Document:

EXHIBIT 10.85

SIXTH
LOAN MODIFICATION AGREEMENT - EXIM

This Sixth Loan Modification Agreement - Exim (this “Loan
Modification Agreement’) is entered into on September 15, 2006, and made
effective as of September 13, 2006, by and among (i) SILICON VALLEY BANK, a California chartered bank, with its
principal place of business at 3003 Tasman Drive, Santa Clara, California
95054 and with a loan production office located at One Newton Executive Park,
Suite 200, 2221 Washington Street, Newton, Massachusetts  02462 (“Bank”) and (ii) ASPEN TECHNOLOGY, INC., a Delaware
corporation with offices at Ten Canal Park, Cambridge, Massachusetts 02141 for
itself and as successor by merger with ASPENTECH,
INC., a Texas corporation 
with offices at Ten Canal Park, Cambridge, Massachusetts 02141 (“Borrower”)

1.                                       DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to
Bank pursuant to a loan arrangement dated as of January 30, 2003, evidenced by,
among other documents, a certain Export-Import
Bank Loan and Security Agreement dated as of January 30, 2003 between Borrower
and Bank, as amended from time to time (as amended, the “Loan Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the same meaning as in the Loan Agreement.

2.                                       DESCRIPTION
OF COLLATERAL.  Repayment of the
Obligations is secured by the Collateral as described in the Loan Agreement
(together with any other collateral security granted to Bank, the “Security
Documents”).

Hereinafter, the Security Documents, together with all
other documents evidencing or securing the Obligations shall be referred to as
the “Existing Loan Documents”.

3.                                       DESCRIPTION
OF CHANGE IN TERMS.

Modification
to Loan Agreement.

(a)                                  The
Loan Agreement shall be amended by deleting the following text appearing in
Section 13.1 of the Loan Agreement:

“     “Exim Maturity Date” is September 13, 2006.”

and inserting in
lieu thereof the following:

“     “Exim Maturity Date” is January 15, 2007.”

4.                                       FEES.  Borrower shall pay to Bank a modification fee
of $22,388.89, which fee shall be due on the date hereof and shall be deemed
fully earned as of the date hereof.  Borrower shall also reimburse Bank for all
legal fees and expenses incurred in connection with this amendment to the
Existing Loan Documents.

5.                                       RATIFICATION
OF NEGATIVE PLEDGE.  Borrower hereby
ratifies, confirms and reaffirms, all and singular, the terms and conditions of
a certain Negative Pledge Agreements each dated as of January 30, 2003 between
Borrower and Bank, and acknowledges, confirms and agrees that said Negative
Pledge Agreement  shall remain in full
force and effect.

6.                                       CONSISTENT
CHANGES.  The Existing Loan Documents are
hereby amended wherever necessary to reflect the changes described above.

7.                                       RATIFICATION
OF LOAN DOCUMENTS.  Borrower hereby
ratifies, confirms, and reaffirms all terms and conditions of all security or
other collateral granted to the Bank, and confirms that the indebtedness
secured thereby includes, without limitation, the Obligations.

 

 

8.                                       NO
DEFENSES OF BORROWER.  Borrower hereby
acknowledges and agrees that Borrower has no offsets, defenses, claims, or
counterclaims against Bank with respect to the Obligations, or otherwise, and
that if Borrower now has, or ever did have, any offsets, defenses, claims, or
counterclaims against Bank, whether known or unknown, at law or in equity, all
of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any
liability thereunder.

9.                                       CONTINUING
VALIDITY.  Borrower understands and
agrees that in modifying the existing Obligations, Bank is relying upon
Borrower’s representations, warranties, and agreements, as set forth in the
Existing Loan Documents.  Except as
expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain unchanged and in full force and effect.  Bank’s agreement to modifications to the
existing Obligations pursuant to this 
Loan Modification Agreement in no way shall obligate Bank to make any
future modifications to the Obligations. 
Nothing in this Loan Modification Agreement shall constitute a
satisfaction of the Obligations.  It is
the intention of Bank and Borrower to retain as liable parties all makers of
Existing Loan Documents, unless the party is expressly released by Bank in
writing.

