delaware limited liability company, and any of its Affiliates that are Members. 
 “Certificate” shall mean the Certificate of Formation of the Company. 
 “Citrus Corp.” shall mean Citrus Corp., a Delaware corporation. 
 “Class A Executive Committee Member” shall have the meaning specified in Section 4.1(c). 
 “Class A Member” shall mean each Person listed on Exhibit A hereto and indicated as such, its respective permitted successors and
assigns, and any other Person that is hereafter admitted as a Class A Member pursuant to Article VIII. 
 “Class A
Membership Interest” shall mean a Class A Member’s entire interest in the Company including such Class A Member’s right to share in the Profits and Losses and distributions of the Company, and the Class A
Member’s right to vote or consent to, or otherwise participate in, any decision or action of or by the Class A Members granted pursuant to this Agreement or the Act. 
 “Class A Percentage Interest” shall mean a Class A Member’s proportionate interest, expressed as a percentage, in the residual
Profits, Losses, and distributions of the Company to which the Class A Members are entitled. The Class A Percentage Interests of the Class A Members are set forth on Exhibit A. 
 “Class A Prohibited Transferee” shall mean any Persons designated on Exhibit B as a Class A Prohibited Transferee and any
Affiliate or successor thereof. 
 “Class B Executive Committee Member” shall have the meaning specified in
Section 4.1(c). 
 “Class B Member” shall mean each Person listed on Exhibit A hereto and indicated as such, its
respective permitted successors and assigns, and any other Person that is hereafter admitted as a Class B Member pursuant to Article VIII. 
  

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 “Class B Membership Interest” shall mean a Class B Member’s entire interest in the
Company including such Class B Member’s right to share in the Profits and Losses and distributions of the Company, and the Class B Member’s right to vote or consent to, or otherwise participate in, any decision or action of or by the Class
B Members granted pursuant to this Agreement or the Act. 
 “Class B Percentage Interest” shall mean a Class B Member’s
proportionate interest, expressed as a percentage, in the residual Profits, Losses, and distributions of the Company to which the Class B Members are entitled. The Class B Percentage Interests of the Class B Members are set forth on Exhibit
A. 
 “Class B Prohibited Transferee” shall mean any Persons designated on Exhibit B as a Class B Prohibited
Transferee and any Affiliate or successor thereof. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from
time to time, and any successor statutory provisions. 
 “Company” shall have the meaning assigned thereto in the preamble
to this Agreement. 
 “Company Minimum Gain” shall mean the amount determined in accordance with Regulations
Section 1.704-2(d) by (a) computing with respect to each Nonrecourse Liability of the Company the amount of income or gain, if any, that would be realized by the Company if it disposed of the property securing such Nonrecourse Liability in
full satisfaction thereof, and (b) aggregating all separate amounts so computed. 
 “Company Subsidiaries” shall
mean CrossCountry, CrossCountry Alaska, LLC, CrossCountry Energy Services, LLC, Transwestern Holding Company, LLC, Transwestern and CrossCountry Citrus, LLC; provided, however, that none of the foregoing shall be considered a
“Company Subsidiary” at such time as the Company shall have disposed of its ownership interests therein. 
 “Contribution Offer Expiration Date” shall have the meaning specified in Section 5.1(b)(i). 
 “Contribution Offer Notice” shall have the meaning specified in Section 5.1(b)(i). 
 “CrossCountry” shall mean CrossCountry Energy, LLC, a Delaware limited liability company. 
 “Credit
Facilities” shall mean such loan agreements and instruments to which the Company or any Company Subsidiary shall be a party from time to time. 
 “Depreciation” shall mean, for each Fiscal Year or part thereof, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable for federal income tax purposes with
respect to an asset for such Fiscal Year or part thereof, except that if the Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such Fiscal Year, the depreciation, amortization or other cost
recovery deduction for such Fiscal Year or part thereof shall be an amount which bears the same ratio to such Asset Value as 

  

 6 

 
the federal income tax depreciation, amortization or other cost recovery deduction for such Fiscal Year or part thereof bears to such adjusted tax basis. If
such asset has a zero adjusted tax basis, the depreciation, amortization or other cost recovery deduction for each Fiscal Year shall be determined under a method selected by the Members. 
 “EBITDA” shall mean for any period the consolidated net income of the Company determined in accordance with GAAP plus
(a) its reported interest expense, plus (b) its reported income tax expense, plus (c) the amount it reported as depreciation of assets, plus (d) the amount it reported as the amortization of intangibles,
plus (e) 50% of Citrus Corp.’s reported interest expense, plus (f) 50% of the amount Citrus Corp. reported as income tax expense, plus (g) 50% of the amount Citrus Corp. reported as depreciation of assets,
plus (g) 50% of the amount Citrus Corp. reported as the amortization of intangibles, in each case as determined in accordance with GAAP. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated there under. 
 “ETP” shall mean Energy Transfer Partners, L.P., a Delaware limited partnership, and any of its Affiliates that are Members.

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Executive Committee” shall have the meaning specified in Section 4.1(a). 
 “Executive Committee Members” shall have the meaning specified in Section 4.1(a). 
 “Fiscal Year” shall mean the taxable year of the Company, which initially shall be the calendar year. 
 “GAAP” shall mean United States generally accepted accounting principles consistently applied. 
 “Governmental Authority” shall mean any court, tribunal, agency, commission, official or other instrumentality of the United States or
any state or political subdivision thereof. 
 “Indebtedness” shall mean, with respect to any Person, (A) all
obligations for borrowed money of the such Person, (B) all obligations for the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses
incurred, in the ordinary course of business so long as such trade accounts payable are payable within 90 days of the date the respective goods are delivered or the respective services are rendered, (C) the capitalized amount (determined in
accordance with GAAP) of all obligations such Person is required to pay or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be
classified and accounted for as capital leases on a balance sheet of such Person under GAAP, (D) all obligations for borrowed money secured by any lien upon or in any property owed by such Person whether or not such Person has assumed or become
liable for the payment of such obligations for borrowed money and (E) all obligations of the type described in any of clauses (A) through (D) above which are guaranteed, directly or indirectly, or endorsed (otherwise than for
collection or deposit in the ordinary course of business) or discounted with recourse by such Person. 
  

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 “Liquidating Trustee” shall have the meaning specified in the Act. 
 “Managing Member” shall mean the Member designated pursuant to Section 4.3. 
 “Material Regulatory Filing” shall mean any filing with any Governmental Authority which, if determined adversely to the Company, would
have a material adverse effect on the business, assets or financial condition of the Company. 
 “Member Nonrecourse Debt”
shall mean debt of the Company determined in accordance with the principles of Regulations Section 1.704-2(b)(4). 
 “Member
Nonrecourse Deductions” shall mean any and all items of loss, deduction or expenditure (described in Section 705(a)(2)(B) of the Code) that, in accordance with the principles of Regulations Section 1.704-2(i)(2), are attributable
to a Member Nonrecourse Debt. 
 “Members” shall mean each of the Persons set forth on Exhibit A and any other Person
that hereafter is admitted as a Member pursuant to Article VIII. 
 “Membership Interest” and “Membership
Interests” shall mean, individually the Class A Membership Interest or the Class B Membership Interest and, collectively, the Class A Membership Interests and the Class B Membership Interests, as the context requires. 

“Minimum Gain Attributable to Member Nonrecourse Debt” shall mean that amount determined in accordance with the principles of
Regulations Sections 1.704-2(i)(3), (4) and (5). 
 “Nonrecourse Deductions” shall mean that amount determined in
accordance with Regulations Section 1.704-2(b)(1). 
 “Nonrecourse Liability” shall mean any liability of the Company
treated as a nonrecourse liability under Regulations Section 1.704-2(b)(3). 
 “Person” shall mean any individual,
partnership, limited liability company, corporation, trust or other entity. 
 “Profits” and “Losses” shall
mean, for each Fiscal Year or other period, an amount equal to the Company’s taxable income or loss for such Fiscal Year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or
deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
 (a) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits and Losses shall be added to such taxable income or loss; 
  

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 (b) Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code
Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses, shall be subtracted from such taxable income or loss; 
 (c) In the event the Asset Value of any Company asset is adjusted pursuant to clause (b) or clause (c) of the definition thereof, the amount of
such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Profits and Losses; 
 (d) Gain or loss resulting from any disposition of Company property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Asset Value of the property disposed of,
notwithstanding that the adjusted tax basis of such property differs from its Asset Value; 
 (e) In lieu of depreciation, amortization and
other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year or other period; 
 (f) To the extent an adjustment to any adjusted tax basis of any Company asset pursuant to Code Section 734(b) or Code Section 743(b) is
required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s Membership Interest in the Company, the amount
of the adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the assets) from the disposition of the asset and shall be taken into account for purposes
of computing Profits and Losses; and 
 (g) Any items which are specially allocated pursuant to Section 7.1(c) shall not be taken
into account in computing Profits and Losses. 
 “Prohibited Transferee” shall mean those Persons set forth on Exhibit
B and any Affiliate or successor thereof. 
 “Rate Filing” shall mean any application, notice or other submission filed
with or otherwise delivered to any Governmental Authority relating to the establishment of, or modification or supplement to, the rates, tariffs or charges for services or commodities provided by any Company Subsidiary; provided,
however, that “Rate Filing” shall not include any of the foregoing unless the intended or expected effect thereof is (i) to increase the revenues of the applicable Company Subsidiary by more than 10% per annum,
(ii) to increase or decrease the rates chargeable for transportation of natural gas through the applicable Company Subsidiary’s pipeline facilities by more than 10%, (iii) the offering by the applicable Company Subsidiary of a new
service or (iv) the expansion or addition of capacity of, or the increase in the pressure of, the applicable Company Subsidiary’s pipeline facilities. 
 “Redemption Agreement” shall mean the Redemption Agreement, dated as of September 14, 2006, between the Company and ETP. 
  

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 “Regulatory Allocations” shall have the meaning set forth in
Section 7.1(c)(vii). 
 “Regulations” shall mean any and all temporary and final regulations promulgated under
the Code, as amended from time to time (including corresponding provisions of succeeding regulations). 
 “Securities Act”
shall mean the Securities Act of 1933, as amended. 
 “SUG” shall mean Southern Union Company, a Delaware corporation.

 “Tax Matters Member” shall mean the Member designated to serve as such pursuant to Section 7.5. 

“Third Party Purchaser” shall mean any Person (other than a Member or an Affiliate of a Member) that has expressed an interest to
purchase any of the Class A Membership Interests or Class B Membership Interests. 
 “Third Party Purchaser Notice”
shall have the meaning specified in Section 8.2. 
 “Transfer” shall mean any, direct or indirect, sale,
assignment, gift, hypothecation, pledge or other disposition, whether voluntary or by operation of law (including through the state law conversion of the legal status of a Member), of a Membership Interest or any portion thereof including as a
result of a sale or transfer of the equity interests in a Member or its direct or indirect parent, but the term “Transfer” shall not include any sale or transfer of equity interests in ETP or SUG. 
 “Transferee” shall mean any Person that receives a Membership Interest as the result of a Transfer from a Transferring Member.

 “Transferring Member” shall have the meaning specified in Section 8.2. 
 “Transwestern” shall mean Transwestern Pipeline Company, LLC. 
 1.2 Interpretative Matters. In this Agreement, unless otherwise specified or where the context otherwise requires: 
 (a) the headings of particular provisions of this Agreement are inserted for convenience only and will not be construed as a part of this Agreement or
serve as a limitation or expansion on the scope of any term or provision of this Agreement; 
 (b) the singular shall include the plural and
the plural shall include the singular wherever appropriate; 
 (c) words importing any gender shall include other genders; 
 (d) the words “include,” “includes” or “including” shall be deemed to be followed by the words “without
limitation”; 
  

 10 

 (e) the words “hereof,” “herein” and “herewith” and words of similar import
shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 (f) references to “Sections”, “Articles”, “Exhibits” and “Appendices” shall be to Sections, Articles, Exhibits and Appendices of or to this Agreement; 
 (g) references to any Person include the successors and permitted assigns of such Person; 
 (h) the use of the words “or,” “either” and “any” shall not be exclusive; 
 (i) wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict;

 (j) references to any agreement or contract, unless otherwise stated, are to such agreement or contract as amended, modified or
supplemented from time to time in accordance with the terms hereof and thereof; and 
 (k) the parties hereto have participated jointly in
the negotiation and drafting of this Agreement; accordingly, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of
proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any provisions of this Agreement. 
 ARTICLE II.

 ORGANIZATIONAL MATTERS 
 2.1 Formation. The Company has been formed and exists for the limited purposes described herein and shall be governed by and operated in accordance with the Act. The Members shall execute and the Managing
Member shall make, or cause to be made, all filings required by the Act or other applicable law with respect to the formation and operation of the Company. 
 2.2 Name. The name of the Company is CCE Holdings, LLC. 
 2.3 Principal Place of Business. The
principal place of business of the Company shall be located at 5444 Westheimer Road, Houston, TX 77056. The Members may change the principal place of business of the Company at any time and from time to time. 
 2.4 Registered Office and Agent. The registered office of the Company shall be located at 1209 Orange Street, Wilmington, New Castle County,
Delaware 19801 and the registered agent for the Company at such office shall be The Corporation Trust Company. The Executive Committee may change the registered office of the Company or the registered agent for the Company at any time, and from time
to time. 
 2.5 Term. The term of the Company shall commence upon the filing of the Certificate and shall continue until dissolved in
accordance with Article X or the Act. 
  

 11 

 ARTICLE III. 
 BUSINESS OF THE COMPANY 
 3.1 Purpose. The business of the Company shall be to,
directly and indirectly, own and manage ownership interests in the Company Subsidiaries, and their respective assets, and to engage in any business necessary or incidental thereto. 
 ARTICLE IV. 
 MANAGEMENT OF COMPANY 
 4.1 Executive Committee. 
 (a)
Establishment. There is hereby established a committee of Member representatives (the “Executive Committee”) comprised of natural Persons (the “Executive Committee Members”) having the authority and duties
set forth in this Agreement. Any decisions to be made by the Executive Committee shall require the unanimous approval of the Executive Committee Members; provided, however, that in the case of any action or decision by the Executive
Committee relating to (i) the commencement of any legal or arbitration proceedings against a Member or an Affiliate thereof, (ii) entering into any transaction with a Member or any of its Affiliates of the type referred to in
Section 4.2(g) or (iii) the enforcement or waiver of any rights of the Company under any material agreement with a Member or any of its Affiliates, the Executive Committee Members appointed by the Class of Membership Interests held
by such Member (and respecting which such Member is entitled to exercise voting rights as provided in Section 4.2(a)(ii) and Section 4.2(a) (iii)) shall not participate in any decisions by the Executive Committee in respect
of such matters and such Executive Committee Members shall be disregard for purposes of this Section 4.1(a) and Section 4.2(d)(iv) to the extent of any Executive Committee meetings or decisions relating to any such matters.
Absent authority granted by the Executive Committee, no Member or Executive Committee Member shall have the power to act for or on behalf of, or to bind, the Company. At each meeting of the Executive Committee, the Executive Committee shall
designate a person to preside over such meeting. 
 (b) Powers. The business and affairs of the Company shall be managed by or under
the direction of the Executive Committee, except as otherwise expressly provided in this Agreement. The Executive Committee shall have the power on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the
Company contemplated by Section 3.1 and to perform all acts that the Executive Committee may deem necessary or advisable in connection therewith. 
 (c) Composition of the Executive Committee and Appointment of Executive Committee Members. The Executive Committee shall consist of four members, two of whom shall be appointed by the Class A Members (the
“Class A Executive Committee Members”), and two of whom shall be appointed by the Class B Members (the “Class B Executive Committee Members”). In addition, the Class A Members and the Class B Members may
appoint one or more alternates for the Class A Executive Committee Members and the Class B Executive Committee Members, respectively, and each such alternate shall have all of the powers of a Executive Committee Member in such Executive
Committee Member’s absence or inability to 

  

 12 

 
serve. The Class A Members shall have the power to remove any Class A Executive Committee Member, and the Class B Members shall have the power to
remove any Class B Executive Committee Member. Any vacancy on the Executive Committee shall be filled by the Class A Members if the vacancy shall be in respect of a Class A Executive Committee Member, or by the Class B Members if the
vacancy shall be in respect of a Class B Executive Committee Member. The Class A Members shall notify the Class B Members, and the Class B Members shall notify the Class A Members, of their respective appointments or removals of Executive
Committee Members as provided in this Section 4.1(c). In addition to the Executive Committee Members, the Class A Members and the Class B Members shall each be entitled to appoint one individual who shall be entitled to attend each
meeting of the Executive Committee and receive all notices and other information provided to the Executive Committee Members, but no such observer shall be entitled to any other rights or privileges granted to the Executive Committee Members
hereunder or pursuant hereto. The Class A Members and the Class B Members shall be entitled to remove and replace their respective Executive Committee observers from time to time. The Class A Members shall notify the Class B Members, and
the Class B Members shall notify the Class A Members, of their respective appointments or removals of their Executive Committee observers as provided in this Section 4.1(c). 
 (d) Meetings of the Executive Committee. Regular meetings of the Executive Committee shall be held at least four times in each Fiscal Year and may
be held at such place, within or without the State of Delaware, as shall from time to time be determined by unanimous consent of the Executive Committee. Special meetings of the Executive Committee may be called by or at the request of any Executive
Committee Member. Notice of each such regular or special meeting shall be mailed to each Executive Committee Member, addressed to such Executive Committee Member at his or her residence or usual place of business, at least five days before the date
on which the meeting is to be held, or shall be sent to such Executive Committee Member at such place by personal delivery, telephone, electronic mail or telecopier, not later than five days (or, in the case of meetings held by telephone, one day)
before the day on which such meeting is to be held. Each such notice shall state the time and place of the meeting and, as may be required, the purposes thereof. 
 (i) Any Executive Committee Member who is present at a meeting shall be conclusively presumed to have waived notice of such meeting except
when such member attends for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened. Such Executive Committee Member shall be conclusively presumed
to have assented to any action taken unless his or her dissent shall be entered in the minutes of the meeting or unless his or her written dissent to such action shall be filed with the person acting as the secretary of the meeting before the
adjournment thereof or shall be forwarded by registered mail to the Managing Member of the Company immediately after the adjournment of the meeting. Such right to dissent shall not apply to any Executive Committee Member who voted in favor of such
action. 
 (ii) Executive Committee Members may participate in and act at any meeting of the Executive Committee through the
use of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in the meeting pursuant to this Section 4.1(d) shall constitute presence in
person at the meeting. 
  

 13 

 (iii) Unless otherwise restricted by this Agreement or the Act, any action required or
permitted to be taken at any meeting of the Executive Committee may be taken without a meeting if all the Executive Committee Members consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Executive
Committee. 
 (iv) At each meeting of the Executive Committee, the presence of at least one Class A Executive Committee
Member and each Class B Executive Committee Member shall constitute a quorum and be required for the transaction of business, subject to the provisions of Section 4.1(a) in respect of decisions to be made by the Executive Committee.

 (e) Compensation of Executive Committee Members. Executive Committee Members shall not receive any compensation from the Company
for their services but may be reimbursed for any expenses related to attendance at each meeting of the Executive Committee. 
 4.2 Actions
Requiring Executive Committee Approval The following actions by the Company shall require the approval of the Executive Committee: 
 (a)
commencing, or any other material action with respect to, a Bankruptcy Event of the Company or of any Company Subsidiaries; 
 (b)
transferring any assets of the Company to satisfy any liabilities of any of the Members or their respective Affiliates (or any trade or business, whether or not incorporated, that is treated as a single employer together with such Member or its
Affiliates (under section 414 of the Code or section 4001(b) of ERISA)) arising from ERISA; 
 (c) selling, exchanging, licensing as
licensor, leasing as lessor, or disposing of any assets of the Company or any Company Subsidiaries in excess of $30 million; 
 (d) engaging
in, or acquiring any material assets related to, any business other than the business historically conducted by CrossCountry with a value in excess of $30 million, other than assets sold or exchanged in the ordinary course; 
 (e) redeeming any ownership interest in the Company; 
 (f) making any non-pro rata distribution of cash, income, assets or rights to any Member, except to the extent permitted under this Agreement, and making any other distribution not expressly permitted by Article VI
hereof (other than the distribution contemplated by Section 5.1(c) of the Redemption Agreement); 
 (g) entering into any material
transactions (including purchases, sales or leases of assets) by the Company or any Company Subsidiaries with or for the benefit of a Member or an Affiliate thereof; 
  

 14 

 (h) incurring or assuming any Indebtedness by the Company or any Company Subsidiary in excess of $50
million in the aggregate, excluding the Indebtedness incurred prior to the date hereof in connection with the acquisition of the Company Subsidiaries by the Company; 
 (i) any repayment (other than (i) repayments in accordance with scheduled maturity or which are otherwise mandatory pursuant to the terms of any document to which the Company or a Company Subsidiary is a party
and (ii) paydowns on any revolving credit facility), voluntary prepayment or redemption of, or any refinancing or other modification of the terms of, any indebtedness pertaining to the Company or a Company Subsidiary; 
 (j) initiating any material legal proceedings or arbitration on behalf of the Company or a Company Subsidiary, or agreeing to the settlement of any claim
by or against the Company or a Company Subsidiary with respect to claims in excess of $3 million, or which includes requests for any material injunction, specific performance or other equitable relief; provided, however, that if the vote of the
Executive Committee results in a tie, the Class A Executive Committee Members shall prevail on any such votes relating solely to any Company Subsidiary (other than Transwestern), or any entity owned by Citrus Corp. and the Class B Executive
Committee Members shall prevail on any such votes relating solely to Transwestern; 
 (k) entering into any confession of a judgment in
excess of $3 million against the Company or a Company Subsidiary; provided, however, that if the vote of the Executive Committee results in a tie, the Class A Executive Committee Members shall prevail on any such votes relating solely to any
Company Subsidiary (other than Transwestern), or any entity owned by Citrus Corp. and the Class B Executive Committee Members shall prevail on any such votes relating solely to Transwestern; 
 (l) adopting each annual budget for the Company and each Company Subsidiary, and any amendment or other modification to any such budget; provided,
that if the Executive Committee is unable to agree on the annual budget for any year for the Company or any Company Subsidiary, the Company or such Company Subsidiary, as the case may be, shall adopt an annual budget equal to the annual budget in
effect in the immediately preceding year, subject to the discretion of the Managing Member to increase one or more line items by not more than 5% (and subject to the limitation that the budgeted EBITDA for the new year shall not be less than 90% of
the budgeted EBITDA for the preceding year); 
 (m) the making of any Rate Filing or any Material Regulatory Filing with any Governmental
Authority by the Company or any Company Subsidiary, except to the extent such filing is required to be made by applicable law; provided, however, that if the vote of the Executive Committee results in a tie, the Class A Executive Committee
Members shall prevail on any such votes relating solely to any Company Subsidiary (other than Transwestern) or any entity owned by Citrus Corp. and the Class B Executive Committee Members shall prevail on any such votes relating solely to
Transwestern; 
 (n) implementing any material change in accounting policies or practices in respect of the Company or any Company
Subsidiary, in each case except to the extent that such change is required to be made by GAAP or applicable law, or terminating the engagement of the Company’s principal independent auditors; and 
  

 15 

 (o) the entry into any new line of business by the Company. 
 4.3 Management of the Company. 
 (a)
Managing Member. Day-to-day management of the Company in accordance with the polices established, and direction given, by the Executive Committee from time to time, and subject to the limitations provided elsewhere in this Agreement, shall be
the responsibility of a managing Member (the “Managing Member”). In addition, the Managing Member shall provide to any Executive Committee Member such additional information as such Executive Committee Member may reasonably request
from time to time to the extent that (i) such requested information relates to the operation of the Company or any Company Subsidiary and (ii) the Managing Member has such information or can acquire it without unreasonable effort. Subject
to the next following sentence, the Managing Member shall be CCE. If at any time (x) CCE and its Affiliates shall cease to hold at least 80% of the Class A Membership Interests, or (y) CCE or any of its Affiliates that is a Member
shall breach in any material respect any of its obligations under this Agreement, Members holding not less than a majority of the Class B Membership Interests (taking into the account the provisions of Section 4.4(a)(iii)) shall have the
right (but not the obligation) to designate a replacement Managing Member by written notice to CCE, which replacement shall be effective immediately or at such other time as shall be specified in such written notice to CCE. In the case of any such
replacement, CCE shall cooperate fully in the transition to such new Managing Member. 
 (b) Administrative Services Agreement.
Simultaneously with the execution of this Agreement, the Company shall enter into the Administrative Services Agreement with the Administrative Services Provider. Subject to the next following sentence, the Administrative Services Provider shall be
an Affiliate of CCE that is designated by CCE and is qualified to perform the duties required of it under the Administrative Services Agreement. Members holding not less than a majority of the Class B Membership Interests shall have the right (but
not the obligation) to designate a replacement Administrative Services Provider (that may be an Affiliate of ETP) by written notice to CCE and the then current Administrative Services Provider, which replacement shall be effective immediately or at
such other time as shall be specified in such written notice to CCE and the Administrative Services Provider, (i) upon the Administrative Service Provider’s material breach of its obligations under the Administrative Services Agreement,
and the Administrative Service Provider’s failure to cure such breach within 60 days following the Administrative Service Provider’s receipt of written notice from the Company setting forth in reasonable detail the relevant conduct or
failure, (ii) upon any of the representations and warranties of the Administrative Service Provider contained in the Administrative Services Agreement proving to be materially false, incomplete or misleading, and not reasonably subject to cure
in a manner that will result in no material harm to the Company, (iii) upon the Administrative Service Provider committing a material violation of any law applicable to Company or any Company Subsidiary, (iv) if SUG, or its Affiliates,
cease to own beneficially at least a majority of the Class A Membership Interests or (v) in the event of a failure by the Company or any Company Subsidiary to pay principal or interest as and when due under any credit facility (subject to
applicable grace periods). It is expressly understood and agreed that the foregoing provisions shall be in addition to, and shall not otherwise limit, any other remedies that may be available to the Company or any other Member (other than CCE or any
of its Affiliates) upon any breach of the Administrative Services Agreement by the 

  

 16 

 
Administrative Services Provider, CCE or any of its Affiliates. In the case of any such replacement, CCE shall cause its Affiliate Administrative Services
Provider to cooperate fully in the transition to such new Administrative Services Provider. 
 (c) Transwestern Matters. At the
request of the Class B Member, representatives of the Managing Member and the Class B Member shall meet weekly. During such meetings, the Class B Member shall be entitled to provide guidance to the Managing Member with respect to material decisions
involving, or otherwise relating to, Transwestern, including decisions with respect to commercial, financial, regulatory, operational and other general policy matters involving, or otherwise relating to, Transwestern. 
 4.4 Member Rights and Obligations. 
 (a) Voting Rights. Except as provided in this Agreement or as otherwise required by applicable law; 
 (i) the
Class A Members and the Class B Members shall vote together without distinction as to class, and any action requiring the approval of the Members shall require the affirmative vote of the Class A Members and Class B Members holding a
majority of the Class A Membership Interests and the Class B Membership Interests; 
 (ii) all actions requiring the
approval of the Class A Members, and unless expressly provided otherwise, all other actions to be taken by the Class A Members (including, without limitation, any direction to be given to the Executive Committee Members appointed by the
Class A Members), shall require the affirmative vote of Members holding a majority of the Class A Membership Interests; provided, however, that in the case of any vote by the Class A Members, whether pursuant to this
Section or any other provision of this Agreement, ETP and any of its Affiliates holding any Class A Membership Interests shall not be entitled to participate in such vote and the Class A Membership Interests held by them shall be
disregarded for all purposes of such vote; and 
 (iii) all actions requiring the approval of the Class B Members, and unless
expressly provided otherwise, all other actions to be taken by the Class B Members (including, without limitation, any direction to be given to the Executive Committee Members appointed by the Class B Members), shall require the affirmative vote of
Members holding a majority of the Class B Membership Interests; provided, however, that in the case of any vote by the Class B Members, whether pursuant to this Section or any other provision of this Agreement, CCE and any of its
Affiliates holding any Class B Membership Interests shall not be entitled to participate in such vote and the Class B Membership Interests held by them shall be disregarded for all purposes of such vote. 
 (b) Actions Requiring Unanimous Approval of Members. The following actions by the Company shall require the unanimous approval of all of the
Members: 
 (i) amending the Certificate or this Agreement; 
  

 17 

 (ii) requiring any Member to contribute additional capital; and 
 (iii) issuing any Membership Interests or other equity securities of the Company to any Member. 
 (c) Actions Requiring Approval of Two-Thirds of Class A Members and Class B Members. The following actions by the Company shall require the
approval of Members holding at least two-thirds of the Class A Membership Interests and Members holding at least two-thirds of the Class B Membership Interests: 
 (i) dissolving, terminating or liquidating the Company or any Company Subsidiary; 
 (ii) selling all or substantially all of the assets of the Company or any Company Subsidiary; and 
 (iii) merging, consolidating or changing the form of entity of the Company or any Company Subsidiary, whether or not involving a change of
control. 
 (d) Members’ Meetings. Meetings of the Members may be called from time to time by the affirmative vote of the
Executive Committee Members or upon written request of any Member having an Aggregate Percentage of not less than 20% delivered to any member of the Executive Committee. If action is to be taken at a duly called meeting of the Members, notice of the
time, date and place of meeting shall be given by the Managing Member, at the direction of the Executive Committee, to each other Member by personal delivery, telephone, electronic mail or telecopier sent to the address of each Member set forth on
Exhibit A at least five business days in advance of the meeting; provided, however, that no notice need be given to a Member who waives notice before or after the meeting or who attends the meeting without protesting at or
before its commencement the inadequacy of notice to such Member. The Members may attend a meeting in person or by proxy. Meetings of the Members shall be held at the Company’s principal place of business during normal business hours, or at such
other place and time as unanimously agreed by the Members; provided, however, that the Members may participate in and act at any meeting of the Members through the use of a conference telephone or other communications equipment by
means of which all individuals participating in the meeting can hear each other, and such participation in the meeting shall constitute presence in person at the meeting. Any action required or permitted to be taken at any meeting of the Members may
be taken without a meeting if one or more written consents to such action shall be signed by Members whose affirmative vote at a meeting would be sufficient to approve such action. Such written consents shall be delivered to the principal office of
the Company and, unless otherwise specified, shall be effective on the date when the first consent is delivered. 
 (e) Limitation of
Authority. Except in accordance with the provisions of this Agreement, no Member shall have any right or authority to act for or bind the Company. 
 4.5 Limitation of Liability. No Member, Managing Member, Executive Committee Member or any Affiliate, agent, officer, partner, employee, member, representative, director or shareholder of any of the foregoing
shall be liable, responsible or accountable in damages or otherwise to the Company or any Member for (i) any act performed in good faith within the 

  

 18 

 
scope of the authority conferred by this Agreement, (ii) any failure or refusal to perform any acts except those required by the terms of this Agreement
or (iii) any performance or omission to perform any acts in reliance in good faith on the advice of independent accountants or legal counsel for the Company. 
 4.6 Indemnification. In any threatened, pending or completed action, suit or proceeding to which a Member, Managing Member, Executive Committee Member or any Affiliate, agent, officer, partner, employee,
member, representative, director or shareholder of any of the foregoing was or is a party or is threatened to be made a party by reason of the fact that such Person is or was acting on behalf of the Company (other than an action by or in the right
of the Company), the Company shall indemnify such Member, Managing Member, Executive Committee Member or any Affiliate, agent, officer, partner, employee, member, representative, director or shareholder of any of the foregoing against expenses,
including attorneys’ fees, judgments and amounts paid in settlement actually and reasonably incurred by such Person in connection with such action, suit or proceeding to the maximum extent permitted by applicable law, provided that such
Person acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Company, and that the conduct giving rise to the liability for which indemnification is sought does not constitute fraud, gross
negligence or gross misconduct. 
 ARTICLE V. 
 CONTRIBUTIONS 
 5.1 Capital Contribution. Unless unanimously agreed to by the Members
in writing, no Member shall be required to make additional Capital Contributions to the Company. In addition, no Member shall be allowed to make additional Capital Contributions to the Company without the approval of CCE (but only so long as it
shall be a Member) and of ETP (but only so long as it shall be a Member). 
 5.2 No Right to Interest or Return of Capital. Except as
set forth herein, no Member shall be entitled to any return of, or interest on, Capital Contributions to the Company. No Member shall have any liability for the return of the Capital Contribution of any other Member and each Member shall look only
to the assets of the Company for return of its Capital Contribution. 
 5.3 No Third Party Rights. The obligations or rights of the
Company or the Members to make any Capital Contribution under this Article V shall not grant any rights to or confer any benefits upon any Person who is not a Member. 
 ARTICLE VI. 
 DISTRIBUTIONS 
 6.1 Cash Flow. Subject to Sections 6.2, 6.3 and 11.2, Cash Flow shall be distributed at such times as shall be determined by
the affirmative vote of the Executive Committee to each Class A Member and Class B Member in proportion to their respective Aggregate Percentage Interests. Distributions to each Member shall be sent via wire transfer to such account identified
by such respective Member in writing to the Managing Member from time to time. 
  

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 6.2 Amounts Withheld for Taxes. Notwithstanding any provision of this Agreement to the contrary,
if the Company is required to pay, with respect to or on behalf of any Member or any other Person, any amount required to be withheld by the Company in respect of taxes based on or measured by income under federal, state, or local law or any
estimated tax or similar amount, such Member or other Person shall, upon demand of the Company, promptly reimburse the Company for such amount. To the extent that such Member or other Person has not so reimbursed the Company, any and all amounts so
paid by the Company may be withheld from and offset against distributions to such Member or other Person and shall be considered for all purposes of this Agreement to have been distributed to such Member or other Person pursuant to this Article VI.

 6.3 Minimum Distribution for Taxes. To the extent permitted by applicable Credit Facilities and other obligations of the Company,
the Company shall distribute in accordance with Section 6.1, with respect to each Fiscal Year and during the period commencing on the first day of such Fiscal Year and ending on the 15th day of the third month following the end of such
Fiscal Year, an amount equal to the lesser of (a) (i) the Company’s Cash Flow for such Fiscal Year less (ii) the aggregate amount of all quarterly distributions of Cash Flow previously made during such Fiscal Year and
(b) 40% (or such other percentage as may be determined by the Executive Committee) of the taxable income of the Company for such Fiscal Year. For purposes of this Section 6.3, the taxable income of the Company for each Fiscal Year shall be
computed as though the Company were a corporation which did not file consolidated Federal income tax returns, as though such corporation did not make any of the elections specified in Code Section 703(b), as though Code Section 243(a)(1)
and Code Section 243(c) (if applicable), rather than Code Section 243(a)(3), applied to “qualifying dividends” (as defined in Code Section 243(b)(1)), without regard to any carryover or carryback of any net operating loss,
capital loss, investment credit, unused foreign tax, excess charitable contribution, passive loss or credit, or other item from any other year, and without regard to the provisions of Code Section 703(a). 
 ARTICLE VII. 
 ALLOCATIONS

 7.1 Book Allocations. Sections 7.1(a) and (b) set forth the general rules for book allocations to the
Members. Section 7.1(c) sets forth various special rules that supercede the general rules of Sections 7.1(a) and (b). 
 (a) Profit. Profits for each Fiscal Year shall be allocated to the Members in the following order of priority: 
 (i) first, each Class A Member and Class B Member shall be allocated Profits (in proportion to the aggregate Losses allocated to such Members under Section 7.1(b)(ii) for all Fiscal Years) until the aggregate
allocations made to each Class A Member and Class B Member pursuant to this Section 7.1(a)(i) is equal to the aggregate Losses allocated to the Member pursuant to Section 7.1(b)(ii) for all Fiscal Years; and 

(ii) thereafter, each Class A Member and each Class B Member shall be allocated Profits in proportion to its
Aggregate Percentage Interests. 
  

 20 

 (b) Losses. Losses for each Fiscal Year shall be allocated to the Members in the following order
of priority: 
 (i) first, to the Class A Members and Class B Members, if any, having positive balances in
their Adjusted Capital Accounts, in proportion to and to the extent of, such positive balances; and 
 (ii)
thereafter, to the Class A Members and Class B Members in proportion to their Aggregate Percentage Interests. 
 (c)
Special Rules. Notwithstanding Sections 7.1(a) and (b), the following special allocation rules shall apply under the circumstances described: 
 (i) Limitation on Loss Allocations. The Losses allocated to any Member pursuant to Section 7.1(b) with respect to any
Fiscal Year shall not exceed the maximum amount of Losses that can be so allocated without causing such Member to have an Adjusted Capital Account Deficit at the end of such Fiscal Year. All items of loss or deduction in excess of the limitation set
forth in this Section 7.1(c)(i) shall be allocated first, to the Member who will not be subject to this limitation, and second, any remaining amount to the Members in the manner required by the Code and the Regulations. To the extent
that items of loss and deduction are allocated pursuant to this Section 7.1(c)(i) to a Member, such Member shall be allocated a corresponding amount of income and gain as may be available in the earliest subsequent Fiscal Year to offset
such allocation of loss and deduction. 
 (ii) Company Minimum Gain. Except as otherwise provided in Regulations
Section 1.704-2(f), if there is a net decrease in Company Minimum Gain during any Company taxable period, each Member shall be specially allocated items of Company income and gain for such period (and, if necessary, subsequent periods) in
proportion to and to the extent of, an amount equal to the portion of such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Regulations Section 1.704-2(g). This Section 7.1(c)(ii) is
intended to comply with the charge back of items of income and gain requirement in Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 
 (iii) Minimum Gain Attributable to Member Nonrecourse Debt. Except as otherwise provided in Regulations Section 1.704-2(i)(4),
if there is a net decrease in Minimum Gain Attributable to Member Nonrecourse Debt during any Company taxable period, each Member with a share of Minimum Gain Attributable to Member Nonrecourse Debt shall be specially allocated items of Company
income and gain for such period (and, if necessary, subsequent periods) in proportion to, and to the extent of, an amount equal to the portion of such Member’s share of the net decrease in the Minimum Gain Attributable to Member Nonrecourse
Debt, determined in accordance with Regulations Section 1.704-2(i)(4). This Section 7.1(c)(iii) is intended to comply with the charge back of items of income and gain requirement in Regulations Section 1.704-2(i)(4) and shall
be interpreted consistently therewith. 
  

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 (iv) Qualified Income Offset. In the event any Member unexpectedly receives any
adjustments, allocations or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4),(5) or (6), and such adjustment, allocation or distribution causes or increases an Adjusted Capital Account Deficit for such Member, then before any
other allocations are made under this Agreement or otherwise, such Member shall be allocated items of Company income and gain (consisting of a pro rata portion of each item of Company income, including gross income and gain) in an amount and manner
sufficient to eliminate, to the extent required by the Regulations, such Adjusted Capital Account Deficit of such Member as quickly as possible. 
 (v) Nonrecourse Deductions. Nonrecourse Deductions for any taxable period shall be allocated to the Members in the same ratios that Profit is allocated for the taxable year in accordance with Regulations
Section 1.704-2(b)(1). If the Executive Committee determines in its good faith discretion that the Nonrecourse Deductions must be allocated in a different ratio to satisfy the safe harbor requirements of the Regulations promulgated under
Section 704(b) of the Code, the Executive Committee is authorized to revise the prescribed ratio to the numerically closest ratio that does satisfy such requirements. 
 (vi) Member Nonrecourse Deductions. Member Nonrecourse Deductions for any taxable period shall be allocated 100% to the Member that
bears the economic risk of loss (as described in Regulations Section 1.704-2(b) with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Regulations Section 1.704-2(i)). If
more than one Member bears the economic risk of loss with respect to a Member Nonrecourse Debt, such Member Nonrecourse Deductions attributable thereto shall be allocated between or among such Members in accordance with the ratios in which they
share such economic risk of loss. 
 (vii) Curative Allocations. The allocations set forth in Sections 7.1(c)(i)
through 7.1(c)(vi) (the “Regulatory Allocations”) are intended to comply with certain requirements of Regulations Sections 1.704-1(b) and 1.704-2(b). Notwithstanding any other provisions of this Section 7.1(c)
(other than the Regulatory Allocations), the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss, and deduction among the Members so that, to the extent possible, the net amount of such allocations of
other items and the Regulatory Allocations (including anticipated future Regulatory Allocations) to each Member shall be equal to the net amount that would have been allocated to such Member if the Regulatory Allocations had not occurred.

