Document:

Credit Agreement

 EXHIBIT 10.2 
  
 EXECUTION COPY 
  

  
 CREDIT AGREEMENT 
  
 among 
  
 WILLIAMS ENERGY PARTNERS L.P., 
  
 as Borrower, 
  
 The Several Lenders 
 from Time to
Time Parties Hereto, 
  
 LEHMAN BROTHERS INC.

  
 and 
  
 BANC OF AMERICA SECURITIES, LLC, 
 as Joint Lead Arrangers 
  
 BANK OF AMERICA, N.A., 
 as
Syndication Agent 
  
 and 
  
 LEHMAN COMMERCIAL PAPER INC., 
 as Administrative Agent 
  
 Dated as of August 6, 2003 
  

 TABLE OF CONTENTS 
  

	 	  	 	  	Page

	 SECTION 1. DEFINITIONS
	  	1
	 1.1
	  	 Defined Terms
	  	1
	 1.2
	  	 Other Definitional Provisions
	  	22
	 SECTION 2. AMOUNT AND TERMS OF COMMITMENTS
	  	23
	 2.1
	  	 Term Loan Commitments
	  	23
	 2.2
	  	 Procedure for Term Loan Borrowing
	  	23
	 2.3
	  	 Repayment of Term Loans
	  	24
	 2.4
	  	 Revolving Credit Commitments
	  	24
	 2.5
	  	 Procedure for Revolving Credit Borrowing
	  	24
	 2.6
	  	 Additional Term Loan Commitments
	  	25
	 2.7
	  	 Procedure for Establishing Additional Term Loan Facilities
	  	25
	 2.8
	  	 Repayment of Loans; Evidence of Debt
	  	25
	 2.9
	  	 Commitment Fees, etc
	  	26
	 2.10
	  	 Termination or Reduction of Revolving Credit Commitments
	  	27
	 2.11
	  	 Optional Prepayments
	  	27
	 2.12
	  	 Mandatory Prepayments and Commitment Reductions
	  	27
	 2.13
	  	 Conversion and Continuation Options
	  	28
	 2.14
	  	 Minimum Amounts and Maximum Number of Eurodollar Tranches
	  	29
	 2.15
	  	 Interest Rates and Payment Dates
	  	29
	 2.16
	  	 Computation of Interest and Fees
	  	29
	 2.17
	  	 Inability to Determine Interest Rate
	  	30
	 2.18
	  	 Pro Rata Treatment and Payments
	  	30
	 2.19
	  	 Requirements of Law
	  	32
	 2.20
	  	 Taxes
	  	33
	 2.21
	  	 Indemnity
	  	35
	 2.22
	  	 Illegality
	  	35
	 2.23
	  	 Change of Lending Office
	  	36
	 2.24
	  	 Replacement of Lenders under Certain Circumstances
	  	36
	 SECTION 3. LETTERS OF CREDIT
	  	36
	 3.1
	  	 L/C Commitment
	  	36
	 3.2
	  	 Procedure for Issuance of Letter of Credit
	  	37
	 3.3
	  	 Fees and Other Charges
	  	37
	 3.4
	  	 L/C Participations
	  	37
	 3.5
	  	 Reimbursement Obligation of the Borrower
	  	38
	 3.6
	  	 Obligations Absolute
	  	39
	 3.7
	  	 Letter of Credit Payments
	  	40
	 3.8
	  	 Applications
	  	40
	 SECTION 4. REPRESENTATIONS AND WARRANTIES
	  	40
	 4.1
	  	 Financial Condition
	  	40
	 4.2
	  	 No Change
	  	41
	 4.3
	  	 Existence; Compliance with Law
	  	41
	 4.4
	  	 Power; Authorization; Enforceable Obligations
	  	42
	 4.5
	  	 No Legal Bar
	  	42

  

 i 

	 4.6
	  	 No Material Litigation
	  	42
	 4.7
	  	 No Default
	  	43
	 4.8
	  	 Ownership of Property; Liens
	  	43
	 4.9
	  	 Intellectual Property
	  	43
	 4.10
	  	 Taxes
	  	43
	 4.11
	  	 Federal Regulations
	  	44
	 4.12
	  	 Labor Matters
	  	44
	 4.13
	  	 ERISA
	  	44
	 4.14
	  	 Investment Company Act; Other Regulations
	  	44
	 4.15
	  	 Subsidiaries
	  	45
	 4.16
	  	 Use of Proceeds
	  	45
	 4.17
	  	 Environmental Matters
	  	45
	 4.18
	  	 Accuracy of Information, etc
	  	46
	 4.19
	  	 Security Documents
	  	47
	 4.20
	  	 Solvency
	  	47
	 4.21
	  	 Reportable Transaction
	  	47
	 SECTION 5. CONDITIONS PRECEDENT
	  	48
	 5.1
	  	 Conditions to Initial Extension of Credit
	  	48
	 5.2
	  	 Conditions to Effectiveness of Each Additional Term Loan Supplement
	  	49
	 5.3
	  	 Conditions to Each Extension of Credit
	  	50
	 SECTION 6. AFFIRMATIVE COVENANTS
	  	50
	 6.1
	  	 Financial Statements. Furnish to the Administrative Agent:
	  	50
	 6.2
	  	 Certificates; Other Information
	  	51
	 6.3
	  	 Payment of Obligations
	  	53
	 6.4
	  	 Conduct of Business and Maintenance of Existence, etc
	  	53
	 6.5
	  	 Maintenance of Property; Insurance
	  	53
	 6.6
	  	 Inspection of Property; Books and Records; Discussions
	  	53
	 6.7
	  	 Notices
	  	53
	 6.8
	  	 Environmental Laws
	  	54
	 6.9
	  	 Additional Collateral, etc
	  	54
	 6.10
	  	 Further Assurances
	  	55
	 6.11
	  	 Tax Shelter Regulations
	  	55
	 SECTION 7. NEGATIVE COVENANTS
	  	55
	 7.1
	  	 Financial Condition Covenants
	  	55
	 7.2
	  	 Limitation on Indebtedness
	  	56
	 7.3
	  	 Limitation on Liens
	  	57
	 7.4
	  	 Limitation on Fundamental Changes
	  	58
	 7.5
	  	 Limitation on Disposition of Property
	  	59
	 7.6
	  	 Limitation on Restricted Payments
	  	60
	 7.7
	  	 [Reserved]
	  	61
	 7.8
	  	 Limitation on Investments
	  	61
	 7.9
	  	 Limitation on Transactions with Affiliates
	  	62
	 7.10
	  	 Limitation on Sales and Leasebacks
	  	62
	 7.11
	  	 Limitation on Changes in Fiscal Periods
	  	62
	 7.12
	  	 Limitation on Negative Pledge Clauses
	  	62
	 7.13
	  	 Limitation on Restrictions on Subsidiary Distributions
	  	63

  

 ii 

	 7.14
	  	 Limitation on Lines of Business
	  	63
	 7.15
	  	 Limitation on Amendments to WPL Note Purchase Agreement; Partnership Agreement
	  	63
	 7.16
	  	 Limitation on Hedge Agreements
	  	64
	 SECTION 8. EVENTS OF DEFAULT
	  	64
	 SECTION 9. THE AGENTS
	  	67
	 9.1
	  	 Appointment; Issuing Lender; Certain Duties
	  	67
	 9.2
	  	 Delegation of Duties
	  	67
	 9.3
	  	 Exculpatory Provisions
	  	67
	 9.4
	  	 Reliance by Agents
	  	68
	 9.5
	  	 Notice of Default
	  	68
	 9.6
	  	 Non–Reliance on Agents and Other Lenders
	  	68
	 9.7
	  	 Indemnification
	  	69
	 9.8
	  	 Agent in Its Individual Capacity
	  	69
	 9.9
	  	 Successor Administrative Agent, Issuing Lender
	  	69
	 9.10
	  	 Authorization to Release Liens and Guarantees
	  	70
	 9.11
	  	 The Joint Lead Arrangers; the Syndication Agent
	  	70
	 SECTION 10. MISCELLANEOUS
	  	70
	 10.1
	  	 Amendments and Waivers
	  	70
	 10.2
	  	 Notices
	  	72
	 10.3
	  	 No Waiver; Cumulative Remedies
	  	73
	 10.4
	  	 Survival of Representations and Warranties
	  	74
	 10.5
	  	 Payment of Expenses
	  	74
	 10.6
	  	 Successors and Assigns; Participations and Assignments
	  	75
	 10.7
	  	 Adjustments; Set-off
	  	78
	 10.8
	  	 Counterparts
	  	79
	 10.9
	  	 Severability
	  	79
	 10.10
	  	 Integration
	  	79
	 10.11
	  	 GOVERNING LAW
	  	79
	 10.12
	  	 Submission To Jurisdiction; Waivers
	  	79
	 10.13
	  	 Acknowledgments
	  	80
	 10.14
	  	 Confidentiality
	  	80
	 10.15
	  	 Release of Collateral and Guarantee Obligations
	  	81
	 10.16
	  	 Accounting Changes
	  	81
	 10.17
	  	 Delivery of Lender Addenda
	  	82
	 10.18
	  	 Restricted Subsidiaries
	  	82
	 10.19
	  	 Limitation of Recourse
	  	82
	 10.20
	  	 WAIVERS OF JURY TRIAL
	  	82

  

 iii 

	 SCHEDULES:

		
	 1.1
	 	 Adjustments to Consolidated EBITDA

	 4.1(b)
	 	 Certain Obligations

	 4.4
	 	 Consents, Authorizations, Filings and Notices

	 4.15
	 	 Subsidiaries

	 4.19(a)-1
	 	 UCC Filing Jurisdictions

	 4.19(a)-2
	 	 UCC Financing Statements to Remain on File

	 4.19(a)-3
	 	 UCC Financing Statements to be Terminated

	 7.2(d)
	 	 Existing Indebtedness

	 7.3(f)
	 	 Existing Liens

  

	 EXHIBITS:

		
	 A
	 	 Form of Guarantee and Collateral Agreement

	 B
	 	 Form of Compliance Certificate

	 C
	 	 Form of Closing Certificate

	 D
	 	 Form of Assignment and Acceptance

	 E-1
	 	 Form of Legal Opinion of Vinson & Elkins L.L.P.

	 E-2
	 	 Form of Legal Opinion of General Counsel of the Borrower

	 F-1
	 	 Form of Term Note

	 F-2
	 	 Form of Revolving Credit Note

	 G
	 	 Form of Exemption Certificate

	 H
	 	 Form of Lender Addendum

	 I
	 	 Form of Borrowing Notice

	 J
	 	 Form of Consent

	 K
	 	 Form of Notice of Conversion/Continuation

 CREDIT AGREEMENT, dated as of August 6, 2003, among WILLIAMS ENERGY PARTNERS L.P., a Delaware limited
partnership (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”), LEHMAN BROTHERS INC., as sole advisor and sole bookrunner (in
such capacity, the “Bookrunner”), LEHMAN BROTHERS INC. and BANC OF AMERICA SECURITIES, LLC, as joint lead arrangers (in such capacity, the “Joint Lead Arrangers”), BANK OF AMERICA, N.A., as syndication agent (in
such capacity, the “Syndication Agent”), and LEHMAN COMMERCIAL PAPER INC., as administrative agent (in such capacity, the “Administrative Agent”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, Williams OLP, L.P., a Delaware limited partnership
(“OLP”) is a wholly owned subsidiary of the Borrower; 
  
 WHEREAS, OLP is a party to the Credit Agreement, dated as of February 2, 2001, as amended (the “Existing OLP Credit Agreement”), with Bank of America, N.A., as administrative agent, and others; 
  
 WHEREAS, the Borrower wishes to establish credit facilities (a) to provide
for the refinancing and replacement of the Existing OLP Credit Agreement and (b) to provide financing for the working capital and general corporate needs of the Borrower; and 
  
 WHEREAS, the Lenders are willing to make such credit facilities available upon and subject to the terms and conditions
hereinafter set forth; 
  
 NOW, THEREFORE, in consideration of the
premises and the agreements hereinafter set forth, the parties hereto hereby agree as follows: 
  
 SECTION 1. DEFINITIONS 
  
 1.1
Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1. 
  
 “Accounting Change”: as defined in Section 10.16. 
  
 “Acquisition Credit Agreement”: the Credit Agreement, dated as of June 17, 2003, among WEG Acquisitions,
L.P., the lenders parties thereto, Lehman Commercial Paper Inc., as administrative agent, and others, together with all instruments, security documents and other agreements entered into in connection therewith, as the same shall have been amended,
supplemented or otherwise modified on or prior to, and is in effect on, the Closing Date, without giving any effect to any subsequent amendment, supplement or other modification thereto or termination thereof not approved to by the Required Lenders.

  
 “Additional Term Loan”: as defined in Section
2.1. 
  
 “Additional Term Loan Commitment”: as to
any Lender, the obligation of such Lender, if any, to make an Additional Term Loan to the Borrower hereunder in a principal 

 
amount not to exceed the amount set forth in the Additional Term Loan Supplement, or, as the case may be, in the Assignment and Acceptance pursuant to which
such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. 
  
 “Additional Term Loan Facility”: as defined in the definition of “Facility” in this Section 1.1. 
  
 “Additional Term Loan Lender”: each Lender that has an
Additional Term Loan Commitment or is the holder of an Additional Term Loan. 
  
 “Additional Term Loan Percentage”: as to any Additional Term Loan Lender at any time, the percentage which such Lender’s Additional Term Loan Commitment under any Additional Term Loan Supplement
then constitutes of the aggregate Additional Term Loan Commitments under such Additional Term Loan Supplement (or, at any time after the Additional Term Loans are made under such Additional Term Loan Supplement, the percentage which the aggregate
principal amount of such Lender’s Additional Term Loan then outstanding under such Additional Term Loan Supplement constitutes of the aggregate principal amount of the Additional Term Loans then outstanding under such Additional Term Loan
Supplement). 
  
 “Additional Term Loan
Supplement”: a supplement, to be in form and substance reasonably satisfactory to, and to be executed and delivered by, the Borrower, the Administrative Agent and each Additional Term Loan Lender party thereto, which shall set forth (a) the
name of each Additional Term Loan Lender providing an Additional Term Loan Commitment pursuant thereto and the amount of the Additional Term Loan Commitment of each such Additional Term Loan Lender, (b) the commitment period during which the
Borrowing Date of the Additional Term Loans made pursuant thereto shall occur (such Borrowing Date to be in any event not later than 10 Business Days after the effectiveness of such Additional Term Loan Supplement), (c) the Applicable Margin for
each Type of Additional Term Loan, (d) the amortization and final maturity of the Additional Term Loans made pursuant thereto (such provisions as to amortization and final maturity shall in any event specify that (i) the final maturity date of the
Additional Term Loans made pursuant thereto shall be not earlier than the final maturity date of the Tranche B Term Loans, (ii) the amortization of the Additional Term Loans made pursuant thereto shall not exceed 1% of the principal amount thereof
during each fiscal year prior to the final maturity date of the Additional Term Loans made pursuant thereto, with the remaining principal amount thereof being payable in full on such final maturity date and (iii) that each installment payable in
respect of the Additional Term Loans made pursuant thereto while the Tranche B Term Loans are outstanding shall be payable on an installment payment date applicable to the Tranche B Term Loans) and (e) such other terms and conditions applicable to
the Additional Term Loans made pursuant thereto (which terms and conditions shall not be inconsistent with other provisions of this Agreement) as the parties to such Additional Term Loan Supplement shall agree upon. 
  
 “Administrative Agent”: as defined in the preamble hereto.

  
 “Affiliate”: as to any Person, any other
Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10%
or 

 
more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or
cause the direction of the management and policies of such Person, whether by contract or otherwise. 
  
 “Agents”: the collective reference to the Syndication Agent and the Administrative Agent. 
  
 “Aggregate Exposure”: with respect to any Lender at any
time, an amount equal to (a) until the Closing Date, the aggregate amount of such Lender’s Commitments at such time and (b) thereafter, the sum of (i) the aggregate then unpaid principal amount of such Lender’s Term Loans and (ii) the
amount of such Lender’s Revolving Credit Commitment then in effect or, if the Revolving Credit Commitments have been terminated, the amount of such Lender’s Revolving Extensions of Credit then outstanding. 
  
 “Aggregate Exposure Percentage”: with respect to any Lender
at any time, the ratio (expressed as a percentage) of such Lender’s Aggregate Exposure at such time to the sum of the Aggregate Exposures of all Lenders at such time. 
  
 “Agreement”: this Credit Agreement, as amended, supplemented or otherwise modified from time to time.

  
 “Applicable Margin”: (a) for each Type of
Loan under each Facility set forth below, the rate per annum set forth opposite such Facility under the relevant column heading below: 
  

	 	  	Base Rate
Loans

	 	 	Eurodollar
Loans

	 
	 Revolving Credit Facility
	  	0.75	%	 	1.75	%
	 Tranche B Term Loan Facility
	  	1.375	%	 	2.375	%

  
 and (b) for each Type of Loans under
the Additional Term Loan Facility, the rate per annum set forth for such Type in the Additional Term Loan Supplement. 
  
 “Application”: an application, in such form as the relevant Issuing Lender may specify from time to time, requesting such Issuing Lender
to issue a Letter of Credit. 
  