10.                                 COUNTERSIGNATURE.  This Loan Modification Agreement shall become
effective only when it shall have been executed by Borrower and Bank.

[Remainder
of page intentionally left blank.]

 

 

This Loan Modification
Agreement is executed as a sealed instrument under the laws of the Commonwealth
of Massachusetts as of the date first written above.

	
  

  	
   

  	
  BORROWER:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ASPEN
  TECHNOLOGY, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Leo S. Vannoni

  
	
   

  	
   

  	
  Name: Leo S.
  Vannoni

  
	
   

  	
   

  	
  Title:VP &
  Treasurer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BANK:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SILICON VALLEY
  BANK

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  	
  /s/ Michael Fell

  
	
   

  	
   

  	
  Name:Michael
  Fell

  
	
   

  	
   

  	
  Title: Assistant
  Vice President

  

 

The undersigned,
ASPENTECH SECURITIES CORP., a Massachusetts corporation,  ratifies, confirms and reaffirms, all and
singular, the terms and conditions of a certain Unlimited Guaranty dated
January 30, 2003 (the “Guaranty”) and a certain Security Agreement dated as of
January 30, 2003 (the “Security Agreement”) and acknowledges, confirms and
agrees that the Guaranty and Security Agreement shall remain in full force and
effect and shall in no way be limited by the execution of this Loan
Modification Agreement, or any other documents, instruments and/or agreements executed
and/or delivered in connection herewith.

ASPENTECH
SECURITIES CORP.

	
  By:

  	
   

  	
  /s/ Leo S. Vannoni

  	
   

  	
   

  
	
  Name: Leo S. Vannoni

  	
   

  	
   

  
	
  Title: TreasurerExhibit 10.1

Execution Version

NON-COMPETITION AGREEMENT

among

HILAND PARTNERS, LP

HILAND HOLDINGS GP, LP

and

HILAND PARTNERS GP HOLDINGS, LLC

 

NON-COMPETITION
AGREEMENT

THIS NON-COMPETITION AGREEMENT (“Agreement”)
is entered into on, and effective as of, the Closing Date (as defined herein),
and is by and among Hiland Partners, LP, a Delaware limited partnership (the “Partnership”), Hiland Holdings GP, LP, a Delaware limited
partnership (“Holdings”) and Hiland Partners GP
Holdings, LLC, a Delaware limited liability company (the “Holdings General
Partner”).  The above-named
entities are sometimes referred to in this Agreement each as a “Party” and collectively as the “Parties.”

RECITALS:

WHEREAS, the Parties desire by
their execution of this Agreement to evidence their agreement, as more fully
set forth below, with respect to those business opportunities that the Holdings
Entities (as defined herein) will not engage in during the term of this
Agreement.

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

ARTICLE I

Definitions

1.1           Definitions.

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

“Agreement” is
defined in the introduction to this Agreement.

“Closing Date”
means the date of the closing of Holdings’ initial public offering of Holdings
Common Units.

“Construction Cost”
means all costs associated with developing, designing, building and financing
Subject Assets, including, without limitation, any costs to acquire related
real property or necessary rights of way and any internal costs incurred to compensate
employees for time spent on developing, designing, building and financing
Subject Assets.

“control” means
the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of a Person, whether through ownership
of Voting Securities, by contract, or otherwise.

“Holdings” is
defined in the introduction to this Agreement.

“Holdings Common Units”
means Common Units, as defined in the Holdings Partnership Agreement.

 

“Holdings Conflicts
Committee” is the Conflicts Committee of Holdings as defined in the
Holdings Partnership Agreement.

“Holdings Entities”
means each Holdings Party and any Person controlled, directly or indirectly, by
any Holdings Party or combination of Holdings Parties other than the Partnership
Group.

“Holdings General Partner”
is defined in the introduction to this Agreement.