 (viii) Change in Regulations. If the Regulations incorporating the Regulatory Allocations are hereafter changed or
if new Regulations are hereafter adopted, and such changed or new Regulations, in the opinion of independent tax counsel for the Company, make it necessary to revise the Regulatory Allocations or provide further special allocation rules in order to
avoid a significant risk that a material portion of any allocation set forth in this Article VII would not be respected for federal income tax purposes, the Executive Committee shall make such reasonable amendments to this 

  

 22 

 
Agreement as, in the opinion of such counsel, are necessary or desirable, taking into account the interests of the Members as a whole and all other relevant
factors, to avoid or reduce significantly such risk to the extent possible without materially changing the amounts allocable and distributable to any Member, pursuant to this Agreement. 
 (ix) Non-Recourse Liabilities. “Excess non-recourse liabilities” of the Company within the meaning of Regulations
Section 1.752-3(a)(3) shall be allocated in the same ratio that Profit is allocated for the taxable year. 
 7.2 Tax Allocations.

 (a) In General. Allocations for tax purposes of items of income, gain, loss, deduction and basis therefor, shall be made in the
same manner as allocations for book purposes set forth in Section 7.1. Allocations pursuant to this Section 7.2 are solely for purposes of federal, state and local income taxes and shall not affect, or in any way be taken
into account in computing, any Member’s Capital Account or share of Profits, Losses, other items or distributions pursuant to any provision of this Agreement. 
 (b) Special Rules. 
 (i) Elimination of Book/Tax Disparities. In determining a
Member’s allocable share of Company taxable income, the Member’s allocable share of each item of Profit and Loss shall be properly adjusted to reflect the rules and principles of Code Section 704(c) and Regulations
Section 1.704-3. This Section 7.2(b)(i) is intended to comply with the requirements of Code Section 704(c) and Regulations Sections 1.704-1(b)(2)(iv)(d) and (f) and shall be interpreted consistently therewith. Any
elections or other decisions relating to such allocations shall be made by the Members in any manner that reasonably reflects the purpose and intention of this Agreement. 
 (ii) Allocation of Items Among Members. Except as otherwise provided in Section 7.2(b)(i), each item of income, gain,
loss and deduction and all other items governed by Code Section 702(a) shall be allocated among the Members in proportion to the allocation of Profits, Losses and other items to the Members hereunder, provided that any gain recognized
from any disposition of a Company asset that is treated as ordinary income because it is attributable to the recapture of any depreciation or amortization shall be allocated among the Members in accordance with Regulations Section 1.1245-1(e),
if applicable, or with any other applicable provision of the Regulations and, if no such provision is applicable, in the same ratio as the prior allocations of Profits and Losses and other items that included such depreciation or amortization, but
not in excess of the gain otherwise allocable to each Member. 
 (c) Conformity of Reporting. The Members are aware of the income tax
consequences of the allocations made by this Section 7.2 and hereby agree to be bound by the provisions of this Section 7.2 in reporting their shares of Company profits, gains, income, losses, deductions, credits and other
items for income tax purposes. 
 7.3 Transferred Interests. If any Membership Interest (or portion thereof) is sold, assigned or
transferred during any Fiscal Year, then Profit, Loss, each item thereof and all other 

  

 23 

 
items realized by the Company during such Fiscal Year shall be divided and allocated between the Members by taking into account their varying interests
during the Fiscal Year in accordance with Code Section 706(d), using any conventions permitted by law and selected by the Members. 
 7.4 Section 754 Election. In the event of a Transfer of a Membership Interest permitted under this Agreement, the Company shall, at the request of the transferee Member, file an election under Section 754 of the Code to
adjust the basis of the assets of the Company in accordance with the provisions of Section 743 of the Code. Any costs associated with such election (such as accounting fees) shall be borne by the transferee Member. 
 7.5 Tax Matters Member. 
 (a) For
purposes of Code Sections 6221 through 6223, the Managing Member from time to time shall also be, and is hereby designated as, the “tax matters partner” of the Company (the “Tax Matters Member”). 
 (b) The Tax Matters Member shall make an election under Code Section 6231(a)(i)(B)(ii) with the Company’s first tax return to be filed after
the effective date of this Agreement to have Code Sections 6221 to 6234, inclusive, apply to the Company. 
 (c) The Tax Matters Member
shall, within ten days (or such shorter period of time as is reasonably practicable) of the receipt of any notice from the Internal Revenue Service in any administrative proceeding at the Company level relating to the determination of any Company
item of income, gain, loss, deduction or credit, deliver a copy of such notice to each Member. The Tax Matters Member shall cooperate with any Member, and shall take such action as may be required to be taken by the Tax Matters Member, to cause such
Member to become a “notice partner” within the meaning of Section 6231(a)(8) of the Code. The Tax Matters Member shall inform each Member of all significant matters that may come to its attention in its capacity as Tax Matters Member
by giving written notice thereof within 10 business days (or such shorter period of time as is reasonably practicable) after becoming aware thereof and, within that time, shall forward to each other Member copies of all significant written
communications it may receive in its capacity as Tax Matters Member. 
 (d) The Tax Matters Member shall not take any action that may be
taken by a “tax matters partner” under Code Section 6221 through 6234 unless (i) it has first given the other Members written notice of the contemplated action at least ten business days prior to the applicable due date of such
action and (ii) it has received the unanimous written consent of the other Members to such contemplated action; provided, however, that unless the Tax Matters Member is notified otherwise no later than two business days prior to
any date by which the Tax Matters Member must act as set forth in any notice received from the Internal Revenue Service, the Code or the regulations promulgated thereunder, such other Members shall be deemed to have given their consent. 

(e) At least 20 days prior to the due date for the filing of any federal income tax return of the Company, the Tax Matters Member shall provide a
proposed draft of such return to the Members for their approval. If the Members approve such return, the return shall be filed as approved. Failure to provide the Tax Matters Member with written notice that the 

  

 24 

 
Members do not approve such return within 10 days from the receipt thereof by the Members shall be deemed approval by the Members. In the event the Members
do not approve such return, and the Members and Tax Matters Member are otherwise unable to resolve their differences with regard to such return, the matter shall be submitted to an independent, nationally recognized accounting firm, the decision of
which shall be final. The cost of retaining such accounting firm with respect to resolving such dispute shall be borne by the Company. The Tax Matters Member shall provide a draft or final copy of any tax return to a Member upon written request by
such Member. 
 (f) Without limiting and in addition to the foregoing, for tax proceedings, matters and claims in excess of $3 million, the
Tax Matters Member shall not initiate any legal or administrative proceedings on behalf of the Company or a Company Subsidiary in respect of or relating to any tax proceedings or other tax matters, or agree to the settlement of any claims in respect
of or relating to any tax proceedings or other tax matters, without first consulting with the Executive Committee a reasonable period of time prior to taking any such action. 
 ARTICLE VIII. 
 TRANSFER/ADMISSION MATTERS 
 8.1 Transfer Restrictions. ETP, CCE and any other Person holding, directly or indirectly, a Class A Membership Interest or Class B Membership
Interest may Transfer all or any portion of its Membership Interest only in accordance with the provisions of this Article VIII; provided, that ETP, CCE and any other Person holding, directly or indirectly, a Class A Membership
Interest or Class B Membership Interest may Transfer all or any portion of its Membership Interest to an Affiliate with prior notice to the Executive Committee and upon satisfaction of the provisions of Section 8.3. Notwithstanding any
provision hereof to the contrary, no Class A Member may Transfer any Membership Interest to any person that is a Class A Prohibited Transferee and no Class B Member may Transfer any Membership Interest to any person that is a Class B
Prohibited Transferee. 
 8.2 Right of First Offer. If any Class A Member or Class B Member (a “Transferring
Member”) desires to Transfer all or any portion of its Class A Membership Interest or Class B Membership Interest, as applicable (the “Specified Interest”), to any Third Party Purchaser, such Transferring Member shall
first give notice thereof (the “Offer Notice”) to the other Class A Members and Class B Members (the “Non-Transferring Members”), specifying the price (the “Specified Price”) and other terms
(the “Specified Terms”) at and on which such Transferring Member is willing to sell the Specified Interest. The delivery of the Offer Notice by the Transferring Member to the Non-Transferring Members shall constitute an offer by the
Transferring Member to negotiate in good faith to sell to the Non-Transferring Members the Specified Interest at the Specified Price upon the Specified Terms. The Non-Transferring Members shall each have 30 Business Days (the “Acceptance
Period”) from and including the date it receives the Offer Notice to accept such offer, which acceptance shall be in the form of a written notice (the “Acceptance Notice”) to the Transferring Member. Each Non-Transferring
Member wishing to accept such offer (each, an “Accepting Member”) shall thereafter negotiate in good faith with the Transferring Member. If more than one Non-Transferring Member shall wish to purchase the Specified Interest, each
such Non-Transferring Member shall be entitled to purchase a proportionate share of the Specified Interest on the basis of its Aggregate Percentage 

  

 25 

 
Interest. If the Accepting Member(s) and the Transferring Member fail to execute a definitive purchase agreement within 30 Business Days following receipt by
the Transferring Member of the applicable Acceptance Notice(s), or if the sale of the Specified Interest to the Non-Transferring Member(s) is not consummated within 60 days following such receipt of the Acceptance Notice, the offer set forth in this
Section 8.2 shall then automatically expire, and such Transferring Member may Transfer the Specified Interest, subject to the other terms of this Agreement, for a price and on terms and conditions substantially no more favorable to the
purchaser than those offered by the Transferring Member; provided, however, that if the Transferring Member shall fail to sell the Specified Interest or any portion thereof within 180 days from such expiration, the Specified Interest
or such non-transferred portion of the Specified Interest shall again be subject to the right of first offer contained in this Section 8.2. 
 8.3 Transfer Requirements. Notwithstanding anything to the contrary contained herein, the Company shall not recognize for any purpose any purported Transfer of all or any portion of a Member’s Membership
Interest unless: 
 (a) the Company shall have been furnished with the documents effecting such Transfer executed and acknowledged by both
transferor and transferee, together the written agreement of the transferee to become a party to and be bound by this Agreement, which shall be in form and substance reasonably satisfactory to the Executive Committee; 
 (b) such Transfer shall have been made in accordance with all applicable laws and regulations and all necessary governmental consents shall have been
obtained and requirements satisfied, including without limitation, compliance with the Securities Act, and applicable state blue sky and securities laws, and such Transfer will not cause the Company to breach or violate any applicable law;

 (c) such Transfer will not cause the Company to have more than 100 partners (within the meaning of Regulations Section 1.7704-1(h))
or does not otherwise cause the Company to be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code; 
 (d) such Transfer will not result in a termination of the Company for purposes of Section 708 of the Code; 
 (e) all necessary instruments reflecting such admission shall have been filed in each jurisdiction in which such filing is necessary in order to qualify the Company to conduct business or to preserve the limited liability of the Members;
and 
 (f) such Transfer will not result in the occurrence of an event of default or similar occurrence (whether immediately or with the
giving of notice, the passage of time or both) under the terms of any of the Credit Facilities; 
 provided, however, that the foregoing provisions of
this Section 8.3 shall not apply to the Transfers contemplated by the Redemption Agreement. 
 The Executive Committee may request an opinion of counsel
(which counsel shall be chosen by the non-transferring Member but shall be reasonably satisfactory to the transferee Member) with 

  

 26 

 
respect to any of the foregoing or any other matters that the Executive Committee reasonably deems appropriate in respect of any such Transfer. In addition,
the Executive Committee, upon unanimous consent, may waive any of the foregoing provisions. Notwithstanding the foregoing, a Transferring Member need not comply with Section 8.3(d) if such Transferring Member indemnifies each other
Member in a manner and amount reasonably satisfactory to each such other Member for any adverse tax effects that would result from such termination. 
 8.4 Admission of a Member. A Person may be admitted as Class A Member or a Class B Member upon satisfaction of the relevant requirements of this Article VIII or with the unanimous written consent of
the Class A Members and the Class B Members. Upon such admission, such Member shall be designated as either a Class A Member or a Class B Member, and the Managing Member shall amend Exhibit A appropriately to reflect the admission
of such Person as a Member. 
 8.5 Cooperation by Members. If any Member wishes to Transfer all or a portion of its Membership
Interest in accordance with the provisions of this Article VIII, each other Member shall use its reasonable efforts to assist the Member seeking to make such Transfer as such Member may reasonably request. 
 ARTICLE IX. 
 BOOKS AND RECORDS;
BANK ACCOUNTS 
 9.1 Books and Records. The books and records of the Company shall, at the cost and expense of the Company, be
kept or caused to be kept by the Managing Member at the principal place of business of the Company. Such books and records will be kept on the basis of a calendar year, and will reflect all Company transactions and be appropriate and adequate for
conducting the Company’s business. By February 28 of each year, the Tax Matters Member shall provide each Member of Holdings with an estimate of its allocable share of the preceding year’s taxable income, loss, credit and certain
other information necessary for the Members to file a complete tax return. 
 9.2 Reporting Requirements. 
 (a) Members Holding 5% Membership Interests. The Managing Member shall prepare, or cause to be prepared, and shall deliver a financial report
(audited in the case of a report sent as of the end of a Fiscal Year and unaudited in the case of a report sent as of the end of a quarter) to each holder of 5% or more of the outstanding Class A Membership Interests and to each holder of 5% or
more of the outstanding Class B Membership Interests within 120 days after the end of each Fiscal Year (commencing after the date of this Agreement) and 60 days after the end of each of the first three quarters of each Fiscal Year (commencing with
the first full quarter after the date of this Agreement), setting forth for such Fiscal Year or quarter: 
 (i) the assets
and liabilities of the Company and the Company Subsidiaries, on a consolidated and consolidating basis, as of the end of such Fiscal Year or quarter; 
 (ii) the net profit or net loss of the Company and the Company Subsidiaries, on a consolidated and consolidating basis, for such Fiscal Year or quarter; 
  

 27 

 (iii) the cash flows of the Company and the Company Subsidiaries, on a consolidated and
consolidating basis, for such Fiscal Year or quarter; and 
 (iv) in the case of a Fiscal Year only, such Class A
Member’s or such Class B Member’s closing Capital Account balance as of the end of such Fiscal Year. 
 (b) Members Holding 20%
Membership Interests. The Managing Member shall prepare, or cause to be prepared, and shall deliver to each Member holding 20% or more of the outstanding Class A Membership Interests and to each Member holding 20% or more of the outstanding
Class B Membership Interests as promptly as practicable such information regarding the Company and each Company Subsidiary as such Member shall reasonably request. 
 9.3 Bank Accounts. All funds of the Company will be deposited in its name in an account or accounts maintained with such bank or banks selected by the Executive Committee. The funds of the Company will not be
commingled with the funds of any other Person. Checks will be drawn upon the Company account or accounts only for the purposes of the Company and shall be signed by authorized representatives of the Company. 
 ARTICLE X. 
 DISSOLUTION AND
LIQUIDATION 
 10.1 Dissolution. The Company shall be dissolved upon the approval of the Members required by
Section 4.4(c)(i). 
 10.2 Distribution on Dissolution. 
 (a) Upon dissolution of the Company, no further business shall be conducted except for the taking of such action as shall be necessary for the winding up
of the affairs of the Company and the distribution of assets pursuant to the provisions of this Section. So long as it shall then be a Member, CCE shall act as the Liquidating Trustee. If CCE shall not then be a Member or if it is unable to act as
Liquidating Trustee, then the Members shall appoint another Liquidating Trustee. The Liquidating Trustee shall have full authority to wind up the affairs of the Company and to make distributions provided herein. 
 (b) Upon dissolution of the Company, the Liquidating Trustee shall either sell the assets of the Company at the best price available, or the Liquidating
Trustee may distribute to the Members all or any portion of the Company’s assets in kind. If any assets are to be distributed in kind, the Liquidating Trustee shall ascertain the fair market value (by appraisal or other reasonable means) of
such assets, and each Member’s Capital Account shall be charged or credited, as the case may be, as if such asset had been sold for cash at such fair market value and the Profit or Loss recognized thereby had been allocated to and among the
Members in accordance with Article VII. 
 (c) All assets of the Company shall be applied and distributed in the following order: 

(i) first, to the payment and discharge of all the Company’s debts and liabilities to creditors, including
liabilities to Members who are creditors, to the extent otherwise permitted by law; 
  

 28 

 (ii) second, to establish such reserves as the Liquidating Trustee may deem
reasonably necessary (and if the Liquidating Trustee shall be a Member, with the approval of Members holding at least two-thirds of all Membership Interests) for contingent or unforeseen liabilities or obligations of the Company; and 
 (iii) thereafter, to the Class A Members and the Class B Members in accordance with Section 6.1.

 10.3 Cancellation of Certificate. Upon the completion of the distribution of Company assets as provided in this Article X,
the Company shall be terminated, and the Members shall cause the cancellation of the Certificate and all amendments thereto, and shall take such other actions as may be necessary or appropriate to terminate the Company. 
 ARTICLE XI. 
 GENERAL 

 11.1 Title to Company Property. All property owned by the Company, including, whether real or personal, tangible or intangible,
shall be deemed to be owned by the Company as an entity, and no Member, individually, shall have any ownership of such property. The Company may hold any of its assets in its own name or in the name of its nominee, which nominee may be one or more
Persons. 
 11.2 Severability. Every provision of this Agreement is intended to be severable. Any provision of this Agreement which is
illegal, invalid, prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity, prohibition or unenforceability without invalidating or impairing the remaining provisions
hereof or affecting the validity or enforceability of such provision in any other jurisdiction. If any term or provision hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity will not affect the validity of the
remainder of this Agreement. 
 11.3 Governing Law. This Agreement and rights and obligations of the parties hereto with respect to
the subject matter hereof will be interpreted and enforced in accordance with, and governed exclusively by, the law of the State of Delaware, excluding the conflicts of law provisions thereof. 
 11.4 Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the parties hereto and their permitted successors,
heirs and assigns. 
 11.5 Waiver of Action for Partition. Each of the Members irrevocably waives during the term of the Company any
right that he may have to maintain any action for partition with respect to any property of the Company. 
  

 29 

 11.6 Headings. The headings of the Articles, Sections and paragraphs of this Agreement have been
inserted for convenience of reference only and do not constitute a part of this Agreement. 
 11.7 Counterparts; Facsimile. This
Agreement may be executed in any number of counterparts and by different parties in separate counterparts, with the same effect as if all parties had signed the same documents, each of which will be considered an original, but all such counterparts
together will constitute but one and the same Agreement. Any facsimile copies hereof or signature hereon shall, for all purposes, be deemed originals. 
 11.8 Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof. This Agreement and the exhibits hereto supersede all prior written and
all prior and contemporaneous oral agreements, understandings, negotiations and representations between the parties with respect to such subject matter. 
 11.9 Amendment. Except in the case of a modification of Exhibit A to be made by the Managing Member as expressly contemplated by the terms of this Agreement, including Section 5.2, this Agreement
may be amended only by an instrument in writing signed by all of the Members. Promptly following any amendment to this Agreement (including any modification to Exhibit A by the Managing Member), the Managing Member shall provide a true and
complete copy thereof to each other Member. 
 11.10 Securities Law Matters. The Members agree and acknowledge that their Membership
Interests are being acquired by them for investment purposes only and not with a view to any sale thereof; that they have had adequate opportunity to obtain from representatives of the Company and others all information necessary for purposes of
evaluating the merits and risks of holding a Membership Interest; that they are able to bear the economic risk of holding their Membership Interests hereunder for an indefinite period; that the Membership Interests are illiquid assets and that there
is no market in which to effectuate a resale thereof or any portion thereof; and that, in any event, the resale of their Membership Interests cannot be effectuated except pursuant to compliance with the registration requirements under the Securities
Act or an exemption therefrom. 
 11.11 Notices. 
 (a) Each notice or other communication required or permitted to be given pursuant to this Agreement shall be in writing and delivered in person or by first class United States mail, postage prepaid, to the party to
whom addressed or by any nationally known overnight courier service to the address specified on Exhibit A or to such other address as the party may advise the Executive Committee, the Managing Member and the other Members as its address for notice
hereunder. 
 (b) All notices shall be deemed given upon the earlier to occur of: (i) the date of actual receipt; (ii) the date of
refusal of delivery; and (iii) (A) as to hand delivery, the date of delivery, (B) as to facsimile, when such facsimile is transmitted to the facsimile number specified herein and the appropriate confirmation is provided, (C) as
to overnight courier service, the date following the deposit with the overnight courier service, and (D) as to the US Mails, three business days after depositing in the US Mails. 
  

 30 

 11.12 Construction. None of the provisions of this Agreement shall be for the benefit of, or
enforceable by, any creditors of the Company or other third parties. 
 11.13 Submission to Jurisdiction; Consent to Service of
Process. 
 (a) Any claims or disputes which may arise or result from, or be connected with, this Agreement, any breach or default
hereunder, or the transactions contemplated by this Agreement, and any and all Actions related to the foregoing shall be filed and maintained exclusively in the United States District Court for the Southern District of New York sitting in New York
County or the Commercial Division, Civil Branch, of the Supreme Court of the State of New York sitting in New York County and any appellate court from any thereof. 
 (b) The parties hereby unconditionally and irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any dispute arising out of
or relating to this Agreement or any of the transactions contemplated by this Agreement brought in any court specified in paragraph (a) above, or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto
agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 (c) Each of the parties hereto hereby consents to process being served by any party to this Agreement in any suit, action or proceeding by the mailing of a copy thereof in accordance with the provisions of Section 11.11. 
 11.14 No Consequential or Punitive Damages. No party hereto (or its Affiliates) shall, under any circumstance, be liable to any other party (or
its Affiliates) for any consequential, exemplary, special, incidental or punitive damages claimed by such other party under the terms of or due to any breach of this Agreement, including, but not limited to, loss of revenue or income, cost of
capital, or loss of business reputation or opportunity. 
 11.15 Waiver. No consent or waiver, express or implied, by any Member to or
of any breach or default by any other Member in the performance by such other Member of its obligations under this Agreement shall be deemed or construed to be a consent to or waiver of any other breach or default in the performance by such other
Member of the same or any other obligation of such other Member under this Agreement. Failure on the part of any Member to complain of any act or failure to act of any other Member or to declare any other Member in default, irrespective of how long
such failure continues, shall not constitute a waiver by such Member of its rights under this Agreement. 
 11.16 Confidentiality.
Each Member shall hold, and shall cause its Affiliates to hold, in strict confidence, unless compelled to disclose by judicial or administrative process or by other requirements of law, the contents of any reports, financial statements, budgets or
other information delivered to any Member pursuant to Section 9.2 (“Confidential Information), except to the extent that such Confidential Information (i) has been or has become (A) generally available to the public
other than as a result of disclosure by any party hereunder or an Affiliate 

  

 31 

 
of a party or (B) available to the public on a non-confidential basis from a source other than an Affiliate of a party entitled to the protection
offered hereby, or (ii) is required to be disclosed under applicable law or stock exchange rules; provided, however, the applicable Member shall use, and shall cause its Affiliates to use, commercially reasonable efforts to give
each other Member prior notice of any such disclosure in sufficient time to enable each other Member to protect any such information. However, nothing contained in this Section shall preclude the disclosure of Confidential Information, on the
condition that it remain confidential, to auditors, attorneys, lenders, financial advisors, members, limited partners and other Persons in connection with the performance of their duties as delegated or requested by any Member hereof. 
 11.17 Public Announcement. The Members shall consult with each other before issuing any press release relating to the Company or the Company
Subsidiaries and shall not issue any such press release or make any such public statement without the prior consent of the other Members, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that
a Member may, without consulting with any other Member and without the prior consent of the other Members, issue such press release or make such public statement as may, upon the advice of counsel, be required by applicable law or stock exchange
rules if it has used all reasonable efforts to consult with the other Members. 
  

 32 

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

			
	CLASS A MEMBERS
	
	CCE ACQUISITION, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CCEA CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLASS B MEMBER
	
	ENERGY TRANSFER PARTNERS, L.P.

					
			
		 	By:	 	Energy Transfer Partners, GP, L.P.,
		 		 	its general partner
			
		 	By:	 	Energy Transfer Partners, L.L.C.,
		 		 	its general partner

							
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 Signature Page 
 Second Amended and Restated Limited Liability Company Agreement of CCE Holdings, LLC 

 EXHIBIT B 
 Members 
  

										
	 Class A Members
	  	Class A
Percentage
Interest	 	 	Class B
Percentage
Interest	 	 	Aggregate
Percentage
Interest	 
	 CCE ACQUISITION, LLC
 5444 Westheimer Road
 Houston, TX 77056
 Attn:
	  	99.9	% 	 	N/A	  	 	49.95	% 
				
	 CCEA CORP.
 5444 Westheimer Road
 Houston, TX 77056
 Attn:
	  	.2	% 	 			 	.1	% 
				
	 Class B Member
	  	Class A
Percentage
Interest	 	 	Class B
Percentage
Interest	 	 	Aggregate
Percentage
Interest	 
	 ENERGY TRANSFER PARTNERS, L.P.
 2828 Woodside Street
 Dallas, TX 75204
 Attn:
	  	N/A	  	 	100	% 	 	50	% 

 EXHIBIT B 
 Class A Prohibited Transferees 
  

	 	1.	Kinder Morgan 

  

	 	2.	American International Group, Inc. 

 Class B Prohibited
Transferees 
  

	 	1.	General Electric 

  

	 	2.	Kinder Morgan 

  

	 	3.	American International Group, Inc. 

 EXHIBIT C 
 Administrative Services Agreement 

 Exhibit B 
 AMENDED AND RESTATED 
 ADMINISTRATIVE SERVICES AGREEMENT 
 This AMENDED AND RESTATED ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”) is entered into as of
                         , 2006, by and between CCE HOLDINGS, LLC, a Delaware limited liability company
(“Holdings”), and SU Pipeline Management LP, a Delaware limited partnership (“Manager”). 
 RECITALS:

 WHEREAS, Holdings owns 100% of the equity interests in CrossCountry Energy, LLC, a Delaware limited liability company
(“CrossCountry”); and 
 WHEREAS, CrossCountry owns 100% of the membership interests of Transwestern Holding Company, LLC, a
Delaware limited liability company that owns 100% of the membership interests of Transwestern Pipeline Company, LLC, a Delaware limited liability company (collectively, “Transwestern”); 100% of the membership interests of
CrossCountry Citrus, LLC, a Delaware limited liability company that owns 50% of the issued and outstanding shares of capital stock of Citrus Corp., a Delaware corporation (collectively, “Citrus”); and 100% of the membership
interests of CrossCountry Energy Services, LLC, a Delaware limited liability company (“CES”) (CrossCountry, Transwestern, Citrus and CES collectively, the “CrossCountry Entities”, and Holdings and the CrossCountry
Entities and their respective facilities, property, operations, equipment and other assets collectively, the “Enterprise”); and 
 WHEREAS, Energy Transfer Partners, L.P., a Delaware limited partnership (“ETP”), has entered into a Purchase and Sale Agreement dated as of September 14, 2006, with the owners of the Class B interests of Holdings under which
it will purchase those Class B interests (the “CCE Acquisition Agreement”); and 
 WHEREAS, ETP, CCE Acquisition, LLC, a Delaware
limited liability company, and CCEA Corp., a Delaware corporation, the owners of the Class A interests of Holdings, have negotiated certain changes to the Administrative Services Agreement dated November 5, 2004 between Holdings and
Manager that they desire to become effective upon closing of the transaction described in the CCE Acquisition Agreement; and 
 WHEREAS,
Holdings desires to continue having Manager manage the Enterprise on its behalf; and 
 WHEREAS, Holdings and Manager desire to set forth
their respective rights and obligations with respect to the operation and management of the Enterprise, including certain charges associated with the execution and closing of the CCE Acquisition Agreement. 

 NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements herein contained,
the Parties intending to be legally bound hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 The terms used herein shall have the respective meanings as
set forth below. 
 1.01 “Accepted Gas Pipeline Practices” shall mean those practices, methods and acts engaged in or
approved by a significant portion of the interstate natural gas pipeline industry during the term of this Agreement and any of the practices, methods and acts which, in the exercise of reasonable judgment in light of the facts known at the time a
decision is made, would have been reasonably expected to accomplish a desired result at a reasonable cost consistent with good business practices, reliability, safety and expedition. 
 1.02 “Accounting and Financial Procedures” shall mean the budgeting, accounting, billing and auditing procedures set forth in Exhibit
“A” hereto. 
 1.03 “Act” means the Securities Exchange Act of 1934, as amended. 
 1.04 “Affiliate” means, with respect to any person, any direct or indirect subsidiary of such person, and any other person that
directly, or through one or more intermediaries, controls or is controlled by or is under common control with such first person. As used in this definition, “control” (including with correlative meanings, “controlled by”
and “under common control with”) means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by
contract or otherwise). 
 1.05 “CES” has the meaning set forth in the Recitals to this Agreement. 
 1.06 “Citrus” has the meaning set forth in the Recitals to this Agreement. 
 1.07 “Class A Member” has the meaning set forth in the LLC Agreement. 
 1.08 “Class A Membership Interests” has the meaning set forth in the LLC Agreement. 
 1.09 “Committee” shall mean the Executive Committee of Holdings or, to the extent the rights and responsibilities of the Committee under
the LLC Agreement are in the future delegated, assigned, in whole, or in part, or otherwise conveyed to another committee or governing body, that body to which such rights and responsibilities have been transferred. 
 1.10 “Confidential Information” has the meaning set forth in Section 4.01 to this Agreement. 
 1.11 “Credit Facilities” shall mean such loan agreements and instruments to which Holdings or any Holdings subsidiary shall be a party
from time to time. 
 1.12 “CrossCountry” has the meaning set forth in the Recitals to this Agreement. 
 1.13 “CrossCountry Entities” has the meaning set forth in the Recitals to this Agreement. 
 1.14 “Effective Date” shall mean
                         , 2006. 
  

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 1.15 “Enterprise” has the meaning set forth in the Recitals to this Agreement.

 1.16 “Fiscal Year” shall mean the period of time commencing on the Effective Date and continuing to December 31 of
the same year and commencing on January 1 of each subsequent year and ending on December 31 of the same year. 
 1.17
“Force Majeure Event” shall mean an act of God; severe fire, flood, earthquake, storm or lightning; National Weather Service warnings or advisories, whether official or unofficial, that result in the evacuation of facilities, an act
of Governmental Authority, or necessity for compliance with any court order, law, statute, consent agreement, settlement ordinance or regulation promulgated or agreed to by or with a Governmental Authority having jurisdiction with respect to the
applicable subject matter; a strike, lockout or other industrial disturbance; an act of the public enemy, sabotage, war, act of terrorism, insurrection or blockade; riot or other civil disturbance; epidemic; explosions, delay in obtaining material,
permits, equipment, and any other similar event or cause that, in each such case, prevents, in whole or in part, the performance of a Party’s obligations under this Agreement, is not reasonably within the control of the affected Party and which
by the exercise of commercially reasonable efforts the affected Party is unable to overcome or prevent. 
 1.18 “GAAP” means
United States generally accepted accounting principles consistently applied. 
 1.19 “Governmental Authority” means any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to United States federal, state or local government, including any governmental authority, agency, department, board, commission or
instrumentality or any political subdivision thereof, and any tribunal, court or arbitrator(s) of competent jurisdiction. 
 1.20
“Holdings” has the meaning set forth in the preamble to this Agreement. 
 1.21 “Holdings Indemnified
Parties” has the meaning set forth in Section 4.03 to this Agreement. 
 1.22 “LLC Agreement” means the Second
Amended and Restated Limited Liability Company Agreement of Holdings, dated as of                       , 2006, as it may be amended from
time to time. 
 1.23 “Manager” has the meaning set forth in the preamble to this Agreement. 
 1.24 “Manager Indemnified Parties” has the meaning set forth in Section 4.02(a) to this Agreement. 
 1.25 “Managing Member” has the meaning set forth in the LLC Agreement. 
 1.26 “Member” shall mean a member of Holdings from time to time, and “Members” means each Member, collectively as
provided by the LLC Agreement. 
 1.27 “Membership Interests” has the meaning set forth in the LLC Agreement. 
 1.28 “Notice” has the meaning set forth in Section 6.01 to this Agreement. 
  

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 1.29 “Party” shall mean Holdings or Manager, and “Parties” shall mean
both Holdings and Manager. 
 1.30 “Representatives” has the meaning set forth in Section 4.01 to this Agreement.

 1.31 “Shared Services” has the meaning set forth in Section 3.01(a) to this Agreement. 
 1.32 “Southern Union” means Southern Union Company, a Delaware corporation. 
 1.33 “Transwestern” has the meaning set forth in the Recitals to this Agreement. 
 ARTICLE II 
 RELATIONSHIP AND
REPRESENTATIONS OF THE PARTIES 
 2.01 General Principles Regarding the Relationship of the Parties. The major policies and
business decisions of Holdings shall be established by the Committee or determined by a vote of the Members, and in each case, implemented by Manager as directed by the Managing Member. The actions requiring approval of the Committee shall be as set
forth in the LLC Agreement. The day-to-day management of the CrossCountry Entities and the operation of the Enterprise, including all administrative and ministerial functions of the business of Holdings not expressly reserved by the Committee, shall
be the sole responsibility of the Managing Member, which shall direct and supervise Manager in its duties hereunder. In managing the Enterprise, Manager shall undertake commercially reasonable efforts to act in the best interests of the Members and
Holdings collectively. Specifically, Manager shall act impartially with respect to the Members and Holdings notwithstanding that Manager is an Affiliate of the Managing Member. Manager shall use reasonable efforts to assist any Member in its sale of
all or a portion of its Membership Interests, at that Member’s expense, including preparation of due diligence materials for prospective purchasers. Manager shall devote such amount of time and resources necessary to perform the services as
appropriate for the operation of the Enterprise, consistent and in accordance with (i) Accepted Gas Pipeline Practices, (ii) laws and regulations applicable to the Enterprise and (iii) material contracts and agreements binding on the
Enterprise, including any Credit Facilities. 
 2.02 Representations and Warranties of Manager. Manager represents and warrants to
Holdings, as of the date hereof, as follows: 
  

	 	(a)	Manager is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite power and authority to own its
properties and assets and to conduct its business as now conducted; 

  

	 	(b)	Manager has taken all necessary action to authorize the execution, delivery and performance of its obligations under this Agreement, which action has not been superseded or
modified, and this Agreement has been duly executed and delivered by Manager and constitutes the legal, valid and binding obligation of Manager, enforceable in accordance with its terms, except as enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights and general principles of equity; 

  

 4 

	 	(c)	the execution, delivery and performance of this Agreement do not violate (i) Manager’s limited partnership agreement or any resolution of its board of managers or other
committees charged with the governance of its affairs, (ii) any contract to which Manager or any of Manager’s Affiliates is a party or (iii) any law, rule, regulation, order, writ, judgment, injunction, decree or determination
affecting Manager or any of its properties; 

  

	 	(d)	no litigation is pending or, to Manager’s knowledge threatened, which seeks to restrain it from performing its obligations hereunder or the adverse outcome of which would
materially affect its business or its ability to perform its obligations hereunder; and 

  

	 	(e)	Manager or one of its Affiliates is experienced in the administration and management of gas pipelines, and has obtained all required approvals with respect to the operation of such
pipelines and has not been and is not currently subject to any material judgment or settlement of any claim imposing liability on it for noncompliance with law or mismanagement in its administration and management of any gas pipelines.

 2.03 Representations and Warranties of Holdings. Holdings represents and warrants, as of the date hereof, as follows:

  

	 	(a)	Holdings is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite power and authority to
own its properties and assets and to conduct its business as now conducted; 

  

	 	(b)	Holdings has taken all necessary action to authorize the execution, delivery and performance of its obligations under this Agreement, which action has not been superseded or
modified, and this Agreement has been duly executed and delivered by Holdings and constitutes the legal, valid and binding obligation of Holdings, enforceable in accordance with its terms, except as enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights and general principles of equity; 

  

	 	(c)	the execution, delivery and performance of this Agreement do not violate (i) Holdings’ limited liability company operating agreement or any resolution of the Committee or
other committees charged with the governance of its affairs, (ii) any contract to which Holdings is a party or (iii) any law, rule, regulation, order, writ, judgment, injunction, decree or determination affecting Holdings or any of its
properties; and 

  

	 	(d)	no litigation is pending or, to Holdings’ knowledge threatened, which seeks to restrain it from performing its obligations hereunder or the adverse outcome of which would
materially affect its business or its ability reasonably to perform its obligations hereunder. 

  

 5 

 ARTICLE III 
 GENERAL RESPONSIBILITIES OF MANAGER 
 3.01 Shared Services. The Members have
agreed that the Enterprise will receive certain ongoing services from employees of Southern Union and its Affiliates (the “Shared Services”). The Members have acknowledged that cost savings and operating efficiencies are achievable
through such employees providing the Shared Services to the Enterprise while continuing to provide such services to Southern Union and its Affiliates. Manager, as directed by the Committee, shall be responsible for determining and administering the
scope and provision of the Shared Services.  
 3.02 General Responsibilities. Manager shall be charged with and shall be
responsible for the operation of the Enterprise, including all administrative and ministerial functions of the Enterprise, subject to the limitations expressly provided for in the LLC Agreement, the Redemption Agreement dated contemporaneously
herewith between ETP and Holdings (the “Redemption Agreement”), or as otherwise established from time to time by the Committee, subject to the provisions of Section 4.3(c) of the LLC Agreement. Consistent therewith, in performing the
responsibilities set forth herein, Manager shall carry out such responsibilities, or shall use commercially reasonable efforts to cause contractors selected by it to carry out such responsibilities, with the same degree of diligence and care that
Manager would exercise if operating its own property and in a sound, workmanlike and prudent manner; and it shall comply, and shall use commercially reasonable efforts to require all such contractors to comply, with all relevant laws, statutes,
ordinances, safety codes, regulations and rules of any Governmental Authority applicable to Holdings or the Enterprise. 
 3.03 General
Services. Subject to the provisions of this Agreement and commencing on the Effective Date, Manager, on behalf of and as agent for Holdings, and in accordance with the approved budgets, shall employ sufficient personnel to operate the Enterprise
and provide all necessary services and acts as Manager reasonably determines are necessary to carry out its responsibilities under this Agreement, including but not limited to the provision of the services specifically enumerated in Article I of
Exhibit “A” hereto. 
 3.04 Reports. 
  

	 	(a)	Manager shall inform the Committee at least monthly in reasonable detail of any significant events or activities conducted by, or affecting, the Enterprise and shall present to the
Committee at monthly meetings or in such monthly reports a copy of each notice, demand or other communication delivered by or received by the Enterprise during the preceding month that would be required to be disclosed by the Enterprise on Form 8-K
or any other form promulgated by the Securities Exchange Commission under the Act or, if the Enterprise is not at such time subject to the periodic reporting requirements of the Act, those communications that would be subject to disclosure if it
were. Manager shall also furnish to Holdings such additional information, reports, records and projections pertaining to the Enterprise as Holdings may reasonably request. 

  

	 	(b)	Manager shall make immediate reports to the Committee of all other material occurrences in relation to the Enterprise. 

  

 6 

	 	(c)	Manager shall cause the preparation of all federal, state and local reports, returns, pleadings and statements with respect to the Holdings and the CrossCountry Entities to occur in
accordance with applicable laws, rules, regulations and orders. In particular, Manager shall cause the preparation of all reports required pursuant to federal and state securities laws for each CrossCountry Entity to which such laws apply. Manager
shall not disseminate any press release, whether or not in connection with a filing on Form 8-K, without approval of the Committee unless it has first used reasonable efforts to provide the text of such press release to the Committee but is unable
to delay the dissemination of such press release under applicable law to obtain that approval. 