 “Asset Sale”:
(a) any Disposition by the Borrower or any Restricted Subsidiary of Property or series of related Dispositions by the Borrower or any Restricted Subsidiary of Property (excluding any such Disposition permitted by (a) clause (a), (b), (c), (d), (g),
(h), (i), (j), (k), or (l) of Section 7.5 or (b) clause (f) of Section 7.5, to the extent such Disposition does not result in Net Cash Proceeds) which yields gross proceeds to the Borrower or any of its Restricted Subsidiaries (valued at the initial
principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at fair market value in the case of other non-cash proceeds) in excess of $500,000 or (b) any Disposition by WPL or any of its
Subsidiaries of Property, or series of related Dispositions by WPL or any of its Subsidiaries of Property, to the extent that proceeds of such Disposition or series of related Dispositions in excess of $500,000 are distributed to the Borrower.

 “Assignee”: as defined in Section 10.6(c). 
  
 “Assignor”: as defined in Section 10.6(c). 
  
 “Available Cash”: as defined in the Partnership Agreement;
provided, that for purposes of Section 7.6(d) of this Agreement, any amount received by the Borrower from WPL that constitutes proceeds of any Disposition by WPL or any of its Subsidiaries of any Property (other than Dispositions under
Sections 7.5(a), (b) and (k) of this Agreement) shall not constitute Available Cash. 
  
 “Available Revolving Credit Commitment”: with respect to any Revolving Credit Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Credit Commitment then in
effect over (b) such Lender’s Revolving Extensions of Credit then outstanding. 
  
 “Base Rate”: for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%. Any change
in the Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate or the Federal Funds Effective Rate, respectively.

  
 “Base Rate Loans”: Loans for which the
applicable rate of interest is based upon the Base Rate. 
  
 “Benefitted Lender”: as defined in Section 10.7. 
  
 “Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor). 
  
 “Borrower”: as defined in the preamble hereto. 
  

“Borrowing Date”: any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make
Loans hereunder. 
  
 “Borrowing Notice”: with
respect to any request for borrowing of Loans hereunder, a notice from the Borrower, substantially in the form of, and containing the information prescribed by, Exhibit I, delivered to the Administrative Agent. 
  
 “Business Day”: (a) for all purposes other than as covered
by clause (b) below, a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close and (b) with respect to all notices and determinations in connection with, and payments of
principal and interest on, Eurodollar Loans, any day which is a Business Day described in clause (a) and which is also a day for trading by and between banks in Dollar deposits in the interbank Eurodollar market. 
  
 “Capital Expenditures”: for any period, with respect to any
Person, the aggregate of all expenditures by such Person for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such
period) which are required to be capitalized under GAAP on a balance sheet of such Person. 

 “Capital Lease Obligations”: with respect to any Person, the obligations of such Person
to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance
sheet of such Person under GAAP; and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 
  
 “Capital Stock”: any and all shares, interests,
participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the
foregoing. 
  
 “Cash Equivalents”: (a) marketable
direct obligations issued by, or unconditionally guaranteed by, the United States government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of
acquisition; (b) certificates of deposit, time deposits, Eurodollar time deposits or overnight bank deposits having maturities of six months or less from the date of acquisition issued by any Lender or by any commercial bank organized under the laws
of the United States of America or any state thereof having combined capital and surplus of not less than $500,000,000; (c) commercial paper of an issuer rated at least A-2 by Standard & Poor’s Ratings Services (“S&P”)
or P-2 by Moody’s Investors Service, Inc. (“Moody’s”), or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper
issuers generally, and maturing within six months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days
with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of
the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign
government (as the case may be) are rated at least A by S&P or A by Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank
satisfying the requirements of clause (b) of this definition; and (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition, except that with
respect to the maturities of the assets included in such funds the requirements of clauses (a) through (f) shall not be applied to the individual assets included in such funds but to the weighted-average maturity of all assets included in such
funds. 
  
 “Change of Control”: the occurrence of
any of the following events: (a) the Permitted Investors shall cease to own, directly, 51% of each class of outstanding Capital Stock (including, in any event, Capital Stock representing at least 51% of both the voting and the economic interest) of
WEG Acquisitions Management, LLC free and clear of all Liens (other than Specified Permitted Liens); (b) WEG Acquisitions Management, LLC shall cease to be the 

 
sole general partner of WEG Acquisitions, L.P.; (c) the Permitted Investors shall cease to own and control, of record and beneficially, directly or
indirectly, 51% of each class of outstanding Capital Stock (including, in any event, Capital Stock representing at least 51% of both the voting and the economic interest) of WEG Acquisitions, L.P. free and clear of all Liens (other than Specified
Permitted Liens); (d) WEG Acquisitions, L.P. shall cease to own and control, of record and beneficially, directly, a majority of each class of voting Capital Stock of, and a majority of the economic interest in, the General Partner free and clear of
all Liens (other than Specified Permitted Liens); (e) the board of directors of the General Partner shall cease to consist of a majority of Continuing Directors; (f) the General Partner shall cease to own and control, of record and beneficially,
directly, 100% of the general partner interests in the Borrower or to be the sole managing general partner of the Borrower; or (g) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act),
excluding WEG Acquisitions, L.P. and its Affiliates, shall become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act),
directly or indirectly, of more than 45% of the outstanding Common Units of the Borrower having voting rights. 
  
 “Class B Units”: as defined in the Partnership Agreement. 
  
 “Closing Date”: the date on which the conditions precedent set forth in Section 5.1 shall have been
satisfied, which date shall be not later than August 15, 2003. 
  
 “Code”: the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Collateral”: all Property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be created by any
Security Document. 
  
 “Commitment”: with respect
to any Lender, each of the Tranche B Term Loan Commitment, the Additional Term Loan Commitment and the Revolving Credit Commitment of such Lender. 
  
 “Commitment Fee Rate”: 0.35% per annum. 
  
 “Common Units”: the common units representing limited partner interests in the Borrower. 
  
 “Commonly Controlled Entity”: an entity, whether or not
incorporated, that is under common control with the Borrower within the meaning of Section 4001 of ERISA or is part of a group that includes the Borrower and that is treated as a single employer under Section 414 of the Code. 
  
 “Compliance Certificate”: a certificate duly executed by a
Responsible Officer, substantially in the form of Exhibit B. 
  
 “Confidential Information Memorandum”: the Confidential Information Memorandum dated May 2003 and furnished to the initial Lenders in connection with the syndication of the Facilities. 

 “Consolidated EBITDA”: for any period, Consolidated Net Income of the Borrower and its
Subsidiaries for such period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of (a) income tax expense, (b) interest expense, amortization or
write-off of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness, (c) depreciation and amortization expense, (d) amortization of intangibles and organization costs, (e) any
extraordinary non-cash expenses or losses, (f) any extraordinary, unusual or non-recurring cash income or gains to the extent not included in Consolidated Net Income for such period and (g) any non-cash expenses in respect of long term employee
incentive compensation payments, and minus, to the extent included in the statement of such Consolidated Net Income for such period, the sum of (a) any extraordinary, unusual or non-recurring non-cash income or gains (including, whether or
not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales of assets outside of the ordinary course of business), (b) any cash payments made during such period in respect of items
described in clause (e) above subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were reflected as a charge in the statement of Consolidated Net Income, all as determined on a consolidated basis and (c) any amount
paid by the Borrower in cash during the first fiscal quarter of the Reference Period ending prior to such period in respect of long term employee incentive compensation, to the extent that the amount of such cash has not been replaced as of the last
day of such period through the sale by the Borrower of additional equity. For the purposes of calculating Consolidated EBITDA for the fiscal quarter ended June 30, 2003 and thereafter, adjustments shall be made to income and expenses as set forth on
Schedule 1.1. For the purposes of calculating Consolidated EBITDA for any period of four (4) consecutive fiscal quarters (each, a “Reference Period”) pursuant to any determination of compliance with Section 7.1(a), (i) if at any
time during such Reference Period the Borrower or any of its Subsidiaries shall have made any Disposition other than in the ordinary course, the Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated
EBITDA (if positive) attributable to the Property that is the subject of such Disposition for such Reference Period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period and (ii) if
during such Reference Period the Borrower or any of its Subsidiaries shall have made an asset acquisition other than in the ordinary course, Consolidated EBITDA for such Reference Period shall be calculated after giving pro forma effect
thereto as if such asset acquisition occurred on the first day of such Reference Period. 
  
 “Consolidated Interest Expense”: for any period, total cash interest expense (including that attributable to Capital Lease Obligations) of the Borrower and its Subsidiaries for such period with
respect to all outstanding Indebtedness of the Borrower and its Subsidiaries (including all commissions, discounts and other fees and charges owed by the Borrower or its Subsidiaries with respect to letters of credit and bankers’ acceptance
financing and net costs of the Borrower or its Subsidiaries under Hedge Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP). 
  
 “Consolidated Net Income”: for any period, the consolidated
net income (or loss) of the Borrower and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided, that in calculating Consolidated Net Income for any period there shall be excluded (a) the income
(or deficit) of any Person accrued prior to the date it 

 
becomes a Subsidiary of the Borrower, or is merged into or consolidated with the Borrower any of its Subsidiaries, (b) the income (or deficit) of any Person
(other than a Subsidiary of the Borrower) in which the Borrower or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Borrower or any of its Subsidiaries in the form of dividends
or similar distributions and (c) the undistributed earnings of any Subsidiary of the Borrower, to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any
Contractual Obligation (other than under any Loan Document), Requirement of Law or organizational or governing documents applicable to such Subsidiary. 
  
 “Consolidated Total Debt”: at any date, the aggregate principal amount of all Indebtedness of the Borrower and its Subsidiaries at such
date, determined on a consolidated basis in accordance with GAAP. 
  
 “Continuing Directors”: (a) the directors of the General Partner on the Closing Date, and (b) each other director of the General Partner, if (i) such other director’s nomination for election to the board of directors
of the General Partner is recommended by at least a majority of the then Continuing Directors or (ii) such other director receives the vote of WEG Acquisitions, L.P. in his or her election by the holders of the Common Units and Subordinated Units of
the Borrower or by the members of the General Partner, as the case may be. 
  
 “Contractual Obligation”: as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or
any of its Property is bound. 
  
 “Control Investment
Affiliate”: as to any Person, any other Person that (a) directly or indirectly, is in control of, is controlled by, or is under common control with, such Person and (b) is organized by such Person primarily for the purpose of making equity
or debt investments in one or more companies. For purposes of this definition, “control” of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether by
contract or otherwise. 
  
 “Default”: any of the
events specified in Section 8, whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 
  
 “Derivatives Counterparty”: as defined in Section 7.6. 
  
 “Disposition”: with respect to any Property, any sale, lease, sale and leaseback, assignment, conveyance,
transfer or other disposition thereof; and the terms “Dispose” and “Disposed of” shall have correlative meanings. 
  
 “Dollars” and “$”: lawful currency of the United States of America. 
  
 “EDGAR”: the Electronic Data Gathering, Analysis, and
Retrieval computer system for the receipt, acceptance, review and dissemination of documents submitted to the SEC in electronic format. 

 “Environmental Laws”: any and all laws, rules, orders, regulations, statutes,
ordinances, codes, decrees, (including common law) of the United States, or any state, local, municipal or other Governmental Authority, regulating, relating to or imposing liability or standards of conduct concerning protection of the environment
or of human health, or employee health and safety, as has been, is now, or may at any time hereafter be, in effect.  
  
 “Environmental Permits”: any and all permits, licenses, approvals, registrations, notifications, exemptions and other authorizations
required under any Environmental Law. 
  
 “ERISA”: the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 “Eurocurrency Reserve Requirements”: for any day, the aggregate (without duplication) of the maximum rates (expressed as a decimal
fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves) under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto dealing with reserve
requirements prescribed for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System. 
  
 “Eurodollar Base Rate”: with respect to each day during each
Interest Period, the rate per annum determined on the basis of the rate for deposits in Dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on Page 3750 of the Telerate screen as of 11:00
A.M., London time, two Business Days prior to the beginning of such Interest Period. In the event that such rate does not appear on Page 3750 of the Telerate screen (or otherwise on such screen), the “Eurodollar Base Rate” for
purposes of this definition shall be determined by reference to such other comparable publicly available service for displaying Eurodollar rates as may be selected by the Administrative Agent. 
  
 “Eurodollar Loans”: Loans for which the applicable rate of
interest is based upon the Eurodollar Rate. 
  
 “Eurodollar Rate”: with respect to each day during each Interest Period, a rate per annum determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 
  
 Eurodollar Base Rate 

 1.00 - Eurocurrency Reserve Requirements 
  
 “Eurodollar Tranche”: the collective reference to Eurodollar Loans the then current Interest Periods with respect to all of which begin
on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). 
  
 “Event of Default”: any of the events specified in Section 8, provided that any requirement for the giving of notice, the lapse of
time, or both, has been satisfied. 
  
 “Exchange
Act”: the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

 “Existing OLP Credit Agreement”: as defined in the recitals hereto. 
  
 “Facility”: each of (a) the Tranche B Term Loan Commitments
and the Tranche B Term Loans made thereunder (the “Tranche B Term Loan Facility”), (b) the Additional Term Loan Commitments (if any) and the Additional Term Loans made thereunder (each such facility, an “Additional Term Loan
Facility”) and (c) the Revolving Credit Commitments and the extensions of credit made thereunder (the “Revolving Credit Facility”). 
  
 “Federal Funds Effective Rate”: for any day, the weighted average of the rates on overnight federal funds transactions with members of
the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the
quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 
  
 “Free Cash Flow”: for any period, the difference of (a) the aggregate amount received by the Borrower from its Subsidiaries during such
period as dividends or other distributions in respect of the Capital Stock of such Subsidiaries (other than dividends or other distributions representing, directly or indirectly, (x) the proceeds of any Disposition by any Restricted Subsidiary of
any Property or (y) the proceeds of any Indebtedness incurred by any Subsidiary) plus (b) the aggregate amount of cash received by the Borrower during such period as interest income or other income received in cash by the Borrower during such period
(which in any event shall not include any distributions from any Subsidiary or the proceeds of any Indebtedness), minus (c) the sum of (i) interest expense of the Borrower payable in cash by the Borrower during such period, (ii) the aggregate
amount of distributions made by the Borrower during such period in respect of the Capital Stock of the Borrower, (iii) the aggregate principal amount of any repayments of Indebtedness by the Borrower during such period (other than mandatory
prepayments of the Loans, pursuant to Section 2.12, with the Net Cash Proceeds of any Disposition by any Subsidiary of any Property, to the extent such mandatory prepayments are funded with distributions excluded from Free Cash Flow pursuant to
subclause (x) of clause (a) above in this definition), (iv) the aggregate amount of any Capital Expenditures by the Borrower during such period and (v) the aggregate amount of operating expenses of the Borrower during such period (net of the amount
of any reimbursement thereof from The Williams Companies, Inc. or any of its Subsidiaries or WEG Acquisitions, L.P. or any of its Subsidiaries). 
  
 “Funding Office”: the office specified from time to time by the Administrative Agent as its funding office by notice to the Borrower and
the Lenders. 
  
 “GAAP”: generally accepted
accounting principles in the United States of America as in effect from time to time. 
  
 “General Partner”: WEG GP LLC, a Delaware limited liability company and the general partner of the Borrower. 

 “Governmental Authority”: any nation or government, any state or other political
subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
  
 “Granting Lender”: as defined in Section 10.6(g). 
  
 “Guarantee and Collateral Agreement”: the Guarantee and Collateral Agreement to be executed and delivered
by the Borrower and each Restricted Subsidiary, substantially in the form of Exhibit A, as the same may be amended, supplemented or otherwise modified from time to time. 
  
 “Guarantee Obligation”: as to any Person (the “guaranteeing person”), any obligation of
(a) the guaranteeing person or (b) another Person (including any bank under any letter of credit), if to induce the creation of such obligation of such other Person the guaranteeing person has issued a reimbursement, counterindemnity or similar
obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner,
whether directly or indirectly, including any obligation of the guaranteeing 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 (1) for the purchase or payment of any such primary obligation or (2) 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,
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 owner of any such
primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any
Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount
for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or
determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith. 
  
 “Guarantor”: each Restricted Subsidiary. 
  
 “Hedge Agreements”: all interest rate or currency swaps,
caps or collar agreements, foreign exchange agreements, commodity contracts or similar arrangements entered into by the Borrower or its Restricted Subsidiaries providing for protection against fluctuations in interest rates, currency exchange rates,
commodity prices or the exchange of nominal interest obligations, either generally or under specific contingencies. 
  
 “Indebtedness”: of any Person at any date, 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 indebtedness 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 Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under acceptance, letter of credit or
similar facilities, (g) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Capital Stock of such Person, (h) all Guarantee Obligations of such Person in respect of obligations of
the kind referred to in clauses (a) through (g) above; (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured
by) any Lien on Property (including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation and (j) for the purposes of Section 8(e) only, all obligations of such
Person in respect of Hedge Agreements. 
  
 “Indemnified
Liabilities”: as defined in Section 10.5. 
  
 “Indemnitee”: as defined in Section 10.5. 
  
 “Insolvency”: with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA. 
  
 “Insolvent”: pertaining to a condition of Insolvency. 
  
 “Intellectual Property”: the collective reference to all
rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, patents, trademarks, know-how and processes, and all rights to sue at law or
in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 
  
 “Interest Payment Date”: (a) as to any Base Rate Loan, the last day of each March, June, September and December to occur while such Loan
is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or shorter, the last day of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than
three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (d) as to any Loan (other than any Revolving Credit Loan that is a Base Rate Loan),
the date of any repayment or prepayment made in respect thereof. 
  
 “Interest Period”: as to any Eurodollar Loan, (a) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six months
thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable
to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower by irrevocable notice to the Administrative Agent not less than three 

 
Business Days prior to the last day of the then current Interest Period with respect thereto; provided that, all of the foregoing provisions relating
to Interest Periods are subject to the following: 
  
 (1) if any
Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar
month in which event such Interest Period shall end on the immediately preceding Business Day; 
  
 (2) any Interest Period that would otherwise extend beyond the Revolving Credit Termination Date or beyond the date final payment is due on the Tranche B
Term Loans or the Additional Term Loans, as the case may be, shall end on the Revolving Credit Termination Date or such due date, as applicable; and 
  
 (3) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the
calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period. 
  