“Holdings Partnership
Agreement” means the Amended and Restated Agreement of Limited
Partnership of Holdings dated as of the Closing Date, to which reference is
hereby made for all purposes of this Agreement. 
No amendment or modification to the Holdings Partnership Agreement
subsequent to the Closing Date shall be given effect for the purposes of this
Agreement unless consented to by each of the Parties to this Agreement.

“Holdings Party”
means each of Holdings and the Holdings General Partner.

“MLP  Common Units” means Common Units, as defined in the MLP
Partnership Agreement.

“MLP  Conflicts Committee” is the Conflicts Committee of the
Partnership as defined in the MLP Partnership Agreement.

“MLP General Partner”
means Hiland Partners GP, LLC, a Delaware limited liability company.

“MLP  Partnership Agreement” means the First Amended and Restated
Agreement of Limited Partnership of Hiland Partners, LP, dated as of the February
15, 2005, as such agreement is in effect on the Closing Date, to which
reference is hereby made for all purposes of this Agreement.

“MLP  Partnership Entities” means the MLP General Partner and each
member of the Partnership Group.

“Offer” is
defined in Section 2.3(b).

“Partnership” is
defined in the introduction to this Agreement.

“Partnership Group”
means the Partnership and its subsidiaries.

“Partnership Group Member”
means any member of the Partnership Group.

“Party” and “Parties” are defined in the introduction to this Agreement.

“Person” means
an individual or a corporation, limited liability company, partnership, joint
venture, trust, business trust, employee benefit plan, unincorporated
organization, association, government agency or political subdivision thereof
or other entity.

“Restricted Businesses”
is defined in Section 2.1.

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“Subject Assets”
is defined in Section 2.2(d).

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

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

ARTICLE II

Business Opportunities

2.1           Restricted Businesses.  Subject to Section 2.6, and except in
connection with or incidental to its performance as general partner or managing
member of one or more of the MLP Partnership Entities or the acquiring, owning
or disposing of debt or equity securities in any MLP Partnership Entity and
except as permitted by Section 2.2, each Holdings Party shall be
prohibited from engaging in, and the Holdings Parties shall cause each Holdings
Entity not to engage in, whether by acquisition, construction, investment in
debt or equity interests of any Person or otherwise, any of the following
businesses (the “Restricted Businesses”):  the gathering, treating, processing and
transportation of natural gas in North America, the transportation and
fractionation of natural gas liquids (“NGLs”) in North
America, and constructing, buying or selling any assets related to the
foregoing businesses.

2.2           Permitted Exceptions.  Notwithstanding any provision of Section 2.1
to the contrary, the Holdings Entities may engage in the following activities
under the following circumstances:

(a)          any business that is primarily related
to the exploration for and production of oil or natural gas and the sale and
marketing of oil and natural gas derived from such exploration and production
activities;

(b)         the purchase and ownership of not more
than five percent of any class of securities of any entity engaged in the
Restricted Business (but without otherwise participating in the activities of
such entity);

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(c)          any Restricted Business conducted by a
Holdings Entity with the approval of the MLP Conflicts Committee;

(d)         the ownership and/or operation of any
asset or group of related assets used in the activities described in
Section 2.1 that are acquired or constructed by a Holdings Entity after
the Closing Date (the “Subject Assets”)
if, in the case of an acquisition, the fair market value of the Subject Assets
(as determined in good faith by the board of directors or other comparable
governing body of such Holdings Entity), or, in the case of construction, the
estimated Construction Cost of the Subject Assets (as determined in good faith
by the board of directors or other comparable governing body of such Holdings
Entity), is less than $5 million at the time of such acquisition or
completion of construction, as the case may be;

(e)          the ownership and/or operation of any
Subject Assets acquired by a Holdings Entity after the Closing Date with a fair
market value (as determined in good faith by the board of directors or other
comparable governing body of such Holdings Entity) equal to or greater than $5 million
at the time of the acquisition; provided, the Partnership
has been offered the opportunity to purchase the Subject Assets in accordance
with Section 2.3 and the Partnership (with the concurrence of the MLP Conflicts
Committee) has elected not to purchase the Subject Assets; and

(f)          the ownership and/or operation of any
Subject Assets constructed by a Holdings Entity after the Closing Date with a
Construction Cost (as determined in good faith by the board of directors or
other comparable governing body of such Holdings Entity) equal to or greater
than $5 million at the time of completion of construction that the
Partnership has been offered the opportunity to purchase in accordance with Section 2.3
and the Partnership (with the concurrence of the MLP Conflicts Committee) has
elected not to purchase.