 3.05 Personnel.

  

	 	(a)	Except as otherwise decided by the Committee in the performance of its duties hereunder, Manager shall have full authority and responsibility for the management and supervision of
all employees of the CrossCountry Entities, including, but not limited to, the sole discretion for the selection, supervision and dismissal of such employees, provided that Manager’s authority with respect to dismissal of employees shall be
subject to the provisions of the Redemption Agreement. 

  

	 	(b)	Except as otherwise decided by the Committee, Manager shall employ and supervise the personnel (including consultants and professional service or other organizations) reasonably
determined by Manager to be required to perform its duties and responsibilities hereunder in an efficient and economically prudent manner. Manager shall pay all expenses incurred in connection therewith, including reasonably allocated portions of
compensation, salaries, incentive compensation, wages, expenses, applicable local, state and federal taxes, social security taxes, workman’s compensation insurance, retirement and insurance benefits and other such expenses.

  

	 	(c)	Except as otherwise decided by the Committee, in carrying out its responsibilities hereunder, Manager shall, whenever reasonably practicable use, but not limit the use to, the
services of the environmental, risk management, safety, law, finance, accounting, auditing, tax, engineering, human resources, payroll, planning, budgeting, regulatory, public and governmental affairs, information technology, operating, right-of-way
and any other departments of Holdings, Manager or their respective Affiliates, as determined by Manager. 

  

	 	(d)	All personnel engaged or directed by Manager to perform Manager’s obligations under this Agreement and all contractors (and their subcontractors) and consultants retained by
Manager on its behalf or on behalf of Holdings shall be in the reasoned opinion of the Manager duly qualified and experienced to perform such obligations. Manager shall use its commercially reasonable efforts to enforce strict discipline and
maintain good order among such personnel, and shall use its commercially reasonable efforts to require such personnel to comply with all relevant laws, statutes, ordinances, safety codes, regulations and rules of any Governmental Authority
applicable to Holdings or the Enterprise and its operation. 

  

 7 

 3.06 Contracts. 
  

	 	(a)	Subject to the limitations set forth in the LLC Agreement, the Redemption Agreement, or as otherwise directed by the Committee, Manager is authorized to execute on behalf of
Holdings any and all contracts that Manager deems in its reasoned opinion necessary or appropriate for purposes of this Agreement. 

  

	 	(b)	All such contracts shall provide that the person entering into the contract with Manager shall comply with all relevant laws, statutes, ordinances, safety codes and rules and
regulations of any Governmental Authority having jurisdiction. 

 3.07 Insurance. Manager shall cause to be carried and
maintained for the benefit and at the expense of the CrossCountry Entities, Holdings, the Members and the members of the Committee, such insurance as is necessary to comply with all applicable laws, rules and regulations, as well as such insurance
as is customarily maintained by owners and operators of gas transmission pipelines. 
 3.08 Environmental Compliance. Manager shall
notify the Committee of any notices of material (a) violations, (b) litigation or (c) other issues associated with environmental compliance for the Enterprise. Manager shall cause Holdings to implement and maintain an environmental,
health and safety management system comparable with the system currently maintained by Panhandle Eastern Pipe Line Company, LP. 
 3.09
Billing and Payment. Manager shall invoice Holdings for the actual cost of the services provided in connection with operation of the Enterprise and Holdings shall pay such invoices pursuant to the Accounting and Financial Procedures set out
in Exhibit A to this Agreement. 
 ARTICLE IV 
 CERTAIN COVENANTS 
 4.01 Confidential Information. 
  

	 	(a)	 Each Party from time to time may be provided information that is confidential and proprietary to the other Party. For purposes of this Agreement, confidential or
proprietary information shall include and not be limited to customer lists and other customer information, and financial, technical or business information relating to one Party and provided by such Party to the other (“Confidential
Information”). Each Party hereby unconditionally agrees to hold in strict confidence, and not disclose or reveal to any person or entity, any Confidential Information of the other Party disclosed under this Agreement without either
(i) the prior written consent of the other Party, (ii) a requirement by applicable law, regulation or court order, including as a matter of federal or state securities law or pursuant to the rules and policies of any national securities
exchange on which securities of the Party or its parent company are listed for trading, provided the Party required to disclose uses diligent, reasonable efforts to limit disclosure and to obtain confidential treatment or a protective order and has

  

 8 

	 	 
allowed the other Party to participate in the proceeding or (iii) as may be necessary for Manager to perform obligations or enforce rights pursuant to
this Agreement. Except as otherwise set forth herein neither Party shall provide Confidential information to any third party, except that each Party may also disclose the Confidential Information or portions thereof to the Affiliates, directors,
officers, employees, contractors, advisors and agents of such Party (collectively “Representatives”) that such Party reasonably determines needs to know such Confidential Information for the purpose of carrying on the business of
the Enterprise or of the Party, which Representatives shall be informed of the confidential nature of the Confidential Information and shall agree to bound by terms of this Agreement and not to disclose any Confidential Information to any other
person. Each Party shall take all necessary and appropriate steps to protect the confidential or proprietary information of the other Party. Neither Party will use, or permit any third party to use, Confidential Information in any manner except for
the purpose for which it was provided. 

  

	 	(b)	If any Member wishes to transfer all or a portion of its Membership Interests in accordance with the LLC Agreement, Manager shall use its reasonable efforts to assist the Member
seeking to make such transfer as such Member may reasonably request by Notice to the Manager, including furnishing any Confidential Information to such Member as it may reasonably request. Such Member may furnish to a prospective transferee any such
information so furnished to it by Manager, provided, however, that any disclosure of Confidential Information to a potential transferee is made subject to an executed confidentiality agreement in a form reasonably acceptable to Manager by
which the potential transferee is legally bound. 

  

	 	(c)	Upon termination of this Agreement, each Party will either return to the other Party all documents and materials containing Confidential Information furnished by such other Party,
or destroy such documents and materials and provide Notice of such destruction to the other Party. 

 4.02 Indemnification
by Holdings. 
  

	 	(a)	Holdings shall indemnify, defend and hold Manager, its Affiliates and any of their respective officers, directors, employees, representatives or agents (“Manager Indemnified
Parties”) harmless from any claims, costs, damages, losses or expenses (including reasonable attorneys’ fees for counsel of Manager or its Affiliate’s choice) arising out of or relating to any breach or default in the performance
of Holdings’ covenants, agreements or obligations under this Agreement. 

  

	 	(b)	 Subject to Section 4.03, Holdings expressly acknowledges and agrees that none of Manager, Manager’s Affiliates or any of their respective officers,
directors, employees, representatives or agents, shall be liable to Holdings for any action not in violation of the terms of this Agreement, which is taken or omitted by, for or at the direction of Manager in its prudent business judgment in
accordance with law and with respect to the Enterprise in a manner consistent with its 

  

 9 

	 	 
obligation or duties as “Manager” under this Agreement. Subject only to Section 4.03, Holdings shall indemnify, defend and hold Manager,
Manager’s Affiliates and any of their respective officers, directors, employees, representatives or agents, harmless from any claims, costs, damages, losses or expenses (including reasonable attorneys’ fees for counsel of Manager or its
Affiliate’s choice) arising out of or related to any action taken or omitted by any of them hereunder in conformity with prudent business judgment in accordance with law and in a manner consistent with its duties as “Manager” under
this Agreement. Manager may consult with and rely upon the advice of counsel of its choice, including counsel retained by or for Holdings or the CrossCountry Entities, in any of the foregoing matters, including good faith determinations as to
actions required or prohibited by this Agreement. 

 4.03 Indemnification by Manager. Subject to section 4.02,
Manager shall indemnify, defend and hold Holdings, Holdings’ Affiliates and any of their respective officers, directors, employees, representatives or agents (“Holdings Indemnified Parties”), harmless from any claim, cost,
damage, loss or expense (including reasonable attorneys’ fees) that is a result of Manager’s, or any of its Affiliates’, subcontractors’, employees’, representatives’ or agents’ material breach of this Agreement.

 4.04 Limitation of Liability; Sole Remedy. Notwithstanding anything to the contrary in this Agreement, neither Party shall be
liable for consequential, incidental, punitive, exemplary or special damages resulting directly or indirectly from, or connected with, the performance or non-performance under this Agreement. The indemnification provided for in this Article IV shall
be in addition to (and not in lieu of) all other rights and remedies of the Parties, whether at law or in equity, in connection with any failure by a Party to perform or observe any term, provision, covenant or agreement on the part of such Party to
be performed or observed under this Agreement. 
 ARTICLE V 
 TERMINATION 
 5.01 Term. Except as provided in Section 5.02
or 5.03, this Agreement shall become effective on the Effective Date hereof and shall continue in force and effect for a term of ten years from the beginning of the first calendar year following the Effective Date, unless earlier terminated as
permitted in this Article V, and then shall be automatically renewed for an additional five-year term, unless Manager provides Notice to Holdings of its intent to terminate this Agreement at least 90 days prior to the end of the initial term.

 5.02 Termination by Manager. Notwithstanding Section 5.01 and so long as the Managing Member or its Affiliates have not taken
action or failed to take action materially contributing to a material breach by Holdings, Manager shall be entitled to terminate this Agreement, without any further obligation or liability on the part of Manager, as a result of a material breach by,
or attributable to, Holdings of any of its obligations that remain uncured for 60 days after the receipt by Holdings of Notice from Manager setting forth reasonable detail about such breach or if such cure cannot be completed with the 60-day period,
then if the cure is not undertaken promptly upon receipt of such Notice, diligently prosecuted thereinunder and completed within 180 days. In the event of the material breach of non-payment by Holdings, which remains uncured for 30 days after the
receipt by Holdings of Notice from Manager of such non-payment, Manager shall be entitled to terminate this Agreement, without any further obligation or liability to Holdings. Holdings shall continue to be liable to Manager for full 

  

 10 

 
payment of (i) any compensation, in such amounts and at such times as determined pursuant to Section 3.09, through the effective date of actual
termination pursuant to this Section 5.02, and (ii) all costs incurred by Manager that are the responsibility of Holdings or the CrossCountry Entities pursuant to Section 3.01 and 3.08. 
 5.03 Termination by Holdings. Notwithstanding Section 5.01, Holdings shall be entitled to terminate this Agreement (a) upon
Manager’s material breach of its obligations under this Agreement, and Manager’s failure to cure such breach within 60 days following Manager’s receipt of Notice from the Holdings setting forth in reasonable detail the relevant
conduct or failure, (b) upon any of the representations and warranties of Manager contained in this Agreement proving to be materially false, incomplete or misleading, and not reasonably subject to cure in a manner that will result in no
material harm to Holdings, (c) upon Manager committing a material violation of any law applicable to Holdings or any CrossCountry Entity, (d) if Southern Union or its Affiliates cease to own beneficially at least a majority of the
Class A Membership Interests in Holdings, or (e) in the event of a failure to pay principal or interest as and when due under any Credit Facility (subject to applicable grace periods); provided however, that, Holdings shall continue
to be liable to Manager for (i) full payment of any compensation, in such amounts and at such times determined pursuant to Section 3.09 through the effective date of such termination pursuant to this Section 5.03, and (ii) all
costs incurred by Manager that are the responsibility of Holdings or the CrossCountry Entities pursuant to Article II of Exhibit “A” hereto. 
 5.04 Termination by Either Party. If a petition in bankruptcy or insolvency is filed by Holdings or Manager, or if Holdings or Manager shall make an assignment for the benefit of creditors, or if either shall
file a petition for a reorganization, or for the appointment of a receiver or trustee of all or a substantial portion of its property, or if a petition in bankruptcy or other-above described petition is filed against either which is not discharged
within 60 days thereafter, then either Party may terminate this Agreement by serving Notice on the other Party. 
 5.05 Effect.
Termination of this Agreement shall not relieve either Party from any obligation accruing or accrued to the date of such termination, or the right to audit under Section 1.08 of Exhibit “A” hereto, or deprive the Party not in default
of any remedy otherwise available to it. 
 5.06 Survival Upon Termination. The provisions of Article IV shall survive the termination
or expiration of this Agreement, and Section 4.01 shall remain in full force and effect for a period of three years following such termination or expiration, provided, however, that, the elimination of liability of Manager pursuant to
Section 4.02(b), and the acknowledgement by Holdings of its absolute responsibility therefore, shall survive indefinitely; and Manager’s entitlement to any payment pursuant to this Agreement, including as or for any compensation, fees,
expense reimbursement, indemnification or otherwise, shall survive until it has been paid all such amounts to which it may be entitled. 
 5.07 Duties Upon Termination. Upon expiration or termination of this Agreement for any reason: 
  

	 	(a)	At Holdings’ sole expense, Manager shall cooperate with Holdings in the transfer of the management of the Enterprise to Holdings or to a new manager of the Enterprise
designated by Holdings; and 

  

 11 

	 	(b)	Manager shall deliver to Holdings all books, records, accounts, manuals or other similar material in its possession that are required to be maintained pursuant to the Agreement,
except that Holdings acknowledges that in the event this requirement requires delivery of books, records, accounts, manuals or other similar material that, as a result of being combined with information of Manager’s Affiliates, contains
information of entities other than the CrossCountry Entities. Manager may deliver copies of those materials which have been redacted to eliminate information related to entities other than the CrossCounty Entities. 

 ARTICLE VI 
 NOTICES AND REPORTS

 6.01 Delivery. Any notice, request, instruction, correspondence or other document to be given hereunder by either Party to
the other (herein collectively called “Notice”) shall be in writing and delivered personally or mailed by certified mail, postage prepaid and return receipt requested, or by telegram or telecopier, as follows: 
 If to Holdings or the Committee, to: 
 CCE
Holdings, LLC 
 c/o Energy Transfer Partners, L.P. 
 8801 South Yale Avenue 
 Tulsa, Oklahoma 74137 
 Attention: Robert A. Burk 
 Vice President and
General Counsel 
 Facsimile: (918) 493-7290 
 And to: 
 CCE Holdings, LLC 
 c/o Southern Union Company 
 5444 Westheimer Road 
 Houston, Texas 77056-5306 
 Attention: Monica
Gaudiosi, Senior Vice President & Associate General Counsel 
 Telephone: (713) 989-7567 
 Facsimile: (713) 989-1213 
 If to
Manager, to: 
 SU Pipeline Management LP 
 c/o Panhandle Eastern Pipe Line Company, LP 
 5444 Westheimer Road 
 Houston, Texas 77056-5306 
 Attention: Monica
Gaudiosi, Senior Vice President & Associate General Counsel 
 Telephone: (713) 989-7567 
 Facsimile: (713) 989-1213 
  

 12 

 6.02 Effectiveness. Notice given by personal delivery or mail shall be effective upon actual
receipt. Notice given by telegram or telecopier shall be effective upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the recipient’s next business day after receipt if not received during
the recipient’s normal business hours. All Notices given by telegram or telecopier shall be confirmed promptly after transmission in writing by certified mail or personal delivery. Any Party may change any address to which Notice is to be given
to it by giving Notice as provided above of such change of address. 
 6.03 Copies. Copies of all Notices and reports submitted by
Manager to Holdings under this Agreement shall be sent to each of the Members at the address to which Notices are to be given to Holdings as provided above. 
 ARTICLE VII 
 GOVERNING LAW AND DISPUTE RESOLUTION 
 7.01 Governing Law. This Agreement and the rights and duties of the Parties hereunder shall be governed by and interpreted in accordance with the
laws of the State of New York without regard to the conflicts of laws provisions thereof. 
 7.02 Dispute Resolution. 
 (a) Any claims or disputes which may arise or result from, or be connected with, this Agreement, any breach or default hereunder, or the transactions
contemplated by this Agreement, and any and all actions related to the foregoing shall be filed and maintained exclusively in the United States District Court for the Southern District of New York sitting in New York County or the Commercial
Division, Civil Branch of the Supreme Court of the State of New York sitting in New York County and any appellate court from any thereof. 
 (b) The parties hereby unconditionally and irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any dispute arising out of or relating to this
Agreement or any of the transactions contemplated by this Agreement brought in any court specified in paragraph (a) above, or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a
judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 (c)
Each of the parties hereto hereby consents to process being served by any party to this Agreement in any suit, action or proceeding by the mailing of a copy thereof in accordance with the provisions of Section 6.01. 
 ARTICLE VIII 
 MISCELLANEOUS

 8.01 Force Majeure. Subject to the standards set forth in Article II, if, by reason of the occurrence of a Force Majeure
Event, Manager is rendered unable, wholly or in part, to carry out its 

  

 13 

 
obligations under this Agreement, and if Manager gives Notice and reasonably full particulars of such Force Majeure Event in writing or by facsimile to
Holdings within a reasonable time after the occurrence of the cause relied on, upon giving such Notice, Manager shall not be liable; provided, however, that Manager shall undertake commercially reasonable efforts to remedy such cause with all
reasonable dispatch. If a Party is prevented from substantially performing its obligations under this Agreement by Force Majeure for a period of 180 days, the other Party may terminate this Agreement without further liability of either Party to the
other hereunder by ten days’ Notice given any time thereafter unless substantial performance is resumed during that ten ten-day period. 
 8.02 Laws and Regulatory Bodies. This Agreement, the operation of the Enterprise and the rights and obligations of Holdings and Manager hereunder shall be subject to all valid and applicable laws, orders, court decisions, directives,
rules and regulations of any Governmental Authority having jurisdiction. 
 8.03 Waiver. No waiver by either Party of any default by
the other Party in the performance of any provision, condition or requirement herein shall be deemed to be a waiver of, or in any manner a release of the other Party from, performance of any other provision, condition or requirement herein, nor
deemed to be a waiver of, or in any manner a release of the other Party from, future performance of the same provision, condition or requirement; nor shall any delay or omission of either Party to exercise any right hereunder in any manner impair
the exercise of any such right or any like right accruing to it thereafter. 
 8.04 Modification. This Agreement may not be modified,
varied or amended except by an instrument in writing signed by the Parties. 
 8.05 Headings. The headings to each of the various
Articles and Sections in this Agreement are included for convenience and reference only and shall have no effect on, or be deemed as part of the text of, this Agreement. 
 8.06 Assignment. Neither Party shall assign its rights and obligations hereunder without the prior written consent of the other Party; provided, however, that Manager may assign in whole or in part, its
rights and obligations hereunder to any direct or indirect wholly owned subsidiary of Southern Union. 
 8.07 Conflicts. In the event
of any conflict or inconsistency between this Agreement and the Accounting and Financial Procedures, the Accounting and Financial Procedures shall control. 
 8.08 Manager’s Office. Manager may select the office locations used by or for Holdings, the Enterprise and the CrossCountry Entities. 
 8.09 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and
permitted assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to confer any right, remedy or claim upon any person other than the Parties and their respective successors and permitted assigns. 
 8.10 Further Assurances. Holdings and Manager agree to execute and deliver all such other and additional instruments and documents and to do such
other acts and things as may be necessary to more fully effectuate this Agreement and to operate the Enterprise as contemplated by the Parties. 
  

 14 

 8.11 Amendment. This Agreement may not be modified or amended except by a written instrument
signed by each of the Parties to this Agreement. 
 8.12 Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original and together constitute one and the same agreement. 
 8.13 Execution. The signatories to this Agreement
represent and warrant that they have the authority to execute the Agreement on behalf of the Parties they represent. 
 8.14 Entire
Agreement. This Agreement constitutes the entire agreement between the Parties concerning the subject matter hereof, and same supersedes any prior understandings or written or oral agreements relative to said matter. 
 8.15 Self-dealing. Notwithstanding any provision hereof to the contrary, Manager, Manager’s Affiliates and Holdings may engage in or possess
an interest in other business ventures of any nature or description, including the gas distribution interstate and intrastate gas transmission, gas storage, liquefied natural gas regasification and storage, whether independently owned or owned with
others, whether currently existing or subsequently created and Manager, Holdings and their Affiliates shall not have any rights in or to any of these other businesses ventures or the income or profits derived therefrom. 
 8.16 Severability. If any of the provisions of this Agreement shall be determined by a Court of competent jurisdiction to be invalid or
unenforceable, all of the other provisions shall remain in full force and effect so long as the economic or legal substance of the contemplated transactions is not affected in any manner materially adverse to any Party. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible. 
 8.17 Performance Covenant. By its signature in the place provided below, Panhandle Eastern Pipe Line Company, LP hereby covenants, to the
extent permitted by applicable law, to cause Manager to perform the duties and obligations of Manager hereunder. 
 8.18 Title.
Title to all materials purchased by Manager under the terms of this Agreement specifically for the use of the Enterprise shall pass immediately upon reimbursement therefor to, and vest in, Holdings. 
 [Signatures on following page] 
  

 15 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed in multiple originals by their
respective officers thereunto duly authorized, all as of the date first above written. 
  

			
	CCE HOLDINGS, LLC
		
	By:	 	  

	Title:	 	  

	
	SU PIPELINE MANAGEMENT LP
		
	By:	 	  

	Title:	 	  

	
	PANHANDLE EASTERN PIPE LINE COMPANY, LP
		
	By:	 	  

	Title:	 	  

 Signature Page 
 Amended and Restated Administrative Services Agreement 
  

 16 

 EXHIBIT “A” 
 TO 
 AMENDED AND RESTATED ADMINISTRATIVE SERVICES AGREEMENT 
 ACCOUNTING AND FINANCIAL PROCEDURES 
 ARTICLE I 
 GENERAL PROVISIONS 
 1.01 Books and Records. Manager shall keep, or cause to be kept, the books and records of Holdings and the CrossCountry Entities at the principal place of business of Holdings. The books and records shall be
maintained in accordance with generally accepted accounting principles and the requirements of the Federal Energy Regulatory Commission, as applicable, consistently applied. Such books and records shall reflect all transactions and be appropriate
and adequate for conducting the business. Quarterly within 45 days after the end of each fiscal quarter of the Holdings and annually within 90 days after the end of each Fiscal Year of Holdings, Manager shall deliver or cause to be delivered to
Holdings financial statements of Holdings and each subsidiary of Holdings that is then subject to the periodic reporting requirements of the Act (or that is required to file such reports pursuant to the Credit Facilities) as of the end of and for
such period. Such financial statements shall comply with the requirements of the Act and the regulations thereunder or the requirements of the Credit Facilities, as applicable, and shall include a balance sheet and statements of income,
Members’ equity, status of and cash flows, shall be prepared in accordance with GAAP and, with respect to the annual financial statements, shall be accompanied by a report of the relevant entity’s independent certified public accountants
stating that their examination was made in accordance with generally accepted auditing standards and that in their opinion such financial statements fairly present the Enterprise’s financial position, results of operations and cash flow in
accordance with GAAP. Manager shall, on behalf of Holdings, in connection with the Credit Facilities, make such reports, submit such information and perform such additional duties as may be required of Holdings by the Credit Facilities, so long as
such Credit Facilities are in effect. 
 1.02 Records. Manager shall keep or cause to be kept all books and records necessary to
record any and all affairs of Holdings, the CrossCountry Entities and the Enterprise. Any such financial records shall be maintained in conformity with applicable law, GAAP and other record keeping practices customary to Manager and for the
industry. Originals or copies of such books and records shall be maintained by Manager, and shall be open to inspection and examination by designated representatives and agents of the Members during the term of this Agreement at any reasonable time
upon reasonable prior request. All materials and documents prepared or developed solely by or solely on behalf of Manager in connection with and necessary to the Enterprise, including without limitation, all manuals, data, designs, drawings, plans,
specifications, reports and accounts, shall become the property of Holdings when prepared except to the extent such materials and documents are owned, co-owned, developed, licensed, created, shared, used, in whole or in part, by Manager or
Manager’s Affiliates (the “Excepted Documents”). With respect to the Excepted Documents, all such materials and documents, together with any materials and documents furnished by Holdings to Manager or to its employees,
representatives, agents or contractors, shall be delivered or otherwise made available to Holdings under a perpetual royalty-free license. 
  

 A-1 

 1.03 Permits and Licenses. Manager shall take all necessary steps to operate the Enterprise
consistent with the permits and licenses of Holdings and the CrossCountry Entities. 
 1.04 Tax Returns. Subject to the requirements
of the LLC Agreement, Manager shall prepare or cause to be prepared at the cost and expense of Holdings all necessary federal, state and local tax returns, and file such returns in a timely manner. In addition, Manager shall at the cost and expense
of Holdings engage a certified nationally recognized public accounting firm to review and sign any federal income tax return. 
 1.05 Cash
and Temporary Investments. Manager shall have custody of the funds, notes, drafts, acceptances, commercial paper and other securities belonging to Holdings; keep the funds belonging to Holdings on deposit in one or more banking institutions
designated by Holdings; invest available funds in certificates of deposit, banker’s acceptances, commercial paper, Eurodollar certificates of deposit, repurchase agreements or United States Government or Agency securities; and disburse such
funds. Excess funds may be loaned through short-term demand notes to each class of Member equally, subject to policies and procedures established by the Committee. Under no circumstances shall Manager commingle the funds of the Enterprise with the
funds of Manager or any of its Affiliates. 
 1.06 Budgets. 
  

	 	(a)	Budgets for 2006. The capital and operating budgets for 2006 have been approved by the Committee and shall remain in effect for the remainder of 2006. 

  

	 	(b)	 Budgets for 2007. It is the intent and expectation of the parties hereto that the transactions contemplated by the Redemption Agreement will close before the end of
2006 and that annual capital and operating budgets for Holdings for 2007 are unnecessary. If by December 1, 2006, such transaction has not closed and it appears in the good faith estimation of the parties that the transaction will not close by
December 31, 2006, then the parties shall negotiate in good faith to establish a budget for January of 2007 and each succeeding month thereafter until the transaction contemplated under the Redemption Agreement is closed. In establishing the
monthly budgets for Holdings, the parties shall utilize the Committee—approved budgets for 2006 as a starting point and shall make reasonable adjustments to reflect known and measurable changes as compared to the 2006 budget period. For
example, but not by way of limitation, additional costs associated with the Transwestern Phoenix expansion project, Transwestern rate case, Florida Gas Transmission expansion projects and other changed circumstances whether or not of a similar
nature, shall be reflected. If the parties, negotiating in good faith, are unable to reach agreement on such monthly budgets before December 31, 2006, the monthly budget for January, 2007, and for each succeeding month shall be that monthly
budget approved by the Committee for the corresponding month of 2006, plus the costs actually incurred during January, 2007, and each succeeding month for the 

  

 A-2 

	 	 
Transwestern Phoenix Expansion Project, the Florida Gas Transmission Company, LLC, East Leg Expansion Project, and any project approved by the Committee and
not reflected in the 2006 budget. 

 1.07 Inspection. Each Member of Holdings shall have the right, upon reasonable
Notice, at all reasonable times during usual business hours to inspect the Enterprise and to examine and make copies of the books of account and other records as maintained by Manager relating to the operation of the Enterprise. Such right may be
exercised through any agent or employee of such Member designated in writing by it or by an independent accountant or attorney so designated and such Party exercising such right shall use all reasonable care to carry out any such inspection in such
a manner as to result in a minimal disruption of the business of Manager. The Party making the request shall bear all expenses incurred in any inspection or examination made at its behest. 
 1.08 Audit. Each Member owning at least 25% of the outstanding equity securities of Holdings may audit, at its own expense, during normal business
hours after 15 days’ Notice to Manager, (i) all books and records of Manager and Manager’s Affiliates, relating solely to the operation of the Enterprise and (ii) all books and records maintained by Manager pursuant to
Section 1.01 hereof. Such audits shall not be commenced more often than once each Fiscal Year. Notwithstanding anything herein to the contrary, in the event Manager is involved in a financial closing, equity offering, debt offering,
re-financing or other financial reporting process that requires Manager’s immediate attention, then Manager may delay such audit by an additional up to an additional 15 days upon Notice to the requesting Member. Each Member shall have two years
after the close of a Fiscal Year in which to make an audit of such books and records for such Fiscal Year. Manager shall neither be required nor permitted to adjust any item unless a claim therefore is presented or adjustment is initiated within two
years after the close of the Fiscal Year in which the statement therefore is rendered, and in the absence of such timely claims or adjustments, the bills and statements rendered shall be conclusively established as correct; provided, however,
that this shall not prevent adjustment resulting from a physical inventory of the Enterprise property. 
  

 A-3 

 ARTICLE II 
 COSTS, EXPENSES AND EXPENDITURES 
 2.01 Direct Operating Costs Incurred by the
Enterprise. All ordinary and necessary costs associated with the direct operation of the Enterprise shall be charged to and paid by Holdings. Such costs shall include, but not be limited to, direct operating expenses, repairs, maintenance,
capital additions and replacements, retirements, abandonments and direct administration. Any costs or expenses incurred by Manager in rendering direct operating services to Affiliates or subsidiaries of Manager that are not related to the Enterprise
shall be charged to and paid by such Affiliate or subsidiary. 
 2.02 Direct Operating Costs Incurred by Manager or its Affiliates or
Agents. All ordinary and necessary costs associated with the direct operation of the Enterprise, but incurred by Manager or an Affiliate or agent of Manager on behalf of the Enterprise, shall be charged to and paid by Holdings, provided,
however, that such operating costs are within the applicable budgeted amounts previously approved by the Committee. The ordinary and necessary costs associated with the direct operation of the Enterprise, but incurred by Manager or an Affiliate
or agent of Manager on behalf of the Enterprise, shall include, but not be limited to, expenses related to the following functions: 
  

	 	1.	Engineering 

	 	2.	Financial and Accounting 

	 	3.	Marketing and Gas Supply 

	 	4.	Rates and Regulatory Affairs 

	 	5.	Pipeline Enterprises Operations 

	 	6.	Legal Counsel 

	 	7.	Tax Administration 

	 	8.	Insurance Administration 

	 	9.	Human Resources and Payroll 

	 	10.	Information Technology 

	 	11.	Administration 

	 	12.	Public Affairs 

	 	13.	Purchasing 

	 	14.	Gas Reserves Evaluation 

	 	15.	Office Costs 

	 	16.	Aviation 

	 	17.	Governmental Affairs 

	 	18.	Materials and Equipment 

	 	19.	Environmental 

	 	20.	Risk Management 

	 	21.	Safety 

	 	22.	Business Development 

 With respect to payroll costs, appropriate loads
including benefits and payroll taxes will be included. 
  

 A-4 

 2.04 Indirect Operating Costs Incurred by Manager or its Affiliates or Agents. A prorated portion
of the costs and corporate overhead expenses incurred by Manager or its Affiliates and agents in connection with the provision of the Shared Services but including without limitation the following: (i) compensation, including salaries, bonuses
and other incentive based compensation; (ii) employee benefits and perquisites including health, retirement and other welfare benefits; (iii) accrued paid leave; (iv) severance payments (including payments due or payable to employees
of Manager and its Affiliates that they no longer require as a result of plans and changes affecting or arising from the Enterprise); and (v) expenses attributable to the use of Manager’s corporate and its Affiliate’s offices,
equipment and facilities in connection with the performance of its obligations hereunder shall be allocated by Manager to Holdings and shall be charged to and paid by Holdings, provided, however, that such operating costs are within the
applicable budgeted amounts previously approved by the Committee. With respect to payroll costs, appropriate loads including benefits and payroll taxes will be included. 
 2.05 Bank Accounts. At Manager’s request, Holdings shall establish one or more bank accounts in the name or names of Holdings, or any actual or trade name used in the business of the Enterprise, and shall
allow or to the extent necessary provide Manager authority to sign checks as the agent for such account holder to pay obligations of Holdings and the CrossCountry Entities as contemplated by and in accordance with the terms of this Agreement.
Holdings shall cause such accounts initially to include sufficient funds to pay its estimated financial obligations for at least 60 days, as reasonably estimated and requested by Manager, and assure sufficient balances thereafter as reasonably
requested by Manager to permit timely payment of obligations of the Holdings and the CrossCountry Entities. Under no circumstances shall Manager commingle the funds of the Enterprise with the funds of Manager or any of its Affiliates. 
 2.06 Payments. Manager shall invoice Holdings on a monthly basis pursuant to Sections 2.03 and 2.04 of this Exhibit “A” for the direct
and indirect operating costs incurred on behalf of the Enterprise during the preceding month. Holdings shall pay such amounts to Manager in cash within ten days of the date of receipt of Manager’s invoice. To the extent Holdings in good faith
disputes the amount payable in any statement or invoice provided by Manager, Holdings shall pay the undisputed portion of the invoice when due and provide Manager with reasonable and sufficient documentation identifying the basis of the dispute,
including a detailed explanation of the reason for the dispute. If the dispute cannot be resolved in 60 days, then either Party may submit the dispute to the dispute resolution procedures set forth in 7.02 of the Agreement. Any past due payments
shall bear interest at the rate of 1% per month. 
  

 A-5 

 Exhibit C 
  
  
 THIRD AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 CCE HOLDINGS, LLC 
 dated as of              
  
  

 THIRD AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 CCE HOLDINGS, LLC 
 This Third Amended
and Restated Limited Liability Company Agreement of CCE Holdings, LLC, a Delaware limited liability company (the “Company”), is entered into as of this      day of
            , 200    , by and between Energy Transfer Partners, L.P., a Delaware limited partnership, CCE Acquisition, LLC, a Delaware limited liability company, and
CCEA Corp., a Delaware corporation. 
 W I T N E S S E T H: 
 WHEREAS, the Certificate of Formation of the Company was filed with the Secretary of State of Delaware on May 14, 2004, in accordance with the
Delaware Limited Liability Company Act; 
 WHEREAS, the parties hereto are the sole members of the Company; and 
 WHEREAS, the parties hereto desire to amend and restate the limited liability company agreement of the Company as set forth herein in order to provide
for the manner in which the Company shall be governed and operated subsequent to the date hereof; and 
 NOW, THEREFORE, in consideration of
the premises hereof, and of the mutual covenants and agreements contained herein, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I. 
 DEFINITIONS 

 1.1 Defined Terms. The following terms have the meanings hereinafter indicated whenever used in this Agreement with initial capital
letters: 
 “Accepting Member” shall have the meaning specified in Section 5.1(b)(i). 
 “Act” shall mean the Delaware Limited Liability Company Act, at Del. Code Ann., Title 6, Section 18-101, et seq., as
amended. 
 [“Administrative Services Agreement” shall mean the Second Amended and Restated Administrative Services
Agreement substantially in the form of Exhibit C1 or in such other form as shall be approved by the Executive Committee.] 
 [“Administrative Services
Provider” shall mean the Person that from time to time shall be a party to the Administrative Services Agreement with the Company.] 
  
  

	1
	Prior to the execution of this Third Amended and Restated LLC Agreement, the parties will need to mutually agree on the need for, or appropriate amendments to, the Administrative
Services Agreement. Transition Services Agreement will also be discussed. 

 “Affiliate” shall mean, with respect to a Person, another Person that directly or
indirectly controls, is controlled by or is under common control with such first Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and
“under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to vote a majority of the securities having voting power for the election of directors of such Person or otherwise to direct
or cause the direction of the management and policies of that Person, whether through ownership of voting securities, by contract or otherwise. 
 “Agreement” shall mean this Amended and Restated Limited Liability Company Agreement, including all exhibits and schedules attached hereto, as amended, modified or otherwise supplemented, from time to time. 
 “Asset Value” shall mean, with respect to any asset of the Company (other than cash), the adjusted basis of such asset as of the
relevant date for federal income tax purposes, except as follows: 
 (a) the initial Asset Value of any asset (other than cash) contributed
by a Member to the Company shall be the fair market value of such asset (as determined by the Members) at the time of contribution; 
 (b)
the Asset Values of all Company assets (including intangible assets such as goodwill) shall be adjusted to equal their respective fair market values as of the following times: 
 (i) the acquisition of an additional interest in the Company by any new or existing Member in exchange for a Capital Contribution;

 (ii) the distribution by the Company to a Member of an amount of money or Company property as consideration for an interest
in the Company; or 
 (iii) the liquidation of the Company within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g); 
 (c) the Asset Value of any Company asset distributed in kind to any Member shall be adjusted to equal
the gross fair market value of such asset on the date of distribution, as determined by the Members; 
 (d) the Asset Values of any Company
assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in
determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided that Asset Values shall not be adjusted pursuant to Code Section 743(b) to the extent that the Members make a corresponding adjustment under
subparagraph (b)(ii); and 
 (e) if the Asset Value of an asset has been determined or adjusted pursuant to subsection (a), (b) or
(d) above, such Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits and Losses and other items allocated pursuant to Article VII. 
  

 2 

 The foregoing definition of “Asset Value” is intended to comply with the provisions of
Regulations Section 1.704-1(b)(2)(iv) and shall be interpreted and applied consistently therewith. 
 “Bankruptcy
Event” shall be deemed to occur with respect to any Person if (a) such Person shall institute a voluntary case seeking liquidation or reorganization under Bankruptcy Law, or shall consent to the institution of an involuntary case
thereunder against it; (b) such Person shall file a petition or consent or shall otherwise institute any similar proceeding under any other applicable Federal or state law, or shall consent thereto; (c) such Person shall apply for, or by
consent there shall be an appointment of, a receiver, liquidator, sequestrator, trustee or other officer with similar powers for itself or any substantial part of its assets; (d) such Person shall make an assignment for the benefit of its
creditors; (e) such Person shall admit in writing its inability to pay its debts generally as they become due; (f) an involuntary case shall be commenced seeking liquidation or reorganization of such Person under Bankruptcy Law or any
similar proceedings shall be commenced against such Person under any other applicable Federal or state law and (i) the petition commencing the involuntary case is not dismissed within 60 days of its filing, (ii) an interim trustee is
appointed to take possession of all or a portion of the property, and/or to operate all or any part of the business of such Person and such appointment is not vacated within 60 days, or (iii) an order for relief shall have been issued or
entered therein; (g) a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee or other officer having similar powers of such Person or all or a part of its property
shall have been entered; or (h) any other similar relief shall be granted against such Person under any applicable Federal or state law. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 
 “Business Day” shall mean any day that is neither a Saturday nor a Sunday nor a legal holiday on which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in the
States of New York or Texas. 
 “Capital Contribution” shall mean the total amount of money and the net fair market value of
property (as determined by the Executive Committee) contributed by each Member to the Company pursuant to this Agreement. 
 “Cash
Flow” shall mean, with respect to any period, all cash received by the Company (other than from the liquidation of any assets pursuant to Article X) plus all cash withdrawn from reserves (as determined to be appropriate by the
Executive Committee or, if the Executive Committee does not approve the amount of such reserves, no withdrawal from reserves will be made for such period), less (a) all operating expenses of the Company ([including amounts payable
under the Administrative Services Agreement but] excluding capital expenditures), (b) any amounts withheld by the Company in accordance with Section 6.2, (c) additions to reserves made during such period (as determined to
be appropriate by the Executive Committee or, if the Executive Committee does not approve the amount of such reserves, no addition to reserves will be made for such period) and (d) all payments of interest and scheduled principal in respect of
Indebtedness of the Company. 
  

 3 

 “CCE” shall mean CCE Acquisition, LLC, a Delaware limited liability company, and any of
its Affiliates that are Members. 
 “Certificate” shall mean the Certificate of Formation of the Company. 
 “Citrus Corp.” shall mean Citrus Corp., a Delaware corporation. 
 “Class A Capital Account” shall mean, with respect to any Member (and without duplication), the Capital Account maintained for such
Member in accordance with the following provisions: 
 (a) From time to time, the Capital Account of each Member shall be increased by
(i) the amount of any cash contributed by the Member to the Company, (ii) the Asset Value (as determined by the Members) of any property contributed by the Member to the Company (net of liabilities that the Company is deemed to have
assumed or taken subject to, under and pursuant to Section 752 of the Code), and (iii) allocations to the Member of Profit (or items thereof) and other income and gain pursuant to Section 7.1, including income and gain exempt
from tax, and income and gain described in Regulations Section 1.704-1(b)(2)(iv)(g), but excluding items of income and gain described in Regulations Section 1.704-1(b)(4)(i). 
 (b) The Capital Account of each Member shall be decreased by (i) the amount of any cash distributed to such Member, (ii) the Asset Value (as
determined by the Members) of any property distributed to such Member (net of any liabilities that such Member is deemed to have assumed or taken subject to, under and pursuant to Section 752 of the Code), (iii) allocations to the Member
of expenditures described in Section 705(a)(2)(B) of the Code, and (iv) allocations to the Member of Loss (or items thereof) and other loss and deductions pursuant to Section 7.1, including loss and deduction described in
Regulations Section 1.704-1(b)(2)(iv)(g), but excluding items described in clause (iii) above, tax items of loss and deduction described in Regulations Section 1.704-1(b)(4)(i), and items of deduction described in Regulations
Section 1.704-1(b)(4)(iii). 
 (c) A single Capital Account shall be maintained for each Member, which Capital Account shall reflect all
allocations, distributions, or other adjustments required by this definition with respect to the Membership Interest owned by such Member. 
 (d) Upon any transfer of all or part of a Membership Interest as permitted by this Agreement, the Capital Account (or portion thereof) of the transferor that is attributable to the transferred interest (or portion thereof) shall carry over
to the transferee as prescribed by Regulations Section 1.704-1(b)(2)(iv)(l). 
 (e) Notwithstanding anything to the contrary in this
definition, it is the intention of the Members that the Capital Accounts of the Members be maintained strictly in accordance with the capital account maintenance requirements of Regulations Section 1.704-1(b)(2)(iv), and that such Capital
Accounts be adjusted to the extent required by the provisions of such Regulations or any successor provisions thereto. 
  