 “Investments”: as defined in Section 7.8. 
  
 “Issuing Lender”: Bank of America, N.A., and any other Revolving Credit Lender from time to time designated by the Borrower as an Issuing
Lender with the consent of such Revolving Credit Lender and the Administrative Agent. 
  
 “Joint Lead Arrangers”: as defined in the preamble hereto. 
  
 “L/C Commitment”: $10,000,000. 
  
 “L/C Fee Payment Date”: the last day of each March, June, September and December and the last day of the Revolving Credit Commitment
Period. 
  
 “L/C Obligations”: at any time, an
amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.5.

  
 “L/C Participants”: with respect to any
Letter of Credit, the collective reference to all the Revolving Credit Lenders other than the Issuing Lender that issued such letter of Credit. 
  
 “Legal Proceedings”: as defined in Section 4.6. 
  

“Lehman Entity”: any of Lehman Commercial Paper Inc. or any of its affiliates (including Syndicated Loan Funding Trust). 

 “Lender Addendum”: with respect to any initial Lender, a Lender Addendum, substantially
in the form of Exhibit H, to be executed and delivered by such Lender on the Closing Date as provided in Section 10.17. 
  
 “Lenders”: as defined in the preamble hereto. 
  
 “Letters of Credit”: as defined in Section 3.1(a). 
  
 “Lien”: any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory
or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital
lease having substantially the same economic effect as any of the foregoing). 
  
 “Loan”: any loan made by any Lender pursuant to this Agreement. 
  
 “Loan Documents”: this Agreement, the Security Documents, the Applications and the Notes. 
  
 “Loan Parties”: the Borrower and each Subsidiary of the
Borrower that is a party to a Loan Document. 
  
 “Majority
Facility Lenders”: with respect to any Facility, the holders of more than 50% of the aggregate unpaid principal amount of the Term Loans or the Total Revolving Extensions of Credit, as the case may be, outstanding under such Facility (or,
in the case of the Revolving Credit Facility, prior to any termination of the Revolving Credit Commitments, the holders of more than 50% of the Total Revolving Credit Commitments). 
  
 “Majority Revolving Credit Facility Lenders”: the Majority Facility Lenders in respect of the Revolving
Credit Facility. 
  
 “Material Adverse Effect”: a
material adverse effect on (a) the condition (financial or otherwise), results of operations, assets, liabilities or management of the Borrower and its Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any of
the other Loan Documents or the rights or remedies of the Agents or the Lenders hereunder or thereunder. 
  
 “Materials of Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products,
natural gas, natural gas liquids, liquefied petroleum gas, ammonia, polychlorinated biphenyls, urea-formaldehyde insulation, asbestos, pollutants, contaminants, radioactivity, and any other substances or forces of any kind, whether or not any such
substance or force is defined as hazardous or toxic under any Environmental Law, that is regulated pursuant to or could give rise to liability under any Environmental Law. 
  
 “Multiemployer Plan”: a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 “Net Cash Proceeds”: (a) in connection with any Asset Sale or any Recovery Event, the
proceeds thereof in the form of cash and Cash Equivalents (including (i) any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only
as and when received and (ii) any such proceeds distributed to the Borrower as contemplated by clause (b) of the definition of “Asset Sale”) of such Asset Sale or Recovery Event, net of attorneys’ fees, accountants’ fees,
investment banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset which is the subject of such Asset Sale or Recovery Event (other than any Lien pursuant to a
Security Document) and other customary fees and expenses actually incurred in connection therewith and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any available tax credits or deductions and
any tax sharing arrangements), and (b) in connection with any issuance or sale of equity securities, the cash proceeds received from such issuance, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts
and commissions and other customary fees and expenses actually incurred in connection therewith. 
  
 “Non-Excluded Taxes”: as defined in Section 2.20(a). 
  
 “Non-U.S. Lender”: as defined in Section 2.20(e). 
  
 “Note”: any promissory note evidencing any Loan. 

 
 “Obligations”: the unpaid principal of and interest on
(including interest accruing after the maturity of the Loans and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to
the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans, the Reimbursement Obligations and all other obligations and liabilities of the Borrower or any Restricted Subsidiary to the
Administrative Agent or to any Lender or any Qualified Counterparty, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this
Agreement, any other Loan Document, the Letters of Credit, any Specified Hedge Agreement or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees,
indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid by the Borrower pursuant hereto) or otherwise; provided, that (i) obligations of
the Borrower or any Restricted Subsidiary under any Specified Hedge Agreement shall be secured and guaranteed pursuant to the Security Documents only to the extent that, and for so long as, the other Obligations are so secured and guaranteed and
(ii) any release of Collateral or Guarantors effected in the manner permitted by this Agreement shall not require the consent of holders of obligations under Specified Hedge Agreements. 
  
 “Other Taxes”: any and all present or future stamp or documentary taxes or any other excise or property
taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document. 

 “Participant”: as defined in Section 10.6(b). 
  
 “Partnership Agreement”: the Second Amended and Restated
Agreement of Limited Partnership of the Borrower, dated as of September 30, 2002, as amended through the Closing Date. 
  
 “Payment Amount”: as defined in Section 3.5. 
  
 “Payment Office”: the office specified from time to time by the Administrative Agent as its payment office by notice to the Borrower and
the Lenders. 
  
 “PBGC”: the Pension Benefit
Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor). 
  
 “Permitted Acquisition”: the acquisition by the Borrower or any Subsidiary of all of the Capital Stock of, or substantially all of the
assets constituting a business unit of, any other Person; provided, that such person or business is engaged solely in a line of business in which the Borrower and its Subsidiaries are permitted to engage pursuant to Section 7.14. 

 
 “Permitted Investors”: the collective reference to the
Sponsors and their Control Investment Affiliates. 
  
 “Permitted Joint Venture”: any Person (other than a Subsidiary) in which the Borrower, directly or through Subsidiaries, holds equity interests representing less than 100%, of the total outstanding equity interests of such
Person; provided, that such Person is engaged solely in a line of business in which the Borrower and its Subsidiaries are permitted to engage pursuant to Section 7.14. 
  
 “Permitted Liens”: the Liens referred to in Section 7.3, provided that any reference to the Borrower
therein shall be deemed to be a reference to any Person. 
  
 “Person”: an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

  
 “Plan”: at a particular time, any employee
benefit plan that is covered by ERISA and in respect of which the Borrower or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in
Section 3(5) of ERISA. 
  
 “Prime Rate”: the
prime lending rate as set forth on the British Banking Association Telerate Page 5 (or such other comparable page as may, in the opinion of the Administrative Agent, replace such page for the purpose of displaying such rate), as in effect from time
to time. 
  
 “Pro Forma Balance Sheet”: as
defined in Section 4.1(a). 
  
 “Projections”: as
defined in Section 6.2(c). 

 “Property”: any right or interest in or to property of any kind whatsoever, whether
real, personal or mixed and whether tangible or intangible, including Capital Stock. 
  
 “Qualified Counterparty”: with respect to any Specified Hedge Agreement, any counterparty thereto that, at the time such Specified Hedge Agreement was entered into, was a Lender or an affiliate of a
Lender. 
  
 “Recovery Event”: any settlement of
or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of the Borrower or any of its Restricted Subsidiaries. 
  
 “Register”: as defined in Section 10.6(d). 
  
 “Regulation U”: Regulation U of the Board as in effect from time to time. 
  
 “Reimbursement Obligation”: the obligation of the Borrower
to reimburse each Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters of Credit issued by such Issuing Lender. 
  
 “Reinvestment Deferred Amount”: with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by the Borrower or any
of its Restricted Subsidiaries in connection therewith that are not applied to prepay the Term Loans or reduce the Revolving Credit Commitments pursuant to Section 2.12(a) as a result of the delivery of a Reinvestment Notice. 
  
 “Reinvestment Event”: any Asset Sale or Recovery Event in
respect of which the Borrower has delivered a Reinvestment Notice. 
  
 “Reinvestment Notice”: a written notice executed by a Responsible Officer stating that no Default or Event of Default has occurred and is continuing and that the Borrower (directly or indirectly through a Restricted
Subsidiary) intends and expects to use all or a specified portion of the Net Cash Proceeds of an Asset Sale or Recovery Event to acquire assets (other than inventory) useful in its business. 
  
 “Reinvestment Prepayment Amount”: with respect to any
Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to acquire assets (other than inventory) useful in the Borrower’s business. 
  
 “Reinvestment Prepayment Date”: with respect to any
Reinvestment Event, the earlier of (a) the date occurring one year after such Reinvestment Event and (b) the date on which the Borrower shall have determined not to, or shall have otherwise ceased to, acquire assets (other than inventory) useful in
the Borrower’s business with all or any portion of the relevant Reinvestment Deferred Amount. 
  
 “Related Fund”: with respect to any Lender, any fund that (a) invests in commercial loans and (b) is managed or advised by the same
investment advisor as such Lender, by such Lender or an Affiliate of such Lender. 

 “Reorganization”: with respect to any Multiemployer Plan, the condition that such plan
is in reorganization within the meaning of Section 4241 of ERISA. 
  
 “Reportable Event”: any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty day notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg.
§ 4043. 
  
 “Required Lenders”: at any time,
the holders of more than 50% of (a) until the Closing Date, the Commitments and (b) thereafter, the sum of (i) the aggregate unpaid principal amount of the Term Loans then outstanding and (ii) the Total Revolving Credit Commitments then in effect
or, if the Revolving Credit Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding. 
  
 “Required Prepayment Lenders”: the Majority Facility Lenders in respect of each Facility. 
  
 “Requirement of Law”: as to any Person, any law, treaty,
rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject. 
  
 “Responsible Officer”: the chief executive officer,
president or chief financial officer of the General Partner, but in any event, with respect to financial matters, the chief financial officer of the General Partner. 
  
 “Restricted Payments”: as defined in Section 7.6. 
  
 “Restricted Subsidiary”: each of (a) Williams GP Inc., which
is the general partner of OLP, OLP and each of the direct and indirect Subsidiaries of OLP, whether now existing or created or acquired in the future and (b) any other Subsidiary of the Borrower designated by the Borrower as a Restricted Subsidiary
pursuant to Section 10.18; provided, that prior to or simultaneously with such designation, the requirements of Section 6.9 shall be satisfied. 
  
 “Revolving Credit Commitment”: as to any Lender, the obligation of such Lender, if any, to make Revolving Credit Loans and participate in
Letters of Credit, in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Credit Commitment” opposite such Lender’s name on Schedule 1 to the Lender Addendum delivered by such
Lender, or, as the case may be, in the Assignment and Acceptance pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original aggregate amount of the Total Revolving
Credit Commitments is $85,000,000. 
  
 “Revolving Credit
Commitment Period”: the period from and including the Closing Date to the Revolving Credit Termination Date. 
  
 “Revolving Credit Facility”: as defined in the definition of “Facility” in this Section 1.1. 

 “Revolving Credit Lender”: each Lender that has a Revolving Credit Commitment or that is
the holder of Revolving Credit Loans. 
  
 “Revolving
Credit Loans”: as defined in Section 2.4. 
  
 “Revolving Credit Note”: as defined in Section 2.8(e). 
  
 “Revolving Credit Percentage”: as to any Revolving Credit Lender at any time, the percentage which such Lender’s Revolving Credit Commitment then constitutes of the Total Revolving Credit
Commitments (or, at any time after the Revolving Credit Commitments shall have expired or terminated, the percentage which the aggregate amount of such Lender’s Revolving Extensions of Credit then outstanding constitutes the amount of the Total
Revolving Extensions of Credit then outstanding). 
  
 “Revolving Credit Termination Date”: August 6, 2007. 
  
 “Revolving Extensions of Credit”: as to any Revolving Credit Lender at any time, an amount equal to the sum of (a) the aggregate principal amount of all Revolving Credit Loans made by such Lender then
outstanding and (b) such Lender’s Revolving Credit Percentage of the L/C Obligations then outstanding. 
  
 “SEC”: the Securities and Exchange Commission (or successors thereto or an analogous Governmental Authority). 
  
 “Secured Parties”: as defined in the Guarantee and
Collateral Agreement. 
  
 “Security Documents”:
the collective reference to the Guarantee and Collateral Agreement and all other security documents hereafter delivered to the Administrative Agent granting a Lien on any Property of any Person to secure the obligations and liabilities of any Loan
Party under any Loan Document. 
  
 “Services
Agreement”: the Services Agreement, dated as of June 17, 2003, by and among WEG Acquisitions, L.P. and the Borrower, as the same shall have been amended, supplemented or otherwise modified on or prior to, and is in effect on, the Closing
Date, without giving any effect to any subsequent amendment, supplement or other modification thereto or termination thereof not approved to by the Required Lenders. 
  
 “Single Employer Plan”: any Plan that is covered by Title IV of ERISA, but which is not a Multiemployer
Plan. 
  
 “Solvent”: with respect to any Person,
as of any date of determination, (a) the amount of the “present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such
date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater
than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its

 
business, and (d) such Person will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a
“claim”, and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or
unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed,
undisputed, secured or unsecured. 
  
 “SPC”: as
defined in Section 10.6(g). 
  
 “Specified Acquisition
Indebtedness”: as defined in Section 7.1. 
  
 “Specified Hedge Agreement”: any Hedge Agreement entered into by the Borrower or any Restricted Subsidiary and any Qualified Counterparty. 
  
 “Specified Permitted Lien”: with respect to any Capital Stock, any Lien that is permitted to encumber such
Capital Stock without violation of Section 7.3 of this Agreement or Section 6.3 of the Acquisition Credit Agreement. 
  
 “Sponsors”: collectively, Madison Dearborn Capital Partners IV, L.P., a Delaware limited partnership, and Carlyle/Riverstone MLP
Holdings, L.P., a Delaware limited partnership. 
  
 “Subordinated Units”: the subordinated units representing limited partner interests in the Borrower. 
  
 “Subsidiary”: as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other
ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such
corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified, all references to a
“Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. 
  
 “Syndication Agent”: as defined in the preamble hereto. 
  
 “Term Loan Facilities”: the collective reference to the Tranche B Term Loan Facility and the Additional
Term Loan Facility. 
  
 “Term Loan Lenders”: the
collective reference to the Tranche B Term Loan Lenders and the Additional Term Loan Lenders. 
  
 “Term Loans”: the collective reference to the Tranche B Term Loans and the Additional Term Loans. 
  
 “Term Note”: as defined in Section 2.8(e). 

 “Total Revolving Credit Commitments”: at any time, the aggregate amount of the Revolving
Credit Commitments then in effect. 
  
 “Total Revolving
Extensions of Credit”: at any time, the aggregate amount of the Revolving Extensions of Credit of the Revolving Credit Lenders outstanding at such time. 
  
 “Tranche B Term Loan”: as defined in Section 2.1. 
  
 “Tranche B Term Loan Commitment”: as to any Lender, the
obligation of such Lender, if any, to make a Tranche B Term Loan to the Borrower hereunder in a principal amount not to exceed the amount set forth under the heading “Tranche B Term Loan Commitment” opposite such Lender’s name on
Schedule 1 to the Lender Addendum delivered by such Lender, or, as the case may be, in the Assignment and Acceptance pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The
original aggregate amount of the Tranche B Term Loan Commitments is $90,000,000. 
  
 “Tranche B Term Loan Facility”: as defined in the definition of “Facility” in this Section 1.1. 
  
 “Tranche B Term Loan Lender”: each Lender that has a Tranche B Term Loan Commitment or is the holder of a Tranche B Term Loan.

  
 “Tranche B Term Loan Percentage”: as to any
Tranche B Term Loan Lender at any time, the percentage which such Lender’s Tranche B Term Loan Commitment then constitutes of the aggregate Tranche B Term Loan Commitments (or, at any time after the Closing Date, the percentage which the
aggregate principal amount of such Lender’s Tranche B Term Loan then outstanding constitutes of the aggregate principal amount of the Tranche B Term Loans then outstanding). 
  
 “Transferee”: as defined in Section 10.14. 
  
 “Type”: as to any Loan, its nature as a Base Rate Loan or a Eurodollar Loan. 
  
 “Unrestricted Subsidiary”: any Subsidiary other than a
Restricted Subsidiary. For the avoidance of doubt, as of the Closing Date, WPL is an Unrestricted Subsidiary. 
  
 “Unused Investment Basket Amount”: on any date of determination, an amount equal to the difference of (a) the sum of (i) $100,000,000
plus (ii) the cumulative amount of Free Cash Flow of the Borrower for the period commencing on the first day of the fiscal quarter of the Borrower in which the Closing Date occurs and ending on the last day of the fiscal quarter of the Borrower most
recently ended prior to such date of determination (it being understood that if the amount derived pursuant to this clause (a)(ii) is a negative number, such amount shall be subtracted from the amount set forth in the foregoing clause (a)(i)), plus
(iii) the aggregate amount of Net Cash Proceeds received by the Borrower during the period commencing on the Closing Date and ending on such date of determination (the “Determination Period”) from the issuance and sale of its Common Units
(as defined in the Partnership Agreement), minus (b) the aggregate amount of Investments made by the Borrower and its Restricted Subsidiaries during the Determination Period pursuant to Sections 7.8(g) and 7.8(k). 

 “WPL”: Williams Pipe Line Company, LLC, a Delaware limited liability company.