2.3           Procedures.

(a)          If a Holdings Entity becomes aware of
an opportunity to acquire Subject Assets with a fair market value (as
determined in good faith by the board of directors or other comparable
governing body of such Holdings Entity) equal to or greater than $5 million
that it is interested in pursuing, then, subject to Section 2.3(b), as
soon as practicable thereafter, such Holdings Entity shall notify the MLP
General Partner, in writing, of such opportunity and deliver to the MLP General
Partner all information prepared by or on behalf of such Holdings Entity
relating to such opportunity.  As soon as
practicable, but in any event within 30 days after receipt of such written
notification and information, the MLP General Partner, on behalf of the
Partnership, shall notify the Holdings General Partner, in writing, that either
(i) the MLP General Partner, on behalf of the Partnership, has elected
(with the concurrence of the MLP Conflicts Committee) not to cause a
Partnership Group Member to pursue the opportunity to purchase the Subject
Assets, or (ii) the MLP General Partner, on behalf of the Partnership, has
elected (with the concurrence of the MLP Conflicts Committee) to cause a
Partnership Group Member to pursue the opportunity to purchase the Subject
Assets.  If, at any time, the MLP General
Partner abandons such opportunity with the approval of the MLP Conflicts
Committee (as evidenced in writing by the MLP General Partner following the
request of the Holdings Entity), the Holdings Entity may pursue such
opportunity.  Any Subject Assets that are
permitted to be acquired by a Holdings Entity must be so acquired (i) within
12 months of the later to occur of (A) the date that 

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the Holdings Entity becomes able to pursue such
acquisition in accordance with the provisions of this Section 2.3(a), and
(B) the date upon which all required governmental approvals to consummate
such acquisition have been obtained, and (ii) on terms not more favorable
in any material respect to the Holdings Entity than were offered to the
Partnership.  If either of these
conditions are not satisfied, the opportunity must be reoffered to the
Partnership in accordance with this Section 2.3(a).

(b)         Notwithstanding Section 2.3(a), in
the event that a Holdings Entity becomes aware of an opportunity to make an
acquisition that includes both Subject Assets and assets that are not Subject
Assets and the Subject Assets have a fair market value (as determined in good
faith by the board of directors or other comparable governing body of such Holdings
Entity) equal to or greater than $5 million but comprise less than half of
the fair market value (as determined in good faith by the board of directors or
other comparable governing body of such Holdings Entity) of the total assets
being considered for acquisition, then the Holdings Entity may make such
acquisition without first offering the opportunity to the Partnership as long
as it complies with the following procedures:

(i)            Within 90 days after the
consummation of such an acquisition, the Holdings Entity shall notify the MLP
General Partner in writing of such acquisition and offer the Partnership Group
the opportunity to purchase such Subject Assets in accordance with this Section 2.3(b)
(the “Offer”). 
The Offer shall set forth the terms relating to the purchase of the
Subject Assets and, if any Holdings Entity desires to utilize the Subject
Assets, the Offer will also include the commercially reasonable terms on which
the Partnership Group will provide services to the Holdings Entity to enable
the Holdings Entity to utilize the Subject Assets.  As soon as practicable, but in any event
within 30 days after receipt of such written notification, the MLP General
Partner shall notify the Holdings General Partner in writing that either
(x) the MLP General Partner, on behalf of the Partnership, has elected
(with the concurrence of the MLP Conflicts Committee) not to cause a
Partnership Group Member to purchase the Subject Assets, in which event the Holdings
Entity shall be forever free to continue to own or operate such Subject Assets,
or (y) the MLP General Partner, on behalf of the Partnership, has elected
(with the concurrence of the MLP Conflicts Committee) to cause a Partnership
Group Member to purchase the Subject Assets, in which event the procedures in
subparagraphs (ii) and (iii) below shall apply.