 4 

 “Class A Executive Committee Member” shall have the meaning specified in
Section 4.1(c). 
 “Class A Member” shall mean each Person listed on Exhibit A hereto and indicated as
such, its respective permitted successors and assigns, and any other Person that is hereafter admitted as a Class A Member pursuant to Article VIII. 
 “Class A Membership Interest” shall mean a Class A Member’s entire interest in the Company including such Class A Member’s right to share in the Profits and Losses and
distributions of the Company, and the Class A Member’s right to vote or consent to, or otherwise participate in, any decision or action of or by the Class A Members granted pursuant to this Agreement or the Act. 
 “Class A Percentage Interest” shall mean a Class A Member’s proportionate interest, expressed as a percentage, in the residual
Profits, Losses, and distributions of the Company to which the Class A Members are entitled. The Class A Percentage Interests of the Class A Members are set forth on Exhibit A. 
 “Class A Prohibited Transferee” shall mean any Persons designated on Exhibit B as a Class A Prohibited Transferee and any
Affiliate or successor thereof. 
 “Class B Executive Committee Member” shall have the meaning specified in
Section 4.1(c). 
 “Class B Member” shall mean each Person listed on Exhibit A hereto and indicated as such, its
respective permitted successors and assigns, and any other Person that is hereafter admitted as a Class B Member pursuant to Article VIII. 
 “Class B Membership Interest” shall mean a Class B Member’s entire interest in the Company including such Class B Member’s right to share in the Profits and Losses and distributions of the Company, and the Class B
Member’s right to vote or consent to, or otherwise participate in, any decision or action of or by the Class B Members granted pursuant to this Agreement or the Act. 
 “Class B Prohibited Transferee” shall mean any Persons designated on Exhibit B as a Class B Prohibited Transferee and any Affiliate or successor thereof. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any successor statutory provisions. 

“Company” shall have the meaning assigned thereto in the preamble to this Agreement. 
 “Company Subsidiaries” shall mean CrossCountry, CrossCountry Alaska, LLC, CrossCountry Energy Services, LLC, Transwestern Holding
Company, LLC, Transwestern and CrossCountry Citrus; provided, however, that none of the foregoing shall be considered a “Company Subsidiary” at such time as the Company shall have disposed of its ownership interests
therein. 
  

 5 

 “Contribution Offer Expiration Date” shall have the meaning specified in
Section 5.1(b)(i). 
 “Contribution Offer Notice” shall have the meaning specified in Section 5.1(b)(i).

 “CrossCountry” shall mean CrossCountry Energy, LLC, a Delaware limited liability company. 
 “CrossCountry Citrus” shall mean CrossCountry Citrus, LLC, a Delaware limited liability company. 
 “Credit Facilities” shall mean such loan agreements and instruments to which the Company or any Company Subsidiary shall be a party from
time to time. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and the rules and
regulations promulgated there under. 
 “ETP” shall mean Energy Transfer Partners, L.P., a Delaware limited
partnership, and any of its Affiliates that are Members. 
 “Exchange Act” shall mean the Securities Exchange Act of
1934, as amended. 
 “Executive Committee” shall have the meaning specified in Section 4.1(a). 
 “Executive Committee Members” shall have the meaning specified in Section 4.1(a). 
 “Fiscal Year” shall mean the taxable year of the Company, which initially shall be the calendar year. 
 “GAAP” shall mean United States generally accepted accounting principles consistently applied. 
 “Governmental Authority” shall mean any court, tribunal, agency, commission, official or other instrumentality of the United States or
any state or political subdivision thereof. 
 “Indebtedness” shall mean, with respect to any Person, (A) all
obligations for borrowed money of the such Person, (B) all obligations for the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses
incurred, in the ordinary course of business so long as such trade accounts payable are payable within 90 days of the date the respective goods are delivered or the respective services are rendered, (C) the capitalized amount (determined in
accordance with GAAP) of all obligations such Person is required to pay or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be
classified and accounted for as capital leases on a balance sheet of such Person under GAAP, (D) all obligations for borrowed money secured by any lien upon or in any property owed by such Person whether or not such Person has assumed or become
liable for the payment of such obligations for borrowed money and (E) all obligations of the type described in any of clauses (A) through (D) above which are guaranteed, directly or indirectly, or endorsed (otherwise than for
collection or deposit in the ordinary course of business) or discounted with recourse by such Person. 
  

 6 

 “Liquidating Trustee” shall have the meaning specified in the Act. 
 “Managing Member” shall mean the Member designated pursuant to Section 4.3. 
 “Material Regulatory Filing” shall mean any filing with any Governmental Authority which, if determined adversely to the Company, would
have a material adverse effect on the business, assets or financial condition of the Company. 
 “Members” shall mean each
of the Persons set forth on Exhibit A and any other Person that hereafter is admitted as a Member pursuant to Article VIII. 
 “Membership Interest” and “Membership Interests” shall mean, individually the Class A Membership Interest or the Class B Membership Interest and, collectively, the Class A Membership Interests and
the Class B Membership Interests, as the context requires. 
 “Person” shall mean any individual, partnership, limited
liability company, corporation, trust or other entity. 
 “Profits” and “Losses” shall mean, for each
Fiscal Year or other period, an amount equal to the Company’s taxable income or loss for such Fiscal Year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction
required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
 (a) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits and Losses shall be added to such taxable income or loss; 
 (b) Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to
Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses, shall be subtracted from such taxable income or loss; 
 (c) In the event the Asset Value of any Company asset is adjusted pursuant to clause (b) or clause (c) of the definition thereof, the amount of such adjustment shall be taken into account as gain or loss
from the disposition of such asset for purposes of computing Profits and Losses; 
 (d) Gain or loss resulting from any disposition of
Company property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs
from its Asset Value; 
  

 7 

 (e) In lieu of depreciation, amortization and other cost recovery deductions taken into account in
computing such taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year or other period; and 
 (f) To the
extent an adjustment to any adjusted tax basis of any Company asset pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining
Capital Accounts as a result of a distribution other than in liquidation of a Member’s Membership Interest in the Company, the amount of the adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or
loss (if the adjustment decreases the basis of the assets) from the disposition of the asset and shall be taken into account for purposes of computing Profits and Losses. 
 “Rate Filing” shall mean any application, notice or other submission filed with or otherwise delivered to any Governmental Authority relating to the establishment of, or modification or supplement to,
the rates, tariffs or charges for services or commodities provided by any Company Subsidiary; provided, however, that “Rate Filing” shall not include any of the foregoing unless the intended or expected effect thereof is
(i) to increase the revenues of the applicable Company Subsidiary by more than 10% per annum, (ii) to increase or decrease the rates chargeable for transportation of natural gas through the applicable Company Subsidiary’s
pipeline facilities by more than 10%, (iii) the offering by the applicable Company Subsidiary of a new service or (iv) the expansion or addition of capacity of, or the increase in the pressure of, the applicable Company Subsidiary’s
pipeline facilities. 
 “Redemption Agreement” shall mean the Redemption Agreement, dated as of September
    , 2006, between the Company and ETP. 
 “Regulations” shall mean any and all temporary and final
regulations promulgated under the Code, as amended from time to time (including corresponding provisions of succeeding regulations). 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “SUG” shall mean Southern
Union Company, a Delaware corporation. 
 “Tax Matters Member” shall mean the Member designated to serve as such pursuant to
Section 7.5. 
 “Third Party Purchaser” shall mean any Person (other than a Member or an Affiliate of a Member)
that has expressed an interest to purchase any of the Class A Membership Interests or Class B Membership Interests. 
 “Third
Party Purchaser Notice” shall have the meaning specified in Section 8.2. 
 “Transfer” shall mean any,
direct or indirect, sale, assignment, gift, hypothecation, pledge or other disposition, whether voluntary or by operation of law (including through the state law conversion of the legal status of a Member), of a Membership Interest or any portion
thereof including as a result of a sale or transfer of the equity interests in a Member or its direct or indirect parent, but the term “Transfer” shall not include any sale or transfer of equity interests in ETP or SUG. 
  

 8 

 “Transferee” shall mean any Person that receives a Membership Interest as the result of
a Transfer from a Transferring Member. 
 “Transferring Member” shall have the meaning specified in Section 8.2.

 “Transwestern” shall mean Transwestern Pipeline Company, LLC. 
 1.2 Interpretative Matters. In this Agreement, unless otherwise specified or where the context otherwise requires: 
 (a) the headings of particular provisions of this Agreement are inserted for convenience only and will not be construed as a part of this Agreement or
serve as a limitation or expansion on the scope of any term or provision of this Agreement; 
 (b) the singular shall include the plural and
the plural shall include the singular wherever appropriate; 
 (c) words importing any gender shall include other genders; 
 (d) the words “include,” “includes” or “including” shall be deemed to be followed by the words “without
limitation”; 
 (e) the words “hereof,” “herein” and “herewith” and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 (f) references
to “Sections”, “Articles”, “Exhibits” and “Appendices” shall be to Sections, Articles, Exhibits and Appendices of or to this Agreement; 
 (g) references to any Person include the successors and permitted assigns of such Person; 
 (h) the use of the words “or,” “either” and “any” shall not be exclusive; 
 (i) wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict;

 (j) references to any agreement or contract, unless otherwise stated, are to such agreement or contract as amended, modified or
supplemented from time to time in accordance with the terms hereof and thereof; and 
 (k) the parties hereto have participated jointly in
the negotiation and drafting of this Agreement; accordingly, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of
proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any provisions of this Agreement. 
  

 9 

 ARTICLE II. 
 ORGANIZATIONAL MATTERS 
 2.1 Formation. The Company has been formed and exists for the
limited purposes described herein and shall be governed by and operated in accordance with the Act. The Members shall execute and the Managing Member shall make, or cause to be made, all filings required by the Act or other applicable law with
respect to the formation and operation of the Company. 
 2.2 Name. The name of the Company is CCE Holdings, LLC. 
 2.3 Principal Place of Business. The principal place of business of the Company shall be located at 5444 Westheimer Road, Houston, TX 77056. The
Members may change the principal place of business of the Company at any time and from time to time. 
 2.4 Registered Office and
Agent. The registered office of the Company shall be located at 1209 Orange Street, Wilmington, New Castle County, Delaware 19801 and the registered agent for the Company at such office shall be The Corporation Trust Company. The Executive
Committee may change the registered office of the Company or the registered agent for the Company at any time, and from time to time. 
 2.5
Term. The term of the Company shall commence upon the filing of the Certificate and shall continue until dissolved in accordance with Article X or the Act. 
 ARTICLE III. 
 BUSINESS OF THE COMPANY2 
 3.1
Purpose. The business of the Company shall be to, directly and indirectly, own and manage ownership interests in the Company Subsidiaries, and their respective assets, and to engage in any business necessary or incidental thereto. 

ARTICLE IV. 
 MANAGEMENT OF
COMPANY 
 4.1 Executive Committee. 
 (a) Establishment. There is hereby established a committee of Member representatives (the “Executive Committee”) comprised of natural Persons (the “Executive Committee
Members”) having the authority and duties set forth in this Agreement. Any decisions to be made by the Executive Committee shall require the unanimous approval of the Executive Committee Members; provided, however, that in the
case of any action or decision by the Executive Committee relating to (i) the commencement of any legal or arbitration 
  

	2
	The parties will need to discuss whether certain employees shared by TPC and other businesses of SUG and CCE should be moved into TPC. 

  

 10 

 
proceedings against a Member or an Affiliate thereof, (ii) entering into any transaction with a Member or any of its Affiliates of the type referred to
in Section 4.2(g) or (iii) the enforcement or waiver of any rights of the Company under any material agreement with a Member or any of its Affiliates, the Executive Committee Members appointed by the Class of Membership Interests
held by such Member (and respecting which such Member is entitled to exercise voting rights as provided in Section 4.2(a)(ii) and Section 4.2(a) (iii)) shall not participate in any decisions by the Executive Committee in
respect of such matters and such Executive Committee Members shall be disregard for purposes of this Section 4.1(a) and Section 4.2(d)(iv) to the extent of any Executive Committee meetings or decisions relating to any such
matters. Absent authority granted by the Executive Committee, no Member or Executive Committee Member shall have the power to act for or on behalf of, or to bind, the Company. At each meeting of the Executive Committee, the Executive Committee shall
designate a person to preside over such meeting. 
 (b) Powers. The business and affairs of the Company shall be managed by or under
the direction of the Executive Committee, except as otherwise expressly provided in this Agreement. The Executive Committee shall have the power on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the
Company contemplated by Section 3.1 and to perform all acts that the Executive Committee may deem necessary or advisable in connection therewith. 
 (c) Composition of the Executive Committee and Appointment of Executive Committee Members. The Executive Committee shall consist of four members, two of whom shall be appointed by the Class A Members (the
“Class A Executive Committee Members”), and two of whom shall be appointed by the Class B Members (the “Class B Executive Committee Members”). In addition, the Class A Members and the Class B Members may
appoint one or more alternates for the Class A Executive Committee Members and the Class B Executive Committee Members, respectively, and each such alternate shall have all of the powers of a Executive Committee Member in such Executive
Committee Member’s absence or inability to serve. The Class A Members shall have the power to remove any Class A Executive Committee Member, and the Class B Members shall have the power to remove any Class B Executive Committee
Member. Any vacancy on the Executive Committee shall be filled by the Class A Members if the vacancy shall be in respect of a Class A Executive Committee Member, or by the Class B Members if the vacancy shall be in respect of a Class B
Executive Committee Member. The Class A Members shall notify the Class B Members, and the Class B Members shall notify the Class A Members, of their respective appointments or removals of Executive Committee Members as provided in this
Section 4.1(c). In addition to the Executive Committee Members, the Class A Members and the Class B Members shall each be entitled to appoint one individual who shall be entitled to attend each meeting of the Executive Committee and
receive all notices and other information provided to the Executive Committee Members, but no such observer shall be entitled to any other rights or privileges granted to the Executive Committee Members hereunder or pursuant hereto. The Class A
Members and the Class B Members shall be entitled to remove and replace their respective Executive Committee observers from time to time. The Class A Members shall notify the Class B Members, and the Class B Members shall notify the
Class A Members, of their respective appointments or removals of their Executive Committee observers as provided in this Section 4.1(c). 
  

 11 

 (d) Meetings of the Executive Committee. Regular meetings of the Executive Committee shall be held
at least four times in each Fiscal Year and may be held at such place, within or without the State of Delaware, as shall from time to time be determined by unanimous consent of the Executive Committee. Special meetings of the Executive Committee may
be called by or at the request of any Executive Committee Member. Notice of each such regular or special meeting shall be mailed to each Executive Committee Member, addressed to such Executive Committee Member at his or her residence or usual place
of business, at least five days before the date on which the meeting is to be held, or shall be sent to such Executive Committee Member at such place by personal delivery, telephone, electronic mail or telecopier, not later than five days (or, in
the case of meetings held by telephone, one day) before the day on which such meeting is to be held. Each such notice shall state the time and place of the meeting and, as may be required, the purposes thereof. 
 (i) Any Executive Committee Member who is present at a meeting shall be conclusively presumed to have waived notice of such meeting except
when such member attends for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened. Such Executive Committee Member shall be conclusively presumed
to have assented to any action taken unless his or her dissent shall be entered in the minutes of the meeting or unless his or her written dissent to such action shall be filed with the person acting as the secretary of the meeting before the
adjournment thereof or shall be forwarded by registered mail to the Managing Member of the Company immediately after the adjournment of the meeting. Such right to dissent shall not apply to any Executive Committee Member who voted in favor of such
action. 
 (ii) Executive Committee Members may participate in and act at any meeting of the Executive Committee through the
use of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in the meeting pursuant to this Section 4.1(d) shall constitute presence in
person at the meeting. 
 (iii) Unless otherwise restricted by this Agreement or the Act, any action required or permitted to
be taken at any meeting of the Executive Committee may be taken without a meeting if all the Executive Committee Members consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Executive Committee.

 (iv) At each meeting of the Executive Committee, the presence of at least one Class A Executive Committee Member and
each Class B Executive Committee Member shall constitute a quorum and be required for the transaction of business, subject to the provisions of Section 4.1(a) in respect of decisions to be made by the Executive Committee. 
 (e) Compensation of Executive Committee Members. Executive Committee Members shall not receive any compensation from the Company for their
services but may be reimbursed for any expenses related to attendance at each meeting of the Executive Committee. 
  

 12 

 4.2 Actions Requiring Executive Committee Approval The following actions by the Company shall
require the approval of the Executive Committee: 
 (a) commencing, or any other material action with respect to, a Bankruptcy Event of the
Company or of any Company Subsidiaries; 
 (b) transferring any assets of the Company to satisfy any liabilities of any of the Members or
their respective Affiliates (or any trade or business, whether or not incorporated, that is treated as a single employer together with such Member or its Affiliates (under section 414 of the Code or section 4001(b) of ERISA)) arising from ERISA;

 (c) selling, exchanging, licensing as licensor, leasing as lessor, or disposing of any assets of the Company in excess of $30 million;

 (d) engaging in, or acquiring any material assets related to, any business other than the business historically conducted by CrossCountry
with a value in excess of $30 million, other than assets sold or exchanged in the ordinary course; 
 (e) redeeming any ownership interest in
the Company; 
 (f) making any non-pro rata distribution of cash, income, assets or rights to any Member, except to the extent permitted
under this Agreement, and making any other distribution not expressly permitted by Article VI hereof (other than the distribution contemplated by Section 5.1(c) of the Redemption Agreement); 
 (g) entering into any material transactions (including purchases, sales or leases of assets) by the Company with or for the benefit of a Member or an
Affiliate thereof; 
 (h) incurring or assuming any Indebtedness by the Company in excess of $50 million in the aggregate, excluding the
Indebtedness incurred prior to the date hereof in connection with the acquisition of the Company Subsidiaries by the Company; 
 (i) any
repayment (other than (i) repayments in accordance with scheduled maturity or which are otherwise mandatory pursuant to the terms of any document to which the Company is a party and (ii) paydowns on any revolving credit facility),
voluntary prepayment or redemption of, or any refinancing or other modification of the terms of, any indebtedness pertaining to the Company; 
 (j) initiating any material legal proceedings or arbitration on behalf of the Company, or agreeing to the settlement of any claim by or against the Company with respect to claims in excess of $3 million, or which includes requests for any
material injunction, specific performance or other equitable relief; 
 (k) entering into any confession of a judgment in excess of $3
million against the Company; 
 (l) adopting each annual budget for the Company, and any amendment or other modification to any such budget;
provided, that if the Executive Committee is unable to agree on the annual budget for any year for the Company, the Company shall adopt an annual budget equal to the annual budget in effect in the immediately preceding year; 
  

 13 

 (m) the making of any Rate Filing or any Material Regulatory Filing with any Governmental Authority by
the Company, except to the extent such filing is required to be made by applicable law; 
 (n) implementing any material change in accounting
policies or practices in respect of the Company, in each case except to the extent that such change is required to be made by GAAP or applicable law, or terminating the engagement of the Company’s principal independent auditors; and 

(o) the entry into any new line of business by the Company. 
 4.3 Management of the Company. 
 (a) Managing Member. Day-to-day management of the Company in
accordance with the polices established, and direction given, by the Executive Committee from time to time, and subject to the limitations provided elsewhere in this Agreement, shall be the responsibility of a managing Member (the “Managing
Member”). In addition, the Managing Member shall provide to any Executive Committee Member such additional information as such Executive Committee Member may reasonably request from time to time to the extent that (i) such requested
information relates to the operation of the Company or any Company Subsidiary and (ii) the Managing Member has such information or can acquire it without unreasonable effort. Subject to the next following sentence, the Managing Member shall be
CCE. If at any time (x) CCE and its Affiliates shall cease to hold at least 80% of the Class A Membership Interests, or (y) CCE or any of its Affiliates that is a Member shall breach in any material respect any of its obligations
under this Agreement, Members holding not less than a majority of the Class B Membership Interests (taking into the account the provisions of Section 4.4(a)(iii)) shall have the right (but not the obligation) to designate a replacement
Managing Member by written notice to CCE, which replacement shall be effective immediately or at such other time as shall be specified in such written notice to CCE. In the case of any such replacement, CCE shall cooperate fully in the transition to
such new Managing Member. 
 (b) [Administrative Services Agreement. Simultaneously with the execution of this Agreement,
the Company shall enter into the Administrative Services Agreement with the Administrative Services Provider. Subject to the next following sentence, the Administrative Services Provider shall be an Affiliate of CCE that is designated by CCE and is
qualified to perform the duties required of it under the Administrative Services Agreement. Members holding not less than a majority of the Class B Membership Interests shall have the right (but not the obligation) to designate a replacement
Administrative Services Provider (that may be an Affiliate of ETP) by written notice to CCE and the then current Administrative Services Provider, which replacement shall be effective immediately or at such other time as shall be specified in such
written notice to CCE and the Administrative Services Provider, (i) upon the Administrative Service Provider’s material breach of its obligations under the Administrative Services Agreement, and the Administrative Service Provider’s
failure to cure such breach within 

  

 14 

 
60 days following the Administrative Service Provider’s receipt of written notice from the Company setting forth in reasonable detail the relevant
conduct or failure, (ii) upon any of the representations and warranties of the Administrative Service Provider contained in the Administrative Services Agreement proving to be materially false, incomplete or misleading, and not reasonably
subject to cure in a manner that will result in no material harm to the Company, (iii) upon the Administrative Service Provider committing a material violation of any law applicable to Company or any Company Subsidiary, (iv) if SUG, or its
Affiliates, cease to own beneficially at least a majority of the Class A Membership Interests or (v) in the event of a failure by the Company or any Company Subsidiary to pay principal or interest as and when due under any credit facility
(subject to applicable grace periods). It is expressly understood and agreed that the foregoing provisions shall be in addition to, and shall not otherwise limit, any other remedies that may be available to the Company or any other Member (other
than CCE or any of its Affiliates) upon any breach of the Administrative Services Agreement by the Administrative Services Provider, CCE or any of its Affiliates. In the case of any such replacement, CCE shall cause its Affiliate Administrative
Services Provider to cooperate fully in the transition to such new Administrative Services Provider.] 
 (c) Transwestern Matters.
Immediately following the execution of this Agreement, the Class A Members and the Class B Member shall take all action necessary to cause (i) TW Holdings, as the sole member of TPC, to authorize the board of managers of TPC to have full
authority to manage Transwestern’s business and affairs, (ii) TW Holdings, as the sole member of Transwestern, to appoint three persons to the board of managers of Transwestern that are designated by the Class B Member from time to time,
(iii) TW Holdings to take no action to remove such persons from such board of managers, (iv) TW Holdings to take no action to increase the size of the board of managers of Transwestern and (v) TW Holdings to take no action to amend or
restate Transwestern’s limited liability agreement, with the objective of these provisions being to enable the Class B Member to (x) make all material decisions involving, or otherwise relating to, Transwestern, including decisions with
respect to commercial, financial, regulatory, operational and other general policy matters involving, or otherwise relating to, Transwestern and (y) require management personnel of Transwestern to report to the board of managers of
Transwestern. [The final version of this Agreement shall contain a provision whereby the Class B Members indemnify the Class A Members against third party claims against the Class A Members resulting from their ownership in TPC.]

 (d) Citrus Matters. Immediately following the execution of this Agreement, the Class A Members and the Class B Member shall
take all action necessary to cause (i) CrossCountry, as the sole member of CrossCountry Citrus, to authorize the board of managers of CrossCountry Citrus to have full authority to manage CrossCountry Citrus’ business and affairs,
(ii) CrossCountry, as the sole member of CrossCountry Citrus, to appoint three persons to the board of managers of CrossCountry Citrus that are designated by the Class A Members from time to time, (iii) CrossCountry to take no action
to remove such persons from such board of managers, (iv) CrossCountry to take no action to increase the size of the board of managers of CrossCountry Citrus and (v) CrossCountry to take no action to amend or restate the CrossCountry Citrus
limited liability agreement, with the objective of these provisions being to enable the Class A Members to (x) make all material decisions involving, or otherwise relating to, CrossCountry Citrus and Citrus Corp. and its Subsidiaries,
including decisions with respect to 

  

 15 

 
commercial, financial, regulatory, operational and other general policy matters involving, or otherwise relating to, such entities and (y) require
management personnel of CrossCountry Citrus to report to the board of managers of CrossCountry. [The final version of this Agreement shall contain a provision whereby the Class A Members indemnify the Class B Members against third party
claims against the Class B Members resulting from their ownership of Citrus Corp.]  
 4.4 Member Rights and Obligations.

 (a) Voting Rights. Except as provided in this Agreement or as otherwise required by applicable law; 
 (i) the Class A Members and the Class B Members shall vote together without distinction as to class, and any action requiring the
approval of the Members shall require the affirmative vote of the Class A Members and Class B Members holding a majority of the Class A Membership Interests and the Class B Membership Interests; 
 (ii) all actions requiring the approval of the Class A Members, and unless expressly provided otherwise, all other actions to be
taken by the Class A Members (including, without limitation, any direction to be given to the Executive Committee Members appointed by the Class A Members), shall require the affirmative vote of Members holding a majority of the
Class A Membership Interests; provided, however, that in the case of any vote by the Class A Members, whether pursuant to this Section or any other provision of this Agreement, ETP and any of its Affiliates holding any
Class A Membership Interests shall not be entitled to participate in such vote and the Class A Membership Interests held by them shall be disregarded for all purposes of such vote; and 
 (iii) all actions requiring the approval of the Class B Members, and unless expressly provided otherwise, all other actions to be
taken by the Class B Members (including, without limitation, any direction to be given to the Executive Committee Members appointed by the Class B Members), shall require the affirmative vote of Members holding a majority of the Class B
Membership Interests; provided, however, that in the case of any vote by the Class B Members, whether pursuant to this Section or any other provision of this Agreement, CCE and any of its Affiliates holding any Class B Membership
Interests shall not be entitled to participate in such vote and the Class B Membership Interests held by them shall be disregarded for all purposes of such vote. 
 (b) Actions Requiring Unanimous Approval of Members. The following actions by the Company shall require the unanimous approval of all of the Members: 
 (i) amending the Certificate or this Agreement; 
 (ii) requiring any Member to contribute additional capital; and 
 (iii) issuing any Membership Interests or other equity securities of the Company to any Member. 
  

 16 

 (c) Actions Requiring Approval of Two-Thirds of Class A Members and Class B Members. The
following actions by the Company shall require the approval of Members holding at least two-thirds of the Class A Membership Interests and Members holding at least two-thirds of the Class B Membership Interests: 
 (i) dissolving, terminating or liquidating the Company or any Company Subsidiary; 
 (ii) selling all or substantially all of the assets of the Company or any Company Subsidiary; and 
 (iii) merging, consolidating or changing the form of entity of the Company or any Company Subsidiary, whether or not involving a change of
control. 
 (d) Members’ Meetings. Meetings of the Members may be called from time to time by the affirmative vote of the
Executive Committee Members or upon written request of any Member having an Aggregate Percentage of not less than 20% delivered to any member of the Executive Committee. If action is to be taken at a duly called meeting of the Members, notice of the
time, date and place of meeting shall be given by the Managing Member, at the direction of the Executive Committee, to each other Member by personal delivery, telephone, electronic mail or telecopier sent to the address of each Member set forth on
Exhibit A at least five business days in advance of the meeting; provided, however, that no notice need be given to a Member who waives notice before or after the meeting or who attends the meeting without protesting at or
before its commencement the inadequacy of notice to such Member. The Members may attend a meeting in person or by proxy. Meetings of the Members shall be held at the Company’s principal place of business during normal business hours, or at such
other place and time as unanimously agreed by the Members; provided, however, that the Members may participate in and act at any meeting of the Members through the use of a conference telephone or other communications equipment by
means of which all individuals participating in the meeting can hear each other, and such participation in the meeting shall constitute presence in person at the meeting. Any action required or permitted to be taken at any meeting of the Members may
be taken without a meeting if one or more written consents to such action shall be signed by Members whose affirmative vote at a meeting would be sufficient to approve such action. Such written consents shall be delivered to the principal office of
the Company and, unless otherwise specified, shall be effective on the date when the first consent is delivered. 
 (e) Limitation of
Authority. Except in accordance with the provisions of this Agreement, no Member shall have any right or authority to act for or bind the Company. 
 4.5 Limitation of Liability. No Member, Managing Member, Executive Committee Member or any Affiliate, agent, officer, partner, employee, member, representative, director, manager or shareholder of any of the
foregoing shall be liable, responsible or accountable in damages or otherwise to the Company or any Member for (i) any act performed in good faith within the scope of the authority conferred by this Agreement, (ii) any failure or refusal
to perform any acts except those required by the terms of this Agreement or (iii) any performance or omission to perform any acts in reliance in good faith on the advice of independent accountants or legal counsel for the Company. 

 

 17 

 4.6 Indemnification. In any threatened, pending or completed action, suit or proceeding to which a
Member, Managing Member, Executive Committee Member or any Affiliate, agent, officer, partner, employee, member, representative, director, manager or shareholder of any of the foregoing was or is a party or is threatened to be made a party by reason
of the fact that such Person is or was acting on behalf of the Company (other than an action by or in the right of the Company), the Company shall indemnify such Member, Managing Member, Executive Committee Member or any Affiliate, agent, officer,
partner, employee, member, representative, director or shareholder of any of the foregoing against expenses, including attorneys’ fees, judgments and amounts paid in settlement actually and reasonably incurred by such Person in connection with
such action, suit or proceeding to the maximum extent permitted by applicable law, provided that such Person acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Company, and that the
conduct giving rise to the liability for which indemnification is sought does not constitute fraud, gross negligence or gross misconduct. 
 ARTICLE V. 
 CONTRIBUTIONS 
 5.1 Capital Contribution.3 Unless unanimously
agreed to by the Members in writing, no Member shall be required to make additional Capital Contributions to the Company. In addition, no Member shall be allowed to make additional Capital Contributions to the Company without the approval of CCE
(but only so long as it shall be a Member) and of ETP (but only so long as it shall be a Member). 
 5.2 No Right to Interest or Return of
Capital. Except as set forth herein, no Member shall be entitled to any return of, or interest on, Capital Contributions to the Company. No Member shall have any liability for the return of the Capital Contribution of any other Member and each
Member shall look only to the assets of the Company for return of its Capital Contribution. 
 5.3 No Third Party Rights. The
obligations or rights of the Company or the Members to make any Capital Contribution under this Article V shall not grant any rights to or confer any benefits upon any Person who is not a Member. 
 ARTICLE VI. 
 DISTRIBUTIONS

 6.1 Cash Flow.4 Subject to Section 11.2, the Company shall distribute all Cash Flow attributable to Transwestern for a calendar quarter
to the Class B Member and all remaining Cash Flow of the Company for such calendar quarter to the Class A Members in proportion to 
  

	3
	Prior to the execution of this Third Amended and Restated LLC Agreement, the parties shall negotiate in good faith appropriate provisions to facilitate necessary capital
contributions by the Class A Members to CrossCountry Citrus, LLC and by the Class B Member to TPC, in each case without any adjustment to the provisions of Article VI or Article VII. 

	4
	Need to provide for a true-up for cash flow subsequent to the last quarterly distribution made prior to the execution of this Agreement. 

  

 18 

 
their Class A Percentage Interests, with each such distribution to be made no later than the date that is 45 days after the end of such quarter, and at
such other times as shall be determined by the affirmative vote of the Executive Committee to each Class A Member and Class B Member. Distributions to each Member shall be sent via wire transfer to such account identified by such respective
Member in writing to the Managing Member from time to time. 
 6.2 Amounts Withheld for Taxes. Notwithstanding any provision of this
Agreement to the contrary, if the Company is required to pay, with respect to or on behalf of any Member or any other Person, any amount required to be withheld by the Company in respect of taxes based on or measured by income under federal, state,
or local law or any estimated tax or similar amount, such Member or other Person shall, upon demand of the Company, promptly reimburse the Company for such amount. To the extent that such Member or other Person has not so reimbursed the Company, any
and all amounts so paid by the Company may be withheld from and offset against distributions to such Member or other Person and shall be considered for all purposes of this Agreement to have been distributed to such Member or other Person pursuant
to this Article VI. 
 ARTICLE VII. 
 ALLOCATIONS 
 7.1 Allocations. Profits and Losses for any Fiscal Year shall be allocated as follows:

 (a) All Profits and Losses attributable to Transwestern shall be allocated to the Class B Member; and 
 (b) All Profits and Losses (other than Profits and Losses attributable to Transwestern) shall be allocated to the Class A Members. 
 7.2 Tax Treatment of Transwestern. The Members agree that, for U.S. federal income tax purposes, they will treat the Class B Member as directly
owning all of the assets and liabilities of Transwestern. The Members agree to file all U.S. federal income tax returns consistent with this Section 7.2. 
 7.3 Section 754 Election. In the event of a Transfer of a Membership Interest permitted under this Agreement, the Company shall, at the request of the transferee Member, file an election under
Section 754 of the Code to adjust the basis of the assets of the Company in accordance with the provisions of Section 743 of the Code. Any costs associated with such election (such as accounting fees) shall be borne by the transferee
Member. 
 7.4 Tax Matters Member. 
 (a) For purposes of Code Sections 6221 through 6223, the Managing Member from time to time shall also be, and is hereby designated as, the “tax matters partner” of the Company (the “Tax Matters
Member”). 
 (b) The Tax Matters Member shall make an election under Code Section 6231(a)(i)(B)(ii) with the Company’s
first tax return to be filed after the effective date of this Agreement to have Code Sections 6221 to 6234, inclusive, apply to the Company. 
  

 19 

 (c) The Tax Matters Member shall, within ten days (or such shorter period of time as is reasonably
practicable) of the receipt of any notice from the Internal Revenue Service in any administrative proceeding at the Company level relating to the determination of any Company item of income, gain, loss, deduction or credit, deliver a copy of such
notice to each Member. The Tax Matters Member shall cooperate with any Member, and shall take such action as may be required to be taken by the Tax Matters Member, to cause such Member to become a “notice partner” within the meaning of
Section 6231(a)(8) of the Code. The Tax Matters Member shall inform each Member of all significant matters that may come to its attention in its capacity as Tax Matters Member by giving written notice thereof within 10 business days (or such
shorter period of time as is reasonably practicable) after becoming aware thereof and, within that time, shall forward to each other Member copies of all significant written communications it may receive in its capacity as Tax Matters Member.

 (d) The Tax Matters Member shall not take any action that may be taken by a “tax matters partner” under Code Section 6221
through 6234 unless (i) it has first given the other Members written notice of the contemplated action at least ten business days prior to the applicable due date of such action and (ii) it has received the unanimous written consent of the
other Members to such contemplated action; provided, however, that unless the Tax Matters Member is notified otherwise no later than two business days prior to any date by which the Tax Matters Member must act as set forth in any
notice received from the Internal Revenue Service, the Code or the regulations promulgated thereunder, such other Members shall be deemed to have given their consent. 
 (e) At least 20 days prior to the due date for the filing of any federal income tax return of the Company, the Tax Matters Member shall provide a proposed draft of such return to the Members for their approval. If the
Members approve such return, the return shall be filed as approved. Failure to provide the Tax Matters Member with written notice that the Members do not approve such return within 10 days from the receipt thereof by the Members shall be deemed
approval by the Members. In the event the Members do not approve such return, and the Members and Tax Matters Member are otherwise unable to resolve their differences with regard to such return, the matter shall be submitted to an independent,
nationally recognized accounting firm, the decision of which shall be final. The cost of retaining such accounting firm with respect to resolving such dispute shall be borne by the Company. The Tax Matters Member shall provide a draft or final copy
of any tax return to a Member upon written request by such Member. 
 (f) Without limiting and in addition to the foregoing, for tax
proceedings, matters and claims in excess of $3 million, the Tax Matters Member shall not initiate any legal or administrative proceedings on behalf of the Company or a Company Subsidiary in respect of or relating to any tax proceedings or other tax
matters, or agree to the settlement of any claims in respect of or relating to any tax proceedings or other tax matters, without first consulting with the Executive Committee a reasonable period of time prior to taking any such action. 

 

 20 

 ARTICLE VIII. 
 TRANSFER/ADMISSION MATTERS 
 8.1 Transfer Restrictions. ETP, CCE and any other Person
holding, directly or indirectly, a Class A Membership Interest or Class B Membership Interest may Transfer all or any portion of its Membership Interest only in accordance with the provisions of this Article VIII; provided, that
ETP, CCE and any other Person holding, directly or indirectly, a Class A Membership Interest or Class B Membership Interest may Transfer all or any portion of its Membership Interest to an Affiliate with prior notice to the Executive Committee
and upon satisfaction of the provisions of Section 8.3. Notwithstanding any provision hereof to the contrary, no Class A Member may Transfer any Membership Interest to any person that is a Class A Prohibited Transferee and no
Class B Member may Transfer any Membership Interest to any person that is a Class B Prohibited Transferee. 
 8.2 Right of First
Offer. If any Class A Member or Class B Member (a “Transferring Member”) desires to Transfer all or any portion of its Class A Membership Interest or Class B Membership Interest, as applicable (the “Specified
Interest”), to any Third Party Purchaser, such Transferring Member shall first give notice thereof (the “Offer Notice”) to the other Class A Members and Class B Members (the “Non-Transferring
Members”), specifying the price (the “Specified Price”) and other terms (the “Specified Terms”) at and on which such Transferring Member is willing to sell the Specified Interest. The delivery of the Offer
Notice by the Transferring Member to the Non-Transferring Members shall constitute an offer by the Transferring Member to negotiate in good faith to sell to the Non-Transferring Members the Specified Interest at the Specified Price upon the
Specified Terms. The Non-Transferring Members shall each have 30 Business Days (the “Acceptance Period”) from and including the date it receives the Offer Notice to accept such offer, which acceptance shall be in the form of a
written notice (the “Acceptance Notice”) to the Transferring Member. Each Non-Transferring Member wishing to accept such offer (each, an “Accepting Member”) shall thereafter negotiate in good faith with the
Transferring Member. If more than one Non-Transferring Member shall wish to purchase the Specified Interest, each such Non-Transferring Member shall be entitled to purchase a proportionate share of the Specified Interest on the basis of its
Aggregate Percentage Interest. If the Accepting Member(s) and the Transferring Member fail to execute a definitive purchase agreement within 30 Business Days following receipt by the Transferring Member of the applicable Acceptance Notice(s), or if
the sale of the Specified Interest to the Non-Transferring Member(s) is not consummated within 60 days following such receipt of the Acceptance Notice, the offer set forth in this Section 8.2 shall then automatically expire, and such
Transferring Member may Transfer the Specified Interest, subject to the other terms of this Agreement, for a price and on terms and conditions substantially no more favorable to the purchaser than those offered by the Transferring Member;
provided, however, that if the Transferring Member shall fail to sell the Specified Interest or any portion thereof within 180 days from such expiration, the Specified Interest or such non-transferred portion of the Specified Interest
shall again be subject to the right of first offer contained in this Section 8.2. 
 8.3 Transfer Requirements.
Notwithstanding anything to the contrary contained herein, the Company shall not recognize for any purpose any purported Transfer of all or any portion of a Member’s Membership Interest unless: 
 (a) the Company shall have been furnished with the documents effecting such Transfer executed and acknowledged by both transferor and transferee,
together the written agreement of the transferee to become a party to and be bound by this Agreement, which shall be in form and substance reasonably satisfactory to the Executive Committee; 
  

 21 

 (b) such Transfer shall have been made in accordance with all applicable laws and regulations and all
necessary governmental consents shall have been obtained and requirements satisfied, including without limitation, compliance with the Securities Act, and applicable state blue sky and securities laws, and such Transfer will not cause the Company to
breach or violate any applicable law; 
 (c) such Transfer will not cause the Company to have more than 100 partners (within the meaning of
Regulations Section 1.7704-1(h)) or does not otherwise cause the Company to be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code; 
 (d) such Transfer will not result in a termination of the Company for purposes of Section 708 of the Code ; 
 (e) all necessary instruments reflecting such admission shall have been filed in each jurisdiction in which such filing is necessary in order to qualify
the Company to conduct business or to preserve the limited liability of the Members; and 
 (f) such Transfer will not result in the
occurrence of an event of default or similar occurrence (whether immediately or with the giving of notice, the passage of time or both) under the terms of any of the Credit Facilities; 
 provided, however, that the foregoing provisions of this Section 8.3 shall not apply to the Transfers contemplated by the Redemption Agreement. 
 The Executive Committee may request an opinion of counsel (which counsel shall be chosen by the non-transferring Member but shall be reasonably satisfactory to
the transferee Member) with respect to any of the foregoing or any other matters that the Executive Committee reasonably deems appropriate in respect of any such Transfer. In addition, the Executive Committee, upon unanimous consent, may waive any
of the foregoing provisions. Notwithstanding the foregoing, a Transferring Member need not comply with Section 8.3(d) if such Transferring Member indemnifies each other Member in a manner and amount reasonably satisfactory to each such
other Member for any adverse tax effects that would result from such termination. 
 8.4 Admission of a Member. A Person may be
admitted as Class A Member or a Class B Member upon satisfaction of the relevant requirements of this Article VIII or with the unanimous written consent of the Class A Members and the Class B Members. Upon such admission, such
Member shall be designated as either a Class A Member or a Class B Member, and the Managing Member shall amend Exhibit A appropriately to reflect the admission of such Person as a Member. 
 8.5 Cooperation by Members. If any Member wishes to Transfer all or a portion of its Membership Interest in accordance with the provisions of this
Article VIII, each other Member shall use its reasonable efforts to assist the Member seeking to make such Transfer as such Member may reasonably request. 
  