  
 “WPL Note Purchase Agreement”: the Note
Purchase Agreement, dated as of October 1, 2002, among WPL, as issuer, the Borrower, as guarantor and the purchasers parties thereto, entered into in connection with the issuance of up to $540,000,000 of Floating Rate Series A Senior Secured Notes
due October 7, 2007 and Fixed Rate Series B Senior Secured Notes due October 7, 2007, together with all instruments, security documents and other agreements entered into in connection therewith, as the same shall have been amended, supplemented or
otherwise modified on or prior to, and is in effect on, the Closing Date, without giving any effect to any subsequent amendment, supplement or other modification thereto or termination thereof not approved to by the Required Lenders. 
  
 1.2 Other Definitional Provisions. (a) Unless otherwise specified
therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 
  
 (b) As used herein and in the other Loan Documents, and any certificate or
other document made or delivered pursuant hereto or thereto, (i) accounting terms relating to the Borrower and its Subsidiaries not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the
respective meanings given to them under GAAP, (ii) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (iii) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock, securities, revenues, accounts, leasehold interests and contract
rights, and (iv) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise modified from time to
time. 
  
 (c) The words “hereof”, “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless
otherwise specified. 
  
 (d) The meanings given to terms defined
herein shall be equally applicable to both the singular and plural forms of such terms. 
  
 (e) All calculations of financial ratios set forth in Section 7.1 shall be calculated to the same number of decimal places as the relevant ratios are expressed in and shall be rounded upward if the number in the
decimal place immediately following the last calculated decimal place is five or greater. For example, if the relevant ratio is to be calculated to the hundredth decimal place and the calculation of the ratio is 5.126, the ratio will be rounded up
to 5.13. 

 SECTION 2. AMOUNT AND TERMS OF COMMITMENTS 
  
 2.1 Term Loan Commitments. (a) Subject to the terms and conditions hereof, the Tranche B Term Loan Lenders severally
agree to make term loans (each, a “Tranche B Term Loan”) to the Borrower on the Closing Date in an amount for each Tranche B Term Loan Lender not to exceed the amount of the Tranche B Term Loan Commitment of such Lender. 
  
 (b) In the event that an Additional Term Loan Supplement shall become
effective pursuant to the provisions of this Agreement, the Additional Term Loan Lenders severally agree to make term loans (each, an “Additional Term Loan”) to the Borrower on a Borrowing Date during the commitment period set forth
in the Additional Term Loan Supplement in an amount for each Additional Term Loan Lender not to exceed the amount of the Additional Term Loan Commitment of such Lender. 
  
 (c) The Term Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the Borrower and notified
to the Administrative Agent in accordance with Sections 2.2 and 2.13. 
  
 2.2 Procedure for Term Loan Borrowing. (a) To request the lending of the Tranche B Term Loans, the Borrower shall deliver to the Administrative Agent a Borrowing Notice (which Borrowing Notice must be received by the Administrative
Agent prior to 10:00 A.M., New York City time, one Business Day prior to the anticipated Closing Date) requesting that the Term Loan Lenders make the Term Loans on the Closing Date. The Term Loans made on the Closing Date shall initially be Base
Rate Loans, and no Term Loan may be converted into or continued as a Eurodollar Loan having an Interest Period in excess of one month prior to the date, which is 10 Business Days after the Closing Date. Upon receipt of such Borrowing Notice the
Administrative Agent shall promptly notify each Tranche B Term Loan Lender thereof. Not later than 12:00 Noon, New York City time, on the Closing Date each Tranche B Term Loan Lender shall make available to the Administrative Agent at the Funding
Office an amount in immediately available funds equal to the Tranche B Term Loan to be made by such Lender. The Administrative Agent shall make available to the Borrower the aggregate of the amounts made available to the Administrative Agent by the
Tranche B Term Loan Lenders, in like funds as received by the Administrative Agent. 
  
 (b) To request the lending of the Additional Term Loans, the Borrower shall deliver to the Administrative Agent a Borrowing Notice (which Borrowing Notice must be received by the Administrative Agent (i) prior to
10:00 A.M., New York City time, one Business Day prior to the anticipated Borrowing Date, if the Additional Term Loans are to be initially Base Rate Loans, or (ii) prior to 10:00 A.M., New York City time, three Business Days prior to the anticipated
Borrowing Date, if the Additional Term Loans are to be initially Eurodollar Loans) requesting that the Additional Term Loan Lenders make the Additional Term Loans on such Borrowing Date. Upon receipt of such Borrowing Notice the Administrative Agent
shall promptly notify each Additional Term Loan Lender thereof. Not later than 12:00 Noon, New York City time, on such Borrowing Date each Additional Term Loan Lender shall make available to the Administrative Agent at the Funding Office an amount
in immediately available funds equal to the Additional Term Loan to be made by such Lender. The Administrative Agent shall make available to the Borrower the aggregate of the amounts made available to the Administrative Agent by the Additional Term
Loan Lenders, in like funds as received by the Administrative Agent. 

 2.3 Repayment of Term Loans. (a) The Tranche B Term Loan of each Tranche B Term Loan Lender shall
mature in five annual installments, commencing on August 6, 2004, each of which shall be in an amount equal to such Lender’s Tranche B Term Loan Percentage multiplied by the percentage set forth below opposite such installment of the aggregate
principal amount of Tranche B Term Loans made on the Closing Date: 
  

	 Installment

	  	Percentage

	 August 6, 2004
	  	1.00
	 August 6, 2005
	  	1.00
	 August 6, 2006
	  	1.00
	 August 6, 2007
	  	1.00
	 August 6, 2008
	  	96.00

  
 (b) The Additional
Term Loan of each Additional Term Loan Lender shall mature and be payable in installments as provided in the Additional Term Loan Supplement. 
  
 2.4 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, the Revolving Credit Lenders severally agree to make revolving
credit loans (“Revolving Credit Loans”) to the Borrower from time to time during the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding for each Revolving Credit Lender which, when added to such
Lender’s Revolving Credit Percentage of the sum of the L/C Obligations then outstanding, does not exceed the amount of such Lender’s Revolving Credit Commitment. During the Revolving Credit Commitment Period the Borrower may use the
Revolving Credit Commitments by borrowing, prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Credit Loans may from time to time be Eurodollar Loans or
Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.5 and 2.13, provided that no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior to the
Revolving Credit Termination Date. 
  
 (b) The Borrower shall
repay all outstanding Revolving Credit Loans on the Revolving Credit Termination Date. 
  
 2.5 Procedure for Revolving Credit Borrowing. The Borrower may borrow under the Revolving Credit Commitments on any Business Day during the Revolving Credit Commitment Period, provided that the Borrower shall
deliver to the Administrative Agent a Borrowing Notice (which Borrowing Notice must be received by the Administrative Agent prior to 12:00 Noon, New York City time, (a) three Business Days prior to the requested Borrowing Date, in the case of
Eurodollar Loans, or (b) one Business Day prior to the requested Borrowing Date, in the case of Base Rate Loans). Each borrowing of Revolving Credit Loans under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base
Rate Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans, $1,000,000 or a whole multiple of $1,000,000
in excess thereof. Upon receipt 

 
of any such Borrowing Notice from the Borrower, the Administrative Agent shall promptly notify each Revolving Credit Lender thereof. Each Revolving Credit
Lender will make its Revolving Credit Percentage of the amount of each borrowing of Revolving Credit Loans available to the Administrative Agent for the account of the Borrower at the Funding Office prior to 12:00 Noon, New York City time, on the
Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent in like funds as received by the Administrative Agent.

  
 2.6 Additional Term Loan Commitments. Subject to the
terms and conditions hereof, the Borrower may, at any time after the Closing Date, establish one or more Additional Term Loan Facilities and, from time to time pursuant thereto, borrow Additional Term Loans in an aggregate amount not to exceed the
lesser of (a) the aggregate amount of the Additional Term Loan Commitments and (b) $100,000,000. 
  
 2.7 Procedure for Establishing Additional Term Loan Facilities. 
  
 To establish an Additional Term Loan Facility, the Borrower shall advise the Administrative Agent of (a) the aggregate
amount of the Additional Term Loan Commitments obtained by the Borrower for such Additional Term Loan Facility, (b) the identities of the entities that have agreed to make available such Additional Term Loan Commitments (which, in the case of any
such entity that is not already a Lender, shall be approved by the Administrative Agent, which approval shall not be unreasonably withheld) and (c) the terms applicable to such Additional Term Loan Commitments (which terms shall be consistent with
the provisions of this Agreement applicable to the Additional Term Loan Commitments). The Administrative Agent, the Borrower and the Additional Term Loan Lenders providing Additional Term Loan Commitments pursuant thereto shall execute and deliver
an Additional Term Loan Supplement and, at any time after the effectiveness thereof and during the commitment period set forth therein, the Borrower may deliver a Borrowing Notice in respect of the Additional Term Loans pursuant to Section 2.2(b).
Upon the satisfaction of the conditions precedent to the effectiveness of an Additional Term Loan Supplement (as set forth in Section 5.2 and in such Additional Term Loan Supplement), the entities named therein as Additional Term Loan Lenders shall
become Lenders for all purposes of this Agreement and shall have the Additional Term Loan Commitments set forth therein. For avoidance of doubt, no Lender shall be obligated to make available any Additional Term Loan Commitment, and the Borrower
shall have no obligation to request any Lender to make available any Additional Term Loan Commitment. 
  
 2.8 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of
the appropriate Revolving Credit Lender or Term Loan Lender, as the case may be, (i) the then unpaid principal amount of each Revolving Credit Loan of such Revolving Credit Lender on the Revolving Credit Termination Date (or on such earlier date on
which the Loans become due and payable pursuant to Section 8), and (ii) the principal amount of each Term Loan of such Term Loan Lender in installments according to the amortization schedule set forth in Section 2.3 (or on such earlier date on which
the Loans become due and payable pursuant to Section 8). The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Loans from time to time outstanding from the date hereof until payment in full thereof at the rates per
annum, and on the dates, set forth in Section 2.15. 

 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing
indebtedness of the Borrower to such Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 
  
 (c) The Administrative Agent, on behalf of the Borrower, shall maintain the
Register pursuant to Section 10.6(d), and a subaccount therein for each Lender, in which shall be recorded (i) the amount of each Loan made hereunder and any Note evidencing such Loan, the Type of such Loan and each Interest Period applicable
thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder from the Borrower and
each Lender’s share thereof. 
  
 (d) The entries made in the
Register and the accounts of each Lender maintained pursuant to Section 2.8(b) shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded;
provided, however, that the failure of any Lender or the Administrative Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable
interest) the Loans made to the Borrower by such Lender in accordance with the terms of this Agreement. 
  
 (e) The Borrower agrees that, upon the request to the Administrative Agent by any Lender, the Borrower will promptly execute and deliver to such Lender a
promissory note of the Borrower evidencing any Term Loans or Revolving Credit Loans, as the case may be, of such Lender, substantially in the forms of Exhibit F-1 or F-2, respectively (a “Term Note” or “Revolving Credit
Note”, respectively), with appropriate insertions as to date and principal amount; provided, that delivery of Notes shall not be a condition precedent to the occurrence of the Closing Date or the making of the Loans on the Closing
Date. 
  
 2.9 Commitment Fees, etc. (a) The Borrower agrees
to pay to the Administrative Agent for the account of each Revolving Credit Lender a commitment fee for the period from and including the Closing Date to the last day of the Revolving Credit Commitment Period, computed at the Commitment Fee Rate on
the average daily amount of the Available Revolving Credit Commitment of such Lender during the period for which payment is made, payable quarterly in arrears on the last day of each March, June, September and December and on the Revolving Credit
Termination Date, commencing on the first of such dates to occur after the date hereof. 
  
 (b) The Borrower agrees to pay to the Joint Lead Arrangers the fees in the amounts and on the dates previously agreed to in writing by the Borrower and the Joint Lead Arrangers. 

 (c) The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates from
time to time agreed to in writing by the Borrower and the Administrative Agent. 
  
 2.10 Termination or Reduction of Revolving Credit Commitments. The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving
Credit Commitments or, from time to time, to reduce the aggregate amount of the Revolving Credit Commitments; provided that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto
and to any prepayments of the Revolving Credit Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Credit Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a
whole multiple thereof, and shall reduce permanently the Revolving Credit Commitments then in effect. 
  
 2.11 Optional Prepayments. The Borrower may at any time and from time to time prepay the Loans, in whole or in part, without premium or penalty
(except as otherwise provided herein), upon irrevocable notice delivered to the Administrative Agent at least three Business Days prior thereto in the case of Eurodollar Loans and at least one Business Day prior thereto in the case of Base Rate
Loans, which notice shall specify the date and amount of such prepayment, whether such prepayment is of Term Loans or Revolving Credit Loans, and whether such prepayment is of Eurodollar Loans or Base Rate Loans; provided, that if a
Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21. Upon receipt of any such notice the Administrative Agent shall promptly
notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving Credit Loans that are Base Rate Loans)
accrued interest to such date on the amount prepaid. Partial prepayments of Term Loans and Revolving Credit Loans shall be in an aggregate principal amount of $1,000,000 or a whole multiple thereof. 
  
 2.12 Mandatory Prepayments and Commitment Reductions. (a) Unless the
Required Prepayment Lenders shall otherwise agree, if in any fiscal year the Borrower and its Restricted Subsidiaries shall receive Net Cash Proceeds aggregating more than $5,000,000 from Asset Sales and/or Recovery Events then, unless a
Reinvestment Notice shall be delivered in respect thereof, on the date of receipt by the Borrower or such Restricted Subsidiary of such Net Cash Proceeds in excess of $5,000,000, the Term Loans shall be prepaid, and/or the Revolving Credit
Commitments shall be reduced, by an amount equal to the amount of such Net Cash Proceeds in excess of $5,000,000, as set forth in Section 2.12(b); provided, that, notwithstanding the foregoing, (i) the aggregate Net Cash Proceeds of Asset
Sales that may be excluded from the foregoing requirement pursuant to a Reinvestment Notice shall not exceed $40,000,000 at any time and (ii) on each Reinvestment Prepayment Date the Term Loans shall be prepaid, and/or the Revolving Credit
Commitments shall be reduced, by an amount equal to the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event, as set forth in Section 2.12(b). The provisions of this Section do not constitute a consent to the consummation
of any Disposition not permitted by Section 7.5. 

 (b) Amounts to be applied in connection with prepayments and Commitment reductions made pursuant to this
Section shall be applied, first, to the prepayment of the Term Loans and, second, to the prepayment of any outstanding Revolving Credit Loans, which repayment shall be accompanied by an automatic permanent reduction of the Revolving
Credit Commitments in an amount equal to the amount of such prepayment; provided, that the Revolving Credit Commitments shall not be reduced pursuant to this provision to an aggregate amount that is less than 350% of pro forma
Consolidated EBITDA of the Borrower and its Subsidiaries for the period of four consecutive fiscal quarters most recently ended prior to the date of such required Commitment reduction (such pro forma Consolidated EBITDA being
calculated assuming that the Asset Sale or Recovery Event in respect of which such required Commitment reduction is being made had occurred on the first day of such period of four consecutive fiscal quarters), and provided, further,
that if an Event of Default has occurred and is continuing, amounts to be applied pursuant to this Section shall be applied pro rata to repay the Term Loans and Revolving Credit Loans, accompanied by a reduction in the Revolving Credit
Commitments in an amount equal to the prepayment of the Revolving Credit Loans. Any such reduction of the Revolving Credit Commitments shall be accompanied by prepayment of the Revolving Credit Loans to the extent, if any, that the Total Revolving
Extensions of Credit exceed the amount of the Total Revolving Credit Commitments as so reduced, provided that if the aggregate principal amount of Revolving Credit Loans then outstanding is less than the amount of such excess (because L/C
Obligations constitute a portion thereof), the Borrower shall, to the extent of the balance of such excess, replace outstanding Letters of Credit and/or deposit an amount in cash in a cash collateral account established with the Administrative Agent
for the benefit of the Secured Parties on terms and conditions satisfactory to the Administrative Agent. 
  
 2.13 Conversion and Continuation Options. (a) The Borrower may elect from time to time to convert Eurodollar Loans to Base Rate Loans by giving the
Administrative Agent at least three Business Days’ prior irrevocable notice, substantially in the form of Exhibit K, of such election, provided that any such conversion of Eurodollar Loans may be made only on the last day of an Interest
Period with respect thereto. The Borrower may elect from time to time to convert Base Rate Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall
specify the length of the initial Interest Period therefor), provided that no Base Rate Loan under a particular Facility may be converted into a Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the
Administrative Agent has, or the Majority Facility Lenders in respect of such Facility have, determined in its or their sole discretion not to permit such conversions or (ii) after the date that is one month prior to the final scheduled termination
or maturity date of such Facility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 
  
 (b) The Borrower may elect to continue any Eurodollar Loan as such upon the expiration of the then current Interest Period with respect thereto by giving
irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided
that no Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has, or the Majority Facility Lenders in respect of such Facility have, determined
in its or their sole 

 
discretion not to permit such continuations or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such
Facility, and provided, further, that if the Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso, such Loans shall be converted
automatically to Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 
  
 2.14 Minimum Amounts and Maximum Number of Eurodollar Tranches.
Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions, continuations and optional prepayments of Eurodollar Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such
elections so that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to $1,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) no more than ten
Eurodollar Tranches shall be outstanding at any one time. 
  
 2.15
Interest Rates and Payment Dates. (a) Each Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin
in effect for such day. 
  
 (b) Each Base Rate Loan shall bear
interest for each day on which it is outstanding at a rate per annum equal to the Base Rate in effect for such day plus the Applicable Margin in effect for such day. 
  