(ii)           If the Holdings General Partner (with
the concurrence of the Holdings Conflict Committee) and the MLP General Partner
(with the concurrence of the MLP Conflicts Committee) within 60 days after
receipt by the MLP General Partner of the Offer are able to agree on the fair
market value of the Subject Assets that are subject to the Offer and the other
terms of the Offer including, without limitation, the terms, if any, on which
the Partnership Group will provide services to the Holdings Entities to enable them
to utilize the Subject Assets, a Partnership Group Member shall purchase the
Subject Assets for the agreed upon fair market value as soon as commercially
practicable after such agreement has been reached and, if applicable, enter
into an agreement with the Holdings Entities to provide services in a manner
consistent with the Offer.

(iii)          If the Holdings General Partner (with
the concurrence of the Holdings Conflict Committee) and the MLP General Partner
(with the concurrence of the MLP

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 Conflicts
Committee) are unable to agree within 60 days after receipt by the MLP General
Partner of the Offer on the fair market value of the Subject Assets that are
subject to the Offer or the other terms of the Offer including, if applicable,
the terms on which the Partnership Group will provide services to the Holdings
Entities to enable it to utilize the Subject Assets, the Holdings General
Partner and the MLP General Partner will engage a mutually agreed upon
investment banking firm to determine the fair market value of the Subject
Assets and/or the other terms on which the MLP General Partner and the Holdings
General Partner are unable to agree.  Such
investment banking firm will determine the fair market value of the Subject
Assets and/or the other terms on which the MLP General Partner and the Holdings
General Partner are unable to agree within 30 days of its engagement and
furnish the Holdings Entities and the MLP General Partner its
determination.  The fees of the
investment banking firm will be split equally between the Holdings Entities and
the Partnership Group.  Once the
investment banking firm has submitted its determination of the fair market
value of the Subject Assets and/or the other terms on which the MLP General
Partner and the Holdings General Partner are unable to agree, the MLP General
Partner will have the right, but not the obligation, subject to the approval of
the MLP Conflicts Committee, to cause a Partnership Group Member to purchase
the Subject Assets pursuant to the Offer as modified by the determination of
the investment banking firm.  The Partnership
Group Member will provide written notice of its decision to the Holdings General
Partner within 30 days after the investment banking firm has submitted its
determination.  Failure to provide such
notice within such 30-day period shall be deemed to constitute a decision not
to purchase the Subject Assets.  If the MLP
General Partner elects to cause a Partnership Group Member to purchase the
Subject Assets, then the Partnership Group Member shall purchase the Subject
Assets pursuant to the Offer as modified by the determination of the investment
banking firm as soon as commercially practicable after such determination and,
if applicable, enter into an agreement with the Holdings Entities to provide
services in a manner consistent with the Offer, as modified by the
determination of the investment banking firm, if applicable.

(c)          In the event that a Holdings Entity
desires to construct Subject Assets with an estimated Construction Cost (as
determined in good faith by the board of directors or other comparable
governing body of such Holdings Entity) equal to or greater than $5 million,
then the Holdings Entity may construct such Subject Assets as long as it
complies with the following procedures:

(i)            Within 90 days after the completion
of construction by a Holdings Entity of the Subject Assets, the Holdings Entity
shall notify the MLP General Partner in writing of such construction and offer
the Partnership Group the opportunity to purchase such Subject Assets in
accordance with this Section 2.3(c) (the “Construction
Offer”).  The Construction
Offer shall set forth the Holdings Entity’s good faith estimate of the actual
Construction Cost for the Subject Assets incurred by the Holdings Entity (the “Actual Construction Cost”), which shall constitute the
proposed purchase price for the Subject Assets, together with the other
proposed terms relating to the purchase of the Subject Assets, and, if any Holdings
Entities desire to utilize the Subject Assets, the Construction Offer will also
include the commercially reasonable terms on which the Partnership Group will
provide services to the Holdings Entities to enable the Holdings Entities to
utilize the Subject Assets.  As soon as practicable,
but in any event within 30 days after receipt of such written notification, the
MLP General Partner shall notify the Holdings General Partner in writing that
either (x) the MLP General Partner, on behalf of the 

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Partnership, has elected (with the concurrence of the MLP
Conflicts Committee) not to cause a Partnership Group Member to purchase the
Subject Assets, in which event the Holdings Entity shall be forever free to
continue to own or operate such Subject Assets, or (y) the MLP General
Partner, on behalf of the Partnership, has elected (with the concurrence of the
MLP Conflicts Committee) to cause a Partnership Group Member to purchase the
Subject Assets, in which event the procedures in subparagraphs (ii) through (v)
below shall apply.

(ii)           If the Holdings General Partner (with
the concurrence of the Holdings Conflict Committee) and the MLP General Partner
(with the concurrence of the MLP Conflicts Committee) within 60 days after
receipt by the MLP General Partner of the Construction Offer are able to agree
on the Actual Construction Cost of the Subject Assets that are subject to the
Construction Offer and the other terms (“Other Terms”)
of the Construction Offer including, without limitation, the terms, if any, on
which the Partnership Group will provide services to the Holdings Entities to
enable them to utilize the Subject Assets, a Partnership Group Member shall
purchase the Subject Assets for the agreed upon Actual Construction Cost as
soon as commercially practicable after such agreement has been reached and, if
applicable, enter into an agreement with the Holdings Entity to provide
services in a manner consistent with the Construction Offer.

(iii)          If the Holdings General Partner (with
the concurrence of the Holdings Conflict Committee) and the MLP General Partner
(with the concurrence of the MLP Conflicts Committee) are unable to agree
within 60 days after receipt by the MLP General Partner of the Construction
Offer on the Actual Construction Cost of the Subject Assets that are subject to
the Construction Offer, the Holdings General Partner and the MLP General
Partner will engage a mutually agreed upon nationally recognized accounting
firm, other than any such accounting firm that has served as either Person’s
independent auditors within the past three years, to determine the Actual
Construction Cost of the Subject Assets. 
Such accounting firm will determine the Actual Construction Cost of the
Subject Assets within 30 days of its engagement and furnish the Holdings General
Partner and the MLP General Partner its determination, which determination
shall be a final and binding determination of the Actual Construction Cost.  The fees of the accounting firm will be split
equally between the Holdings Entities and the Partnership Group.

(iv)          If the Holdings General Partner and
the MLP General Partner are unable to agree within 60 days after receipt by the
MLP General Partner of the Construction Offer on all of the Other Terms, the Holdings
Entities and the MLP General Partner will obtain a good faith proposal from a
mutually agreed upon third party engaged in the business to which such Other
Terms relate in order to determine the Other Terms on which the MLP General
Partner and the Holdings General Partner are unable to agree.  Such third party will submit a good faith
proposal regarding the Other Terms on which the MLP General Partner and the Holdings
General Partner are unable to agree within 30 days of its engagement and
furnish the Holdings General Partner and the MLP General Partner its proposal,
which determination shall be a final and binding determination of the Other
Terms.  The fees of the third party will
be split equally between the Holdings Entities and the Partnership Group.