 22 

 ARTICLE IX. 
 BOOKS AND RECORDS; BANK ACCOUNTS 
 9.1 Books and Records. The books and records of the
Company shall, at the cost and expense of the Company, be kept or caused to be kept by the Managing Member at the principal place of business of the Company. Such books and records will be kept on the basis of a calendar year, and will reflect all
Company transactions and be appropriate and adequate for conducting the Company’s business. By February 28 of each year, the Tax Matters Member shall provide each Member of Holdings with an estimate of its allocable share of the preceding
year’s taxable income, loss, credit and certain other information necessary for the Members to file a complete tax return. 
 9.2
Reporting Requirements. 
 (a) Members Holding 5% Membership Interests. The Managing Member shall prepare, or cause to be
prepared, and shall deliver a financial report (audited in the case of a report sent as of the end of a Fiscal Year and unaudited in the case of a report sent as of the end of a quarter) to each holder of 5% or more of the outstanding Class A
Membership Interests and to each holder of 5% or more of the outstanding Class B Membership Interests within 120 days after the end of each Fiscal Year (commencing after the date of this Agreement) and 60 days after the end of each of the first
three quarters of each Fiscal Year (commencing with the first full quarter after the date of this Agreement), setting forth for such Fiscal Year or quarter: 
 (i) the assets and liabilities of the Company and the Company Subsidiaries, on a consolidated and consolidating basis, as of the end of
such Fiscal Year or quarter; 
 (ii) the net profit or net loss of the Company and the Company Subsidiaries, on a consolidated
and consolidating basis, for such Fiscal Year or quarter; 
 (iii) the cash flows of the Company and the Company Subsidiaries,
on a consolidated and consolidating basis, for such Fiscal Year or quarter; and 
 (iv) in the case of a Fiscal Year only,
such Class A Member’s or such Class B Member’s closing Capital Account balance as of the end of such Fiscal Year. 
 (b)
Members Holding 20% Membership Interests. The Managing Member shall prepare, or cause to be prepared, and shall deliver to each Member holding 20% or more of the outstanding Class A Membership Interests and to each Member holding 20% or
more of the outstanding Class B Membership Interests as promptly as practicable such information regarding the Company and each Company Subsidiary as such Member shall reasonably request. 
 9.3 Bank Accounts. All funds of the Company will be deposited in its name in an account or accounts maintained with such bank or banks selected by
the Executive Committee. The funds of the Company will not be commingled with the funds of any other Person. Checks will be drawn upon the Company account or accounts only for the purposes of the Company and shall be signed by authorized
representatives of the Company. 
  

 23 

 ARTICLE X. 
 DISSOLUTION AND LIQUIDATION 
 10.1 Dissolution. The Company shall be dissolved upon the
approval of the Members required by Section 4.4(c)(i). 
 10.2 Distribution on Dissolution. 
 (a) Upon dissolution of the Company, no further business shall be conducted except for the taking of such action as shall be necessary for the winding up
of the affairs of the Company and the distribution of assets pursuant to the provisions of this Section. So long as it shall then be a Member, CCE shall act as the Liquidating Trustee. If CCE shall not then be a Member or if it is unable to act as
Liquidating Trustee, then the Members shall appoint another Liquidating Trustee. The Liquidating Trustee shall have full authority to wind up the affairs of the Company and to make distributions provided herein. 
 (b) Upon dissolution of the Company, the Liquidating Trustee shall distribute all of the membership interests in Transwestern to the Class B Member. The
Liquidating Trustee shall then either sell the remaining assets of the Company at the best price available, or the Liquidating Trustee may distribute to the Class A Members all or any portion of the Company’s assets in kind. If any assets
are to be distributed in kind, the Liquidating Trustee shall ascertain the fair market value (by appraisal or other reasonable means) of such assets, and each Class A Member’s Capital Account shall be charged or credited, as the case may
be, as if such asset had been sold for cash at such fair market value and the Profit or Loss recognized thereby had been allocated to and among the Class A Members in accordance with Article VII. 
 (c) All assets of the Company, other than the membership interests in Transwestern, shall be applied and distributed in the following order: 

(i) first, to the payment and discharge of all the Company’s debts and liabilities to creditors, including
liabilities to Members who are creditors, to the extent otherwise permitted by law; 
 (ii) second, to establish
such reserves as the Liquidating Trustee may deem reasonably necessary (and if the Liquidating Trustee shall be a Member, with the approval of Members holding at least two-thirds of all Membership Interests) for contingent or unforeseen liabilities
or obligations of the Company; and 
 (iii) thereafter, to the Class A Members in proportion to their
Class A Percentage Interests. 
 10.3 Cancellation of Certificate. Upon the completion of the distribution of Company assets as
provided in this Article X, the Company shall be terminated, and the Members shall cause the cancellation of the Certificate and all amendments thereto, and shall take such other actions as may be necessary or appropriate to terminate the
Company. 
  

 24 

 ARTICLE XI. 
 GENERAL 
 11.1 Title to Company Property. All property owned by the Company, including,
whether real or personal, tangible or intangible, shall be deemed to be owned by the Company as an entity, and no Member, individually, shall have any ownership of such property. The Company may hold any of its assets in its own name or in the name
of its nominee, which nominee may be one or more Persons. 
 11.2 Severability. Every provision of this Agreement is intended to be
severable. Any provision of this Agreement which is illegal, invalid, prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity, prohibition or unenforceability without
invalidating or impairing the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. If any term or provision hereof is illegal or invalid for any reason whatsoever, such illegality or
invalidity will not affect the validity of the remainder of this Agreement. 
 11.3 Governing Law. This Agreement and rights and
obligations of the parties hereto with respect to the subject matter hereof will be interpreted and enforced in accordance with, and governed exclusively by, the law of the State of Delaware, excluding the conflicts of law provisions thereof.

 11.4 Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the parties hereto and their permitted
successors, heirs and assigns. 
 11.5 Waiver of Action for Partition. Each of the Members irrevocably waives during the term of the
Company any right that he may have to maintain any action for partition with respect to any property of the Company. 
 11.6 Headings.
The headings of the Articles, Sections and paragraphs of this Agreement have been inserted for convenience of reference only and do not constitute a part of this Agreement. 
 11.7 Counterparts; Facsimile. This Agreement may be executed in any number of counterparts and by different parties in separate counterparts, with
the same effect as if all parties had signed the same documents, each of which will be considered an original, but all such counterparts together will constitute but one and the same Agreement. Any facsimile copies hereof or signature hereon shall,
for all purposes, be deemed originals. 
 11.8 Entire Agreement. This Agreement constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof. This Agreement and the exhibits hereto supersede all prior written and all prior and contemporaneous oral agreements, understandings, negotiations and representations between the parties with respect
to such subject matter. 
 11.9 Amendment. Except in the case of a modification of Exhibit A to be made by the Managing Member
as expressly contemplated by the terms of this Agreement, including Section 5.2, this Agreement may be amended only by an instrument in writing signed by all of the Members. Promptly following any amendment to this Agreement (including any
modification to Exhibit A by the Managing Member), the Managing Member shall provide a true and complete copy thereof to each other Member. 
  

 25 

 11.10 Securities Law Matters. The Members agree and acknowledge that their Membership Interests
are being acquired by them for investment purposes only and not with a view to any sale thereof; that they have had adequate opportunity to obtain from representatives of the Company and others all information necessary for purposes of evaluating
the merits and risks of holding a Membership Interest; that they are able to bear the economic risk of holding their Membership Interests hereunder for an indefinite period; that the Membership Interests are illiquid assets and that there is no
market in which to effectuate a resale thereof or any portion thereof; and that, in any event, the resale of their Membership Interests cannot be effectuated except pursuant to compliance with the registration requirements under the Securities Act
or an exemption therefrom. 
 11.11 Notices. 
 (a) Each notice or other communication required or permitted to be given pursuant to this Agreement shall be in writing and delivered in person or by first class United States mail, postage prepaid, to the party to
whom addressed or by any nationally known overnight courier service to the address specified on Exhibit A or to such other address as the party may advise the Executive Committee, the Managing Member and the other Members as its address for notice
hereunder. 
 (b) All notices shall be deemed given upon the earlier to occur of: (i) the date of actual receipt; (ii) the date of
refusal of delivery; and (iii) (A) as to hand delivery, the date of delivery, (B) as to facsimile, when such facsimile is transmitted to the facsimile number specified herein and the appropriate confirmation is provided, (C) as
to overnight courier service, the date following the deposit with the overnight courier service, and (D) as to the US Mails, three business days after depositing in the US Mails. 
 11.12 Construction. None of the provisions of this Agreement shall be for the benefit of, or enforceable by, any creditors of the Company or other
third parties. 
 11.13 Submission to Jurisdiction; Consent to Service of Process. 
 (a) Any claims or disputes which may arise or result from, or be connected with, this Agreement, any breach or default hereunder, or the transactions
contemplated by this Agreement, and any and all Actions related to the foregoing shall be filed and maintained exclusively in the United States District Court for the Southern District of New York sitting in New York County or the Commercial
Division, Civil Branch, of the Supreme Court of the State of New York sitting in New York County and any appellate court from any thereof. 
 (b) The parties hereby unconditionally and irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any dispute arising out of or relating to this
Agreement or any of the transactions contemplated by this Agreement brought in any court specified in paragraph (a) above, or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a
judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
  

 26 

 (c) Each of the parties hereto hereby consents to process being served by any party to this Agreement in
any suit, action or proceeding by the mailing of a copy thereof in accordance with the provisions of Section 11.11. 
 11.14 No
Consequential or Punitive Damages. No party hereto (or its Affiliates) shall, under any circumstance, be liable to any other party (or its Affiliates) for any consequential, exemplary, special, incidental or punitive damages claimed by such
other party under the terms of or due to any breach of this Agreement, including, but not limited to, loss of revenue or income, cost of capital, or loss of business reputation or opportunity. 
 11.15 Waiver. No consent or waiver, express or implied, by any Member to or of any breach or default by any other Member in the performance by
such other Member of its obligations under this Agreement shall be deemed or construed to be a consent to or waiver of any other breach or default in the performance by such other Member of the same or any other obligation of such other Member under
this Agreement. Failure on the part of any Member to complain of any act or failure to act of any other Member or to declare any other Member in default, irrespective of how long such failure continues, shall not constitute a waiver by such Member
of its rights under this Agreement. 
 11.16 Confidentiality. Each Member shall hold, and shall cause its Affiliates to hold, in
strict confidence, unless compelled to disclose by judicial or administrative process or by other requirements of law, the contents of any reports, financial statements, budgets or other information delivered to any Member pursuant to
Section 9.2 (“Confidential Information”), except to the extent that such Confidential Information (i) has been or has become (A) generally available to the public other than as a result of disclosure by any
party hereunder or an Affiliate of a party or (B) available to the public on a non-confidential basis from a source other than an Affiliate of a party entitled to the protection offered hereby, or (ii) is required to be disclosed under
applicable law or stock exchange rules; provided, however, the applicable Member shall use, and shall cause its Affiliates to use, commercially reasonable efforts to give each other Member prior notice of any such disclosure in
sufficient time to enable each other Member to protect any such information. However, nothing contained in this Section shall preclude the disclosure of Confidential Information, on the condition that it remain confidential, to auditors, attorneys,
lenders, financial advisors, members, limited partners and other Persons in connection with the performance of their duties as delegated or requested by any Member hereof. 
 11.17 Public Announcement. The Members shall consult with each other before issuing any press release relating to the Company and shall not issue
any such press release or make any such public statement without the prior consent of the other Members, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that a Member may, without consulting
with any other Member and without the prior consent of the other Members, issue such press release or make such public statement as may, upon the advice of counsel, be required by applicable law or stock exchange rules if it has used all reasonable
efforts to consult with the other Members. 
  

 27 

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

					
	CLASS A MEMBERS
	
	CCE ACQUISITION, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CCEA CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 CLASS B MEMBER
  
 ENERGY TRANSFER PARTNERS, L.P.

		
	By:	 	 Energy Transfer Partners, GP, L.P.,

		 	 its general partner

		
	By:	 	 Energy Transfer Partners, L.L.C.,

		 	 its general partner

			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 EXHIBIT A 
 Members 
  

				
	 Class A Members
	  	Class A
Percentage
Interest	 
	 CCE ACQUISITION, LLC
 5444 Westheimer Road
 Houston, TX 77056
 Attn:
	  	99.8	% 
		
	 CCEA CORP.
 5444 Westheimer Road
 Houston, TX 77056
 Attn:
	  	.2	% 

 EXHIBIT B 
 Class A Prohibited Transferees 
  

	1.	Kinder Morgan 

  

	2.	American International Group, Inc. 

 Class B Prohibited
Transferees 
  

	1.	General Electric 

  

	2.	Kinder Morgan 

  

	3.	American International Group, Inc. 

 EXHIBIT C 
 Second Amended and Restated Administrative Services AgreementNote Purchase Agreement, dated as of May 24, 2007

 Exhibit 10.5 
  
  
  
  
 TRANSWESTERN PIPELINE COMPANY, LLC 
 $82,000,000 
 5.64% Senior Unsecured Series 1
Notes due May 24, 2017 
 and 
 $150,000,000 
 5.89% Senior Unsecured Series 2 Notes due May 24, 2022 
 and 
 $75,000,000 
 6.16% Senior Unsecured Series 3 Notes due May 24, 2037  
  
  
 NOTE PURCHASE AGREEMENT

  
  
 DATED MAY 24, 2007 
  
  
  

 TABLE OF CONTENTS 
  

					
	 SECTION
	 	 HEADING
	  	PAGE
			
	 Section 1.
	 	AUTHORIZATION OF NOTES	  	1
			
	 Section 2.
	 	SALE AND PURCHASE	  	1
			
	 Section 3.
	 	CLOSING	  	2
			
	 Section 4.
	 	CONDITIONS TO CLOSING	  	2
			
	 Section 4.1.
	 	    Representations and Warranties	  	2
	 Section 4.2.
	 	    Performance; No Default	  	2
	 Section 4.3.
	 	    Compliance Certificates	  	3
	 Section 4.4.
	 	    Opinions of Counsel	  	3
	 Section 4.5.
	 	    Purchase Permitted By Applicable Law, Etc.	  	3
	 Section 4.6.
	 	    Sale of Other Notes	  	4
	 Section 4.7.
	 	    Payment of Special Counsel Fees	  	4
	 Section 4.8.
	 	    Private Placement Number	  	4
	 Section 4.9.
	 	    Changes in Corporate Structure	  	4
	 Section 4.10.
	 	    Funding Instructions	  	4
	 Section 4.11.
	 	    Proceedings and Documents	  	4
	 Section 4.12.
	 	    No Legal Impediment to Issuance	  	5
			
	 Section 5.
	 	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  	5
			
	 Section 5.1.
	 	    Organization; Power and Authority	  	5
	 Section 5.2.
	 	    Authorization, Etc.	  	5
	 Section 5.3.
	 	    Disclosure	  	5
	 Section 5.4.
	 	    Organization and Ownership of Equity Interests of Subsidiaries; Affiliates	  	6
	 Section 5.5.
	 	    Financial Statements	  	6
	 Section 5.6.
	 	    No Conflict, Other Instruments, Etc.	  	6
	 Section 5.7.
	 	    Governmental Authorizations, Etc.	  	7
	 Section 5.8.
	 	    Litigation	  	7
	 Section 5.9.
	 	    Taxes	  	7
	 Section 5.10.
	 	    Title to Property; Liens; Leases	  	8
	 Section 5.11.
	 	    Licenses, Permits, Etc.	  	8
	 Section 5.12.
	 	    Compliance with ERISA	  	8
	 Section 5.13.
	 	    Private Offering by the Company	  	9
	 Section 5.14.
	 	    Use of Proceeds; Margin Regulations	  	9
	 Section 5.15.
	 	    Existing Indebtedness	  	9
	 Section 5.16.
	 	    Foreign Assets Control Regulations, Etc.	  	9

					
	 Section 5.17.
	 	    Regulatory Matters	  	10
	 Section 5.18.
	 	    Environmental Matters	  	10
	 Section 5.19.
	 	    Independent Accountants	  	10
	 Section 5.20.
	 	    Insurance	  	10
	 Section 5.21.
	 	    Notes Pari Passu	  	11
	 Section 5.22.
	 	    Compliance with Rules, Regulations and Laws	  	11
			
	 Section 6.
	 	REPRESENTATIONS OF THE PURCHASER	  	11
			
	 Section 6.1.
	 	    Purchase for Investment	  	11
			
	 Section 7.
	 	INFORMATION AS TO COMPANY	  	11
			
	 Section 7.1.
	 	    Financial and Business Information	  	11
	 Section 7.2.
	 	    Officer's Certificate	  	13
	 Section 7.3.
	 	    Visitation	  	13
			
	 Section 8.
	 	PAYMENT AND PREPAYMENT OF THE NOTES	  	13
			
	 Section 8.1.
	 	    Maturity	  	13
	 Section 8.2.
	 	    Optional Prepayments with Make-Whole Amount	  	14
	 Section 8.3.
	 	    Offer of Prepayment Upon Asset Sales	  	14
	 Section 8.4.
	 	    Change of Control Put	  	15
	 Section 8.5.
	 	    Allocation of Partial Prepayments	  	17
	 Section 8.6.
	 	    Maturity; Surrender, Etc.	  	17
	 Section 8.7.
	 	    Purchase of Notes	  	17
	 Section 8.8.
	 	    Make-Whole Amount	  	17
			
	 Section 9.
	 	AFFIRMATIVE COVENANTS	  	19
			
	 Section 10.
	 	NEGATIVE COVENANTS	  	20
			
	 Section 11.
	 	EVENTS OF DEFAULT	  	23
			
	 Section 12.
	 	REMEDIES ON DEFAULT, ETC.	  	25
			
	 Section 12.1.
	 	    Acceleration	  	25
	 Section 12.2.
	 	    Other Remedies	  	26
	 Section 12.3.
	 	    Rescission	  	26
	 Section 12.4.
	 	    No Waivers or Election of Remedies, Expenses, Etc.	  	26
			
	 Section 13.
	 	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES	  	27
			
	 Section 13.1.
	 	    Registration of Notes	  	27
	 Section 13.2.
	 	    Transfer and Exchange of Notes	  	27
	 Section 13.3.
	 	    Replacement of Notes	  	27

  

 - ii - 

					
			
	 Section 14.
	 	PAYMENTS ON NOTES	  	28
			
	 Section 14.1.
	 	    Place of Payment	  	28
	 Section 14.2.
	 	    Home Office Payment	  	28
			
	 Section 15.
	 	EXPENSES, ETC.	  	29
			
	 Section 15.1.
	 	    Transaction Expenses	  	29
	 Section 15.2.
	 	    Survival	  	29
			
	 Section 16.
	 	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT	  	29
			
	 Section 17.
	 	AMENDMENT AND WAIVER	  	30
			
	 Section 17.1.
	 	    Requirements	  	30
	 Section 17.2.
	 	    Solicitation of Holders of Notes	  	30
	 Section 17.3.
	 	    Binding Effect, Etc.	  	31
	 Section 17.4.
	 	    Notes Held by Company, Etc.	  	31
			
	 Section 18.
	 	NOTICES	  	31
			
	 Section 19.
	 	REPRODUCTION OF DOCUMENTS	  	31
			
	 Section 20.
	 	CONFIDENTIAL INFORMATION	  	32
			
	 Section 21.
	 	SUBSTITUTION OF PURCHASER	  	33
			
	 Section 22.
	 	MISCELLANEOUS	  	33
			
	 Section 22.1.
	 	    Successors and Assigns	  	33
	 Section 22.2.
	 	    Payments Due on Non-Business Days	  	33
	 Section 22.3.
	 	    Accounting Terms	  	33
	 Section 22.4.
	 	    Severability	  	34
	 Section 22.5.
	 	    Construction, Etc.	  	34
	 Section 22.6.
	 	    Counterparts	  	34
	 Section 22.7.
	 	    Governing Law	  	34
	 Section 22.8.
	 	    Jurisdiction and Process; Waiver of Jury Trial	  	34
	 Section 22.9.
	 	    For Georgia Investors	  	35

  

					
			
	SCHEDULE A	  	—	  	    INFORMATION RELATING TO PURCHASERS
			
	SCHEDULE B	  	—	  	    DEFINED TERMS
			
	SCHEDULE C	  	—	  	    INTERCOMPANY DEBT SUBORDINATION PROVISIONS

  

 - iii - 

					
			
	 SCHEDULE 5.10
	  	—	  	    Existing Liens
			
	 SCHEDULE 5.11
	  	—	  	    Licenses, Permits, etc.
			
	 SCHEDULE 5.15
	  	—	  	    Existing Indebtedness
			
	 EXHIBIT 1(a)
	  	—	  	    Form of 5.64% Senior Unsecured Series 1 Note due May 24, 2017
			
	 EXHIBIT 1(b)
	  	—	  	    Form of 5.89% Senior Unsecured Series 2 Note due May 24, 2022
			
	 EXHIBIT 1(c)
	  	—	  	    Form of 6.16% Senior Unsecured Series 3 Note due May 24, 2037
			
	 EXHIBIT 4.4(a)
	  	—	  	    Form of Opinion of Special Counsel for the Company
			
	 EXHIBIT 4.4(b)
	  	—	  	    Form of Opinion of General Counsel for the Company

  

 - iv - 

 TRANSWESTERN PIPELINE COMPANY, LLC 
 5444 Westheimer Road 
 Houston, Texas 77056 
 5.64% Senior Unsecured Series 1 Notes due May 24, 2017 
 5.89% Senior Unsecured Series 2 Notes due May 24, 2022 
 6.16% Senior Unsecured Series 3 Notes due
May 24, 2037 
 May 24, 2007 
 TO EACH OF THE
PURCHASERS LISTED IN 
 SCHEDULE A HERETO: 
 Ladies and
Gentlemen: 
 TRANSWESTERN PIPELINE COMPANY, LLC, a Delaware limited liability company (the “Company”), agrees with each of
the purchasers whose names appear at the end hereof (each, a “Purchaser” and, collectively, the “Purchasers”) as follows: 
 Section 1. AUTHORIZATION OF NOTES. 
 The Company will authorize the issue and sale of: (i) $82,000,000 aggregate
principal amount of its 5.64% Senior Unsecured Series 1 Notes due May 24, 2017 (the “Series 1 Notes”), (ii) $150,000,000 aggregate principal amount of its 5.89% Senior Unsecured Series 2 Notes due May 24, 2022 (the
“Series 2 Notes”) and (iii) $75,000,000 aggregate principal amount of its 6.16% Senior Unsecured Series 3 Notes due May 24, 2037 (the “Series 3 Notes” and together with the Series 1 Notes and the Series 2
Notes, the “Notes”). The term “Notes” shall also include any such notes issued in substitution therefor pursuant to Section 13 of this Agreement. In addition, the Notes shall be substantially in the forms set forth in
Exhibit 1(a), Exhibit 1(b) and Exhibit 1(c), respectively. 
 Certain capitalized terms used in this Agreement are defined in Schedule B;
reference to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. 
 Section 2. SALE AND PURCHASE. 
 Subject to the terms and conditions of this Agreement, the Company will issue and sell to
each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section 3, the Series 1 Notes, the Series 2 Notes and/or the Series 3 Notes, as the case may be, in the principal amount specified opposite such
Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the
performance or non-performance of any obligation by any other Purchaser hereunder. 

 Section 3. CLOSING. 
 The sale and purchase of the entire aggregate principal amount of the Series 1 Notes, Series 2 Notes and Series 3 Notes to be purchased by each Purchaser indicated on Schedule A hereto shall occur at the offices of
Dewey Ballantine LLP, 1301 Avenue of the Americas, New York, NY 10019, at 10:00 a.m., New York time, at a closing on May 24, 2007 or on such other Business Day thereafter on or prior to June 8, 2007 as may be agreed upon by the Company and
the Purchasers (the “Closing”). At the Closing, the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Series 1 Note, Series 2 Note and/or Series 3 Note, as the case may be,
(or such greater number of Series 1 Notes, Series 2 Notes and/or Series 3 Notes, as the case may be, in denominations of at least $100,000 as such Purchaser may request) dated as of the date of the Closing and registered in such Purchaser’s
name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds to such account(s)
designated by the Company in the letter provided pursuant to Section 4.10 of this Agreement or at such other account(s) as shall be specified in writing to the Purchasers. If at the Closing the Company shall fail to tender such Notes to any
Purchaser that is scheduled to purchase Notes on such date as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at
its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment. 
 Section 4. CONDITIONS TO CLOSING. 
 Each Purchaser’s obligation to purchase and pay for the Notes
to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions: 
 Section 4.1. Representations and Warranties. 
 The representations and warranties of the Company in
this Agreement shall be true and correct when made and as of the date of the Closing (other than any such representations and warranties that, by their express terms, refer to a specific date other than the date of the Closing, in which case, shall
be true and correct as of such specific date). The statements of the Company and its respective officers or Responsible Officers made in any certificates delivered pursuant to this Agreement shall be true and correct, in all material respects, when
made and as of the date of the Closing (other than any such statements that, by their express terms, refer to a specific date other than the date of the Closing, in which case, shall be true and correct as of such specific date). 
 Section 4.2. Performance; No Default. 
 The Company shall have performed and complied, in all material respects, with all agreements and conditions contained in this Agreement and the Notes required to be performed or complied with by it prior to or at the Closing and, after
giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14) and of 

  

 - 2 - 

 
all other Debt to be issued by the Company as of the date of the Closing, no Default or Event of Default shall have occurred and be continuing. The Company
shall not have entered into any transaction since the date of the Memorandum that would have been prohibited by Section 9(g) or Section 10(a), (b), (c), (f), (g), (i) or (j) had such Sections applied since such date. 

Section 4.3. Compliance Certificates. 
 (a) Officer’s Certificate. The Company shall have delivered to such Purchaser an Officer’s Certificate, dated as of the date of the Closing, certifying that the conditions specified in Sections 4.1,
4.2, 4.9 and 4.12, as applicable, have been fulfilled. 
 (b) Secretary’s Certificate. The Company shall have
delivered to such Purchaser a certificate of its Secretary or Assistant Secretary, dated as of the date of the Closing, certifying as to, among other things, (i) the completeness and correctness of the limited liability company agreement
attached thereto, (ii) the completeness and correctness of one or more resolutions or other authorizations attached thereto and other limited liability company proceedings relating to the authorization, execution and delivery of the Notes and
this Agreement, (iii) the completeness and correctness of the bylaws or other governing documents of the Company as in effect on the date on which the resolutions referred to in clause (ii) above were adopted as of the date of the Closing,
(iv) the due organization and good standing of the Company under the laws of its jurisdiction of organization, and the absence of any proceeding for the dissolution or liquidation of the Company, (v) the names and true signatures of the
officers of the Company authorized to sign this Agreement, the Notes and the other documents to be delivered hereunder. 
 Section 4.4.
Opinions of Counsel. 
 Such Purchaser and its counsel shall have received opinions in form and substance satisfactory to such Purchaser,
dated as of the Closing from (a) Vinson & Elkins LLP, counsel for the Company, covering the matters set forth in Exhibit 4.4(a) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or
its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers), (b) Thomas P. Mason, General Counsel of ETP, the indirect owner of all of the equity interests of the Company, covering
the matters set forth in Exhibit 4.4(b) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request, and (c) Dewey Ballantine LLP, the Purchasers’ special counsel
in connection with the transactions contemplated hereby, and covering such other matters incident to such transactions as such Purchaser may reasonably request. 
 Section 4.5. Purchase Permitted By Applicable Law, Etc. 
 On the date of the Closing, such
Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law)
permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable Law or regulation (including, without limitation, Regulation T, U or X of the Board of
Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable Law or 

  

 - 3 - 

 
regulation, which Law or regulation was not in effect on the date hereof. If requested by such Purchaser at least three Business Days prior to the date of
the Closing, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact concerning the Company as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so
permitted. 
 Section 4.6. Sale of Other Notes. 
 Contemporaneously with the Closing, the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule A. 
 Section 4.7. Payment of Special Counsel Fees. 
 Without limiting the provisions of Section 15.1, the Company shall have paid on or before the Closing the reasonable fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent
reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing. 
 Section 4.8. Private
Placement Number. 
 A Private Placement Number issued by S&P’s CUSIP Service Bureau (in cooperation with the SVO) shall have
been obtained for each of the Series 1 Notes, the Series 2 Notes and the Series 3 Notes. 
 Section 4.9. Changes in Corporate Structure.

 The Company shall not have changed its jurisdiction of organization or been a party to any merger or consolidation or succeeded to all
or any substantial part of the liabilities of any other entity, at any time following December 31, 2006. 
 Section 4.10. Funding
Instructions. 
 At least two Business Days prior to the date of the Closing, each Purchaser shall have received written instructions
signed by a Responsible Officer on letterhead of the Company or ETP confirming the information specified in Section 3 including (i) the name and address of the transferee bank, (ii) such transferee bank’s ABA number and
(iii) the account name and number into which the purchase price for the Notes is to be deposited. 
 Section 4.11. Proceedings and
Documents. 
 All limited liability company, corporate and other proceedings in connection with the transactions contemplated by this
Agreement and the Notes and all other documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart
originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 
  

 - 4 - 

 Section 4.12. No Legal Impediment to Issuance. 
 No action shall have been taken or, to the best knowledge of the Company, be threatened, and no statute, rule, regulation or order shall have been
enacted, adopted or issued by any Governmental Authority that would, as of the date of the Closing, prevent the issuance or sale of the Notes; and no injunction or order of any other nature by any Governmental Authority shall have been issued or
shall be pending or, to the best knowledge of the Company, threatened that would, as of the date of the Closing, prevent the issuance or sale of the Notes. 
 Section 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 The Company represents and warrants to each Purchaser that:

 Section 5.1. Organization; Power and Authority. 
 The Company (i) is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware, (ii) is duly qualified and in good standing in each other
jurisdiction in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed except, where the failure to so qualify or be in good standing would not be reasonably expected to have a Material
Adverse Effect and (iii) has all requisite limited liability company power and authority (including, without limitation, all Governmental Authorizations) to own or lease and operate its properties, to carry on its business as now conducted and
as proposed to be conducted, except, in the case of Governmental Authorizations, where the failure to have any such Governmental Authorizations could not reasonably be expected to have a Material Adverse Effect, and to execute this Agreement and the
Notes and to perform the provisions hereof and thereof. 
 Section 5.2. Authorization, Etc. 
 This Agreement and the Notes have been duly authorized by all necessary limited liability company action on the part of the Company, and this Agreement
and the Notes constitute, and upon execution and delivery thereof will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by
(i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law). 
 Section 5.3. Disclosure. 
 The Company, through its agent, J.P. Morgan Securities Inc., has delivered to you and each other Purchaser a copy of a Private Placement Memorandum, dated
April 2007 (the “Memorandum”), relating to the transactions contemplated hereby. The Memorandum fairly describes, in all material respects, the general nature of the business and principal properties of the Company. This Agreement,
the Notes, the Memorandum, the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company in connection with the transactions contemplated hereby and the financial statements described in Section 5.5,
(this Agreement, the Notes, the Memorandum, and such documents, certificates or other writings and 

  

 - 5 - 

 
such financial statements delivered to each Purchaser prior to May 7, 2007 being referred to, collectively, as the “Disclosure
Documents”) taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made;
provided, that, with respect to projected and pro forma financial information provided in connection with the Memorandum, the Company represents only that such information was prepared in good faith based upon estimates and assumptions
believed by the Company to be accurate and reasonable at the time. Except as disclosed in the Disclosure Documents, since December 31, 2006, there has been no change in the financial condition, operations, business, properties or prospects of
the Company except changes that individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect. There is no fact known to the Company that could reasonably be expected to have a Material Adverse Effect that has
not been set forth herein or in the Disclosure Documents 
 Section 5.4. Organization and Ownership of Equity Interests of Subsidiaries;
Affiliates. 
 As of the Closing, the Company has no Subsidiaries. As of the Closing, ETP Holdco directly owns 100% of the Equity
Interests of the Company and ETP directly owns 100% of the Equity Interests of ETP Holdco. 
 Section 5.5. Financial Statements.

 The Company has delivered to the Purchasers the Consolidated balance sheet of the Company and its Subsidiaries as at December 31,
2004, 2005 and 2006 and the related Consolidated statement of income and Consolidated statement of cash flows of the Company and its Subsidiaries for the Fiscal Year then ended, accompanied, in the case of the Company’s Consolidated audited
financial statements for the year ended December 31, 2006, by an unqualified opinion of PricewaterhouseCoopers LLP, independent public accountants. Such financial statements present fairly, in all material respects, the Consolidated financial
condition of the Company and its Subsidiaries as at such dates and the Consolidated results of operations of the Company and its Subsidiaries for the periods ended on such dates, all in accordance with GAAP. 
 Section 5.6. No Conflict, Other Instruments, Etc. 
 The execution, delivery and performance by the Company of this Agreement and the Notes, as applicable, and the consummation of the transactions contemplated hereby, do not (i) contravene the Company’s
organizational documents, (ii) violate any Law (other than with respect to any prohibited transaction as defined in Section 406 of ERISA or Section 4975 of the Code or violation of Part 4 of Title I of ERISA, as to which no
representation is being made), (iii) conflict with or result in the breach of, or constitute a default or require any material payment to be made under any contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument
binding on or affecting the Company or any of its Properties, (iv) result in or require the creation or imposition of any Lien upon or with respect to any of the Properties of the Company, except for (A) in the case of clauses
(iii) and (iv) (other than with respect to the consummation of the transactions contemplated hereby), breaches of any such contract, loan 

  

 - 6 - 

 
agreement, indenture, mortgage, deed of trust, lease or other instrument or creation of a Lien that could not be reasonably expected to have a Material
Adverse Effect and (B) in the case of clauses (iii) and (iv) with respect to the consummation of the transactions contemplated hereby, breaches of any such contract, loan agreement, indenture, mortgage, deed of trust, lease or other
instrument or creation of a Lien that to the knowledge of the Company could not be reasonably expected to have a Material Adverse Effect. 
 Section 5.7. Governmental Authorizations, Etc. 
 No Governmental Authorization, and no notice to or filing with, any
Governmental Authority (including, without limitation, the SEC under PUHCA) or any other third party, is required in connection with the execution, delivery or performance by the Company of this Agreement and the Notes and the transactions
contemplated herein or therein (including without limitation, the incurrence of Debt under this Agreement and the Notes and the repayment thereof and the exercise by any holder of Notes of its rights under the Loan Documents), except for those
authorizations, approvals, actions, notices and filings with respect to the consummation of the transactions contemplated hereby, (A) which have been duly obtained or made or (B) the failure of which to be obtained or made could not
reasonably be expected to have a Material Adverse Effect. 
 Section 5.8. Litigation. 
 (a) There is no action, suit, investigation or proceeding pending or, to the knowledge of the Company, threatened against or affecting the
Company, including any Environmental Action in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, (i) could be reasonably expected to have a Material Adverse Effect,
or (ii) purports to affect the legality or validity, or enforceability of this Agreement and the Notes or the consummation of the transactions contemplated hereby. 
 (b) The Company is not in default under any term of any agreement or instrument to which it is a party or by which it is bound, or any
order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable Law, ordinance, rule or regulation (including without limitation Environmental Laws or the USA Patriot Act) of any Governmental
Authority, which default or violation, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 Section 5.9. Taxes. 
 (a) The Company has filed or caused to be filed all United States federal income tax
returns and all other material domestic tax returns which to the knowledge of the Company are required to be filed by the Company and has paid or provided for the payment, before the same become delinquent, of all taxes due pursuant to such returns
or pursuant to any assessment received by the Company, other than (i) those taxes contested in good faith by appropriate proceedings, and (ii) any such payment in an amount not to exceed $1,000,000 in the aggregate at any time outstanding.

 (b) The Company is not a party to any tax sharing agreement or arrangement. 
  

 - 7 - 

 Section 5.10. Title to Property; Liens; Leases. 
 (a) The Company has good and valid title to, or holds a valid leasehold, license or other interest in, or right of way easement through
all items of real property used by it in the ordinary course of business with such exceptions as would not reasonably be expected to have, in the aggregate, a Material Adverse Effect, in each case free and clear of all Liens (except for (i) all
Liens set forth on Schedule 5.10, (ii) Permitted Liens and (iii) such other Liens that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect). With respect to each material parcel of real
property that is leased by the Company as tenant (the “Leased Real Property”), to the knowledge of the Company, (x) the Company has not received any notice of default under any lease pertaining to any of the Leased Real
Property in the twelve (12) month period prior to the date hereof and (y) there are no uncured defaults under any lease without regard to when notice may have been given that would give the counterparty the right to terminate such lease,
in each case with such exceptions as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (b) The Company has not agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise and whether as to the Company or any Subsidiary it may have in the future) any of its
property (or such future Subsidiary’s property), whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10(a). 
 Section 5.11. Licenses, Permits, Etc. 
 Except as set forth on Schedule 5.11, the Company does not
have any interest in any material patents, patent licenses, copyrights, service marks, trademarks and trade names. To the Company’s knowledge, the use of any intellectual property set forth on Schedule 5.11 by the Company does not conflict with
the asserted rights of others, with such exceptions as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 Section 5.12. Compliance with ERISA. 
 (a) No ERISA Event has occurred during the
prior five year period or is reasonably expected to occur with respect to any Plan that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material
Adverse Effect. 
 (b) Neither the Company nor any ERISA Affiliate has incurred or is reasonably expected to incur any
Withdrawal Liability to any Multiemployer Plan, which could reasonably be expected to have a Material Adverse Effect. 
 (c)
Neither the Company nor any ERISA Affiliate has been notified by the sponsor of a Multiemployer Plan that (x) such Multiemployer Plan is in reorganization or has been terminated, within the meaning of Title IV of ERISA or (y) such
Multiemployer Plan is reasonably expected to be in reorganization or to be terminated, within the meaning of Title IV of ERISA. 
  