 (c) (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due
(whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) (to the extent legally permitted) shall bear interest at a rate per annum that is equal to (x) in the case
of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to Base Rate Loans under the Revolving Credit
Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or
otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to Base Rate Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility,
the rate then applicable to Base Rate Loans under the Revolving Credit Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (after as well as before
judgment). 
  
 (d) Interest shall be payable in arrears on each
Interest Payment Date, provided that interest accruing pursuant to paragraph (c) of this Section shall be payable from time to time on demand. 
  
 2.16 Computation of Interest and Fees. (a) Interest, fees and commissions payable pursuant hereto shall be calculated on the basis of a 360-day
year for the actual days elapsed, except that, with respect to Base Rate Loans on which interest is calculated on the basis 

 
of the Prime Rate, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The
Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the Base Rate or the Eurocurrency Reserve
Requirements shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the effective date and the
amount of each such change in interest rate. 
  
 (b) Each
determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the
request of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.15. 
  
 2.17 Inability to Determine Interest Rate. If prior to the first day of any Interest Period: 
  
 (a) the Administrative Agent shall have determined (which determination
shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or 
  
 (b) the Administrative Agent shall have received notice from the Majority
Facility Lenders in respect of the relevant Facility that the Eurodollar Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of
making or maintaining their affected Loans during such Interest Period, 
  
 the
Administrative Agent shall give telecopy or telephonic notice thereof to the Borrower and the relevant Lenders as soon as practicable thereafter. If such notice is given (x) any Eurodollar Loans under the relevant Facility requested to be made on
the first day of such Interest Period shall be made as Base Rate Loans, (y) any Loans under the relevant Facility that were to have been converted on the first day of such Interest Period to Eurodollar Loans shall be continued as Base Rate Loans and
(z) any outstanding Eurodollar Loans under the relevant Facility shall be converted, on the last day of the then current Interest Period with respect thereto, to Base Rate Loans. Until such notice has been withdrawn by the Administrative Agent, no
further Eurodollar Loans under the relevant Facility shall be made or continued as such, nor shall the Borrower have the right to convert Loans under the relevant Facility to Eurodollar Loans. 
  
 2.18 Pro Rata Treatment and Payments. (a) Each borrowing by the
Borrower from the Lenders hereunder, each payment by the Borrower on account of any commitment fee or Letter of Credit fee, and any reduction of the Commitments of the Lenders, shall be made pro rata according to the respective Tranche
B Term Loan Percentages, Additional Term Loan Percentages or Revolving Credit Percentages, as the case may be, of the relevant Lenders. Each payment (other than prepayments) in respect of principal or interest in respect of the Loans and each
payment in respect of fees payable hereunder shall be applied to the amounts of such obligations owing to the Lenders pro rata according to the respective amounts then due and owing to the Lenders. 

 (b) Each mandatory prepayment required by Section 2.12 to be applied to Term Loans shall be allocated
between the Term Loan Facilities pro rata according to the respective outstanding principal amounts of Term Loans under such Facilities. Each optional prepayment in respect of the Term Loans shall be allocated among the Term Loan
Facilities in accordance with the Borrower’s instructions. Each payment (including each prepayment) of the Term Loans outstanding under any Term Loan Facility shall be allocated among the Term Loan Lenders holding such Term Loans pro
rata based on the principal amount of such Term Loans held by such Term Loan Lenders, and shall be applied to the installments of such Term Loans pro rata based on the remaining outstanding principal amount of such installments.
Amounts prepaid on account of the Term Loans may not be reborrowed. 
  
 (c) Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Revolving Credit Loans shall be made pro rata according to the respective outstanding principal amounts of the
Revolving Credit Loans then held by the Revolving Credit Lenders. Each payment in respect of Reimbursement Obligations in respect of any Letter of Credit shall be made to the Issuing Lender that issued such Letter of Credit. 
  
 (d) The application of any payment of Loans under any Facility (including
optional and mandatory prepayments) shall be made, first, to Base Rate Loans under such Facility and, second, to Eurodollar Loans under such Facility. Each payment of the Loans (except in the case of Revolving Credit Loans that are
Base Rate Loans) shall be accompanied by accrued interest to the date of such payment on the amount paid. 
  
 (e) All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made
without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the Administrative Agent, for the account of the relevant Lenders, at the Payment Office, in Dollars and in immediately available
funds. Any payment made by the Borrower after 12:00 Noon, New York City time, on any Business Day shall, in the discretion of the Administrative Agent, is deemed to have been on the next following Business Day. The Administrative Agent shall
distribute such payments to the Lenders promptly upon receipt in like funds as received. If any payment hereunder (other than payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be
extended to the next succeeding Business Day. If any payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such
extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two
sentences, interest thereon shall be payable at the then applicable rate during such extension. 
  
 (f) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that
would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may 

 
assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make
available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with
interest thereon at a rate equal to the daily average Federal Funds Effective Rate for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any
Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest error. In the case of borrowings of Revolving Credit Loans or Additional Term Loans, if any Lender’s share of such borrowing is not
made available to the Administrative Agent by such Lender within three Business Days after such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to Base
Rate Loans under the relevant Facility, on demand, from the Borrower. 
  
 (g) Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment due to be made by the Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the
Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares
of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrower within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount
which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative
Agent or any Lender against the Borrower. 
  
 2.19 Requirements
of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or
other Governmental Authority made subsequent to the date hereof: 
  

	 	(i)	shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any Application or any Eurodollar Loan made by it, or change the
basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by Section 2.20 and changes in the rate of tax on the overall net income of such Lender); 

  

	 	(ii)	shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the
account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is not otherwise included in the determination of the Eurodollar Rate hereunder; or 

  

	 	(iii)	shall impose on such Lender any other condition; 

 and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be
material, of making, converting into, continuing or maintaining Eurodollar Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly
pay such Lender, upon its demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable. If any Lender becomes entitled to claim any additional amounts pursuant to this Section, it shall
promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. 
  
 (b) If any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation
or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the
date hereof shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder or under or in respect of any Letter of Credit to a level below that which such
Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by such Lender to be
material, then from time to time, after submission by such Lender to the Borrower (with a copy to the Administrative Agent) of a written request therefor, the Borrower shall pay to such Lender such additional amount or amounts as will compensate
such Lender or such corporation for such reduction 
  
 (c) A
certificate as to any additional amounts payable pursuant to this Section submitted by any Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The obligations of the Borrower
pursuant to this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
  
 2.20 Taxes. (a) All payments made by the Borrower under this Agreement shall be made free and clear of, and without deduction or withholding for or
on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding net
income taxes and franchise taxes (imposed in lieu of net income taxes) imposed on any Agent or any Lender as a result of a present or former connection between such Agent or such Lender and the jurisdiction of the Governmental Authority imposing
such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from such Agent’s or such Lender’s having executed, delivered or performed its obligations or received a payment
under, or enforced, this Agreement or any other Loan Document). If any such non-excluded taxes, levies, imposts, duties, charges, fees, deductions or withholdings (“Non-Excluded Taxes”) or any Other Taxes are required to be withheld
from any amounts payable to any Agent or any Lender hereunder, the amounts so payable to such Agent or such Lender shall be increased to the extent necessary to yield to such Agent or such Lender (after payment of all Non-Excluded Taxes and Other
Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this Agreement; provided, however, that the Borrower shall not be required to increase any such amounts payable to any Lender with
respect to any Non-Excluded Taxes (i) that are attributable 

 
to such Lender’s failure to comply with the requirements of paragraph (e) of this Section or (ii) that are United States withholding taxes imposed on
amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Borrower with
respect to such Non-Excluded Taxes pursuant to this paragraph (a). 
  
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
  
 (c) Whenever any Non-Excluded Taxes or Other Taxes are payable by the Borrower, as promptly as possible thereafter the Borrower shall send to the
Administrative Agent for the account of the relevant Agent or Lender, as the case may be, a certified copy of an original official receipt received by the Borrower showing payment thereof to the extent such a receipt is issued therefor, or other
written proof of payment thereof that is reasonably satisfactory to the relevant Agent or Lender. If the Borrower fails to pay any Non-Excluded Taxes or Other Taxes when due to the appropriate taxing authority or fails to remit to the Administrative
Agent the required receipts or other required documentary evidence, the Borrower shall indemnify the Agents and the Lenders for any incremental taxes, interest or penalties that may become payable by any Agent or any Lender as a result of any such
failure. 
  
 (d) If any Agent or any Lender determines, in its
sole discretion, that it has received a refund of any Non-Excluded Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.20, it shall pay
over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.20 with respect to the Non-Excluded Taxes or Other Taxes giving rise to such refund), net of all
out-of-pocket expenses of such Agent or such Lender; provided, that the Borrower, upon the request of such Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) to the Agent or such Lender in the event such Agent or such Lender is required to repay such refund to such Governmental Authority. This paragraph shall not be construed to require any Agent or any Lender to make
available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person. 
  
 (e) Each Lender (or Transferee) that is not a citizen or resident of the United States of America, a corporation, partnership or other entity created or
organized in or under the laws of the United States of America (or any jurisdiction thereof), or any estate or trust that is subject to federal income taxation regardless of the source of its income (a “Non-U.S. Lender”) shall
deliver to the Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation shall have been purchased) two copies of either U.S. Internal Revenue Service Form W-8BEN or Form W-8ECI, or,
in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest” a statement substantially in the form of Exhibit G and a Form
W-8BEN, or any subsequent versions thereof or successors thereto properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or a reduced rate of, U.S. federal withholding tax on all payments by the Borrower under
this Agreement and the other Loan Documents. Such forms shall be delivered by each Non-U.S. 

 
Lender on or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the
related participation). In addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Non-U.S. Lender. Each Non-U.S. Lender shall promptly notify the Borrower at any
time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provision
of this paragraph, a Non-U.S. Lender shall not be required to deliver any form pursuant to this paragraph that such Non-U.S. Lender is not legally able to deliver. 
  
 (f) The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all
other amounts payable hereunder. 
  
 2.21 Indemnity. The
Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation
of Eurodollar Loans after the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment of Eurodollar Loans after the Borrower has given a notice thereof
in accordance with the provisions of this Agreement or (c) the making of a prepayment or conversion of Eurodollar Loans on a day that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to
the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the
last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for
herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for
a comparable period with leading banks in the interbank Eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant
shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
  
 2.22 Illegality. Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or
application thereof shall make it unlawful for any Lender to make or maintain Eurodollar Loans as contemplated by this Agreement, (a) the commitment of such Lender hereunder to make Eurodollar Loans, continue Eurodollar Loans as such and convert
Base Rate Loans to Eurodollar Loans shall forthwith be suspended until such time as it is no longer unlawful to make or maintain Eurodollar Loans and (b) such Lender’s Loans then outstanding as Eurodollar Loans, if any, shall be converted
automatically to Base Rate Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law. If any such conversion of a Eurodollar Loan occurs on a day which is not
the last day of the then current Interest Period with respect thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 2.21. 

 2.23 Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving
rise to the operation of Section 2.19, 2.20(a) or 2.22 with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any
Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no
economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of any Borrower or the rights of any Lender pursuant to Section 2.19, 2.20(a) or 2.22.

  
 2.24 Replacement of Lenders under Certain
Circumstances. The Borrower shall be permitted to replace any Lender that (a) requests reimbursement for amounts owing pursuant to Section 2.19 or 2.20 or gives a notice of illegality pursuant to Section 2.22 or (b) defaults in its obligation to
make Loans hereunder, with a replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement,
(iii) prior to any such replacement, such Lender shall have taken no action under Section 2.23 so as to eliminate the continued need for payment of amounts owing pursuant to Section 2.19 or 2.20 or to eliminate the illegality referred to in such
notice of illegality given pursuant to Section 2.22, (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (v) the Borrower shall be
liable to such replaced Lender under Section 2.21 (as though Section 2.21 were applicable) if any Eurodollar Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (vi) the
replacement financial institution, if not already a Lender, shall be reasonably satisfactory to the Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6
(provided that the Borrower shall be obligated to pay the registration and processing fee referred to therein), (viii) the Borrower shall pay all additional amounts (if any) required pursuant to Section 2.19 or 2.20, as the case may be, in respect
of any period prior to the date on which such replacement shall be consummated, and (ix) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the
replaced Lender. 
  
 SECTION 3. LETTERS OF CREDIT 
  
 3.1 L/C Commitment. (a) Subject to the terms and conditions hereof,
each Issuing Lender, in reliance on the agreements of the other Revolving Credit Lenders set forth in Section 3.4(a), agrees to issue letters of credit ( “Letters of Credit”) for the account of the Borrower (but for use by the
Borrower or any Subsidiary) on any Business Day during the Revolving Credit Commitment Period in such form as may be approved from time to time by such Issuing Lender; provided, that no Issuing Lender shall have any obligation to issue any
Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the aggregate amount of the Available Revolving Credit Commitments would be less than zero. Each Letter of Credit shall (i) be
denominated in Dollars and (ii) expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date which is five Business Days prior to the Revolving Credit Termination Date; provided that any Letter of
Credit may provide for the renewal thereof for additional one-year or shorter periods (which shall in no event extend beyond the date referred to in clause (y) above). 

 (b) No Issuing Lender shall at any time be obligated to issue any Letter of Credit hereunder if such
issuance would conflict with, or cause such Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law or reasonable policy of the Issuing Lender. 
  
 3.2 Procedure for Issuance of Letter of Credit. The Borrower may from
time to time request that an Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender, with a copy to the Administrative Agent, at its address for notices specified herein an Application therefor, completed to the satisfaction of
such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender may request. Upon receipt of any Application, an Issuing Lender will process such Application and the certificates, documents and
other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall within two Business Days issue the Letter of Credit requested thereby by issuing the original of such Letter of Credit to the
beneficiary thereof or as otherwise may be agreed to by such Issuing Lender and the Borrower (but in no event shall any Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application
therefor and all such other certificates, documents and other papers and information relating thereto). Promptly after issuance by an Issuing Lender of a Letter of Credit, such Issuing Lender shall furnish a copy of such Letter of Credit to the
Borrower, with a copy to the Administrative Agent. Each Issuing Lender shall promptly give notice to the Administrative Agent of the issuance of each Letter of Credit issued by such Issuing Lender (including the amount thereof). 
  
 3.3 Fees and Other Charges. (a) The Borrower will pay a fee on the
aggregate drawable amount of all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Credit Facility, shared ratably among the Revolving Credit Lenders
in accordance with their respective Revolving Credit Percentages and payable quarterly in arrears on each L/C Fee Payment Date after the issuance date. In addition, the Borrower shall pay to the relevant Issuing Lender for its own account a fronting
fee on the aggregate stated amount of all outstanding Letters of Credit issued by it of .15% per annum, payable quarterly in arrears on each L/C Fee Payment Date after the issuance date. 
  
 (b) In addition to the foregoing fees, the Borrower shall pay or reimburse each Issuing Lender for such normal and customary
costs and expenses as are incurred or charged by such Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 
  
 3.4 L/C Participations. (a) Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C
Participant, and, to induce each Issuing Lender to issue Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from each Issuing Lender, on the terms and conditions hereinafter
stated, for such L/C Participant’s own account and risk, an undivided interest equal to such L/C Participant’s Revolving Credit Percentage in each Issuing Lender’s obligations and rights under 

 
each Letter of Credit issued by such Issuing Lender hereunder and the amount of each draft paid by such Issuing Lender thereunder. Each L/C Participant
unconditionally and irrevocably agrees with each Issuing Lender that, if a draft is paid under any Letter of Credit issued by such Issuing Lender for which such Issuing Lender is not reimbursed in full by the Borrower in accordance with the terms of
this Agreement, such L/C Participant shall pay to such Issuing Lender upon demand at such Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Revolving Credit Percentage of the amount of such
draft, or any part thereof, that is not so reimbursed. 
  
 (b) If
any amount required to be paid by any L/C Participant to an Issuing Lender pursuant to Section 3.4(a) in respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter of Credit is paid to such Issuing Lender within
three Business Days after the date such payment is due, such L/C Participant shall pay to such Issuing Lender on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period
from and including the date such payment is required to the date on which such payment is immediately available to such Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the
denominator of which is 360. If any such amount required to be paid by any L/C Participant pursuant to Section 3.4(a) is not made available to such Issuing Lender by such L/C Participant within three Business Days after the date such payment is due,
such Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to Base Rate Loans under the Revolving Credit Facility. A
certificate of such Issuing Lender submitted to any L/C Participant with respect to any such amounts owing under this Section shall be conclusive in the absence of manifest error. 
  
 (c) Whenever, at any time after an Issuing Lender has made payment under any Letter of Credit and has received from any L/C
Participant its pro rata share of such payment in accordance with Section 3.4(a), such Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or otherwise, including proceeds of
collateral applied thereto by such Issuing Lender), or any payment of interest on account thereof, such Issuing Lender will distribute to such L/C Participant its pro rata share thereof; provided, however, that in the
event that any such payment received by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant shall return to such Issuing Lender the portion thereof previously distributed by such Issuing Lender to it.

  
 3.5 Reimbursement Obligation of the Borrower. The
Borrower agrees to reimburse each Issuing Lender, on each date on which such Issuing Lender notifies the Borrower of the date and amount of a draft presented under any Letter of Credit and paid by such Issuing Lender, for the amount of (a) such
draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the
“Payment Amount”). Each such payment shall be made to such Issuing Lender at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on
each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.15(b) and (ii) thereafter, Section 2.15(c). 

 
Each drawing under any Letter of Credit shall (unless an event of the type described in clause (i) or (ii) of Section 8(f) shall have occurred and be
continuing with respect to the Borrower, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a request by the Borrower to the Administrative Agent for a borrowing pursuant to Section 2.5 of
Base Rate Loans in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Credit Loans could be made, pursuant to Section 2.5, if the Administrative Agent had received
a notice of such borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender of such drawing under such Letter of Credit. 
  