(v)           Once the Actual Construction Cost and
the Other Terms have been finally determined pursuant to clauses (ii), (iii) or
(iv) above, the MLP General Partner will have 

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the right, but not the obligation, subject to the
approval of the MLP Conflicts Committee, to cause a Partnership Group Member to
purchase the Subject Assets pursuant to the Construction Offer as modified by
the determination of the accounting firm and/or the third party submitting a
proposal, as applicable.  The Partnership
Group Member will provide written notice of its decision to the Holdings General
Partner within 30 days after the later of the date on which the accounting firm
and/or the third party submitting a proposal, as applicable, has submitted its
determination.  Failure to provide such
notice within such 30-day period shall be deemed to constitute a decision not
to purchase the Subject Assets.  If the MLP
General Partner elects to cause a Partnership Group Member to purchase the
Subject Assets, then the Partnership Group Member shall purchase the Subject
Assets pursuant to the Construction Offer as modified by the determination of
the accounting firm and/or the third party submitting a proposal as soon as
commercially practicable after such determination and, if applicable, enter
into an agreement with the Holdings Entities to provide services in a manner
consistent with the Construction Offer, as modified by the determination of the
third party submitting a proposal, if applicable.

2.4           Scope of Prohibition.  Except as provided in this Article II,
the MLP Partnership Agreement or the Holdings Partnership Agreement, each Holdings
Entity shall be free to engage in any business activity, including those that
may be in direct competition with any Partnership Group Member.

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

2.6           Termination.  This Article II shall terminate on the
first day on which no Holdings Entity nor any combination of Holdings Entities
controls the Partnership.

ARTICLE III

Miscellaneous

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

3.2           Notice.  All notices or requests or consents provided
for by, or permitted to be given pursuant to, this Agreement must be in writing
and must be given by depositing same in the United States mail, addressed to
the Person to be notified, postpaid, and registered or certified with return
receipt requested or by delivering such notice in person or by telecopier or
telegram to such Party.  Notice given by
personal delivery or mail shall be effective upon actual receipt.  Notice given by telegram or telecopier shall
be effective upon actual receipt if received 

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during the recipient’s normal business hours or at the
beginning of the recipient’s next business day after receipt if not received
during the recipient’s normal business hours. 
All notices to be sent to a Party pursuant to this Agreement shall be
sent to or made at the address set forth below such Party’s signature to this
Agreement or at such other address as such Party may stipulate to the other
Parties in the manner provided in this Section 3.2.

if to the Holdings Entities:

c/o Hiland Holdings GP, LP

205 West Maple, Suite 110

Enid, Oklahoma 73701

Attention:              Mr. Randy
Moeder

if to the MLP Partnership
Entities:

Hiland Partners, LP

205 West Maple, Suite 110

Enid, Oklahoma 73701

Attention:              Mr. Randy
Moeder

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

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

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

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

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

3.8           Further Assurances.  In connection with this Agreement and all
transactions contemplated by this Agreement, each signatory party hereto agrees
to execute and deliver such 

 10
 

 

additional documents and instruments and to perform
such additional acts as may be necessary or appropriate to effectuate, carry
out and perform all of the terms, provisions and conditions of this Agreement
and all such transactions.

3.9           Rights of Limited Partners.  The provisions of this Agreement are
enforceable solely by the Parties to this Agreement, and no limited partner of
the Partnership or Holdings shall have the right, separate and apart from the
Partnership or Holdings, as the case may be, to enforce any provision of this
Agreement or to compel any Party to this Agreement to comply with the terms of
this Agreement.

3.10         Successors.  This Agreement shall bind and inure to the
benefit of the Parties and to their respective successors and assigns.

 11

 

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

	
   

  	
  HILAND PARTNERS, LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Hiland Partners GP, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randy Moeder

  
	
   

  	
   

  	
  Randy Moeder

  
	
   

  	
   

  	
  Chief Executive
  Officer and President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HILAND HOLDINGS, GP LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Hiland Partners GP Holdings, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randy Moeder

  
	
   

  	
   

  	
  Randy Moeder

  
	
   

  	
   

  	
  Chief Executive
  Officer and President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HILAND PARTNERS GP HOLDINGS, LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randy Moeder

  
	
   

  	
   

  	
  Randy Moeder

  
	
   

  	
   

  	
  Chief Executive
  Officer and President

  

 

Signature Page to the
Non-Competition Agreement

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