 - 8 - 

 Section 5.13. Private Offering by the Company. 
 Neither the Company nor anyone acting on its behalf has offered the Notes or any similar securities for sale to, or solicited any offer to buy any of the
same from, or otherwise approached or negotiated in respect thereof with, any person other than the Purchasers and not more than 100 other Institutional Investors, each of which has been offered the Notes at a private sale for investment. Neither
the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any
securities or blue sky laws of any applicable jurisdiction. 
 Section 5.14. Use of Proceeds; Margin Regulations. 
 The Company shall use the proceeds of the sale of the Notes solely to pay amounts outstanding under the intercompany Loan Agreement referred to in
paragraph 1 of Schedule 5.15. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors
of the Federal Reserve System (12 CFR 221) (“Regulation U”), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12
CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). The Company owns no margin stock. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall
have the meanings assigned to them in said Regulation U. 
 Section 5.15. Existing Indebtedness. 
 Set forth on Schedule 5.15 hereto is a complete and accurate list, as of the date of the Closing, of each item of Debt of the Company immediately before
the occurrence of the Closing, showing as of such date the obligor and the principal amount outstanding thereunder. 
 Section 5.16.
Foreign Assets Control Regulations, Etc. 
 (a) Neither the sale of the Notes by the Company hereunder nor its use of the
proceeds thereof will violate the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or
executive order relating thereto. 
 (b) The Company (i) is not a Person described or designated in the Specially
Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (ii) does not engage in any dealings or transactions with any such Person. The Company is in compliance,
in all material respects, with the USA Patriot Act. 
 (c) No part of the proceeds from the sale of the Notes hereunder will
be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or
direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, assuming in all cases that such Act applies to the Company. 
  

 - 9 - 

 Section 5.17. Regulatory Matters. 
 The Company is not, and will not be after giving effect to the offering of the Notes and the execution of this Agreement and the Notes, as applicable,
subject to regulation under the Investment Company Act of 1940, as amended, PUHCA, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended. 
 Section 5.18. Environmental Matters. 
 (a) Except, in each case, as would not
reasonably be likely to have a Material Adverse Effect, the operations and properties of the Company comply in all respects with all applicable Environmental Laws and Environmental Permits, all past non-compliance with such Environmental Laws and
Environmental Permits has been resolved without ongoing obligations or costs, and no circumstances exist that could be reasonably expected to (i) form the basis of an Environmental Action against the Company or any of its properties or
(ii) cause any such property to be subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law. 
 (b) Except, in each case, as would not be reasonably expected to have a Material Adverse Effect, none of the properties currently or formerly owned or operated by the Company is listed or proposed for listing on the
NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such property; and Hazardous Materials have not been released, discharged or disposed of on any property currently or formerly owned or operated by the
Company. 
 (c) All Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any
property currently or formerly owned or operated by the Company have been, to the extent they are disposed of, disposed of in a manner that would not be reasonably expected to result in a Material Adverse Effect. 
 Section 5.19. Independent Accountants. 
 PricewaterhouseCoopers LLP, who have certified the financial statements of the Company for the fiscal year ended December 31, 2006, are independent public accountants with respect to the Company within the meaning of Rule 101 of the
Code of Professional Conduct of the American Institute of Certified Public Accountants and its interpretations and rulings thereunder. 
 Section 5.20. Insurance. 
 As of the date of the Closing, the Company has insurance with responsible and reputable insurers
covering its Properties against loss or damage of the kinds customarily insured against by companies similarly situated in the industry in which the Company conducts its business, in such amounts and with such deductibles as is customary for
similarly situated companies; and the Company (i) has not received notice from any insurer or agent of such insurer that any material capital improvements or other material expenditures are required or necessary to be 

  

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made in order to continue such insurance or (ii) does not have any reason to believe that it will not be able to renew its existing insurance coverage
as and when such coverage expires or to obtain similar coverage at commercially available rates from similar insurers as may be necessary to continue its business. 
 Section 5.21. Notes Pari Passu. 
 The Notes do and shall rank pari passu with the Company’s
unsecured, unsubordinated Debt (including, without limitation, Debt incurred in accordance with the terms of the New Credit Facility). 
 Section 5.22. Compliance with Rules, Regulations and Laws. 
 The Company is in compliance with all laws, regulations and
orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 Section 6. REPRESENTATIONS OF THE PURCHASER. 
 Section 6.1. Purchase for Investment. 
 Each Purchaser severally represents that it is purchasing the Notes for its own
account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or their
property shall at all times be within such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the
Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by Law, and that the Company is not required to register the Notes. 
 Section 7. INFORMATION AS TO COMPANY. 
 Section
7.1. Financial and Business Information. 
 For so long as any Note is outstanding the Company shall deliver to each holder of Notes that
is an Institutional Investor: 
 (a) Quarterly Financials. As soon as available and in any event within 45 days after
the end of each of the first three quarters of each Fiscal Year, Consolidated balance sheets of the Company and its Subsidiaries as of the end of such quarter and Consolidated statements of income and a Consolidated statement of cash flows of the
Company and its Subsidiaries for the period commencing at the end of the previous fiscal quarter and ending with the end of such fiscal quarter and Consolidated statements of income and a Consolidated statement of cash flows of the Company and its
Subsidiaries for the period commencing at the end of the previous Fiscal Year and ending with the end of such quarter, setting forth in each case in comparative form the corresponding figures for the corresponding date or period of the preceding
Fiscal Year, all in reasonable detail and duly certified (subject to normal year-end audit adjustments) by a Senior 

  

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Financial Officer of the Company as having been prepared in accordance with GAAP, and together with (i) a certificate of such officer stating that no
Default or Event of Default has occurred and is continuing or, if a Default or Event of Default has occurred and is continuing, a statement as to the nature thereof and the action that the Company has taken and proposes to take with respect thereto
and (ii) a schedule, delivered and signed by such officer, of the computations used by the Company in determining compliance with the covenants contained in Section 10(i), provided that in the event of any change in generally accepted
accounting principles used in the preparation of such financial statements, the Company shall also provide, if necessary for the determination of compliance with Section 10(i), a statement of reconciliation conforming such financial statements
to GAAP; 
 (b) Annual Financials. As soon as available and in any event within 90 days after the end of each Fiscal
Year, a copy of the annual audit report for such year for the Company and its Subsidiaries, including therein Consolidated balance sheets of the Company and its Subsidiaries as of the end of such Fiscal Year and Consolidated statements of income and
a Consolidated statement of cash flows of the Company and its Subsidiaries for such Fiscal Year, setting forth, in each case, in comparative form the figures for the previous Fiscal Year, in each case accompanied by (i) an opinion of
PricewaterhouseCoopers LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to
the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied; provided that in the event of any change in generally accepted accounting principles used in the preparation of such financial statements, the Company shall also provide, if necessary for the determination of compliance
with Section 10(i), a statement of reconciliation conforming such financial statements to GAAP and (ii) a certificate of a Senior Financial Officer of the Company stating that no Default or Event of Default has occurred and is continuing
or, if a Default or Event of Default has occurred and is continuing, a statement as to the nature thereof and the action that the Company has taken and proposes to take with respect thereto and (iii) a schedule, delivered and signed by such
officer, of the computations used in determining, as of the end of such Fiscal Year, compliance with the covenants contained in Section 10(i); 
 (c) Securities Reports. Promptly after the sending or filing thereof, copies of all regular, periodic and special reports, and all registration statements, that the Company or any of its Subsidiaries files with
the SEC or any governmental authority that may be substituted therefor, or with any national securities exchange; 
 (d)
Notice of Default or Event of Default. As soon as possible and in any event within five days after the Company first obtains knowledge of the occurrence of any Default or Event of Default, or any event, development or occurrence that could be
reasonably expected to have a Material Adverse Effect, continuing on the date of such statement, a statement of an executive officer of the Company setting forth details of such Default or Event of Default, or event, development or occurrence and
the action that the Company has taken and proposes to take with respect thereto; 
 (e) ERISA Matters. Promptly, and in
any event within five days after a Responsible Officer becomes aware of any of the events described in Sections 11(j) and 11(k), a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate
proposes to take with respect thereto; 
  

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 (f) Notices from Governmental Authority. Promptly after the commencement thereof,
notice of all actions, suits, investigations, litigation and proceedings before any Governmental Authority affecting the Company or any of its Subsidiaries of the type described in Section 5.8; and 
 (g) Requested Information. Such other information respecting the business, financial condition, operations, or assets of the
Company or any of its Subsidiaries as from time to time may be reasonably requested by any such holder of Notes. 
 Section 7.2.
Officer’s Certificate. 
 Each set of financial statements delivered to a holder of Notes pursuant to Section 7.1(a) or
Section 7.1(b) shall be accompanied by the certificates of, and schedule signed by, a Senior Financial Officer referred to in Section 7.1(a) or Section 7.1(b), as the case may be. 
 Section 7.3. Visitation. 
 The Company
shall permit the representatives of each holder of Notes that is an Institutional Investor: 
 (a) No Default. If no
Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and its
Subsidiaries with the Company’s officers, and (with the consent of the Company, which consent will not be unreasonably withheld) its independent public accountants, and (with the consent of the Company, which consent will not be unreasonably
withheld) to visit the other offices and properties of the Company or any of its Subsidiaries, all at such reasonable times and as often as may be reasonably requested in writing; and 
 (b) Default. If a Default or Event of Default then exists, at the expense of the Company, to visit and inspect any of the offices
or properties of the Company or any of its Subsidiaries, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with
their respective officers and independent public accountants and the Company shall be provided an opportunity to participate in such discussions with such accountants (and by this provision the Company authorizes said accountants to discuss the
affairs, finances and accounts of the Company and its Subsidiaries), all at such times and as often as may be requested. 
 Section 8. PAYMENT AND
PREPAYMENT OF THE NOTES. 
 Section 8.1. Maturity. 
 As provided therein, the entire unpaid principal balance of the Notes shall be due and payable on the Stated Maturity Dates thereof. 
  

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 Section 8.2. Optional Prepayments with Make-Whole Amount. 
 The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an amount not less
than $10,000,000 of the aggregate principal amount of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the prepayment date with respect to such
principal amount. The Company will give each holder of Notes written notice of each optional prepayment under this Section 8.2 not less than 30 days and not more than 60 days prior to the date fixed for such prepayment. Each such notice shall
specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.5), and the
interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment
(calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior
Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date. 
 Section 8.3. Offer of
Prepayment Upon Asset Sales. 
 (a) Notice of Certain Dispositions. The Company will, on or prior to five Business
Days after the end of any consecutive 12-month period during which the Company or any of its Subsidiaries makes one or more Asset Sales pursuant to which the Company or any of its Subsidiaries receives Net Cash Proceeds in excess of 15% of
Consolidated Net Tangible Assets (determined as of the end of the fiscal quarter of the Company immediately prior to the commencement of such 12-month period (and without deduction for such Asset Sales)), give written notice of such Asset Sales to
each holder of Notes which notice shall contain and constitute an offer to prepay the Notes as described in paragraph (b) of this Section 8.3 and shall be accompanied by the certificate described in paragraph (e) of this
Section 8.3. 
 (b) Offer to Prepay Notes. The offer to prepay the Notes contemplated by paragraph (a) of
this Section 8.3 shall be an offer to prepay, in accordance with and subject to this Section 8.3, the Notes held by each holder on a date specified in such offer (the “Proposed Asset Sale Prepayment Date”). The Proposed
Asset Sale Prepayment Date shall be not less than 30 days and not more than 60 days after the date of such offer (if the Proposed Asset Sale Prepayment Date shall not be specified in such offer, the Proposed Asset Sale Prepayment Date shall be the
60th day after the date of such offer). 
 (c) Acceptance; Rejection. A holder of Notes may accept the offer to prepay
made pursuant to this Section 8.3 by causing a notice of such acceptance to be delivered to the Company at least five days prior to the Proposed Asset Sale Prepayment Date. A failure by a holder of Notes to reply to an offer to prepay made
pursuant to this Section 8.3 shall be deemed to constitute a rejection of such offer by such holder. 
  

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 (d) Prepayment. The principal amount of the Notes to be prepaid pursuant to this
Section 8.3 shall be equal to the amount, if any, by which the aggregate of all Net Cash Proceeds from all of the Asset Sales referred to in Section 8.3(a) exceeds 15% of Consolidated Net Tangible Assets (determined as of the end of the
fiscal quarter of the Company immediately preceding the date of such Asset Sale and without deduction for such Asset Sales) (such Net Cash Proceeds being referred to herein as the “Excess Cash Proceeds”) together with interest on
such Notes accrued to the date of prepayment, but without any premium; provided that in connection with any Asset Sale that triggers a prepayment of the Term Advances under the New Credit Facility, the Excess Cash Proceeds shall be applied
ratably to the Term Advances under the New Credit Facility and an offer to purchase the Notes pursuant to this Section 8.3 on the basis of their outstanding aggregate principal amounts. The prepayment of the Notes shall be made on the Proposed
Asset Sale Prepayment Date; provided further that if any of the Excess Cash Proceeds that are applicable to the prepayment of the Notes are not so applied due to any rejections of such prepayment pursuant to Section 8.3(c), such Excess
Cash Proceeds shall be applied to the term loans under the New Credit Facility. 
 (e) Officer’s Certificate. Each
offer to prepay the Notes pursuant to this Section 8.3 shall be accompanied by a certificate, executed by a Senior Financial Officer and dated the date of such offer, specifying: (i) the Proposed Asset Sale Prepayment Date; (ii) that
such offer is made pursuant to this Section 8.3; (iii) the principal amount of each Note offered to be prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Asset Sale Prepayment
Date; (v) that the conditions of this Section 8.3 have been fulfilled; and (vi) in reasonable detail, the nature of the Asset Sales with respect to which such prepayment is being made. 
 (f) Deferral of Offer to Prepay. Notwithstanding the foregoing provisions of Section 8.3, with respect to any Net Cash
Proceeds realized or received with respect to any Asset Sale referred to in Section 8.3(a), if the Company shall deliver to the holders of Notes a certificate of a Senior Financial Officer to the effect that the Company and its Subsidiaries
intend to reinvest such Net Cash Proceeds (or a portion thereof specified in such certificate) in its business (or enter into a binding commitment with respect to such reinvestment) within 365 days after receipt of such Net Cash Proceeds, then no
prepayment need be offered by the Company pursuant to the foregoing provisions of this Section 8.3 in respect of such Net Cash Proceeds (or the portion of such Net Cash Proceeds specified in such certificate, if applicable), except that, if
(x) any such Net Cash Proceeds have not been so applied by the end of such 365-day period or (y) the Company or any of its Subsidiaries have not entered into a binding commitment with respect to such application of such Net Cash Proceeds
within such 365-day period and not reinvested in its business pursuant to such commitment within 180 days after entering into such commitment, the Company shall offer to prepay the Notes at that time in accordance with the foregoing provisions of
this Section 8.3 in an amount equal to the amount of such Net Cash Proceeds that have not been so applied pro rata with the prepayment of the Term Advances under the New Credit Facility (if a prepayment is triggered under the New Credit
Facility under such circumstances). 
 Section 8.4. Change of Control Put. 
 (a) Notice of Change of Control or Control Event. The Company will, within three Business Days after any Responsible Officer of the
Company has knowledge of the occurrence of any Change of Control or Control Event, give written notice of such Change of Control or Control Event to each holder of Notes unless notice in respect of such Change of Control 

  

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(or the Change of Control contemplated by such Control Event) shall have been given pursuant to paragraph (b) of this Section 8.4. If a Change of
Control has occurred, such notice shall contain and constitute an offer to prepay Notes as described in paragraph (c) of this Section 8.4 and shall be accompanied by the certificate described in paragraph (g) of this Section 8.4.

 (b) Condition to Company Action. The Company will not take any action that consummates or finalizes a Change of
Control unless at least 30 days prior to such action it shall have given to each holder of Notes written notice containing and constituting an offer to prepay Notes as described in paragraph (c) of this Section 8.4 (the “Company
Offer Notice”), accompanied by the certificate described in paragraph (g) of this Section 8.4 of the consummation or finalization of such Change of Control. 
 (c) Offer to Prepay Notes. The offer to prepay Notes contemplated by paragraphs (a) and (b) of this Section 8.4
shall be an offer to prepay, in accordance with and subject to this Section 8.4, all, but not less than all, the Notes held by each holder on a date specified in such offer (the “Proposed Change of Control Prepayment Date”).
The Proposed Change of Control Prepayment Date shall be not less than 30 days and not more than 60 days after the date of such offer (if the Proposed Change of Control Prepayment Date shall not be specified in such offer, the Proposed Change of
Control Prepayment Date shall be the 60th day after the date of such offer). 
 (d) Acceptance; Rejection. A holder of
Notes may accept the offer to prepay made pursuant to this Section 8.4 by causing a notice of such acceptance to be delivered to the Company not later than the twentieth day following delivery of the Company Offer Notice. A failure by a holder
of Notes to reply to an offer by such date to prepay made pursuant to this Section 8.4 shall be deemed to constitute a rejection of such offer by such holder. 
 (e) Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section 8.4 shall be at 100% of the principal amount of
such Notes together with interest on such Notes accrued to the date of prepayment but without any premium. The prepayment shall be made on the Proposed Change of Control Prepayment Date except as provided in paragraph (f) of this
Section 8.4. 
 (f) Deferral pending Change of Control. The obligation of the Company to prepay Notes pursuant to
the offers required by paragraph (b) and accepted in accordance with paragraph (d) of this Section 8.4 is subject to the occurrence of the Change of Control in respect of which such offers and acceptances shall have been made. In the
event that such Change of Control does not occur on the Proposed Change of Control Prepayment Date in respect thereof, the prepayment shall be deferred until and shall be made on the date on which such Change of Control occurs. The Company shall
keep each holder of Notes reasonably and timely informed of (i) any such deferral of the date of prepayment, (ii) the date on which such Change of Control and prepayment are expected to occur, and (iii) any determination by the
Company that efforts to effect such Change of Control have ceased or been abandoned (in which case the offers and acceptances made pursuant to this Section 8.4 in respect of such Change of Control shall be deemed rescinded). 
 (g) Officer’s Certificate. Each offer to prepay the Notes pursuant to this Section 8.4 shall be accompanied by a
certificate, executed by a Senior Financial Officer of the Company and dated the date of such offer, specifying: (i) the Proposed Change of Control Prepayment Date; 

  

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(ii) that such offer is made pursuant to this Section 8.4; (iii) the interest that would be due on each Note offered to be prepaid, accrued to the
Proposed Change of Control Prepayment Date; and (iv) in reasonable detail, the nature and date or proposed date of the Change of Control. 
 Section 8.5. Allocation of Partial Prepayments. 
 In the case of each partial prepayment of the Notes, the principal amount
of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. 
 Section 8.6. Maturity; Surrender, Etc. 
 In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together
with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and
Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of
any prepaid principal amount of any Note. 
 Section 8.7. Purchase of Notes. 
 The Company will not and will not permit any of its Subsidiaries to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the
outstanding Notes except upon the payment or prepayment of the Notes in accordance with the terms of this Agreement and the Notes. The Company will promptly cancel all Notes acquired by it or any of its Subsidiaries pursuant to any payment or
prepayment of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 
 Section 8.8. Make-Whole Amount. 
 “Make-Whole Amount” means, with respect to any Note, an amount equal to
the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For
the purposes of determining the Make Whole Amount, the following terms have the following meanings: 
 “Called Principal”
means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 
 “Discounted Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled
Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same
periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 
  

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 “Reinvestment Yield” means, with respect to the Called Principal of any Note, 0.50% over
the yield to maturity implied by (i) the yields reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or
such other display as may replace Page PX1 on Bloomberg Financial Markets for the most recently issued actively traded on the run U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal as of such
Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day
for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (519) (or any comparable successor publication) for U.S.
Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. 
 In the case of each determination under clause (i) or clause (ii), as the case may be, of the preceding paragraph, such implied yield will be determined, if necessary, by (a) converting U.S. Treasury
bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the applicable U.S. Treasury security with the maturity closest to and greater than such Remaining Average
Life and (2) the applicable U.S. Treasury security with the maturity closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable
Note. 
 “Remaining Average Life” means, with respect to any Called Principal, the number of years (calculated to the nearest
one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by
(b) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” means, with respect to the Called Principal of any Note, all payments of such Called Principal and
interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which
interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement
Date pursuant to Section 8.2 or Section 12.1. 
 “Settlement Date” means, with respect to the Called Principal of
any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 
  

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 Section 9. AFFIRMATIVE COVENANTS. 
 The Company covenants that so long as any of the Notes are outstanding, it shall: 
 (a)
Compliance with Laws, Etc. Comply, and cause each of its Subsidiaries to comply, with all applicable laws, rules, regulations and orders (including, without limitation, the USA Patriot Act) of any Governmental Authority binding on it or any
of its properties, except for such non-compliance as would not be reasonably expected to have a Material Adverse Effect. 
 (b) Payment of Taxes, Etc. Pay and discharge, and cause each of its Subsidiaries to pay and discharge, before the same shall become delinquent, (i) all material taxes, assessments and governmental charges or levies imposed upon
it or upon its property and (ii) all material lawful claims that, if unpaid, might by law become a Lien upon its property; provided, however, that neither the Company nor any of its Subsidiaries shall be required to pay or discharge any
such tax, assessment, charge or claim that is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained, unless and until any Lien resulting therefrom attaches to its property and becomes
enforceable. 
 (c) Maintenance of Insurance. Maintain, and cause each of its Subsidiaries to maintain insurance with
responsible and reputable insurance companies or associations and such insurance shall be maintained in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same
general areas in which the Company or any of its Subsidiaries operates. 
 (d) Preservation of Corporate Existence,
Etc. Except as expressly permitted by Section 10(d), preserve and maintain, and cause each of its Subsidiaries to preserve and maintain, its legal existence, and, except as would not be reasonably expected to have a Material Adverse Effect,
its permits, licenses, approvals, privileges and franchises necessary to the normal conduct of its business. 
 (e) Keeping
of Books. Keep, and cause each of its Subsidiaries to keep, proper books of record and account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Company and each Subsidiary of the
Company to the extent necessary to prepare financial statements that are in accordance with GAAP in effect from time to time. 
 (f) Maintenance of Properties, Etc. Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its Properties that are used or useful in the conduct of its business in accordance with the
Company’s or its Subsidiaries’ established maintenance plan as in effect from time to time consistent with past practices. 
 (g) Transactions with Affiliates. Conduct, and cause each of its Subsidiaries to conduct, all transactions otherwise permitted under the Loan Documents with any of their Affiliates on terms that are no less favorable to the Company
or such Subsidiary than it would obtain in a comparable arm’s-length transaction with a Person not an Affiliate. 
  

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 (h) Covenant Regarding Subsidiaries. Upon the formation or acquisition by the
Company or any of its Subsidiaries of any new direct or indirect Subsidiary that is organized under the laws of any political subdivision of the United States of America, within ten (10) days after such formation or acquisition, at the
Company’s election, either (i) at the Company’s expense, cause such Subsidiary, and cause each direct and indirect parent of such Subsidiary (if it has not already done so), to duly execute and deliver to each holder of Notes a
Subsidiary Guaranty, guaranteeing the obligations of the Company and the other Subsidiary Guarantors under the Loan Documents and to provide an opinion of outside counsel of nationally recognized standing to the effect that each Subsidiary Guaranty
is a legal, valid and binding obligation of such Subsidiary Guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms, or (ii) notify each holder of Notes that such Subsidiary shall not be a Subsidiary Guarantor
hereunder (each such Subsidiary, a “Non-Guarantor Subsidiary”) and shall cause such Subsidiary to be in compliance with Section 10(a) and Section 10(b) to the extent applicable to a Non-Guarantor Subsidiary in addition to
any other provisions of the Loan Documents applicable to any Subsidiary of the Company. 
 Section 10. NEGATIVE COVENANTS. 
 The Company covenants that, so long as any of the Notes are outstanding, it will not and will cause its Subsidiaries not to, at any time: 
 (a) Liens, Etc. Create, incur, assume or suffer to exist any Lien on or with respect to any of its Properties of any character
(including, without limitation, accounts) whether now owned or hereafter acquired, or sign or file, under the Uniform Commercial Code of any jurisdiction, a financing statement that names the Company or any of its Subsidiaries as debtor, or sign or
suffer to exist any security agreement authorizing any secured party thereunder to file such financing statement, or assign any accounts or other right to receive income, except: 
 (i) Permitted Liens for the Company and its Subsidiaries; 
 (ii) Liens existing on the date hereof and described on Schedule 5.15 hereto and any replacement, extension or renewal of the indebtedness
secured by such Lien; provided that the amount of Debt or other obligations secured thereby is not increased and is not secured by any additional assets; 
 (iii) Liens arising in connection with Capitalized Leases; provided that no such Lien shall extend to or cover any assets other
than the assets subject to such Capitalized Leases and purchase money Liens upon or in real property, equipment or other fixed or capital assets acquired or held by the Company or any of its Subsidiaries to secure the purchase price of such
property, equipment or other fixed or capital assets or to secure Debt incurred for the purpose of financing the acquisition, construction or improvement of any such property, equipment or other fixed or capital assets, or Liens existing on any such
property, equipment or other fixed or capital assets at the time of acquisition, or extensions, renewals or replacements of any of the foregoing for the same or a lesser amount; provided that no such Lien shall extend to or cover any property
other than the property, equipment or other fixed or capital assets being acquired, constructed or improved, and no such extension, renewal or replacement shall extend to or cover any 

  

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property not theretofore subject to the Lien being extended, renewed or replaced; and provided, that the aggregate principal amount of the Debt
secured by Liens permitted by this clause (iii) shall not exceed $50,000,000 at any time outstanding; and 
 (iv) the
Company or any of its Subsidiaries may create or assume any other Lien securing Debt if, after giving effect to such Debt, the Priority Obligations Amount does not exceed 15% of the Consolidated Net Tangible Assets; provided, however, that if
the Company or any of the Subsidiaries cannot or does not wish to comply with the restrictions set forth in this Section 10(a)(iv), then, as conditions to such non-compliance, (x) (A) a Senior Financial Officer shall provide a
certificate to all holders of Notes describing in reasonable detail such non-compliance and the Debt to be secured by such Lien (including details of such Lien) and (B) the Company and/or such Subsidiary shall make, or cause to be made,
effective a provision whereby the Notes will be equally and ratably secured with the Debt with respect to which there is non-compliance with the limitation on Liens set forth in this Section 10(a)(iv), such security to be pursuant to an
agreement reasonably satisfactory to the Required Holders and, in any such case, the holders of Notes shall have the benefit, to the fullest extent that, and with such priority as, the holders of the Notes may be entitled under applicable law, of an
equitable Lien on such property and (y) the holders of the Notes shall have received a favorable opinion of counsel reasonably satisfactory to the Required Holders with respect thereto. 
 (b) Debt of Non-Guarantor Subsidiaries. In the case of any Non-Guarantor Subsidiary, create, incur, assume or suffer to exist any
Debt, unless if after giving effect to such Debt, the Priority Obligations Amount does not exceed 15% of the Consolidated Net Tangible Assets. 
 (c) Change in Nature of Business. Make any material change in the nature of the Company’s business as carried on at the date hereof. 
 (d) Mergers, Etc. Merge into or consolidate with any Person or permit any Person to merge into it, or liquidate, wind up or
dissolve itself (or suffer any liquidation or dissolution), or permit any of its Subsidiaries to do so, except that: 
 (i)
any Subsidiary of the Company may merge into or consolidate with the Company; provided that the Company is the continuing or surviving Person; 
 (ii) any Subsidiary of the Company may merge into or consolidate with any other Subsidiary of the Company; provided that, in the case of any such merger or consolidation to which a Guarantor is a party, the
Person formed by such merger or consolidation shall be a Guarantor; 
 (iii) any Subsidiary of the Company may be liquidated
or dissolved if the Company determines in good faith that such liquidation or dissolution is in the best interest of the Company and is not materially disadvantageous to the holders of the Notes; and 
  

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 (iv) any Subsidiary of the Company may merge into or consolidate with any other Person or
permit any other Person to merge into or consolidate with it; provided that the Person surviving such merger shall be a Subsidiary of the Company; 
 provided, however, that in each case, immediately before and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing. 
 (e) Sales, Etc., of Assets. Dispose of, in one transaction or in a series of transactions, all or substantially all of its assets
during any Fiscal Year, except: 
 (i) in a transaction authorized by Section 10(d); and 
 (ii) Dispositions of assets among the Company and its Subsidiaries. 
 (f) Restricted Payments. Declare or pay any dividends, purchase, redeem, retire, defease or otherwise acquire for value any of its
Equity Interests now or hereafter outstanding, return any capital to its stockholders, partners or members (or the equivalent Persons thereof) as such, make any distribution of assets, Equity Interests, obligations or securities to its stockholders,
partners or members (or the equivalent Persons thereof) as such or make any payment on any Debt owing to its direct or indirect parent (or any equity owner thereof) or any Affiliate thereof (other than payments on the Notes and indebtedness under
the New Credit Facility) (any of the foregoing, a “Restricted Payment”), or permit any of its Subsidiaries to do any of the foregoing, or permit any of its Subsidiaries to purchase, redeem, retire, defease or otherwise acquire for
value any Equity Interests in the Company or to issue or sell any Equity Interests therein, except that, (i) any Subsidiaries may make Restricted Payments to the Company and (ii) so long as no Default or Event of Default has occurred and
is continuing and the Company is in pro forma compliance with Section 10(i) after giving effect to such Restricted Payments, (A) the Company may make distributions to its direct parent or parents, (currently Energy Transfer Interstate
Holdings, LLC, a Delaware limited liability company), and (B) the Company may repay any unsecured Debt owing to its direct or indirect parent (or any equity owner thereof) or any Affiliate thereof. 
 (g) Sales and Leasebacks. Enter into any arrangement with any Person (other than Subsidiaries of the Company) providing for the
leasing by the Company or any Subsidiary of real or personal property that has been or is to be sold or transferred by the Company or such Subsidiary to such Person or to any other Person to whom funds have been or are to be advanced by such Person
on the security of such property or rental obligations of the Company or such Subsidiary (each a “Sale Leaseback Transaction”), unless if after giving effect to such Sale Leaseback Transaction, the Priority Obligations Amount does
not exceed 15% of the Consolidated Net Tangible Assets. 
 (h) Use of Proceeds. Use the proceeds of any Notes for any
purpose other than for purposes set forth in Section 5.14. 
 (i) Debt/Capitalization Ratio. Permit the
Debt/Capitalization Ratio as of the last day of any fiscal quarter of the Company to be greater than 65%. 
  

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 (j) Intercompany Debt. Incur any Debt owed to the Company’s direct or
indirect parent (or any equity owner thereof) or any Affiliate thereof unless (A) such Debt is unsecured, (B) both immediately before and immediately after the incurrence of such Debt the Company is in compliance with Section 9(g) and
Section 10(i) and (C) the documentation evidencing such Debt specifically includes the subordination provisions, in enforceable form, set forth in Schedule C as to which provisions both the lender(s) of such Debt and the Company shall be
bound. The Company will promptly after execution thereof provide a copy of such documentation to each holder of a Note. No amendment or modification to Schedule C shall be entered into without the prior written consent of the Company and the holders
of more than 90% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any Restricted Persons). 
 (k) Terrorism Sanctions Regulations. The Company will not and will not permit any Subsidiary to (a) become a Person described or designated in the Specially Designated Nationals and Blocked Persons List of
the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (b) engage in any dealings or transactions with any such Person. 
 Section 11. EVENTS OF DEFAULT. 
 An “Event of Default” shall exist if any of the following conditions or events
shall occur and be continuing: 
 (a) the Company defaults in the payment of any principal or Make-Whole Amount, if any, on
any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 
 (b) the Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable; or 
 (c) any representation or warranty made by the Company or its Subsidiaries (or any of its officers or Responsible Officers) under or in
connection with any Loan Document shall prove to have been incorrect in any material respect when made; or 
 (d) the Company
shall fail to perform or observe any term, covenant or agreement contained in Section 7.1(d), Section 9(d) and Section 10; or 
 (e) the Company or its Subsidiaries shall fail to perform or observe any other term, covenant or agreement contained in any Loan Document on its part to be performed or observed if such failure shall remain unremedied
for 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a
“notice of default” and to refer specifically to this Section 11(e)); or 
 (f) the Company or any of its
Subsidiaries shall fail to pay any principal of, premium or interest on or any other amount payable in respect of any Debt (other than Debt of the type described in (i) clause (g) of the definition thereof or (ii) clause (h) of
the definition thereof to the extent no demand for payment has been made on the Company or any of its Subsidiaries with respect to such Contingent Obligations) or any Hedge Agreements of the Company or such Subsidiary (as the case may be) that is
outstanding in a principal amount (or, in the case of any Hedge Agreement, an Agreement Value) of at least $50,000,000 either individually or in the 

  

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aggregate for the Company and all such Subsidiaries (but excluding Debt outstanding under the Notes), when the same becomes due and payable (whether by
scheduled maturity, required prepayment, acceleration, demand or otherwise but other than as a result of the consequences, if any, of a Change of Control under the New Credit Facility), and such failure shall continue after the applicable grace
period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Debt and shall continue after the applicable grace period,
if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt or otherwise to cause, or to permit the holder thereof to cause, such Debt to
mature (other than, in each case, as a result of the consequences, if any, of a Change of Control under the New Credit Facility); or any such Debt shall be declared to be due and payable or required to be prepaid or redeemed (other than a required
prepayment or redemption under the New Credit Facility or under any “due on sale” provision of any secured Debt, except as a result of a default or event of default thereunder), purchased or defeased, or an offer to prepay, redeem,
purchase or defease such Debt (unless required under the New Credit Facility or under any “due on sale” provision of any secured Debt, except as a result of a default or event of default thereunder) shall be required to be made, in each
case prior to the stated maturity thereof (other than, in each case, as a result of the consequences, if any, of a Change of Control under the New Credit Facility); or 
 (g) (i) the Company, any Subsidiary of the Company or any ETP Holding Company shall generally not pay its debts as such debts become due,
or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or (ii) any proceeding shall be instituted by or against the Company, any Subsidiary of the Company or any ETP
Holding Company seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or
reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or for any substantial part of its property and, in the case of any such proceeding
instituted against it (but not instituted by it) that is being diligently contested by it in good faith, either such proceeding shall remain undismissed or unstayed for a period of 60 days or any of the actions sought in such proceeding (including,
without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or any substantial part of its property) shall occur; or (iii) the Company, any Subsidiary of
the Company or any ETP Holding Company shall take any corporate action to authorize any of the actions set forth above in this paragraph (g); or 
 (h) any judgments or orders, either individually or in the aggregate, for the payment of money in excess of $50,000,000 shall be rendered against the Company or any of its Subsidiaries and there shall be any period of
60 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; provided, however, that any such judgment or order shall not give rise to an Event of
Default under this paragraph (h) if and for so long as (i) the amount of such judgment or order is covered by a valid and binding surety bond or policy of insurance between the defendant and the insurer and (ii) such insurer has been
notified, and has not disputed the claim made for payment, of the amount of such judgment or order; or 
  

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 (i) any Loan Document shall for any reason cease to be valid and binding on or
enforceable against any party thereto, or any such party shall so state in writing; or 
 (j) any ERISA Event shall have
occurred with respect to a Plan and the sum (determined as of the date of occurrence of such ERISA Event) of the Insufficiency of such Plan and the Insufficiency of any and all other Plans with respect to which an ERISA Event shall have occurred and
then exist (or the liability of the Company or its Subsidiaries and the ERISA Affiliates related to such ERISA Event) could reasonably be expected to have a Material Adverse Effect and (i) demand by the PBGC is made against the Company or any
of its Subsidiaries for the payment of such Insufficiency, and such Insufficiency is not satisfied within 60 days of such demand or, if earlier, the date stated in the demand or (ii) a lien is imposed on the Company or any of its Subsidiaries
in connection with the failure to pay such Insufficiency, and such Insufficiency is not satisfied within 60 days; or 
 (k)
the Company or any of its Subsidiaries or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, and as a
result of such reorganization or termination the aggregate annual contributions of the Company and its Subsidiaries and the ERISA Affiliates to all Multiemployer Plans that are then in reorganization or being terminated have been or will be
increased over the amounts contributed to such Multiemployer Plans for the plan years of such Multiemployer Plans immediately preceding the plan year in which such reorganization or termination occurs by an amount, which could reasonably be expected
to have a Material Adverse Effect. 
 Section 12. REMEDIES ON DEFAULT, ETC. 
 Section 12.1. Acceleration. 
 (a) If an Event of Default with respect to the Company described in Section 11(g)(i) or Section 11(g)(ii) has occurred and is continuing, all the Notes then outstanding shall automatically become immediately due and payable.

 (b) If any other Event of Default has occurred and is continuing, Required Holders may at any time at its or their option,
by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 
 (c) If any
Event of Default described in Section 11(a) or Section 11(b) has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or
notices to the Company, declare all the Notes held by it or them to be immediately due and payable. 
 Upon any Notes becoming due and
payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (i) all accrued and unpaid interest thereon (including, but not limited
to, interest accrued thereon at the Default Rate) and (ii) the Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable Law), shall all be immediately due and payable, in each and every case
without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties 

  

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hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein
specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the
deprivation of such right under such circumstances. 
 Section 12.2. Other Remedies. 
 If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due
and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific
performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by Law or otherwise. 
 Section 12.3. Rescission. 
 At any
time after any Notes have been declared due and payable pursuant to Section 12.1(b) or Section 12.1(c), Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the
Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and
Make-Whole Amount, if any, and (to the extent permitted by applicable Law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely
by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (d) no
judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right
consequent thereon. 
 Section 12.4. No Waivers or Election of Remedies, Expenses, Etc. 
 No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or
otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this Agreement or by any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or
now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to
cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements. 
  

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 Section 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 
 Section 13.1. Registration of Notes. 
 The Company shall keep at its principal executive office a register for the registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of
one or more Notes shall be registered in such register. Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof,
and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses
of all registered holders of Notes. 
 Section 13.2. Transfer and Exchange of Notes. 
 Upon surrender of any Note to the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)), for
registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in
writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within ten Business Days thereafter, the Company shall execute and deliver, at the Company’s expense
(except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such
Person as such holder may request and shall be substantially in the form of the Note of such series originally issued hereunder. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the
surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of
Notes. Notes shall not be transferred in denominations of less than $100,000, provided, that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination of less than
$100,000, provided, further, that no holder shall transfer (other than to a Subsidiary or other Affiliate of such holder) Notes if such transfer causes such holder, its Subsidiaries and other Affiliates of such holder, taken as a whole, to
own less than $1,000,000 in aggregate principal amount of Notes (unless such transfer causes such holder, its Subsidiaries and other Affiliates of such holder, taken as a whole, to Dispose of all the Notes owned by any of them). 
 Section 13.3. Replacement of Notes. 
 Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or
mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 
  

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 (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it
(provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of
indemnity shall be deemed to be satisfactory), or 
 (b) in the case of mutilation, upon surrender and cancellation thereof,

 within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest
from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 
 Section 14. PAYMENTS ON NOTES. 
 Section 14.1.
Place of Payment. 
 Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable
on the Notes shall be at such place the Company may at any time, by notice specify to each holder of a Note, so long as such place of payment shall be either the principal office of the Company in New York, New York or the principal office of a bank
or trust company in New York, New York. 
 Section 14.2. Home Office Payment. 
 So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to
the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, and interest by the method and at the address specified for such purpose below such Purchaser’s name in Schedule A, or by such other
method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written
request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its
principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election,
either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford
the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers
have made in this Section 14.2. 
  