 3.6 Obligations Absolute. The Borrower’s obligations under this Section 3 shall be absolute, unconditional and irrevocable, and shall be paid
strictly in accordance with the terms of this Agreement under all circumstances, including the following: 
  
 (a) any lack of validity or enforceability of any Letter of Credit, this Agreement, or any other agreement or instrument relating thereto; 
  
 (b) the existence of any claim, counterclaim, set-off, defense or other right
that the Borrower may have at any time against any beneficiary or any transferee of any Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), any Issuing Lender or any other Person, whether in
connection with this Agreement, the transactions contemplated hereby or by any Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 
  
 (c) any draft, demand, certificate or other document presented under any Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit;

  
 (d) any payment by any Issuing Lender under any Letter of
Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by any Issuing Lender under any Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under
any law; or 
  
 (e) any other circumstance or happening
whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower. 
  
 Each Lender and Borrower also agree with each Issuing Lender that such Issuing Lender shall not be responsible for any of
the circumstances listed above. The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions or other
irregularity, the Borrower will immediately notify the appropriate Issuing Lender. The Borrower 

 
shall be conclusively deemed to have waived any such claim against the Issuing Lender and its correspondents unless such notice is given as aforesaid. Each
Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, no Issuing Lender shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of
Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. In furtherance and not in limitation of the foregoing, each Issuing Lender may accept
documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no Issuing Lender shall be responsible for the validity or sufficiency of any
instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. No Issuing Lender
shall be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Issuing Lender. In no case shall any Issuing Lender be liable for any consequential or exemplary damages. The
Borrower and each Lender agree that any action taken or omitted by an Issuing Lender under or in connection with any Letter of Credit issued by it or the related drafts or documents, if done in the absence of gross negligence or willful misconduct
and in accordance with the standards of care specified in the Uniform Commercial Code of the State of New York, shall be binding on the Borrower and the Lenders and shall not result in any liability of such Issuing Lender to the Borrower or any
Lender. 
  
 3.7 Letter of Credit Payments. If any draft
shall be presented for payment under any Letter of Credit, the relevant Issuing Lender shall promptly notify the Borrower of the date and amount thereof. The responsibility of the relevant Issuing Lender to the Borrower in connection with any draft
presented for payment under any Letter of Credit, in addition to any payment obligation expressly provided for in such Letter of Credit issued by such Issuing Lender, shall be limited to determining that the documents (including each draft)
delivered under such Letter of Credit in connection with such presentment appear on their face to be in conformity with such Letter of Credit. 
  
 3.8 Applications. To the extent that any provision of any Application related to any Letter of Credit is inconsistent with this Agreement or
purports to add additional Events of Default not found in this Agreement, the provisions of this Agreement shall apply. 
  
 SECTION 4. REPRESENTATIONS AND WARRANTIES 
  
 To induce the Agents and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters of Credit, the Borrower
hereby represents and warrants to each Agent and each Lender that: 
  
 4.1 Financial Condition. (a) The unaudited pro forma consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at March 31, 2003 (including the notes thereto) (the “Pro Forma Balance
Sheet”), copies of which have heretofore been furnished to each Lender, has been prepared giving effect (as if such events had occurred on such date) to (i) 

 
the Loans to be made on the Closing Date and the use of proceeds thereof and (ii) the payment of fees and expenses in connection with the foregoing. The Pro
Forma Balance Sheet has been prepared based on the best information available to the Borrower as of the date of delivery thereof, and presents fairly in all material respects on a pro forma basis the estimated financial position of
Borrower and its consolidated Subsidiaries as at March 31, 2003, assuming that the events specified in the preceding sentence had actually occurred at such date. 
  
 (b) The audited consolidated balance sheets of the Borrower as at December 31, 2001 and December 31, 2002, and the related
consolidated statements of income and of cash flows for the fiscal years ended on such dates, reported on by and accompanied by an unqualified report from Ernst & Young LLP, present fairly in all material respects the consolidated financial
condition of the Borrower as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years then ended. The unaudited consolidated balance sheet of the Borrower as at March 31, 2003, and
the related unaudited consolidated statements of income and cash flows for the three-month period ended on such date, present fairly in all material respects the consolidated financial condition of the Borrower as at such date, and the consolidated
results of its operations and its consolidated cash flows for the three-month period then ended (subject to normal year-end audit adjustments). All such financial statements, including the related schedules and notes thereto, have been prepared in
accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein). Except as set forth on Schedule 4.1(b), the Borrower and its Subsidiaries do not have any
Guarantee Obligations, contingent liabilities and liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including any interest rate or foreign currency swap or exchange transaction or other obligation in respect
of derivatives, that are material and are not reflected in the most recent financial statements (or the notes attached thereto) referred to in this paragraph. During the period from December 31, 2002 to and including the date hereof there has been
no Disposition by the Borrower of any material part of its business or Property. 
  
 4.2 No Change. Since December 31, 2002, there has not been any event or condition that has had, or is reasonably expected to have, a Material Adverse Effect. 
  
 4.3 Existence; Compliance with Law. Each of the Borrower and its
Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has all requisite power and authority, and the legal right, and all governmental licenses, authorizations, permits,
consents and approvals, to own and operate its Property, to lease the Property it operates as lessee and to conduct its business as now conducted, except where the failure to have such licenses, authorizations, permits, consents and approvals would
not have a Material Adverse Effect, (c) is duly qualified to do business as a foreign organization and is in good standing under the laws of each jurisdiction where the character of the Property owned, leased or operated by it or the nature of the
business conducted by it makes such qualification necessary and (d) is in compliance with all Requirements of Law and its organizational or other governing documents except, in the case of clauses (c) and (d) above, to the extent that the failure to
comply therewith would not, in the aggregate, reasonably be expected to have a Material Adverse Effect, provided that this Section 4.3 does not address any of the matters otherwise addressed in Sections 4.8, 4.9, 4.10, 4.13 or 4.17.

 4.4 Power; Authorization; Enforceable Obligations. Each Loan Party has the has the power and
authority, and the legal right, to enter into the Loan Documents to which it is a party, to carry out its obligations hereunder and thereunder and, in the case of the Borrower, to borrow hereunder. Each Loan Party has taken all necessary limited
partnership or other requisite action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the borrowings on the terms and conditions of this Agreement. No
material consent, approval or authorization of, filing, registration or qualification with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the borrowings hereunder or the
execution, delivery, performance, validity or enforceability of this Agreement or any of the other Loan Documents, except (i) as disclosed in Schedule 4.4, which consents, approvals, authorizations, filings, registrations, qualifications and notices
have been obtained or made and are in full force and effect and (ii) the filings referred to in the Guarantee and Collateral Agreement. Each Loan Document has been duly executed and delivered on behalf of each Loan Party that is a party thereto.
This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party that is a party thereto, enforceable against each such Loan Party in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law). 
  
 4.5 No Legal Bar. The
execution, delivery and performance of this Agreement and the other Loan Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof does not and will not (i) violate or conflict with any Requirement of
Law or any organizational or other governing document of the Borrower or any of its Subsidiaries, (ii) violate, result in a breach of, constitute (with due notice or lapse of time or both) a default or cause any obligation, penalty or premium to
arise or accrue under, any Contractual Obligation of the Borrower or any of its Subsidiaries which, in the case of any Subsidiaries, could, in the aggregate, reasonably be expected to have a Material Adverse Effect, or (iii) result in, or require
the creation or imposition of any Lien upon, any Property of the Borrower or any of its Subsidiaries pursuant to any such Requirement of Law, any such organizational or other governing document, or any such Contractual Obligation (other than the
Liens created by the Security Documents). No Requirement of Law, organizational or other governing document or Contractual Obligation applicable to the Borrower or any of its Subsidiaries could reasonably be expected to have a Material Adverse
Effect. 
  
 4.6 No Material Litigation. There are no
judicial, administrative or arbitral actions, suits, proceedings (public or private), investigations or governmental proceedings (“Legal Proceedings”) of or before any arbitrator or Governmental Authority pending or, to the
knowledge of the Borrower, threatened by or against or involving the Borrower or any of its Subsidiaries or against any of their respective Property that, individually or in the aggregate, are reasonably likely to have a Material Adverse Effect.
There is no order, judgment, injunction or decree of any Governmental Authority outstanding against the Borrower or any of its Subsidiaries that, individually or in the aggregate, is reasonably likely to have a Material Adverse Effect 

 4.7 No Default. Neither the Borrower nor any of its Subsidiaries is in default under or with
respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 
  
 4.8 Ownership of Property; Liens. Each of the Borrower and its
Subsidiaries owns valid and defensible title to, or holds a valid leasehold interest in, or a right-of-way or easement through, all real property used or necessary for the conduct of the business of the Borrower and its Subsidiaries as it is
presently conducted, except to the extent that the failure to own valid and defensible title to, or to hold a valid leasehold interest in, or right of way or easement through, all such real property could not reasonably be expected to have a
Material Adverse Effect. Each of the Borrower and its Subsidiaries has good and valid title to, or a valid leasehold interest in, all of its other Property (excluding Intellectual Property), and all of its Property (excluding Intellectual Property)
is owned or leased free and clear of all Liens, except Permitted Liens and Liens permitted by Section 9.3 of the WPL Note Purchase Agreement. Notwithstanding the foregoing, with respect to rights-of-way and easements, the Borrower represents only
that each of the Borrower and its Subsidiaries has sufficient title thereto to enable it to conduct its business as presently conducted. 
  
 4.9 Intellectual Property. Except as would not be likely to have a Material Adverse Effect, the Borrower and its Subsidiaries own all rights,
titles and interests in and to, or have a valid and enforceable license or other right of use to use lawfully, all Intellectual Property used by each of the Borrower and its Subsidiaries in connection with its business, free and clear of all Liens,
except Permitted Liens and Liens permitted by Section 9.3 of the WPL Note Purchase Agreement. To the knowledge of the Borrower, neither the Borrower nor any of its Subsidiaries is infringing or otherwise violating the Intellectual Property of any
Person. To the knowledge of the Borrower, no person has infringed or otherwise violated the Intellectual Property of the Borrower or any of its Subsidiaries. The consummation of the transactions contemplated by the Loan Documents will not alter,
impair or extinguish any Intellectual Property of the Borrower or any of its Subsidiaries. To the knowledge of the Borrower, there are no agreements, judicial orders or settlement agreements which limit or restrict the Borrower’s or any of its
Subsidiaries’ rights to use any Intellectual Property currently used in the business of the Borrower and its Subsidiaries, and no material claim has been asserted and is pending by any Person challenging or questioning the use of any
Intellectual Property or the validity or effectiveness of any Intellectual Property. 
  
 4.10 Taxes. Each of the Borrower and its Subsidiaries has filed or caused to be filed all Federal, state and other material tax returns that are required to be filed, other than those tax returns the failure of
which to file would not have a Material Adverse Effect, and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its Property and all other material taxes, fees or other charges imposed on it
or any of its Property by any Governmental Authority (other than any the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided
on the books of the Borrower or its Subsidiaries, as the case may be); and no tax Lien has been filed, except for Liens for current taxes not yet due and payable or for taxes the amount or validity of which are currently being contested in good
faith by appropriate proceedings, and, to the knowledge of the Borrower, no claim is being asserted, with respect to any such material tax, fee or other charge. 

 4.11 Federal Regulations. No part of the proceeds of any Loans will be used for
“purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U in violation of Regulation U as now and from time to time hereafter in effect or for any
purpose that violates the provisions of the Regulations of the Board. If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity
with the requirements of FR Form G-3 or FR Form U-1 referred to in Regulation U. 
  
 4.12 Labor Matters. There are no strikes or other labor disputes against the Borrower or any of its Subsidiaries pending or, to the knowledge of the Borrower, threatened that (individually or in the aggregate)
could reasonably be expected to have a Material Adverse Effect. Hours worked by and payment made to employees of the Borrower and its Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law
dealing with such matters that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. All payments due from the Borrower or any of its Subsidiaries on account of employee health and welfare insurance that
(individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect if not paid have been paid or accrued as a liability on the books of the Borrower or the relevant Subsidiary. 
  
 4.13 ERISA. Neither a Reportable Event nor an “accumulated
funding deficiency” (within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Single Employer Plan,
and each Plan has complied in all respects with the applicable provisions of ERISA and the Code, but excluding any such failure that could not reasonably be expected to have a Material Adverse Effect. No termination of a Single Employer Plan has
occurred, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period. The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last
annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits by an amount that would reasonably be expected to result in a Material
Adverse Effect. Neither the Borrower nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan that has resulted or could reasonably be expected to result in a material liability under ERISA, and neither
the Borrower nor any Commonly Controlled Entity would become subject to any material liability under ERISA if the Borrower or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most
closely preceding the date on which this representation is made or deemed made. No such Multiemployer Plan is in Reorganization or Insolvent. 
  
 4.14 Investment Company Act; Other Regulations. No Loan Party is an “investment company”, or a company “controlled” by an
“investment company”, within the meaning of the Investment Company Act of 1940, as amended. No Loan Party is subject to regulation under any Requirement of Law (other than Regulation X of the Board), which limits its ability to incur
Indebtedness. 

 4.15 Subsidiaries. (a) The Subsidiaries listed on Schedule 4.15 constitute all the Subsidiaries of
the Borrower at the date hereof. Schedule 4.15 sets forth as of the Closing Date the name and jurisdiction of organization of each Subsidiary and, as to each Subsidiary, the percentage of each class of Capital Stock owned by each Loan Party.

  
 (b) There are no outstanding subscriptions, options, warrants,
calls, rights or other agreements or commitments (other than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of the Borrower or any Subsidiary, except as disclosed on
Schedule 4.15. 
  
 4.16 Use of Proceeds. The proceeds of
the Tranche B Term Loans shall be used to refinance and replace the Existing OLP Credit Agreement, to pay fees and expenses related thereto and for the general corporate purposes of the Borrower. The proceeds of the Additional Term Loans shall be
used for the general corporate purposes of the Borrower, including investments in Unrestricted Subsidiaries and Permitted Acquisitions. The proceeds of the Revolving Credit Loans, and the Letters of Credit, shall be used for the Borrower’s
general corporate purposes, including investments in Unrestricted Subsidiaries and Permitted Acquisitions; provided, that proceeds of Revolving Credit Loans and Letters of Credit will not be used, directly or indirectly, to partially repay
any Specified Acquisition Indebtedness of any Unrestricted Subsidiary. 
  
 4.17 Environmental Matters. Other than exceptions to any of the following that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect (after taking into account any insurance or
indemnification available to pay any liability, loss, cost or expense arising with respect to such exception): 
  
 (a) (i) The Borrower and its Subsidiaries, their respective operations, activities and Property are, and within the period of all applicable statutes of
limitation have been, in compliance with all applicable Environmental Laws; (ii) the Borrower and its Subsidiaries have obtained, currently maintain and are, and within the period of all applicable statutes of limitation have been, in compliance
with all Environmental Permits for any of their operations, activities or for any Property owned, leased or otherwise operated by any of them; and (iii) each of the Borrower and its Subsidiaries reasonably believes that each of their Environmental
Permits will be timely renewed. No appeal nor any other Legal Proceeding is pending to revoke any such Environmental Permit, nor, to the knowledge of the Borrower, threatened, and to the knowledge of the Borrower, no facts or circumstances exist
that if unabated would reasonably be expected to result in any Environmental Permit being revoked, rescinded or withdrawn, or not being renewed or reissued on substantially the same terms. 
  
 (b) There are no Materials of Environmental Concern present in, at, on,
under, beneath or in any Property now or formerly owned, leased or operated by the Borrower or any of its Subsidiaries, or at any other location (including any location to which Materials of Environmental Concern have been sent for re-use or
recycling or for treatment, storage, or disposal) in amounts or concentrations that could reasonably be expected to (i) result in liability to the Borrower or any of its Subsidiaries under any applicable Environmental Law or costs to the Borrower or
any of its Subsidiaries, or (ii) interfere with the Borrower’s or any of its Subsidiaries’ continued operations, or (iii) impair the fair saleable value of any real property 

 
owned or leased by the Borrower or any of its Subsidiaries. For the avoidance of doubt, it is understood that the Borrower and/or its Subsidiaries are in the
business of transporting by pipeline, handling and storing products that are included within the definition of “Materials of Environmental Concern”, and it is agreed that the transportation of products by, and entirely contained in,
pipelines, storage tanks and related equipment in accordance with all applicable Environmental Laws and without releases or threatened releases to the environment is not, in and of itself, a condition that breaches any of the representations and
warranties in this Section 4.17(b). 
  
 (c) There are no writs,
injunctions, decrees, orders or judgments outstanding or any Legal Proceedings pending (including any notice of violation or alleged violation) or, to the knowledge of the Borrower, threatened, against the Borrower or any of its Subsidiaries or the
activities, operations or Property of the Borrower or any of its Subsidiaries relating to (i) their compliance with any Environmental Law, or (ii) the release, disposal, discharge, spill, treatment, storage or recycling of Materials of Environmental
Concern. 
  
 (d) Neither the Borrower nor any of its Subsidiaries
has received any written request for information, or has received written notification that it has any liability under any Environmental Law or is a potentially responsible party under or relating to the federal Comprehensive Environmental Response,
Compensation, and Liability Act or any similar Environmental Law or with respect to any Materials of Environmental Concern. 
  
 (e) Neither the Borrower nor any of its Subsidiaries has entered into or agreed to any currently effective consent decree, order, or settlement or other
agreement, or is subject to any judgment, decree, or order or other agreement, in any judicial, administrative, arbitral, or other forum for dispute resolution, relating to compliance with or liability under any Environmental Law. 
  
 (f) Neither the Borrower nor any of its Subsidiaries has assumed or retained,
by contract or operation of law, any liabilities of any kind, fixed or contingent, known or unknown, under any Environmental Law or with respect to any Material of Environmental Concern. 
  
 4.18 Accuracy of Information, etc. No statement or information contained in this Agreement, any other Loan Document,
the Confidential Information Memorandum or any other document, certificate or statement furnished to the Administrative Agent or the Lenders or any of them, by or on behalf of any Loan Party for use in connection with the transactions contemplated
by this Agreement or the other Loan Documents, contained as of the date such statement, information, document or certificate was so furnished (or, in the case of the Confidential Information Memorandum, as of the date of this Agreement), any untrue
statement of a material fact or omitted to state a material fact necessary in order to make the statements contained herein or therein not materially misleading in light of the circumstances under which such statements were made. The projections and
pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by management of the Borrower to be reasonable at the time made, it being recognized by the
Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may 

 
differ from the projected results set forth therein by a material amount. There is no fact known to the Borrower concerning any Loan Party or its
Subsidiaries, or its or their respective Properties, business or condition (financial or otherwise) that could reasonably be expected to have a Material Adverse Effect that has not been expressly disclosed herein, in the other Loan Documents, in the
Confidential Information Memorandum or in any other documents, certificates and statements furnished to the Agents and the Lenders for use in connection with the transactions contemplated hereby and by the other Loan Documents. 
  
 4.19 Security Documents. The Guarantee and Collateral Agreement is
effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. In the case of any Pledged Stock described
in the Guarantee and Collateral Agreement which is a “certificated security” (within the meaning of Section 8-102 of the New York Uniform Commercial Code), when any stock certificates representing such Pledged Stock are delivered to the
Administrative Agent, and in the case of the other Collateral described in the Guarantee and Collateral Agreement, when financing statements in appropriate form are filed in the offices specified on Schedule 4.19(a)-1 (which financing statements
have been duly completed and delivered to the Administrative Agent), the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral
and the proceeds thereof, as security for the Obligations (as defined in the Guarantee and Collateral Agreement), in each case prior and superior in right to any other Person (except, in the case of Collateral other than Pledged Stock which is a
“certificated security” (within the meaning of Section 8-102 of the New York Uniform Commercial Code), Liens permitted by Section 7.3). Schedule 4.19(a)-2 lists each UCC Financing Statement that (i) names any Loan Party as debtor and (ii)
will remain on file after the Closing Date. Schedule 4.19(a)-3 lists each UCC Financing Statement that (i) names any Loan Party as debtor and (ii) will be terminated on or prior to the Closing Date; and on or prior to the Closing Date, the Borrower
will have delivered to the Administrative Agent, or caused to be filed, duly completed UCC termination statements, signed by the relevant secured party, in respect of each UCC Financing Statement listed in Schedule 4.19(a)-3. 
  
 4.20 Solvency. Each Loan Party is, and after giving effect to the
incurrence of all Indebtedness and obligations being incurred in connection herewith and the use of the proceeds thereof will be and will continue to be, Solvent. 
  
 4.21 Reportable Transaction. The Borrower does not intend to treat the Loans as being a “reportable
transaction” (within the meaning of Treasury Regulation Section 1.6011-4). In the event the Borrower determines to take any action inconsistent with such intention, it will promptly notify the Administrative Agent thereof. Furthermore, the
Borrower acknowledges that one or more of the Lenders may treat its Loans as part of a transaction that is subject to Treasury Regulation Section 1.6011-4 or Section 301.6112-1, and the Administrative Agent and such Lender or Lenders, as applicable,
may file such IRS forms or maintain such lists and other records as they may determine are required by such Treasury Regulations. 

 SECTION 5. CONDITIONS PRECEDENT 
  
 5.1 Conditions to Initial Extension of Credit. The agreement of each Lender to make the initial extension of credit
requested to be made by it hereunder is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Closing Date, of the following conditions precedent: 
  
 (a) Loan Documents. The Administrative Agent shall have received (i)
this Agreement, executed and delivered by a duly authorized officer of the Borrower, (ii) the Guarantee and Collateral Agreement, executed and delivered by a duly authorized officer of the Borrower and each Restricted Subsidiary and (iii) a Lender
Addendum executed and delivered by each Lender and accepted by the Borrower. 
  
 (b) Pro Forma Balance Sheet; Financial Statements. The Lenders shall have received the Pro Forma Balance Sheet and the financial statements described in Section 4.1; and such financial statements shall not, in
the reasonable judgment of the Lenders, reflect any material adverse change in the consolidated financial condition of the Borrower, as reflected in the financial statements or projections contained in the Confidential Information Memorandum.

  
 (c) Approvals. All governmental and third party
approvals necessary in connection with the transactions contemplated hereby shall have been obtained and be in full force and effect. 
  
 (d) Related Agreements. The Administrative Agent shall have received true and correct copies, certified as to authenticity by the Borrower, of any
material debt instrument or security agreement to which the Borrower or any Subsidiary may be a party. 
  
 (e) Termination of Existing OLP Credit Agreement. The Administrative Agent shall have received evidence satisfactory to the Administrative Agent
that the Existing OLP Credit Agreement shall be simultaneously terminated, all amounts thereunder shall be simultaneously paid in full and arrangements satisfactory to the Administrative Agent shall have been made for the termination of Liens and
security interests granted in connection therewith. 
  
 (f)
Fees. The Lenders and the Administrative Agent shall have received all fees required to be paid, and all expenses for which invoices have been presented (including reasonable fees, disbursements and other charges of counsel to the Agents), on
or before the Closing Date. All such amounts will be paid with proceeds of Loans made on the Closing Date and will be reflected in the funding instructions given by the Borrower to the Administrative Agent on or before the Closing Date. 

 
 (g) Business Plan. The Lenders shall have received a business plan
for fiscal years 2003 through 2008 (inclusive) and a written analysis of the business and prospects of the Borrower and its Subsidiaries for the period from the Closing Date through December 31, 2008. 
  
 (h) Lien Searches. The Administrative Agent shall have received the
results of a recent lien search in each of the jurisdictions in which Uniform Commercial Code financing statement or other filings or recordations should be made to evidence or perfect security interests in assets of the Loan Parties, and such
search shall reveal no liens on any of the assets of the Loan Party, except for Liens permitted by Section 7.3. 

 (i) Environmental Matters. The Administrative Agent shall have received, with a copy for each
Lender, a copy of the written environmental assessment report prepared by URS Corporation, together with a letter from URS Corporation permitting the Agents and the Lenders to rely on the environmental assessment as if addressed to and prepared for
each of them. 
  
 (j) Closing Certificate. The
Administrative Agent shall have received a certificate of each Loan Party, dated the Closing Date, substantially in the form of Exhibit C, with appropriate insertions and attachments. 
  
 (k) Legal Opinions. The Administrative Agent shall have received the following executed legal opinions: 

 

	 	(i)	the legal opinion of Vinson & Elkins, L.L.P., counsel to the Borrower and its Subsidiaries, substantially in the form of Exhibit E-1; and 

  

	 	(ii)	the legal opinion of Lonny Townsend, Esq., general counsel of the Borrower and its Subsidiaries, substantially in the form of Exhibit E-2. 

  
 Each such legal opinion shall cover such other matters incident to the transactions
contemplated by this Agreement as the Administrative Agent may reasonably require. 
  
 (l) Pledged Stock; Stock Powers. The Administrative Agent shall have received the certificates representing the shares of Capital Stock that are certificated and that are pledged pursuant to the Guarantee and
Collateral Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof. 
  
 (m) Filings, Registrations and Recordings. Each document (including any Uniform Commercial Code financing statement) required by the Security
Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral
described therein, prior and superior in right to any other Person (other than with respect to Liens expressly permitted by Section 7.3), shall have been filed, registered or recorded or shall have been delivered to the Administrative Agent in
proper form for filing, registration or recordation. 
  
 5.2
Conditions to Effectiveness of Each Additional Term Loan Supplement. The effectiveness of each Additional Term Loan Supplement shall be conditioned upon satisfaction of the following conditions precedent: 
  
 (a) Evidence of Authorization. The Administrative Agent shall have
received such resolutions and other evidence as the Administrative Agent shall reasonably request of (i) 

 
the power and authority of the Borrower to execute, deliver and perform such Additional Term Loan Supplement and the Loan Documents, as amended by such
Additional Term Loan Supplement, and to borrow the Additional Term Loans, and (ii) the due authorization by the Borrower of its execution, delivery and performance of such Additional Term Loan Supplement and the Loan Documents, as amended by such
Additional Term Loan Supplement, and the borrowing by the Borrower of the Additional Term Loans to be made pursuant to such Additional Term Loan Supplement. 
  
 (b) Consents. The Administrative Agent shall have received the written consent, substantially in the form of Exhibit J, of each Restricted
Subsidiary to the transactions contemplated by such Additional Term Loan Supplement. 
  
 (c) Legal Opinions. The Administrative Agent shall have received such legal opinions in respect of such Additional Term Loan Supplement and the transactions contemplated thereby as the Administrative Agent
shall reasonably request. 
  
 5.3 Conditions to Each Extension
of Credit. The agreement of each Lender to make any extension of credit requested to be made by it hereunder on any date (including its initial extension of credit and the making of any Additional Term Loans) is subject to the satisfaction of
the following conditions precedent: 
  
 (a) Representations
and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct on and as of such date as if made on and as of such date. 
  
 (b) No Default. No Default or Event of Default shall have occurred and
be continuing on such date or after giving effect to the extensions of credit requested to be made on such date. 
  
 Each borrowing by, and issuance of a Letter of Credit on behalf of, the Borrower hereunder shall constitute a representation and warranty by the Borrower
as of the date of such extension of credit that the conditions contained in this Section 5.3 have been satisfied. 
  
 SECTION 6. AFFIRMATIVE COVENANTS 
  
 The Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other amount is owing to any Lender or any Agent hereunder, the Borrower shall and
shall cause each of its Subsidiaries to: 
  
 6.1 Financial
Statements. Furnish to the Administrative Agent: 
  
 (a) as
soon as available, but in any event within 5 days after the Borrower is required, under the Exchange Act, to file its Annual Report on Form 10-K, a copy of the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as
at the end of such year and the related audited consolidated statements of income and of cash flows for such year, setting forth in each case in comparative form the figures as of the end of and for the previous year, reported on without a
“going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by Ernst & Young LLP or other independent certified public accountants of nationally recognized standing; 

 (b) as soon as available, but in any event within 90 days after the end of each fiscal year of the
Borrower, a copy of the consolidating balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related unaudited consolidating statements of income and of cash flows for such year, setting forth in each case
in comparative form the figures as of the end of and for the previous year, certified by a Responsible Officer as being fairly stated in all material respects; 
  

(c) as soon as available, but in any event not later than 5 days after the Borrower is required, pursuant to the Exchange Act, to file its Quarterly
Report on Form 10-Q for each of the first three quarterly periods of each fiscal year of the Borrower, the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the related unaudited
consolidated statements of income and of cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures as of the end of and for the corresponding period in
the previous year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments); and 
  
 (d) as soon as available, but in any event not later than 45 days after the end of each of the first three quarterly periods of each fiscal year of the
Borrower, the consolidating balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidating statements of income and of cash flows for such quarter and the portion of the fiscal
year through the end of such quarter, setting forth in each case in comparative form the figures as of the end of and for the corresponding period in the previous year, certified by a Responsible Officer as being fairly stated in all material
respects (subject to normal year-end audit adjustments); 
  
 all such financial
statements to be complete and correct in all material respects and to be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such
accountants or officer, as the case may be, and disclosed therein). 
  
 6.2 Certificates; Other Information. Furnish to the Administrative Agent: 
  
 (a) concurrently with the delivery of the financial statements referred to in Section 6.1(a), a certificate of the independent certified public accountants reporting on such financial statements stating that in making
the examination necessary therefor no knowledge was obtained of any Default or Event of Default, except as specified in such certificate (it being understood that such certificate shall be limited to the items that independent certified public
accountants are permitted to cover in such certificates pursuant to their professional standards and customs of the profession); 
  
 (b) concurrently with the delivery of any financial statements pursuant to Section 6.1, (i) a certificate of a Responsible Officer stating that, to the
best of such Responsible Officer’s knowledge, each Loan Party during such period has observed or performed all of its 

 
covenants and other agreements, and satisfied every condition, contained in this Agreement and the other Loan Documents to which it is a party to be
observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and (ii) in the case of quarterly or annual financial statements, a
Compliance Certificate containing (A) all information and calculations necessary for determining compliance by the Borrower and its Subsidiaries with the provisions of this Agreement referred to therein as of the last day of the fiscal quarter or
fiscal year of the Borrower, as the case may be and (B) a calculation of the Unused Investment Basket Amount as of the last day of the period covered by such financial statements; 
  
 (c) as soon as available, and in any event no later than 45 days after the end of each fiscal year of the Borrower, a
detailed consolidated budget for the following fiscal year (including a projected consolidated balance sheet of the Borrower and its Subsidiaries as of the end of the following fiscal year, and the related consolidated statements of projected cash
flow, projected changes in financial position and projected income), and, as soon as available, significant revisions, if any, of such budget with respect to such fiscal year (collectively, the “Projections”), which Projections
shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections are based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such Projections
are incorrect or misleading in any material respect; 
  
 (d)
within 45 days after the end of each fiscal quarter of the Borrower with respect to which the Borrower is not required to file with the SEC a periodic report containing a management discussion and analysis of the Borrower’s financial
statements, a narrative discussion and analysis of the financial condition and results of operations of the Borrower and its Subsidiaries for such fiscal quarter and for the period from the beginning of the then current fiscal year to the end of
such fiscal quarter, as compared to the portion of the Projections covering such periods and to the comparable periods of the previous year; 
  
 (e) within five days after the same are sent, copies of all financial statements and reports (excluding copies of any financial statements or reports that
are publicly available from the SEC on EDGAR, so long as a notification has been sent to the Administrative Agent within five days after such financial statements or reports become publicly available, stating that such financial statements and
reports have been filed with the SEC and are publicly available on EDGAR) that the Borrower sends to the holders of any class of its debt securities or public equity securities and, within five days after the same are filed, copies of all financial
statements and reports that the Borrower may make to, or file with, the SEC (excluding copies of any financial statements or reports that are publicly available from the SEC on EDGAR, so long as a notification has been sent to the Administrative
Agent within five days after such financial statements or reports become publicly available, stating that such financial statements and reports have been filed with the SEC and are publicly available on EDGAR); and 
  
 (f) promptly, such additional financial and other information regarding the
operations, business affairs and condition (financial or otherwise) or prospects of the Borrower and its Subsidiaries as the Administrative Agent may from time to time reasonably request. 

 6.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before
they become delinquent, as the case may be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with
respect thereto have been provided on the books of the Borrower or its Subsidiaries, as the case may be. 
  
 6.4 Conduct of Business and Maintenance of Existence, etc. (a) (i) Preserve, renew and keep in full force and effect its organizational existence
and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by Section 7.4 and except, in the case of clause (ii)
above, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (b) comply with all Contractual Obligations, Requirements of Law and its organizational and other governing documents, except to the
extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  
 6.5 Maintenance of Property; Insurance. (a) Keep all Property and systems useful and necessary in its business in good working order and condition,
ordinary wear and tear excepted and (b) maintain with financially sound and reputable insurance companies insurance on all its Property in at least such amounts and against at least such risks (but including in any event public liability, product
liability and business interruption) as are usually insured against in the same general area by companies engaged in the same or a similar business. 
  
 6.6 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which full, true and correct entries in
conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities and (b) permit representatives of any Lender to visit and inspect any of its properties and examine and make
abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired and to discuss the business, operations, properties and financial and other condition of the Borrower and its Subsidiaries with officers and
employees of the Borrower and its Subsidiaries and with its independent certified public accountants. 
  
 6.7 Notices. Promptly give notice to the Administrative Agent of: 
  
 (a) the occurrence of any Default or Event of Default; 
  
 (b) any (i) default or event of default under any Contractual Obligation of the Borrower or any of its Subsidiaries or (ii)
litigation, investigation or proceeding which may exist at any time between the Borrower or any of its Subsidiaries and any Governmental Authority, that in either case, if not cured or if adversely determined, as the case may be, could reasonably be
expected to have a Material Adverse Effect; 
  
 (c) any litigation
or proceeding affecting the Borrower or any of its Subsidiaries (i) in which the amount involved is $5,000,000 or more and not covered by insurance or an indemnification from a Solvent indemnitor, (ii) in which injunctive or similar relief is
sought, which, if granted, could reasonably be expected to have a Material Adverse Effect or (iii) which relates to any Loan Document; 

 (d) the following events, as soon as reasonably practicable and in any event within 30 days after the
Borrower knows or has reason to know thereof: (i) the occurrence of any Reportable Event with respect to any Single Employer Plan, a failure to make any required contribution to a Single Employer Plan, the creation of any Lien in favor of the PBGC
or a Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC or the Borrower or any Commonly Controlled Entity or
any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Plan; and 
  
 (e) any event or condition that has had or is reasonably expected to have a Material Adverse Effect. 
  
 Each notice pursuant to this Section shall be accompanied by a statement of a Responsible
Officer setting forth details of the occurrence referred to therein and stating what action the Borrower or the relevant Subsidiary proposes to take with respect thereto. 
  
 6.8 Environmental Laws. (a) Comply in all material respects with all applicable Environmental Laws, and obtain and
comply in all material respects with and maintain, and make reasonable efforts to ensure that all tenants and subtenants obtain and comply in all material respects with and maintain, any and all licenses, approvals, notifications, registrations or
permits required by applicable Environmental Laws. 
  