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 Section 15. EXPENSES, ETC. 
 Section 15.1. Transaction Expenses. 
 Whether or not the transactions contemplated hereby are
consummated, the Company will pay all costs and expenses (including reasonable attorneys’ fees of a special counsel and if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of
a Note in connection with such transactions (including reasonable fees, charges and disbursements of the Purchasers’ special counsel incurred on and after the date of the Closing with respect to preparation and delivery of closing document sets
and binders for the transactions contemplated hereby to the holders of Notes and other Persons) and in connection with any amendments, waivers or consents under or in respect of this Agreement or the Notes (whether or not such amendment, waiver or
consent becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement or the Notes or in responding to any
subpoena or other legal process or informal investigative demand issued in connection with this Agreement or the Notes, or by reason of being a holder of any Note, and (b) the costs and expenses, including financial advisors’ fees,
incurred in connection with the insolvency or bankruptcy of the Company or any of its Subsidiaries or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes. The Company will pay, and will save each
Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the
Notes). 
 Section 15.2. Survival. 
 The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of either this Agreement or the Notes, and the
termination of this Agreement. 
 Section 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 
 All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by
any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other
holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement. Subject to the
preceding sentence, this Agreement and the Notes embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 
  

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 Section 17. AMENDMENT AND WAIVER. 
 Section 17.1. Requirements. 
 This Agreement and the Notes may be amended, and the observance of any
term hereof or thereof may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1,
2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will be effective as to any holder of Notes unless consented to by such holder of Notes in writing, and (b) no such amendment or waiver may, without the written consent of
the holder of each Note at the time outstanding affected thereby, (i) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the
rate or change the time of payment or method of computation of interest or of the Make-Whole Amount on, the Notes, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such
amendment or waiver, or (iii) amend any of Sections 8, 11(a), 11(b), 12, 17 or 20. 
 Section 17.2. Solicitation of Holders of Notes.

 (a) Solicitation. The Company will provide each holder of the Notes (irrespective of the amount of Notes then
owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent by the Company in
respect of any of the provisions hereof or of the Notes. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 17 to each holder of outstanding
Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 
 (b) Payment. The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other
credit support, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or
security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of Notes then outstanding so long as such holder consents to such waiver or amendment. 
 (c) Consent in Contemplation of Transfer. Any consent made pursuant to this Section 17 by a holder of Notes that has
transferred or has agreed to transfer its Notes to the Company or any Restricted Person and has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force or effect except solely as to such
holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the
same or similar conditions) shall be void and of no force or effect except solely as to such holder. 
  

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 Section 17.3. Binding Effect, Etc. 
 Any amendment or waiver consented to as provided in this Section 17 applies equally to all holders of Notes and is binding upon them and upon each
future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of
Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company and the holder of any Note nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any
rights of any holder of such Note. As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or supplemented. 
 Section 17.4. Notes Held by Company, Etc. 
 Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement or
the Notes, or have directed the taking of any action provided herein or in the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly
owned by the Company or any Restricted Persons shall be deemed not to be outstanding. 
 Section 18. NOTICES. 
 All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming
copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with charges
prepaid). Any such notice must be sent: 
 (i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address
specified for such communications in Schedule A, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, 
 (ii) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing, or 
 (iii) if to the Company, to the Company at its address set forth at the beginning hereof to the attention of President and Chief Operating
Officer, or at such other address as the Company shall have specified to the holder of each Note in writing. 
 Notices under this
Section 18 will be deemed given only when actually received. 
 Section 19. REPRODUCTION OF DOCUMENTS. 
 This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be
executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, 

  

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certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic,
electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. The Company agrees and stipulates that, to the extent permitted by applicable Law, any such reproduction shall be admissible in
evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement,
facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could
contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 
 Section 20. CONFIDENTIAL INFORMATION. 

 For the purposes of this Section 20, “Confidential Information” means information delivered to any Purchaser by or on behalf
of the Company or any of its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature when received by such Purchaser as being confidential information of the Company or
such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission
by such Purchaser or any person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the Company or any of its Subsidiaries or (d) constitutes financial statements delivered
to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect
confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, officers, employees, agents, attorneys and affiliates (to the extent such
disclosure reasonably relates to the administration of the investment represented by its Notes), (ii) its financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance
with the terms of this Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in
writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (v) any Person from which it offers to purchase any security of the Company (if such Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by the provisions of this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any
similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or
appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a
party or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and
remedies under such Purchaser’s Notes and this Agreement. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and 

  

 - 32 - 

 
to be entitled to the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Company in connection with
the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an
agreement with the Company embodying the provisions of this Section 20. 
 Section 21. SUBSTITUTION OF PURCHASER. 
 Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase hereunder, by
written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy
with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Affiliate in lieu of such
original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of
such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and such original
Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 
 Section 22. MISCELLANEOUS. 
 Section 22.1. Successors and Assigns. 
 All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a
Note) whether so expressed or not. 
 Section 22.2. Payments Due on Non-Business Days. 
 Anything in this Agreement or the Notes to the contrary notwithstanding (but without limiting the requirement in Section 8.6 that the notice of any
optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business
Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due
on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 
 Section 22.3. Accounting Terms. 
 All
accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this
Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP. 
  

 - 33 - 

 Section 22.4. Severability. 
 Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by Law) not invalidate or render unenforceable such
provision in any other jurisdiction. 
 Section 22.5. Construction, Etc. 
 Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein,
so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is
prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 
 For the
avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof. 
 Section 22.6.
Counterparts. 
 This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which
together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 
 Section 22.7. Governing Law. 
 This
Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York. 
 Section 22.8. Jurisdiction and Process; Waiver of Jury Trial. 
 (a) The Company and each of the Purchasers
irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes. To
the fullest extent permitted by applicable Law, the Company and each of the Purchasers, irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court,
any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. 
  

 - 34 - 

 (b) The Company consents to process being served by or on behalf of any holder of Notes
in any suit, action or proceeding of the nature referred to in Section 22.8(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its
address specified in Section 18 or at such other address of which such holder shall then have been notified pursuant to said Section. Each Purchaser consents to process being served by or on behalf of the Company in any suit, action or
proceeding of the nature referred to in Section 22.8(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in
Section 18 or at such other address of which the Company shall then have been notified pursuant to said Section. The Company and each of the Purchasers agree that such respective service upon receipt (i) shall be deemed in every respect
effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable Law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder
shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 
 (c) Nothing in this Section 22.8 shall affect the right of any holder of a Note to serve process in any manner permitted by Law, or
limit any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other
jurisdiction. 
 (d) The parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement,
the Notes or any other document executed in connection herewith or therewith. 
 Section 22.9. For Georgia Investors. 
 These Notes will be issued and sold in reliance on paragraph 13 of Code Section 10-5-9 of the “Georgia Securities Act of 1973,” and may not
be sold or transferred except in a transaction which is exempt under such Act or pursuant to an effective registration under such Act. 
 [Remainder of Page Intentionally Left Blank] 
  

 - 35 - 

 If you are in agreement with the foregoing, please sign the form of agreement on a counterpart of this
Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company. 
  

			
	Very truly yours,
	
	TRANSWESTERN PIPELINE COMPANY, LLC
		
	By:	 	/s/ Richard N. Marshall
		 	Name: Richard N. Marshall
		 	Title: Vice President and Treasurer

 SCHEDULE A 
 INFORMATION RELATING TO PURCHASERS 
  

						
	 NAME AND ADDRESS OF PURCHASER:
	  	 PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED:

		  	SERIES 1	  	$	                    
		  	SERIES 2	  	$	 
		  	SERIES 3	  	$	 

  

	(1)	All payments by wire transfer of immediately available funds to: 

 with sufficient information to identify the source and application of such funds. 
  

	(2)	All notices of payments and written confirmations of such wire transfers: 

  

	(3)	All other communications: 

  

	(4)	Tax Identification Number: 

 SCHEDULE B 
 DEFINED TERMS 
 As used herein, the following terms have the respective meanings set forth below or set
forth in the Section hereof following such term: 
 “Affiliate” means, as to any Person, any other Person that, directly or
indirectly, controls, is controlled by or is under common control with such Person. For purposes of this definition, the term “control” (including the terms “controlling”, “controlled by” and “under common control
with”) of a Person means the possession, direct or indirect of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting Interests, by contract or otherwise. 
 “Agreement” means that certain Note Purchase Agreement, dated as of May 24, 2007 between the Company and the Purchasers.

 “Agreement Value” means, for each Hedge Agreement, on any date of determination, an amount equal to all obligations
thereunder (including the amount of any termination payments that would be payable on such date if the Hedge Agreement were terminated). 
 “Anti-Terrorism Order” means Executive Order No. 13,224 of September 24, 2001, Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49,
079 (2001), as amended. 
 “Asset Sale” means a sale, lease, transfer or other deposition by the Company or any of its
Subsidiaries to any Person (other than the Company or any of its Subsidiaries), in one transaction or in a series of transactions, of any of its assets, other than (a) the sale of pipeline capacity or natural gas or inventory in the ordinary
course of business, (b) the sale of surplus, obsolete or worn-out equipment, vehicles or other property in the ordinary course of business, (c) the lease or sublease of any property in the ordinary course of business, (d) the
voluntary termination of any Hedge Agreement, (e) the sale or discount of accounts receivable in the ordinary course of business in connection with the compromise or collection thereof, and (f) the disposition of all or substantially all
of its assets in a manner permitted pursuant to Section 10(e)(i) or Section 10(e)(ii). 
 “Attributable
Indebtedness” means, with respect to any Sale Leaseback Transaction, the present value (discounted at the rate set forth or implicit in the terms of the lease included in such Sale Leaseback Transaction) of the total obligations of the
lessee for rental payments (other than amounts required to be paid on account of taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights) during
the remaining term of the lease included in such Sale Leaseback Transaction (including any period for which such lease has been extended). In the case of any lease that is terminable by the lessee upon payment of a penalty, the Attributable
Indebtedness shall be the lesser of the Attributable Indebtedness determined assuming termination on the first date such lease may be terminated (in which case the Attributable Indebtedness shall also include the amount of the penalty, but no rent
shall be considered as required to be paid under such lease subsequent to the first date on which it may be so terminated) or the Attributable Indebtedness determined assuming no such termination. 

 “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed. 
 “Capitalized Leases” means, a lease
with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 
 “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time. 
 “CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S.
Environmental Protection Agency. 
 “Change of Control” means the occurrence of any of the following events: (a) the
failure of one or more ETP Entities to directly own, individually or collectively, more than 50% of the Equity Interests in the Company, (b) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person (or
syndicate or group of Persons which are deemed a “person” for the purposes of Section 13(d) and Section 14(d)(2) of the Securities Exchange Act of 1934, as amended) of more of the Equity Interests in Energy Transfer Interstate
Holdings, LLC than the ETP Entities, or (c) the failure Energy Transfer Interstate Holdings, LLC to own, directly or indirectly, 100% of the Equity Interests in the Company. 
 “Closing” has the meaning assigned to that term in Section 3 of this Agreement. 
 “Code” means the United States Internal Revenue Code of 1986, as amended from time to time. 
 “Company” has the meaning assigned to that term in the introductory paragraph of this Agreement. 
 “Company Offer Notice” has the meaning assigned to that term in Section 8.4(b) of this Agreement. 
 “Confidential Information” has the meaning assigned to that term in Section 20 of this Agreement. 
 “Consolidated” refers to the consolidation of accounts in accordance with GAAP. 
 “Consolidated Net Tangible Assets” means, at any date of determination, the total amount of assets of the Company and its Subsidiaries
after deducting therefrom: 
 (a) all current liabilities (excluding (i) any current liabilities that by their terms are
extendable or renewable at the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed, and (ii) current maturities of Long-Term Debt); and 
 (b) the value (net of any applicable reserves) of all goodwill, trade names, trademarks, patents and other like intangible assets,

  

 B-2 

 all as set forth on the Consolidated balance sheet of the Company and its Subsidiaries for the
Company’s most recently completed fiscal quarter, prepared in accordance with GAAP. 
 “Consolidated Total
Capitalization” means, at any time, an amount equal to the sum of (a) Consolidated Debt for Borrowed Money of the Company and its Subsidiaries at such time plus (b) an amount equal to the sum of all amounts which, in
accordance with GAAP, would be included under members’ equity on a Consolidated balance sheet of the Company and its Subsidiaries. 
 “Contingent Obligation” means, with respect to any Person, any Obligation or arrangement of such Person to guarantee or intended to guarantee any Debt, leases, dividends or other payment Obligations (“primary
obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect guarantee, endorsement (other than for collection or
deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the Obligation of a primary obligor, (b) the Obligation to make take-or-pay or similar payments, if required, regardless
of nonperformance by any other party or parties to an agreement (other than in the ordinary course of business and not in connection with a financing transaction of such Person) or (c) any Obligation of such Person, whether or not contingent,
(i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to maintain
working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, assets, securities or services primarily for the purpose of assuring the owner of
any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof. The amount of any
Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which
such Person may be liable pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform
thereunder), as determined by such Person in good faith. 
 “Control Event” means: 
 (i) the execution by the Company, any of the ETP Entities or any other Person (which has notified the Company) of any agreement or letter
of intent with respect to any proposed transaction or event or series of transactions or events which, individually or in the aggregate, may reasonably be expected to result in a Change of Control, 
 (ii) the execution of any written agreement which, when fully performed by the parties thereto, would result in a Change of Control, or

  

 B-3 

 (iii) the making of any written offer by any person (as such term is used in section
13(d) and section 14(d)(2) of the Exchange Act as in effect on the date of a Closing) or related persons constituting a group (as such term is used in Rule 13d-5 under the Exchange Act as in effect on the date of a Closing) to the holders of the
common stock of the Company, which offer, if accepted by the requisite number of holders, would result in a Change of Control; provided, however, that this clause (iii) shall only be applicable when the Company has a class of equity securities
registered pursuant to Section 12 of the Exchange Act. 
 “Debt” of any Person means, without duplication, (a) all
indebtedness of such Person for borrowed money, (b) all Obligations of such Person for the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of such Person’s business), (c) all
Obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all Obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired
by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Obligations of such Person as lessee under Capitalized
Leases, (f) all Obligations of such Person under acceptance, letters of credit or other similar arrangements or credit support facilities, (g) all Obligations of such Person to purchase, redeem, retire, defease or otherwise make any
payment in respect of any Equity Interests in such Person or any other Person or any warrants, rights or options to acquire such Equity Interests, valued, in the case of Redeemable Preferred Interests, at the greater of its voluntary or involuntary
liquidation preference plus accrued and unpaid dividends, (h) all Contingent Obligations of such Person in respect of the types of Debt described in clauses (a) through (g) above and (i) all indebtedness and other payment
Obligations referred to in clauses (a) through (h) above of another Person secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without
limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such indebtedness or other payment Obligations. 
 “Debt for Borrowed Money” of any Person means, at any date of determination, all Debt of such Person (other than Debt referred to in
clause (g) of the definition thereof). 
 “Debt/Capitalization Ratio” means, as of any date of determination, the ratio
of (a) the aggregate amount of outstanding Consolidated Debt for Borrowed Money of the Company and its Subsidiaries as of such date to (b) Consolidated Total Capitalization of the Company and its Subsidiaries as of such date. 

“Default” means the occurrence and continuance of an event, which with the giving of notice or lapse of time, or both, would
constitute an Event of Default. 
 “Default Rate” means that rate of interest that is the greater of (i) 2.0% per
annum above the rate of interest stated in clause (a) of the first paragraph of the Notes or (ii) 2.0% over the rate of interest publicly announced by JPMorgan Chase Bank in New York, New York, as its “base” or “prime”
rate. 
 “Disclosure Documents” has the meaning assigned to that term in Section 5.3 of this Agreement. 
  

 B-4 

 “Dispose” or “Disposition” means a sale, lease, transfer or other
disposition. 
 “Environmental Action” means any action, suit, demand, demand letter, claim, notice of non-compliance or
violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law, any Environmental Permit or Hazardous Material or arising from alleged injury or
threat to health, safety or the environment, including, without limitation, (a) by any Governmental Authority for enforcement, cleanup, removal, response, remedial or other actions or damages and (b) by any Governmental Authority or third
party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief. 
 “Environmental Law”
means any Federal, state, local or foreign statute, law, ordinance, rule, regulation, code, order, writ, judgment, injunction, decree or judicial or agency interpretation, policy or guidance relating to pollution or protection of the environment,
health, safety or natural resources, including, without limitation, those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Materials. 
 “Environmental Permit” means any permit, approval, identification number, license or other authorization required under any
Environmental Law. 
 “Equity Interests” means, with respect to any Person, shares of capital stock of (or other ownership
or profit interests in) such Person, warrants, options or other rights for the purchase or other acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition from such Person of such shares (or such other interests), and other ownership
or profit interests in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or non-voting, and whether or not such shares, warrants, options, rights or other interests are authorized or
otherwise existing on any date of determination. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the regulations promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means any
Person that for purposes of Title IV of ERISA is a member of the controlled group of the Company or any of its Subsidiaries, or under common control with the Company or any of its Subsidiaries, within the meaning of Section 414(b), (c), (m), or
(o) of the Internal Revenue Code. 
 “ERISA Event” means (a) any “reportable event”, as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Internal Revenue Code or Section 302 of ERISA), which remains unsatisfied; (c) the filing pursuant to Section 412(d) of the Internal Revenue Code or Section 303(d) of ERISA
of an application for a waiver of the minimum funding standard with respect to any Plan which is pending; (d) the incurrence by the Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the 

  

 B-5 

 
termination of any Plan; (e) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice of proceedings to
terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Company or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer
Plan; or (g) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, imposing Withdrawal Liability or determining that a Multiemployer Plan
is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “ETP” means Energy
Transfer Partners, L.P., a Delaware limited partnership. 
 “ETP Entities” means, collectively, ETP and its Affiliates.

 “ETP Holdco” means Energy Transfer Interstate Holdings, LLC, a Delaware limited liability company. 
 “ETP Holding Company” means any direct or indirect Subsidiary of ETP or its parent company that directly or indirectly holds more than
50% of the Equity Interests in the Company. 
 “Event of Default” has the meaning assigned to that term in Section 11
of this Agreement. 
 “Excess Cash Proceeds” has the meaning assigned to that term in Section 8.3(d) of this Agreement.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time in effect. 
 “Existing NPA” has the meaning assigned to that term in Schedule 5.15
of this Agreement. 
 “Fiscal Year” means (a) a fiscal year of the Company and its Consolidated Subsidiaries ending on
December 31, or (b) if the Company notifies the Holders in writing that the Company has changed its fiscal year to August 31, thereafter a fiscal year of the Company and its Consolidated Subsidiaries ending on August 31.

 “GAAP” means those generally accepted accounting principles as in effect from time to time in the United States of
America. 
 “Governmental Authority” means any nation or government, any state, province, city, municipal entity or other
political subdivision thereof, and any governmental, executive, legislative, judicial, administrative or regulatory agency, department, authority, instrumentality, commission, board, bureau or similar body, whether federal, state, provincial,
territorial, local or foreign, exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Governmental Authorization” means any authorization, approval, consent, franchise, license, covenant, order, ruling, permit, certification, exemption, notice, declaration or similar right,
undertaking or other action of, to or by, or any filing, qualification or registration with, any Governmental Authority. 
  

 B-6 

 “Guarantor” means any Subsidiary of the Company that enters into a Subsidiary Guaranty.

 “Hazardous Materials” means (a) petroleum or petroleum products, by-products or breakdown products, radioactive
materials, asbestos-containing materials, polychlorinated biphenyls and radon gas and (b) any other chemicals, materials or substances designated, classified or regulated as hazardous or toxic or as a pollutant or contaminant under any
Environmental Law. 
 “Hedge Agreements” means interest rate, commodity or currency swap, cap or collar agreements, future
or option contracts and other hedging agreements (including, without limitation, all “swap agreements” as defined in 11 U.S.C. § 101). 
 “Institutional Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) $1,000,000 or more in aggregate principal amount of
either the Series 1 Notes, the Series 2 Notes or the Series 3 Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any
broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 
 “Insufficiency” means, with respect to any Plan, the amount, if any, by which its benefit liabilities, as defined in Section 4001(a)(16) of ERISA, determined using the actuarial assumptions used
for funding purposes in the most recent actuarial report prepared for such Plan, exceeds the fair market value of such Plan’s assets. 
 “Investment Company Act” means the United States Investment Company Act of 1940, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder. 
 “Law” means any foreign, federal, state, local (including municipal) or other statute, law, rule, regulation, ordinance, order, code,
policy or rule of common law, now or hereafter in effect, and any judicial or administrative interpretation thereof by a Governmental Authority or otherwise (including any judicial or administrative order, consent decree, judgment, awards,
injunction, determination, or writ to which the Company or any of its Subsidiaries is a party). 
 “Leased Real Property”
has the meaning assigned to that term in Section 5.10 of this Agreement. 
 “Lien” means any lien, security interest or
other charge or encumbrance of any kind, or any other type of preferential arrangement, including, without limitation, the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance on title to real
property. 
 “Loan Agreement” has the meaning assigned to that term in Schedule 5.15 of this Agreement. 
  

 B-7 

 “Loan Documents” means this Agreement, the Notes and any Subsidiary Guaranty.

 “Long-Term Debt” means any Debt that, in accordance with GAAP, constitutes (or, when incurred, constituted) a long-term
liability. 
 “Make-Whole Amount” has the meaning assigned to that term in Section 8.8 of this Agreement. 

“Material” means material in relation to the business, operations, affairs, financial condition, assets, properties, or prospects of
the Company and its Subsidiaries taken as a whole. 
 “Material Adverse Effect” means a material adverse effect on
(a) the business, operations, financial condition or assets of the Company and its Subsidiaries, taken as a whole, (b) the ability of any party to any Loan Documents to perform their obligations thereunder or (c) the validity or
enforceability of any Loan Documents or the rights and remedies of the Purchasers. 
 “Memorandum” has the meaning assigned
to that term in Section 5.3 of this Agreement. 
 “Multiemployer Plan” means a multiemployer plan, as defined in
Section 4001(a)(3) of ERISA, to which the Company and its Subsidiaries or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make
contributions. 
 “Multiple Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA,
that (a) is maintained for employees of the Company and its Subsidiaries or any ERISA Affiliate and at least one Person other than the Company and its Subsidiaries and the ERISA Affiliates or (b) was so maintained and in respect of which
the Company and its Subsidiaries or any ERISA Affiliate could reasonably be expected to have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. 
 “NAIC” means the National Association of Insurance Commissioners or any successor thereto. 
 “Net Cash Proceeds” means, with respect to any Asset Sale, the aggregate amount of cash received from time to time (whether as initial
consideration or through payment or disposition of deferred consideration) in connection with such transaction after deducting therefrom only (without duplication) (i) all out-of-pocket costs and expenses of the Company incurred in connection
with such transaction, including any brokerage commissions, underwriting fees and discounts, legal fees, finder’s fees and other similar fees and commissions, (ii) the amount of taxes payable in connection with or as a result of such
transaction and (iii) the amount of any Debt secured by a Lien on such asset that, by the terms of the agreement or instrument governing such Debt, is required to be repaid upon such disposition, in each case to the extent, but only to the
extent, that the amounts so deducted are, at the time of receipt of such cash, actually paid to a Person that is not an Affiliate of the Company or a Restricted Person and are properly attributable to such transaction or to the asset that is the
subject thereof; provided, however, that in the case of taxes that are deductible under clause (ii) above but for the fact that, at the time of receipt of such cash, such taxes have not been actually paid or are not then payable, 

  

 B-8 

 
the Company or its Subsidiaries may deduct an amount (the “Reserved Amount”) equal to the amount reserved in accordance with GAAP for the
Company’s or its Subsidiaries reasonable estimate of such taxes, other than taxes for which the Company or such Subsidiary is indemnified, provided further, however, that, at the time such taxes are paid, an amount equal to the amount,
if any, by which the Reserved Amount for such taxes exceeds the amount of such taxes actually paid shall constitute “Net Cash Proceeds” of the type for which such taxes were reserved for all purposes hereunder. 
 “New Credit Facility” means any unsecured credit facility entered into at any time and from time to time after the date hereof
(provided, that immediately before and after giving effect thereto there is no Default under Section 10(i) of this Agreement) pursuant to which the Company incurs unsecured debt for borrowed money from commercial banks or other institutional
lenders, or any refinancing or replacement thereof. 
 “Non-Guarantor Subsidiary” has the meaning assigned to that term in
Section 9(h) of this Agreement. 
 “Notes” has the meaning assigned to that term in Section 1(ii) of this
Agreement. 
 “NPL” means the National Priorities List under CERCLA. 
 “Obligation” means, with respect to any Person, any payment, performance or other obligation of such Person of any kind, including,
without limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal,
equitable, secured or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in Section 5.8. Without limiting the generality of the foregoing, the Obligations of the Company or any of
its Subsidiaries under the Loan Documents include the obligation to pay principal, interest, premium (including any Make-Whole Amount), charges, expenses, fees, attorneys’ fees and disbursements, indemnities and other amounts payable by the
Company or any of its Subsidiaries under any Loan Document. 
 “Officer’s Certificate” means, with respect to any
Person, a certificate signed by a Responsible Officer of such Person. 
 “PBGC” means the Pension Benefit Guaranty
Corporation established pursuant to Subtitle A of Title IV of ERISA, or any successor. 
  

 B-9 

 “Permitted Liens” means any of the following Liens: 
 (a) Any Lien: 
 (i) arising by reason of
deposits with or the giving of any form of security to any governmental agency or any other governmental body created or approved by law or governmental regulation for any purpose at any time in connection with the financing of the acquisition or
construction of property to be used in the business of the Company or a Subsidiary of the Company; 
 (ii) for current taxes and assessments
or not at the time delinquent and for which adequate reserves have been established to the extent required by GAAP; or 
 (iii) for taxes and
assessments which are delinquent but the validity of which is being contested at the time by the Company or a Subsidiary of the Company in good faith and by appropriate proceedings and for which adequate reserves have been established to the extent
required by GAAP; 
 (b) Leases, whether now or hereafter existing, in the ordinary course of business, of property and assets now and
hereafter owned by the Company or any of its Subsidiaries (excluding Capitalized Leases) and any renewals or extensions thereof; 
 (c) Liens
reserved in leases, or arising by operation of law, for rent and for compliance with the terms of the lease in the case of the leasehold estates; 
 (d) Liens arising by reason of deposits with or the giving of any form of security to any governmental agency or any other governmental body created or approved by law or governmental regulation for any purpose at any time as required by
law or governmental regulation as a condition to the transaction of any business or the exercise of any privilege or license, or to enable the Company or its Subsidiaries to maintain self-insurance or to participate in any fund for liability on any
insurance risks or in connection with workmen’s compensation, unemployment insurance, old age pensions or other social security or to share in the privileges or benefits required for companies participating in such arrangements; 
 (e)(i) Mechanics’, materialmen’s, warehousemen’s, landlord’s or similar Liens or any Lien arising by reason of pledges or deposits to
secure payment of workmen’s compensation or other insurance or social security legislation, (ii) good faith deposits or downpayments in connection with tenders or leases of real estate, bids or contracts (other than contracts for the
payment of money), including contracts for the acquisition of machinery and equipment, (iii) deposits to secure public or statutory obligations, (iv) deposits to secure or in lieu of surety, stay or appeal bonds, (v) margin deposits
(provided that all such margin deposits shall not exceed $2,000,000 in the aggregate at any time) and (vi) deposits as security for the payment of taxes or assessments or other similar charges; 
 (f) Liens of any judgments not constituting an Event of Default under Section 11(h); 
  

 B-10 

 (g) Any obligation or duties, affecting the property of the Company or its Subsidiaries, to any
municipality or governmental, statutory or other public authority with respect to any franchise, grant, lease, license, permit or similar arrangement with such authority; 
 (h) Rights reserved to or vested in any municipality or governmental, statutory or other public authority by the terms of any right, power, franchise, grant, license or permit or by any provision of law, to terminate
or to require annual or other periodic payments as a condition to the continuance of such right, power, franchise, grant, license or permit; 
 (i) Rights reserved to or vested in any municipality or governmental, statutory or other public authority to control or regulate any property of the Company or its Subsidiaries, or to use such property in any manner which does not
materially impair the use of such property for the purpose for which it is held by the Company or such Subsidiaries; 
 (j) Zoning laws and
ordinances; 
 (k) Restrictive covenants, easements on, exceptions to or reservations in respect of any property of the Company or its
Subsidiaries granted or reserved for the purpose of electric lines, fiber optic lines, water and sewer lines, pipelines, other utilities, roads, streets, alleys, highways, railroad purposes, the removal of oil, gas, hydrocarbon, coal or other
minerals, and other like purposes, or for the use of real property or interests therein, facilities and equipment, which do not materially impair the use thereof for the purposes for which it is held by the Company or such Subsidiaries, and any and
all rents, royalties, reservations, Liens and rights or interests of third parties, in each case not securing any Debt, arising in the ordinary course of business of the Company or its Subsidiaries by virtue of any lease or exploration, development,
drilling, unitization, communitization or operating agreement relating to or affecting any oil, gas, hydrocarbon, coal or other mineral properties in which the Company or any of its Subsidiaries has an interest; 
 (l) Defects or irregularities of title, and inaccuracies of legal descriptions, affecting any portion of the property of the Company or any of its
Subsidiaries that individually or in the aggregate do not materially interfere with the operation, value of use of the properties of the Company or such Subsidiaries taken as a whole; 
 (m) Liens securing Debt with respect to Debt of any Person that becomes a Subsidiary of the Company, provided that such Liens were in existence prior to
the date on which such Person becomes a Subsidiary of the Company and were not created in contemplation of such Person becoming a Subsidiary of the Company; 
 (n) Liens on any office equipment, data processing equipment (including computer and computer peripheral equipment), or motor vehicles purchased in the ordinary course of the Company’s business; and 

(o) Liens created in the ordinary course of business and not in connection with the incurrence of secured Debt in favor of banks and other financial
institutions constituting a right of set-off over credit balances or any bank accounts of the Company or any of its Subsidiaries held at such banks or financial institutions. 
  

 B-11 

 “Person” means an individual, partnership, corporation (including a business trust),
limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 
 “Plan” means a Single Employer Plan or a Multiple Employer Plan, as the context may require. 
 “Preferred Interests” means, with respect to any Person, Equity Interests issued by such Person that are entitled to a preference or
priority over any other Equity Interests issued by such Person upon any distribution of such Person’s property and assets, whether by dividend or upon liquidation. 
 “Priority Obligations Amount” means the sum (without duplication) of (i) all Attributable Indebtedness with respect to any Sale Leaseback Transaction entered into by the Company or any of its
Subsidiaries, (ii) all Debt of the Company or any of its Subsidiaries secured by a Lien (other than Liens permitted by clauses (i) through (iii) of Section 10(a)) and (iii) all Debt of Non-Guarantor Subsidiaries (other than
Debt owed to the Company or another Subsidiary). 
 “Property” means any right or interest in or to assets or property of
any kind whatsoever, whether real, personal or mixed and whether tangible or intangible. 
 “Proposed Asset Sale Prepayment
Date” has the meaning assigned to that term in Section 8.3(b) of this Agreement. 
 “Proposed Change of Control
Prepayment Date” has the meaning assigned to that term in Section 8.4(c) of this Agreement. 
 “PUHCA” means
the United States Public Utility Holding Company Act of 2005, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder. 
 “Purchaser” has the meaning assigned to that term in the introductory paragraph of this Agreement. 
 “Qualified Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “Redeemable” means, with respect to any Equity Interest, any Debt or any other right or Obligation, any such Equity Interest, Debt,
right or Obligation that (a) the issuer has undertaken to redeem at a fixed or determinable date or dates, whether by operation of a sinking fund or otherwise, or upon the occurrence of a condition not solely within the control of the issuer or
(b) is redeemable at the option of the holder. 
 “Regulation U” has the meaning assigned to that term in
Section 5.14 of this Agreement. 
  

 B-12 

 “Related Fund” means, with respect to any holder of any Note, any fund or entity that
(i) invests in Securities or bank loans, and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. 
 “Required Holders” means, at any time, the holders of more than 50% in principal amount of the Notes at the time outstanding (exclusive
of Notes then owned by the Company or any Restricted Persons). Unless the context otherwise clearly requires, any reference to the “Required Holders” is a reference to the Required Holders of all of the Notes. 
 “Responsible Officer” means any Senior Financial Officer and any other officer of the Company or its Subsidiaries, as applicable, with
responsibility for the administration of the relevant portion of this Agreement. 
 “Restricted Payment” has the meaning
assigned to that term in Section 10(f) of this Agreement. 
 “Restricted Persons” means any (i) Person that owns
or otherwise controls, directly or indirectly, more than fifteen percent (15%) of the Equity Interests of the Company and any such Person’s Subsidiaries or other Affiliates, and/or (ii) Person that is an Affiliate of the Company.

 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any
successor thereto. 
 “Sale Leaseback Transaction” has the meaning assigned to that term in Section 10(g) of this
Agreement. 
 “SEC” means the United States Securities and Exchange Commission, or any successor thereto. 
 “Securities” or “Security” shall have the meaning specified in Section 2(1) of the Securities Act. 
 “Securities Act” means the United States Securities Act of 1933, as amended from time to time, and the rules and regulations of the SEC
promulgated thereunder from time to time in effect. 
 “Senior Financial Officer” means the chief financial officer,
principal accounting officer, treasurer or comptroller of the Company. 
 “Series 1 Notes” has the meaning assigned to that
term in Section 1 of this Agreement. 
 “Series 2 Notes” has the meaning assigned to that term in Section 1 of
this Agreement. 
 “Series 3 Notes” has the meaning assigned to that term in Section 1 of this Agreement. 

“Single Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for
employees of the Company or any of its Subsidiaries or any ERISA Affiliate and no Person other than the Company and any of its 

  

 B-13 

 
Subsidiaries and the ERISA Affiliates or (b) was so maintained and in respect of which the Company or any of its Subsidiaries or any ERISA Affiliate
could reasonably be expected to have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated. 
 “Stated Maturity Date” means (a) with respect to the Series 1 Notes, May 24, 2017, (b) with respect to the Series 2 Notes, May 24, 2022, and (b) with respect to the Series 3 Notes, May 24,
2037. 
 “Subsidiary” of any Person means any corporation, partnership, joint venture, limited liability company, trust or
estate of which (or in which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the Board of Directors of such Person (irrespective of whether at the time capital stock of any
other class or classes of such Person shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such partnership, joint venture or limited liability company or (c) the
beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. 
 “Subsidiary Guaranty” means each guaranty entered into, pursuant to Section 9(h), by a Subsidiary of the Company, substantially in
form and substance reasonably acceptable to, and approved by, the Required Holders, guaranteeing the obligations of the Company and any other Subsidiary Guarantors under this Agreement and the Notes. 
 “SVO” means the Securities Valuation Office of the NAIC or any successor to such Office. 
 “Term Advances” means any term loans made, from time to time, under the New Credit Facility. 
 “USA Patriot Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “Voting Interests” means shares of capital stock issued by a corporation, or equivalent Equity Interests in any other Person, the
holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a
contingency. 
 “Withdrawal Liability” has the meaning specified in Section 4201(b) of ERISA. 
  

 B-14 

 SCHEDULE C 
 INTERCOMPANY DEBT SUBORDINATION PROVISIONS 
 FORM OF SUBORDINATION PROVISION 
 Subordination. The Subordinated Lender (i.e., any of the Company’s direct or indirect parent (s) (or any equity owner thereof) or any Affiliate thereof)
and the Company each agrees that the debt created pursuant to this agreement (such debt, the “Subordinated Debt” and this agreement governing the Subordinated Debt, the “Subordinated Debt Agreement”) is expressly
made and shall be subordinate, to the extent and in the manner hereinafter set forth, in right of payment to the prior due and punctual payment in full of all obligations of the Company now or hereafter existing under the Notes (as defined in the
Note Purchase Agreement referred to below), and any other amounts due by the Company in connection with or under the Note Purchase Agreement, dated as of May 24, 2007, (and as the same may be amended, modified or supplemented), among, in each
case, the Company and the purchasers party thereto (the “Note Purchase Agreement”, and such obligations, the “Obligations”), including but not limited to the principal of, interest (including default interest) on,
and any premium on, the Notes and for fees or expenses in connection therewith or under the Note Purchase Agreement (including without limitation interest (including default interest) after the filing of a petition initiating any proceeding with
respect to the dissolution, winding up, liquidation, arrangement, reorganization, bankruptcy, insolvency, or receivership of the Company), and whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise. The
Obligations shall not be deemed to have been paid in full until (a) all of the Obligations shall have been indefeasibly paid in full and (b) all commitments of the Company under the Note Purchase Agreement have been terminated. 

The Subordinated Lender hereby agrees and covenants not to ask, demand, sue for, take or receive from the Company, directly or indirectly in cash or in other property
or by set-off or in any other manner (including without limitation from or by way of collateral), payment of all or any of the principal of or interest on (or any other amounts with respect of) the Subordinated Debt, other than solely as payments
permitted under, and in compliance with, Section 10(f) of the Note Purchase Agreement (including, in particular, Section 10(f)(ii) thereof) unless and until the Obligations shall have been paid in full, and the Company agrees not to make
any such payment. The Company may not make any payments, whether of principal and/or interest and/or other amounts, on the Subordinated Debt unless the Company makes such payments as permitted under and in compliance with Section 10(f) of the
Note Purchase Agreement (including, in particular, Section 10(f)(ii) thereof). 
 Insolvency. In the event of any dissolution, winding up,
liquidation, arrangement, reorganization, adjustment, protection, relief or composition of the Company or its debts, whether voluntary or involuntary, in any bankruptcy, insolvency, arrangement, reorganization, receivership, relief or other similar
case or proceeding under any federal or state bankruptcy or similar law or upon an assignment for the benefit of creditors or any other marshaling of the assets and liabilities of the Company or otherwise, the holders of the Notes shall be entitled
to receive payment in full of the Obligations before the Subordinated Lender is entitled to receive any payment of all or any of such Subordinated Debt, and any payment or distribution of any kind (whether in cash, property or securities) that
otherwise would be payable or deliverable upon or with respect to such Subordinated Debt in any such case, proceeding, assignment, 

 
marshaling or otherwise (including any payment that may be payable by reason of any other indebtedness of the Company being subordinated to payment of the
Subordinated Debt) shall be paid or delivered directly to the holders of the Notes for application (in the case of cash) to, or as collateral (in the case of non-cash property or securities) for, the payment or prepayment of the Obligations until
the Obligations shall have been indefeasibly paid in full (“Payment in Full”). 
 Payments Received in Trust. All payments or
distributions upon or with respect to the Subordinated Debt that are received by the Subordinated Lender contrary to the provisions of this Subordinated Debt Agreement shall be received in trust for the benefit of the holders of the Notes and shall
be forthwith paid over to the holders of Notes in the same form as so received (with any necessary endorsement) to be applied to the payment or prepayment of the Obligations. 
 Senior Default. In the event that (i) any default in the payment of any principal of, interest on or fees relating to any of the Obligations or (ii) any event of default with respect to any of the
Obligations shall have occurred and be continuing, then no payment (including any payment that may be payable by reason of any other indebtedness of the Company being subordinated to payment of the Subordinated Debt) shall be made by or on behalf of
the Company for or on account of any Subordinated Debt, and the Subordinated Lender shall not take or receive from the Company, directly or indirectly, in cash or other property or by set-off or in any other manner, including, without limitation,
from or by way of collateral, payment of all or any of the Subordinated Debt. 
 Express Third Party Beneficiaries. The Subordinated Lender and the
Company agree that the holders of the Notes are express third party beneficiaries of the provisions contained herein. 
  

 C-2 

 SCHEDULE 5.10 
 EXISTING LIENS 
  

	1.	Expiration of Permits – The following New Mexico State Highway Crossing Permits have expired. These permits are in the process of being renewed.

  

	 	a.	30” Loopline 

  

	 	1.	Chaves County – TW Tract No. M-1-L-H 

  

	 	2.	Lincoln County – TW Tract Nos. M-92-L-H and M-97-L-H 

  

	 	3.	Valencia County – TW Tract No. M-165-L-H 

  

	 	4.	Cibola County – TW Tract Nos. M-187-L-H.1, M-187-L-H.2, M-187-L-H.3, M-187-L-H.4, M-187-L-H.5 and M-193-L-H 

  

	 	b.	24” West Texas Loop – Chaves County – TW Tract Nos. MTL-3-L-H, MTL-5-L-H, MTL-16B-L-H and MTL-66-L-H 

  

	 	c.	36” West Texas Loop – Eddy County – TW Tract Nos. MTL-81-L-H, MTL-89-L-H and MTL-93-L-H 

  

	 	d.	36” West Texas Loop – Lea County – TW Tract No. MTL-112-L-H 

  

	 	e.	12” Atoka Artesia Lateral – Eddy County – TW Tract Nos. MTL-0001-L-10-HX.2 and MTL-0001-L-10-HX.3 

  

	 	f.	16” Crawford Loop Lateral – Eddy County – TW Tract Nos. MTL-0002-L-20-HX and MTL-0002-L-21-HX.1 

  

	2.	Rentals in arrears 

  

	 	a.	16” Keystone Lateral 

  

	 	1.	Winkler County, Texas – TW Tract No. TL-0005-06-RRX.1. Rental last paid to Texas-New Mexico Railway Co. thru 1988 –Successor in title has never been identified despite
attempts to do so. 

  

	 	2.	Winkler County, Texas – TW Tract No. TL-0005-06-RRX.2. Rental last paid to Texas-New Mexico Railway Co. thru 1988 –Successor in title has never been identified despite
attempts to do so. 

  

	3.	Right-of-Way Exceptions 

  

	 	a.	30” Mainline 

  

	 	1.	TW Tract No. M-134A – SW/4 NW/4, Section 22, Township 2 North, Range 5 East, Torrance County, New Mexico. Pipeline traverses property for a distance of 1,548 feet or 0.293
miles. No Easement or permanent Right-of-Way file has been located. Owner(s) unknown. 

  

	 	2.	TW Tract No. M-167A – Portion of Belen Grant, Valencia County, New Mexico. Pipeline traverses property for a distance of approximately 4,000 feet or 0.758 miles. No Easement or
permanent Right-of-Way file has been located. Owner(s) unknown. 

  

	 	3.	TW Tract No. M-236-R – Portion of S/2, Section 3, Township 13 North, Range 12 West, McKinley County, New Mexico. Pipeline traverses property for a distance of 2,878 feet
or 0.545 miles. No Easement or permanent Right-of-Way file has been located. The owner in 1959 as reflected on alignment drawing was Electric Plains Railroad Spur; current owner(s) unknown. 

	 	b.	30” Loop of Mainline – TW Tract No. M-167A – Portion of Belen Grant, Valencia County, New Mexico. Pipeline traverses property for a distance of approximately
4,008 feet or 0.759 miles. No Easement or permanent Right-of-Way file has been located. Owner(s) unknown. 

  

	 	c.	16” Crawford Lateral Loop – The ROW documents related to the below tracts were mistakenly referenced in a sale to GPM (Assets now owned by Duke Field Services,
successor in title). However, TW is still in possession of the ROW documents and is in the process of attempting to have the sale document amended to remove the reference of the below tracts. 

  

	 	1.	TW Tract No. MTL-0002-L-01-HX – Road crossing permit (9 rods) 

  

	 	2.	TW Tract No. MTL-0002-L-08-RRX – Railroad crossing (13 rods) 

  

	 	3.	TW Tract No. MTL-0002-L-07B – Easement (3 rods) 

  

	 	4.	TW Tract No. MTL-0002-L-16-HX – Road crossing permit (1 rod) 

  

	4.	Native American Lands: 

 a. Navajo
Nation Allotment Renewal – As of January 1, 2004, the Company’s Grant of Right-of-Way by the U.S. Department of Interior (“DOI”), Bureau of Indian Affairs (“BIA”) for a total of approximately
forty-four (44) miles of pipeline on a total of sixty-nine (69) Navajo allotments expired. These allotments are lands within the Navajo Nation reservation that are privately held but administered by the BIA. One allottee (Mr. Leon Gibson)
has made claims of trespass. The aforementioned allottee’s claim of trespass has been settled and his consent has been acquired. The BIA sent a letter dated January 20, 2004, noting certain alleged deficiencies in the Company Application
for a Grant of Right-of-Way to renew right-of-way on these allotments and requesting a revised appraisal based on pipeline corridor valuations. The Company has responded that this appraisal methodology is not appropriate. New appraisals have been
prepared in the 1st quarter of 2007 in compliance with BIA specifications and a
receipt of the Renewal Grant for a 20-year term is expected by the 3rd quarter of
2007. 
 b. Southern Ute Tribe – the Company received letters dated May 27, 2003 and September 2, 2003 from the law firm of
Maynes, Bradford, Shipps & Sheftek, LLP, on behalf of the Southern Ute Tribe (“Tribe”) alleging trespass by the Company. The letters referenced a May 19, 2003 resolution by the Tribal Council of the Tribe, which
revokes a 1996 resolution that granted the Tribe’s Consent to a Partial Assignment by Northwest Pipeline Company (“Northwest”) to the Company of certain interests in a 1990 Grant of Easement and Right-of-Way, issued by the
Secretary of the Interior through the BIA. An application by the Company for approval of the assignment of this interest from Northwest has been in the possession of the BIA since 1999 with no action taken. The total distance of the right-of-way is
approximately 6.6 miles. There is an approximate 3,100-foot “gap” in the description of the right-of-way in the BIA grant. The right-of-way for these 6.6 miles expires in September 2005. In addition, an application is pending with the BIA
to renew a meter site and a buried electric cable right-of-way for which the Tribe has previously consented and which consent has not 

 
been revoked. The original right-of-way for the buried cable expired on November 16, 2000. The original right-of-way for the meter site expired on
February 21, 2001. Agreement for renewal of right-of way grants, between Southern Ute, Transwestern & Northwest, was concluded on June 14, 2006. A Grant of Easement for the pipeline (including the aforementioned 3,100-foot
“gap”), buried cable and meter station was executed by the BIA for a term of 15-years, with an expiration date of September 5, 2020. 
 c. Laguna Pueblo Allotments – the Company received a letter dated March 19, 2003 from the DOI-BIA on behalf of two private allotments within the boundaries of the Laguna Pueblo, that the Company has been in trespass on these two
allotments since December 28, 2002. The Company’s right-of-way on these two allotments expired on December 28, 2002. The total distance of the right-of-way is about 5,100 feet. New appraisals have been prepared in compliance with BIA
specifications. Negotiations with the 2 allotments are ongoing. 
 d. Navajo Nation Tribal Lands Renewal – As of January 1, 2004,
the Company’s grant of right-of-way by the DOI-BIA for a total of approximately 14 acres of land near Thoreau, N.M. expired. The Company is conducting remediation activities on this site. An application for renewal of approximately 7 acres has
been submitted. The Navajo Nation is receiving annual payments for the 7 acre remediation site under the same CPI formula as contained in the expired Grant. They have requested that no action be taken on renewal of the Grant for the immediate
future. 
  

	5.	Other mortgages, liens or other encumbrances may exist which have not been subordinated to the title of the Company. For example, the majority of the property rights that were
acquired for pipelines are in the nature of easements, and upon taking these easements the fee property may have already been subject to a variety of encumbrances such as a mortgage. The Company may have taken the easement subject to the mortgages
and may have not subsequently obtain a subordination from the mortgage company. 

  

	6.	Encumbrances 

 a. La Plata Facilities Ownership and
Operating Agreement dated November 3, 1995, between Northwest Pipeline Corporation (“Northwest”) and the Company. Pursuant to this agreement, which governs the ownership and operation of certain pipeline and compression
facilities jointly owned by Northwest and the Company, a party proposing to transfer its ownership interest in the facilities to a third party must give the other party notice of such proposed transfer and the opportunity to match the third-party
offer and acquire the ownership interest on the terms set forth in such offer. 
 b. Construction and Ownership Agreement dated
November 18, 1991, among Northwest, the Company and Gas Company of New Mexico (“GCNM”). Pursuant to this agreement, which governs the ownership and operation of certain facilities (commonly referred to as the “Blanco
Hub” facilities) jointly owned by Northwest, the Company and GCNM, a party proposing to transfer its ownership interest in the facilities to a third party must give the other parties notice of such proposed transfer and the opportunity to match
the third-party offer and acquire the ownership interest on the terms set forth in such offer. 

 SCHEDULE 5.11 
 LICENSES, PERMITS, ETC. 
 Transwestern 
 Active Trademarks: 
  

	 	•	 	 TW Logo — with Flame 

 Registration Number: 0734713 
 Registered on: July 17, 1962 
  

	 	•	 	 “TRANSWESTERN” 

 Registration Number: 0750308 
 Registered on: May 28, 1963 

 SCHEDULE 5.15 
 EXISTING INDEBTEDNESS 
  

	1.	The Company is obligated to make certain loan principal and interest payments pursuant to the Promissory Note/Intercompany Loan Agreement (the “Loan Agreement”),
dated as of January 31, 2007 in the amount of $293.3 million among the Company, as Borrower and Energy Transfer Partners, L.P., the Lender. The Company used the proceeds received from the Loan Agreement to pay certain notes put back to the
Company due to the change of control event. The loan will be repaid with proceeds received from the Notes. 

 The Loan
Agreement is in compliance with the terms of Section 9(g). 
  

	2.	The Company is obligated to make certain principal and interest payments pursuant to that certain Note Purchase Agreement, dated as of November 17, 2004, as amended by
Amendment No. 1 thereto, dated as of April 18, 2007, among the Company and each of the Purchasers party thereto (together, the “Existing NPA”). As of May 24, 2007, the aggregate principal amount of the notes
outstanding under the Existing NPA totaled $213,000,000. 

 Exhibit 1(a) 
 THIS NOTE HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT
OF 1993, AS AMENDED (THE “SECURITIES ACT”), OR PURSUANT TO THE
SECURITIES LAWS OF ANY STATE. ACCORDINGLY, THIS NOTE MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED (1) EXCEPT IN ACCORDANCE WITH AN APPLICABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS OR (2) UNLESS THIS NOTE IS REGISTERED UNDER
THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 TRANSWESTERN PIPELINE COMPANY, LLC 
 5.64% SENIOR UNSECURED SERIES 1 NOTE DUE MAY 24, 2017 

			
	No. [        ]	 	May 24, 2007
	$[            ]	 	PPN 89407# AC2

 FOR VALUE RECEIVED, the undersigned, TRANSWESTERN
PIPELINE COMPANY, LLC (herein called the “Company”), a Delaware limited liability company, hereby promises to pay to [            ], or registered assigns, the principal
sum of [            ] DOLLARS (or so much thereof as shall not have been prepaid) on May 24, 2017 with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the
unpaid balance hereof at the rate of 5.64% per annum from the date hereof, payable semi-annually, on the 24th day of May and November in each year, commencing with the 24th day of November next succeeding the date hereof, until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law, at a rate per annum from time to time equal to the greater of (i) 7.64% or (ii) 2% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time
in New York, New York as its “base” or “prime” rate, on any overdue payment of interest and, during the continuance of an Event of Default, on the unpaid balance hereof and on any overdue payment of any Make-Whole Amount, payable
semi-annually as aforesaid (or, at the option of the registered holder hereof, on demand). 
 Subject to the home office payment obligation
contained in Section 14.2 of the Note Purchase Agreement referred to below, payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at such place as the
Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. 
 This Note is one of a series 5.64% Senior Unsecured Series 1 Notes due May 24, 2017 (herein called the “Notes”) issued pursuant to the Note Purchase Agreement, dated as of May 24, 2007 (as from time to time amended,
supplemented or modified, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, 

 
by its acceptance hereof, to have agreed to the confidentiality provision set forth in Section 20 of the Note Purchase Agreement. Unless otherwise indicated,
capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 
 This Note is
a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such
holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in
whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is subject to optional prepayment and offers of prepayment, in whole or from time to time in part, at the times and on the terms specified in
the Note Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 
 This Note shall be construed and enforced in accordance with, and the rights of the Company and holder hereof shall be governed by, and construed in
accordance with, the law of the State of New York. 
  

			
	TRANSWESTERN PIPELINE COMPANY, LLC
		
	By:	 	 
	Name:	 	Jim Holotik
	Title:	 	President

 Exhibit 1(b) 
 THIS NOTE HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR PURSUANT TO THE
SECURITIES LAWS OF ANY STATE. ACCORDINGLY, THIS NOTE MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED (1) EXCEPT IN ACCORDANCE WITH AN APPLICABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS OR (2) UNLESS THIS NOTE IS REGISTERED UNDER
THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 TRANSWESTERN PIPELINE COMPANY, LLC 
 5.89% SENIOR UNSECURED SERIES 2 NOTE DUE MAY 24, 2022 

			
	No. [        ]	 	May 24, 2007
	 $[            ]
	 	PPN 89407# AD0

 FOR VALUE RECEIVED, the undersigned, TRANSWESTERN
PIPELINE COMPANY, LLC (herein called the “Company”), a Delaware limited liability company, hereby promises to pay to [            ], or registered assigns, the principal
sum of [            ] DOLLARS (or so much thereof as shall not have been prepaid) on May 24, 2022 with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the
unpaid balance hereof at the rate of 5.89% per annum from the date hereof, payable semi-annually, on the 24th day of May and November in each year, commencing with the 24th day of November next succeeding the date hereof, until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law, at a rate per annum from time to time equal to the greater of (i) 7.89% or (ii) 2% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time
in New York, New York as its “base” or “prime” rate, on any overdue payment of interest and, during the continuance of an Event of Default, on the unpaid balance hereof and on any overdue payment of any Make-Whole Amount, payable
semi-annually as aforesaid (or, at the option of the registered holder hereof, on demand). 
 Subject to the home office obligation contained
in Section 14.2 of the Note Purchase Agreement referred to below, payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at such place as the Company
shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. 
 This Note
is one of a series 5.89% Senior Unsecured Series 2 Notes due May 24, 2022 (herein called the “Notes”) issued pursuant to the Note Purchase Agreement, dated as of May 24, 2007 (as from time to time amended, supplemented or modified,
the “Note Purchase Agreement”), between the company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, 

 
by its acceptance hereof, to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement. Unless otherwise
indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 
 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered
holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may
treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is subject to optional prepayment and offers of prepayment, in whole or from time to time in part, at the times and on the terms specified in
the Note Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 
 This Note shall be construed and enforced in accordance with, and the rights of the Company and holder hereof shall be governed by, and construed in
accordance with, the law of the State of New York. 
  

			
	TRANSWESTERN PIPELINE COMPANY, LLC
		
	By:	 	 
	Name:	 	Jim Holotik
	Title:	 	President

 Exhibit 1(c) 
 THIS NOTE HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR PURSUANT TO THE
SECURITIES LAWS OF ANY STATE. ACCORDINGLY, THIS NOTE MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED (1) EXCEPT IN ACCORDANCE WITH AN APPLICABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS OR (2) UNLESS THIS NOTE IS REGISTERED UNDER
THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 TRANSWESTERN PIPELINE COMPANY, LLC 
 6.16% SENIOR UNSECURED SERIES 3 NOTE DUE MAY 24, 2037 
  

			
	No. [        ]	 	May 24, 2007
	$[            ]	 	PPN 89407# AE8

 FOR VALUE, RECEIVED, the undersigned, TRANSWESTERN
PIPELINE COMPANY, LLC (herein called the “Company”), a Delaware limited liability company, hereby promises to pay to [            ], or registered assigns, the principal
sum of [            ] DOLLARS (or so much thereof as shall not have been prepaid) on May 24, 2037 with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the
unpaid balance hereof at the rate of 6.16% per annum from the date hereof, payable semi-annually, on the 24th day of May and November in each year, commencing with the 24th day of November next succeeding the date hereof, until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law, at a rate per annum from time to time equal to the greater of (i) 8.16% or (ii) 2% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time
in New York, New York as its “base” or “prime” rate, on any overdue payment of interest and, during the continuance of an Event of Default, on the unpaid balance hereof and on any overdue payment of any Make-Whole Amount, payable
semi-annually as aforesaid (or, at the option of the registered holder hereof, on demand). 
 Subject to the home office payment obligation
contained in Section 14.2 of the Note Purchase Agreement referred to below, payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at such place as the
Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. 
 This Note is one of a series 6.16% Senior Unsecured Series 3 Notes due May 24, 2037 (herein called the “Notes”) issued pursuant to the Note Purchase Agreement, dated as of May 24, 2007 (as from time to time amended,
supplemented or modified, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, 

 
by its acceptance hereof, to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement. Unless otherwise
indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 
 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered
holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may
treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is subject to optional prepayment and offers of prepayment, in whole or from time to time in part, at the times and on the terms specified in
the Note Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 
 This Note shall be construed and enforced in accordance with, and the rights of the Company and holder hereof shall be governed by, and construed in
accordance with, the law of the State of New York. 
  

			
	TRANSWESTERN PIPELINE COMPANY, LLC
		
	By	 	 
	Name:	 	Jim Holotik
	Title:	 	President

 Exhibit 4.4(a) 
 Vinson&Elkins 
 May 24, 2007 
 To each of the
Purchasers listed on 
 Schedule I hereto (the “Purchasers”) 
  

	 	Re:	Purchase of $82,000,000 aggregate principal amount of 5.64% Senior Unsecured Series 1 Notes due May 24, 2017, $150,000,000 aggregate principal amount of 5.89% Senior Unsecured
Series 2 Notes due May 24, 2022 and $75,000,000 aggregate principal amount of 6.16% Senior Unsecured Series 3 Notes due May 24, 2037 (collectively, the “Notes”) pursuant to the Note Purchase Agreement dated as of
May 24, 2007, among Transwestern Pipeline Company, LLC, a Delaware limited liability company, and the Purchasers (the “Note Purchase Agreement”). 

 Ladies and Gentlemen: 
 We have acted as counsel for Transwestern Pipeline Company, LLC, a Delaware limited
liability company organized under the laws of the State of Delaware (the “Company”), in connection with the purchase by the Purchasers of Notes issued by the Company, pursuant to the Note Purchase Agreement, as defined above, among
the Company and the Purchasers. This opinion letter is furnished to you pursuant to Section 4.4(a) of the Note Purchase Agreement. Unless otherwise defined herein, capitalized terms used herein have the meanings assigned to such terms in the
Note Purchase Agreement 
 In rendering the opinions set forth below, we have reviewed an execution copy of the following documents and
instruments: 
 (i) the Note Purchase Agreement; 
 (ii) the Notes; 
 (iii) the Certificate of Conversion of the Company issued by the Secretary of the State of
Delaware; 
 (iv) the Certificate of Formation of the Company issued by the Secretary of the State of Delaware; 
 (v) resolutions duly adopted by the sole member of the Company by written consent dated May 21, 2007; 
 (vi) the Amended and Restated Limited Liability Company Agreement of the Company; and 
  

			
	Vinson & Elkins LLP Attorneys at Law	 	First City Tower, 1001 Fannin Street, Suite 2500
	Austin Beijing Dallas Dubai Hong Kong Houston	 	Houston, TX 77002-5750
	London Moscow New York Shanghai Tokyo Washington	 	Tel 713.758.2222 Fax 713.758.2346 www.velaw.com

 (vii) certificate of good standing issued by the Secretary of the State of Delaware for the Company.

 The documents listed in clauses (i) and (ii) above are referred to herein as the “Transaction Documents”.
Additionally, in rendering the opinions set forth below, we have reviewed such other records, certificates and documents as we have deemed appropriate for the purposes of such opinions. As to any facts material to our opinions, we have made no
independent investigation of such facts and have relied, to the extent that we deem such reliance proper, upon statements of public officials and officers or other representatives of the Company and on the representations and warranties set forth in
the Transaction Documents. As to any facts material to our opinions, we have made no independent investigation of such facts and have relied, to the extent that we deem such reliance proper, upon statements of public officials and officers or other
representatives of the Company and on the representations and warranties set forth in the Transaction Documents. 
 In rendering the opinions
expressed below, we have assumed the legal capacity of all natural persons, the genuineness of all signatures (except those of the Company), the authenticity of all documents submitted to us as originals, and the conformity to authentic original
documents of all documents submitted to us as copies, which assumptions we have not independently verified. In addition, we have assumed that (i) each party to the Transaction Documents (each, a “Transaction Party”), other than
the Company, is a corporation, partnership, limited liability company or other entity duly organized and validly existing under the laws of the jurisdiction of its organization; (ii) each Transaction Party, other than the Company, has full
power and authority (corporate, partnership, limited liability company or otherwise) to execute, deliver and perform its obligations under the Transaction Documents to which it is a party; (iii) each Transaction Document has been duly executed
and delivered by each Transaction Party, other than the Company, that is a party thereto; (iv) the execution, delivery and performance by each Transaction Party, other than the Company, of the Transaction Documents to which it is a party have
been duly authorized by all necessary action (corporate, partnership, limited liability company or otherwise) and do not contravene the bylaws or other constituent documents of such Transaction Party; (v) the execution, delivery and performance
by each Transaction Party of the Transaction Documents to which it is a party do not contravene any provision of any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award applicable to any of them (except that we
have not made such assumption with respect to Applicable Laws (as defined below), applicable to the Company, as to which we express our opinions in paragraph 5(b); (vii) no authorization, approval, consent, order, license, franchise, permit or
other action by, and no notice to or filing with, any Governmental Authority or any other third party is required for the due execution, delivery and performance by each Transaction Party of the Transaction Documents to which it is a party that has
not been duly obtained or made and that is not in full force and effect (except that we have not made such assumption with respect to Governmental Approvals (as defined below) required to be obtained or taken by 

  

			
	V&E	 	May 24, 2007 Page 2

 
the Company as to which we express our opinion in paragraph 6); and (viii) the Transaction Documents constitute valid, binding and enforceable
obligations of each party thereto (other than the Company). With respect to certain of the foregoing matters as they relate to the Company, please refer to the opinion letter, dated as of the date hereof, delivered to you by Thomas P. Mason, General
Counsel of Energy Transfer Partners, L.P., a Delaware limited partnership and the indirect owner of all of the equity interests of the Company. 
 Based upon the foregoing, and subject to the assumptions, qualifications, exceptions and limitations set forth herein, it is our opinion that: 
  

	 	1.	The Company is validly existing and is in good standing under the laws of the State of Delaware. The Company is duly qualified to do business in, and is in good standing as a
foreign corporation under the laws of, the States of Arizona, Colorado, New Mexico, Oklahoma, and Texas. 

  

	 	2.	The Company is a limited liability company and has the power and authority under the Delaware Limited Liability Company Act and its Amended and Restated Limited Liability Company
Agreement to execute and deliver each Transaction Document, and to perform its obligations thereunder. The execution and delivery by the Company of each Transaction Document and the performance by the Company of its obligations thereunder have been
duly authorized by all requisite limited liability company action on the part of the Company. 

  

	 	3.	Each Transaction Document has been duly executed and delivered by the Company. 

  

	 	4.	Each Transaction Document constitutes the valid and binding obligation of the Company enforceable against the Company in accordance with its terms. 

  

	 	5.	The execution and delivery by the Company of each Transaction Document to which it is a party do not, and the performance by the Company of its obligations thereunder will not,
(a) violate the Company’s limited liability company agreement, or (b) result in any violation by the Company of any Applicable Law (as defined below). 

 “Applicable Laws” means the Delaware Limited Liability Company Act and those laws, rules and regulations of the State of New York and the
United States of America and the rules and regulations adopted thereunder, that, given the nature of the transactions evidenced by the Transaction Documents and the parties to it, a New York lawyer exercising customary diligence and applying
customary practice for legal opinions would reasonably recognize as being applicable. However, the term “Applicable Laws” does not include, and we express no opinion with regard to (i) any state or federal laws, rules or regulations
relating to: (A) antitrust; (B) tax; and (C) securities, including, without limitation, federal and state securities laws, rules or regulations and the Investment Company Act of 1940, as amended, except to the extent provided in
paragraph 8 below; and (ii) any laws, rules or regulations of any county, municipality or similar political subdivision or any agency or instrumentality thereof. 
  

			
	V&E	 	May 24, 2007 Page 3

	 	6.	No Governmental Approval (as defined below) which has not been obtained or taken and is not in full force and effect, is required to be obtained or taken by the Company to
authorize, or is required in connection with, the execution and delivery by the Company of each Transaction Document to which it is a party or the performance by the Company of its obligations thereunder. 

 “Governmental Approvals” means any consent, approval, license, authorization or validation of, or filing, recording or registration with,
any Governmental Authority pursuant to any Applicable Laws (as defined in paragraph 5 above). 
  

	 	7.	Assuming that the Company will comply with the provisions of the Note Purchase Agreement relating to the use of proceeds, the execution and delivery of the Note Purchase Agreement
and the issuance of the Notes by the Company and the application of the proceeds thereof does not violate Regulation T, U or X of the Board of Governors of the Federal Reserve System. 

  

	 	8.	No registration under the Securities Act of 1933, as amended, of the Notes and no qualification of the Note Purchase Agreement under the Trust Indenture Act of 1939, as amended, is
required for the initial offer and sale of the Notes by the Company to the Purchasers solely in the manner contemplated by the Note Purchase Agreement. 

 The opinions set forth above are subject to the following qualifications and exceptions: 
 (a) With respect
to our opinion set forth in paragraph 1 above, we have relied solely on the certificate, dated May 11, 2007, of the Secretary of State of the State of Delaware and, with respect to the period from that date to the date of this opinion letter,
the related bring-down letter dated May 24, 2007. 
 (b) The enforceability of each Transaction Document and the provisions thereof may
be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other laws now or hereafter in effect relating to or affecting enforcement of creditors’ rights generally and by general principles of equity (including,
without limitation, concepts of materiality, reasonableness, good faith and fair dealing), regardless of whether such enforcement is considered in a proceeding in equity or at law. 
 (c) With respect to our opinion set forth in paragraph 4 above, we express no opinion with respect to the validity or enforceability of the following
provisions to the extent that they are contained in the Transaction Documents: (i) provisions purporting to waive, 

  

			
	V&E	 	May 24, 2007 Page 4

 
subordinate or not give effect to rights to notice, demands, legal defenses or other rights or benefits that cannot be waived, subordinated or rendered
ineffective under applicable law; (ii) provisions restricting access to courts or purporting to affect the jurisdiction or venue of courts (other than the courts of the State of New York with respect to Transaction Documents); and
(iii) provisions relating to waiver of jury trial. 
 (d) In rendering our opinion set forth in paragraph 7 above as to Regulation T, we
have assumed, with your permission and without any independent investigation, that, in entering into and performing the transactions contemplated by the Transaction Documents, none of the Transaction Parties is a broker or dealer (as defined in
sections 3(a)(4) and 3(a)(5) of the Securities Exchange Act of 1934) that is making an “extension of credit” (within the meaning of 12 C.F.R. § 220.1(a)). 
 We express no opinion as to the laws of any jurisdiction other than: (i) the laws of the State of New York, (ii) with respect to our opinion set forth in paragraph 5 above, Applicable Laws; and
(iii) with respect to our opinions set forth in paragraphs 2 and 3 above, the Limited Liability Company Act, as in effect in the State of Delaware; and (iv) the federal laws of the United States of America; and (v) based solely on the
certificates of public officials previously identified, the laws of the States of Arizona, Colorado, New Mexico, Oklahoma, and Texas regarding our opinion with respect to the Company’s qualification to do business and good standing as a limited
liability company in the States of Arizona, Colorado, New Mexico, Oklahoma, and Texas, respectively. 
 This opinion letter is rendered as of
the date set forth above. We expressly disclaim any obligation to update this letter after such date. 
 This opinion letter is given solely
for your benefit in connection with the transactions contemplated by the Transaction Documents and may not be furnished to, or relied upon by, any other person or for any other purpose without our prior written consent except that (i) your
successors and each future permitted holder of any Note under (and to the extent permitted by) the Note Purchase Agreement may rely on this opinion as of the original date of this opinion subject to the limitations, qualifications, exceptions and
assumptions set forth herein, and (ii) a copy of this letter may be furnished by you, but not relied upon by, (a) the National Association of Insurance Commissioners and any state, federal or provincial authority or independent banking or
insurance board or body having regulatory jurisdiction over the purchasers in the exercise of their regulatory due diligence, and (b) your independent auditors. 
  

	
	Very truly yours,
	
	Vinson & Elkins L.L.P.

  

			
	V&E	 	May 24, 2007 Page 5

 SCHEDULE I TO OPINION LETTER 
 Purchasers 
  

	1.	METROPOLITAN LIFE INSURANCE COMPANY 

	2.	METLIFE INSURANCE COMPANY OF CONNECTICUT 

	3.	METLIFE LIFE AND ANNUITY COMPANY OF CONNECTICUT 

	4.	ING LIFE INSURANCE AND ANNUITY COMPANY 

	5.	ING USA ANNUITY AND LIFE INSURANCE COMPANY 

	6.	RELIASTAR LIFE INSURANCE COMPANY 

	7.	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY 

	8.	AMERICAN GENERAL LIFE INSURANCE COMPANY 

	9.	AXA EQUITABLE LIFE INSURANCE COMPANY 

	10.	MONY LIFE INSURANCE COMPANY OF AMERICA 

	11.	GENWORTH LIFE AND ANNUITY INSURANCE COMPANY 

	12.	GENWORTH LIFE INSURANCE COMPANY 

	13.	UNION FIDELITY LIFE INSURANCE COMPANY 

	14.	HARTFORD LIFE INSURANCE COMPANY 

	15.	HARTFORD ACCIDENT AND INDEMNITY COMPANY 

	16.	TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA 

	17.	JACKSON NATIONAL LIFE INSURANCE COMPANY 

	18.	JOHN HANCOCK LIFE INSURANCE COMPANY 

	19.	JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) 

	20.	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 

	21.	MASSMUTUAL ASIA LIMITED 

	22.	MML BAY STATE LIFE INSURANCE COMPANY 

	23.	CUNA MUTUAL INSURANCE SOCIETY 

	24.	SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY 

	25.	ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA 

	26.	INDIANAPOLIS LIFE INSURANCE COMPANY 

	27.	AMERUS LIFE INSURANCE COMPANY 

	28.	THE STATE LIFE INSURANCE COMPANY 

  

			
	V&E	 	May 24, 2007 Page 6

	29.	AMERICAN UNITED LIFE INSURANCE COMPANY 

	30.	PIONEER MUTUAL LIFE INSURANCE COMPANY 

	31.	USAA LIFE INSURANCE COMPANY 

	32.	LIFE INSURANCE COMPANY OF THE SOUTHWEST 

	33.	NATIONAL LIFE INSURANCE COMPANY 

	34.	MODERN WOODMEN OF AMERICA 

	35.	NATIONAL GUARDIAN LIFE INSURANCE COMPANY 

	36.	PHOENIX LIFE INSURANCE COMPANY 

	37.	COUNTRY LIFE INSURANCE COMPANY 

 Houston 3251262.8 

 Exhibit 4.4(b) 
  

							
		  		  		  	 2838 Woodside Street
 Dallas, Texas 75204

214-981-0700
 214-981-0703 (Fax)

 ENERGY TRANSFER 
 May 24, 2007 
 To the Purchasers listed on 
 Schedule I 
 hereto (the “Purchasers”) 
  

	 	RE:	Purchase of $82,000,000 aggregate principal amount of 5.64% Senior Unsecured Series 1 Notes due May 24, 2017, $150,000,000 aggregate principal amount of 5.89% Senior Unsecured
Series 2 Notes due May 24, 2022 and $75,000,000 aggregate principal amount of 6.16% Senior Unsecured Series 3 Notes due May 24, 2037 (collectively, the “Notes”) pursuant to the Note Purchase Agreement dated as of May 24,
2007, among Transwestern Pipeline Company, LLC, a Delaware limited liability company (the “Company”), and the Purchasers (the “Note Purchase Agreement”). 

 Ladies and Gentlemen: 
 As General Counsel of Energy Transfer Partners, L.P.,
a Delaware limited partnership and the indirect owner of all of the equity interests of the Company, I am familiar with the Note Purchase Agreement. Capitalized terms used herein which are defined in the Note Purchase Agreement are used herein as
therein defined. This opinion is being rendered to you pursuant to the requirements of Section 4.4(b) of the Note Purchase Agreement. 
 Before
rendering the opinions hereinafter set forth, I (or other attorneys working under my direction) examined the Note Purchase Agreement and the Notes, and relied upon original or photostatic or certified copies of such corporate or limited liability
company records, certificates of officers of the Company and of public officials, and such agreements, documents, court orders, laws and instruments as I (or such other attorneys) have deemed relevant and necessary as the basis for the opinions
hereinafter expressed. In such examination, I (or such other attorneys) assumed the genuineness of all signatures (other than signatures of officers of the Company on the Note Purchase Agreement and the Notes), the authenticity of all documents
submitted to me or such other attorneys as originals and the conformity to authentic original documents of all documents submitted to me or such other attorneys as photostatic or certified copies. 
 Based on and subject to the foregoing, and subject also to the assumptions, qualifications and explanations set forth herein, I am of the opinion that: 
 1. The Company is duly formed, validly existing and in good standing under the laws of the State of Delaware and has all limited liability company powers
and all governmental licenses, authorizations, consents, and approvals required (a) to carry on its business as now conducted, except to the extent failure to obtain such licenses, authorizations, consents, or approvals would not materially
adversely affect the Company, and (b) to execute and deliver the Note Purchase Agreement and the Notes and perform its obligations thereunder. 
  

					
	3241429v.4	 	1	 	

 2. The execution and delivery by the Company of the Note Purchase Agreement and the Notes and the
performance of its obligations thereunder are within its limited liability company powers. The Note Purchase Agreement and the Notes have been duly authorized by all necessary limited liability company action of the Company, and have been duly
executed and delivered by the Company. 
 3. The issue and sale of the Notes by the Company and the execution, delivery and performance by
the Company of the Note Purchase Agreement, and the consummation by the Company of the transactions evidenced thereby do not contravene, conflict with, violate or result in a breach or default by the Company under (i) the Company’s Amended
and Restated Limited Liability Company Agreement (“LLC Agreement”), (ii) any material judgment, injunction, order or decree binding upon the Company, or (iii) any contractual or legal restriction contained in any indenture, loan
or credit agreement, mortgage, security agreement, bond or note, or guaranties of any such obligations or any other material agreement, in each case known to me and to which the Company is a party. The issue and sale of the Notes and the execution,
delivery and performance by the Company of the Note Purchase Agreement do not violate any Applicable Laws (as hereafter defined) that are applicable to the Company. The issue and sale of the Notes and the execution, delivery and performance by the
Company of the Note Purchase Agreement will not result in the creation or imposition of any lien, security interest, or other charge or encumbrance on any asset of the Company. 
 4. There is no action, suit or any other proceeding pending or to my knowledge threatened against the Company in which the Company is a party, or to
which its property is subject, which might reasonably be expected to materially and adversely affect (i) the business, financial position or results of operations of the Company, or (ii) the ability of the Company to perform its
obligations under the Note Purchase Agreement and the Notes. 
 5. The Company is not an “investment company” within the meaning
of, nor subject to regulation as an “investment company” under, the Investment Company Act of 1940, as amended. 
 The opinions set forth above are
subject in all respects to the following qualifications: 
 (a) In rendering the opinion expressed in paragraph 3 above, neither I nor any
other attorney in the Company’s legal department have made any examination of any accounting or financial matters related to certain of the covenants contained in certain documents to which the Company may be subject, and I express no opinion
with respect thereto. 
  

					
	3241429v.4	 	2	 	

 (b) In rendering the opinion expressed in paragraph 4 above, I (or other attorneys working under my
direction) have only reviewed the files and records of the Company, and I (or such other attorneys) have consulted with such senior officers thereof as I (or such other attorneys) have reasonably deemed necessary. 
 (c) The opinions expressed herein are as of the date hereof only, and I assume no obligation to update or supplement such opinions to reflect any fact or
circumstances that may hereafter come to my attention or any changes in law that may hereafter occur or become effective. 
 (d) I am a
member of the Bar of the State of Texas. This opinion relates solely to matters of the Applicable Laws of the United States, the Delaware Limited Liability Company Act and certain specified laws of the United States, to the extent specified herein.

 (e) For purposes of my opinion, “Applicable Laws” means the Delaware Limited Liability Company Act, and those laws, rules and
regulations of the United States of America and the rules and regulations adopted thereunder, which, in my experience, are normally applicable to entities such as the Company and transactions of the type contemplated by the Note Purchase Agreement.

 This opinion is solely for the benefit of the Purchasers, their respective successors and assigns pursuant to the Note Purchase Agreement and their
respective legal counsel and may not be relied upon in connection with any other transaction or by any other Person, except that (i) your successors and each future permitted holder of any Note under (and to the extent permitted by) the Note
Purchase Agreement may rely on this opinion as of the original date of this opinion subject to the limitations, qualifications, exceptions and assumptions set forth herein, and (ii) a copy of this letter may be furnished by you, but not relied
upon by, (a) the National Association of Insurance Commissioners and any state, federal or provincial authority or independent banking or insurance board or body having regulatory jurisdiction over the purchasers in the exercise of their
regulatory due diligence, and (b) your independent auditors. 
  

					
	3241429v.4	 	3	 	

	
	Very truly yours,
	
	 

	Thomas P. Mason

  

					
	3241429v.4	 	4	 	

 May 24, 2007 
 SCHEDULE I 
 THE PURCHASERS 
  

	1.	METROPOLITAN LIFE INSURANCE COMPANY 

	2.	METLIFE INSURANCE COMPANY OF CONNECTICUT 

	3.	METLIFE LIFE AND ANNUITY COMPANY OF CONNECTICUT 

	4.	ING LIFE INSURANCE AND ANNUITY COMPANY 

	5.	ING USA ANNUITY AND LIFE INSURANCE COMPANY 

	6.	RELIASTAR LIFE INSURANCE COMPANY 

	7.	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY 

	8.	AMERICAN GENERAL LIFE INSURANCE COMPANY 

	9.	AXA EQUITABLE LIFE INSURANCE COMPANY 

	10.	MONY LIFE INSURANCE COMPANY OF AMERICA 

	11.	GENWORTH LIFE AND ANNUITY INSURANCE COMPANY 

	12.	GENWORTH LIFE INSURANCE COMPANY 

	13.	UNION FIDELITY LIFE INSURANCE COMPANY 

	14.	HARTFORD LIFE INSURANCE COMPANY 

	15.	HARTFORD ACCIDENT AND INDEMNITY COMPANY 

	16.	TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA 

	17.	JACKSON NATIONAL LIFE INSURANCE COMPANY 

	18.	JOHN HANCOCK LIFE INSURANCE COMPANY 

	19.	JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) 

	20.	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 

	21.	MASSMUTUAL ASIA LIMITED 

	22.	MML BAY STATE LIFE INSURANCE COMPANY 

	23.	CUNA MUTUAL INSURANCE SOCIETY 

	24.	SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY 

	25.	ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA 

	26.	INDIANAPOLIS LIFE INSURANCE COMPANY 

	27.	AMERUS LIFE INSURANCE COMPANY 

	28.	THE STATE LIFE INSURANCE COMPANY 

	29.	AMERICAN UNITED LIFE INSURANCE COMPANY 

	30.	PIONEER MUTUAL LIFE INSURANCE COMPANY 

	31.	USAA LIFE INSURANCE COMPANY 

	32.	LIFE INSURANCE COMPANY OF THE SOUTHWEST 

	33.	NATIONAL LIFE INSURANCE COMPANY 

	34.	MODERN WOODMEN OF AMERICA 

	35.	NATIONAL GUARDIAN LIFE INSURANCE COMPANY 

	36.	PHOENIX LIFE INSURANCE COMPANY 

	37.	COUNTRY LIFE INSURANCE COMPANY 

  

					
	3241429v.4	 	5

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