 (b)
Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives having the force
of law of all Governmental Authorities regarding Environmental Laws. 
  
 6.9 Additional Collateral, etc. With respect to any new Restricted Subsidiary created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any existing Unrestricted Subsidiary that is
designated as a Restricted Subsidiary pursuant to Section 10.18), by the Borrower or any of its Restricted Subsidiaries, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the
Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Restricted Subsidiary that is owned by the
Borrower or any of its Restricted Subsidiaries, (ii) deliver to the Administrative Agent the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of
the Borrower or such Restricted Subsidiary, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Administrative Agent
for the benefit of the Secured Parties a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including the filing of Uniform Commercial Code financing
statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may 

 
be requested by the Administrative Agent, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to
the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 
  
 6.10 Further Assurances. From time to time execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or
documents, and take such actions, as the Administrative Agent may reasonably request for the purposes of implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of more fully perfecting or renewing the rights
of the Administrative Agent and the Lenders with respect to the Collateral pursuant hereto or thereto. Upon the exercise by the Administrative Agent or any Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan
Documents which requires any consent, approval, recording, qualification or authorization of any Governmental Authority, the Borrower will execute and deliver, or will cause the execution and delivery of, all applications, certifications,
instruments and other documents and papers that the Administrative Agent or such Lender may be required to obtain from the Borrower or any of its Subsidiaries for such governmental consent, approval, recording, qualification or authorization.

  
 6.11 Tax Shelter Regulations. If the Borrower
determines to take any action in consistent with Section 4.21, the Borrower will promptly notify the Administrative Agent thereof and will promptly deliver to the Administrative Agent a duly completed copy of IRS Form 8886 (or any successor form).
The Borrower acknowledges that, upon any such notification, any Lender may treat its Loans hereunder as part of a transaction that is subject to Treasury Regulation Section 301.6112-1, and such Lender will maintain the lists and other records
required by such Treasury Regulation. 
  
 SECTION 7. NEGATIVE
COVENANTS 
  
 The Borrower hereby agrees that, so long as the
Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other amount is owing to any Lender or any Agent hereunder, the Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly:

  
 7.1 Financial Condition Covenants. 
  
 (a) Consolidated Leverage Ratio. Permit the ratio of Consolidated
Total Debt, as at the last day of the most recently ended period of four consecutive fiscal quarters of the Borrower, to Consolidated EBITDA for such period, to exceed 4.50:1.00. 
  
 (b) Consolidated Interest Coverage Ratio. Permit the ratio of Consolidated EBITDA, for the most recently ended period
of four consecutive fiscal quarters of the Borrower, to Consolidated Interest Expense for such period, to be less than 2.50:1.00. 
  
 Notwithstanding the foregoing paragraphs, any Unrestricted Subsidiary other than WPL may incur additional Indebtedness having a maturity date equal to or
less than 365 days from the date of incurrence (but not any refinancing thereof) in order to finance Permitted Acquisitions (any such Indebtedness being referred to herein as “Specified Acquisition Indebtedness”), in which case (i)
during the term of any such Indebtedness the Borrower’s 

 
compliance with Section 7.1 shall be determined without giving effect to such Indebtedness or the Consolidated EBITDA of the business or assets acquired in
such Permitted Acquisition and (ii) upon maturity, refinancing or termination of such Indebtedness, the Borrower’s compliance with Section 7.1 shall be determined after giving effect to all outstanding Indebtedness of such Unrestricted
Subsidiary and including the results of such acquired assets or business on a pro forma basis. 
  
 Subject to the provisions of the immediately preceding paragraph, none of the Borrower or its Subsidiaries shall incur any Indebtedness at any time
unless, after giving effect to the incurrence of such Indebtedness and the application of the proceeds thereof, the Borrower would be in compliance with Section 7.1(a) as if such Indebtedness had been outstanding on the last day of the most recently
ended period of four consecutive fiscal quarters. 
  
 7.2
Limitation on Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 
  
 (a) Indebtedness of any Loan Party pursuant to any Loan Document; 
  

(b) Indebtedness of the Borrower to any Subsidiary and of any Restricted Subsidiary to the Borrower or any other Subsidiary; 
  
 (c) Indebtedness of the Borrower or any Restricted Subsidiary (including
Capital Lease Obligations) secured by Liens permitted by Section 7.3(g) in an aggregate principal amount outstanding on any date not to exceed the difference of (i) $10,000,000 minus (ii) the aggregate amount of proceeds received by the Borrower and
its Subsidiaries during the period from the Closing Date to such date from sale and leaseback transactions consummated pursuant to Section 7.10 (other than any such proceeds which have been applied to prepay the Loans pursuant to Section 2.12);

  
 (d) Indebtedness outstanding on the date hereof and listed on
Schedule 7.2(d) and any refinancings, refundings, renewals or extensions thereof (without any increase in the principal amount thereof or any shortening of the maturity of any principal amount thereof); 
  
 (e) Guarantee Obligations made in the ordinary course of business (i) by the
Borrower or any of its Restricted Subsidiaries of obligations of the Borrower or any Restricted Subsidiary or (ii) by the Borrower or any of its Restricted Subsidiaries of obligations of Unrestricted Subsidiaries, provided that Guarantee
Obligations pursuant to this clause (ii) shall constitute Investments in Unrestricted Subsidiaries pursuant to, and must be permitted by, Section 7.8(g); 
  
 (f) Indebtedness of the Borrower, the proceeds of which are used (i) to make Permitted Acquisitions or Capital Expenditures or (ii) to make Investments in
Restricted Subsidiaries, which, in turn, use the proceeds of such Investments to make Permitted Acquisitions or Capital Expenditures, provided that (x) after giving pro forma effect to the incurrence of such Indebtedness as if
such incurrence had occurred on the last day of the most-recently ended period of four consecutive fiscal quarters, the ratio of Consolidated Total Debt of the Borrower to Consolidated EBITDA of the Borrower for such period shall be not greater than
4.50 to 1.00, and (y) any Subsidiaries acquired or formed in connection with such transactions shall be Restricted Subsidiaries and the Borrower shall comply with Section 6.9 in connection therewith; 

 (g) Indebtedness of any Unrestricted Subsidiary; provided, that Indebtedness of WPL and its
Subsidiaries must be permitted by the WPL Note Purchase Agreement; 
  
 (h) in addition to the surety bonds listed on Schedule 7.2(d), additional Indebtedness consisting of surety bonds that the Borrower or any Subsidiary is required to obtain in order to comply with applicable law or the requirements of any
Governmental Authority, provided, that (i) the aggregate principal amount of such surety bonds outstanding at any time does not exceed $20,000,000 and (ii) such surety bonds are issued for purposes similar to the purposes of the surety bonds
listed on Schedule 7.2(d); and 
  
 (i) unsecured Indebtedness of
the Borrower in an aggregate principal amount not to exceed $5,000,000 at any one time outstanding. 
  
 Notwithstanding the foregoing, Indebtedness permitted by this Section 7.2 shall be permitted to be incurred only if, after giving effect to the incurrence
of such Indebtedness and the application of the proceeds thereof, the Borrower is in compliance with Section 7.1. 
  
 7.3 Limitation on Liens. Create, incur, assume or suffer to exist any Lien upon any of its Property, whether now owned or hereafter acquired,
except for: 
  
 (a) Liens for taxes not yet due or which are
being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the books of the Borrower or its Subsidiaries, as the case may be, in conformity with GAAP; 
  
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings; 
  
 (c) pledges or deposits in connection with workers’ compensation,
unemployment insurance and other social security legislation; 
  
 (d) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary
course of business; 
  
 (e) easements, rights-of-way, restrictions
and other similar encumbrances incurred in the ordinary course of business that, in the aggregate, are not substantial in amount and which do not in any case materially detract from the value of the Property subject thereto or materially interfere
with the ordinary conduct of the business of the Borrower or any of its Subsidiaries; 
  
 (f) Liens in existence on the date hereof listed on Schedule 7.3(f), securing Indebtedness permitted by Section 7.2(d), provided that (i) no such Lien is spread to cover any additional Property after the
Closing Date (unless required by the WPL Note Purchase Agreement) and (ii) the amount of Indebtedness secured thereby is not increased; 

 (g) Liens securing Indebtedness of the Borrower or any Restricted Subsidiary incurred pursuant to Section
7.2(c) to finance the acquisition of fixed or capital assets, provided that (i) such Liens shall be created within twelve months of the date of acquisition of such fixed or capital assets, (ii) such Liens do not at any time encumber any
Property other than the Property financed by such Indebtedness and (iii) the amount of Indebtedness secured thereby is not increased; 
  
 (h) Liens created pursuant to the Security Documents; 
  
 (i) any interest or title of a lessor under any lease entered into by the Borrower or any other Subsidiary in the ordinary course of its business and
covering only the assets so leased, and any interest of a landowner in the case of easements entered into by the Borrower or any Subsidiary in the ordinary course of its business and covering only the property subject to the easement; 
  
 (j) Liens on assets of, or Capital Stock of, any Permitted Joint Venture or
Unrestricted Subsidiary securing (i) Indebtedness of any Permitted Joint Venture or Unrestricted Subsidiary that finances the acquisition of the Capital Stock or assets of any Permitted Joint Venture or Unrestricted Subsidiary, or that finances the
working capital needs (including Capital Expenditures) of any Permitted Joint Venture or Unrestricted Subsidiary or (ii) other financial obligations; provided, that such Indebtedness or other financial obligations must be permitted by this
Agreement to be incurred; and 
  
 (k) Liens not otherwise
permitted by this Section 7.3 on assets of the Borrower or any Subsidiary so long as neither (i) the aggregate outstanding principal amount of the obligations secured thereby nor (ii) the aggregate fair market value (determined, in the case of each
such Lien, as of the date such Lien is incurred) of the assets subject thereto exceeds (as to the Borrower and all Subsidiaries) $4,000,000 at any one time. 
  
 Notwithstanding the foregoing, Liens on assets or Capital Stock of WPL or its Subsidiaries must be permitted by the WPL Note Purchase Agreement.

  
 7.4 Limitation on Fundamental Changes. Enter into any
merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its Property or business, except that: 
  
 (a) any Restricted Subsidiary may be merged or consolidated with or into the
Borrower (provided that the Borrower shall be the continuing or surviving entity) or with or into any other Restricted Subsidiary; 
  
 (b) any Restricted Subsidiary may Dispose of any or all of its Property (upon voluntary liquidation or otherwise) to the Borrower or any other Restricted
Subsidiary; 
  
 (c) any Unrestricted Subsidiary (other than WPL
and its Subsidiaries) may be merged or consolidated with any other Unrestricted Subsidiary; 

 (d) any Subsidiary of WPL may be merged with, or may Dispose of any or all of its Property to, WPL or any
other Subsidiary of WPL; provided, that such transaction must be permitted by the WPL Note Purchase Agreement; 
  
 (e) any Unrestricted Subsidiary (other than WPL and its Subsidiaries) may Dispose of any or all of its assets to any other Unrestricted Subsidiary;

  
 (f) any Unrestricted Subsidiary (other than WPL and its
Subsidiaries) may Dispose of any or all of its Property to any other Person; provided, that such transaction is permitted by Section 7.5; and 
  
 (g) any Unrestricted Subsidiary (other than WPL and its Subsidiaries) may be merged or consolidated with any other Person; provided, that (i) if
such other Person is the continuing or surviving entity of such merger or consolidation, such transaction shall be deemed to be a Disposition of the Capital Stock of such Unrestricted Subsidiary and must be permitted by Section 7.5 and (ii) if such
Unrestricted Subsidiary is the continuing or surviving entity of such transaction, such transaction shall be deemed to be an Investment and must be permitted by Section 7.8. 
  
 7.5 Limitation on Disposition of Property. Dispose of any of its Property (including receivables and leasehold
interests), whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except: 
  
 (a) the Disposition of obsolete or worn out Property in the ordinary course of business; 
  
 (b) the sale of inventory in the ordinary course of business; 
  
 (c) Dispositions permitted by Section 7.4(b), (d) and (e); 
  
 (d) the sale or issuance of any Subsidiary’s Capital Stock to the
Borrower or any Restricted Subsidiary; 
  
 (e) the Disposition by
the Borrower and its Restricted Subsidiaries of other Property, provided, that the provisions of Section 2.12, to the extent applicable to such Disposition, shall be complied with in connection with such Disposition; 
  
 (f) the Disposition by the Borrower or any Restricted Subsidiary of Property
to any Unrestricted Subsidiary; provided, that if such Disposition shall be made for consideration other than cash or Cash Equivalents in an amount at least equal to the fair market value of the Property so Disposed of, the Borrower or the
Restricted Subsidiary that is transferor in such Disposition shall be deemed to have made an Investment pursuant to Section 7.8(g) (which Investment must be permitted by such Section) in an amount equal to the difference between (i) the fair market
value of the Property so Disposed of and (ii) the fair market value of the consideration received by such transferor for such Disposition (it being understood that Capital Stock, or any increase in the value of Capital Stock, of the transferee
Unrestricted Subsidiary shall be deemed to have no value for purposes of calculating such difference); 

 (g) the Disposition by any Unrestricted Subsidiary (other than WPL and its Subsidiaries) of Property to
any other Unrestricted Subsidiary; 
  
 (h) the Disposition by any
Unrestricted Subsidiary to any Person of Property; provided, that such Disposition, to the extent it is made for less than fair market value, must be permitted as an Investment pursuant to Section 7.8; and 
  
 (i) any Recovery Event, provided, that the requirements of Section
2.12 are complied with in connection therewith; 
  
 (j) any
Disposition of Property that is subject to a security interest in favor of another holder of Indebtedness in connection with the exercise of remedies by such holder with respect to such Property; 
  
 (k) the lease of property by the Borrower or any Subsidiary in the ordinary
course of business and in a manner consistent with existing and past practice; and 
  
 (l) an exchange of assets for other similar assets (or any substantially contemporaneous series of sale and purchase or purchase and sale transactions having substantially the same effect as an exchange of assets) in
which the fair market value of the assets received by the Borrower and its Subsidiaries will equal or exceed the fair market value of the assets given by the Borrower and its Subsidiaries; provided, however, that (i) any contingent liabilities
related to such acquired assets shall not be material in relation to the value thereof and (ii) the fair market value of assets so received by the Borrower and its Subsidiaries during the term of this Agreement shall not exceed $75,000,000.

  
 Notwithstanding the foregoing, any Disposition by WPL or any
of its Subsidiaries of any Property must be permitted by the WPL Note Purchase Agreement. 
  
 7.6 Limitation on Restricted Payments. Declare or pay any dividend on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance,
retirement or other acquisition of, any Capital Stock of the Borrower or any Subsidiary, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in
obligations of the Borrower or any Subsidiary, or enter into any derivatives or other transaction with any financial institution, commodities or stock exchange or clearinghouse (a “Derivatives Counterparty”) obligating the Borrower
or any Subsidiary to make payments to such Derivatives Counterparty as a result of any change in market value of any such Capital Stock (collectively, “Restricted Payments”), except that: 
  
 (a) any Subsidiary may make Restricted Payments to the Borrower or any
Restricted Subsidiary; 
  
 (b) any Unrestricted Subsidiary may
make Restricted Payments to the Borrower or any Subsidiary that owns the Capital Stock of such Unrestricted Subsidiary; 
  
 (c) the Borrower may make Restricted Payments in the form of Common Units (as defined in the Partnership Agreement); and 

 (d) so long as no Default or Event of Default shall have occurred and be continuing, (i) the Borrower may
make Restricted Payments from Available Cash and (ii) the Borrower may redeem or retire its Class B Units with the Net Cash Proceeds of any sale by it of any of the Borrower’s equity securities. 
  
 7.7 [Reserved]. 
  
 7.8 Limitation on Investments. After the Closing Date, make any
advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting an ongoing business from, or make any
other investment in, any other Person (all of the foregoing, “Investments”), except: 
  
 (a) extensions of trade credit in the ordinary course of business; 
  
 (b) investments in Cash Equivalents; 
  
 (c) Investments arising in connection with the incurrence of Indebtedness permitted by Section 7.2(b), (e) and (g);

  
 (d) loans to WEG Acquisitions, L.P. for the purpose of
enabling WEG Acquisitions, L.P. to make loans and advances in the ordinary course of business to employees of WEG Acquisitions, L.P. that provide services to the Borrower or any Restricted Subsidiary (including for travel, entertainment and
relocation expenses) in an aggregate amount for the Borrower and its Restricted Subsidiaries not to exceed $500,000 at any one time outstanding; 
  
 (e) Investments in assets (other than inventory) useful in the business of the Borrower and its Restricted Subsidiaries made by the Borrower or any of its
Restricted Subsidiaries with the proceeds of any Reinvestment Deferred Amount; 
  
 (f) Investments by the Borrower or any of its Subsidiaries in the Borrower or any Person that, prior to such Investment, is a Restricted Subsidiary; 
  
 (g) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries and Permitted Joint Ventures in
an amount at any time not exceeding the Unused Investment Basket Amount at such time; provided, that the aggregate amount of Investments of the types described in Sections 7.5(f) and 7.2(e)(ii) made by Restricted Subsidiaries in Unrestricted
Subsidiaries shall not exceed $50,000,000 at any time outstanding; 
  
 (h) Investments by Unrestricted Subsidiaries in the form of Permitted Acquisitions and Permitted Joint Ventures; 
  
 (i) Investments in the form of Permitted Acquisitions consummated by the Borrower or any Restricted Subsidiary; provided, that any Subsidiary
acquired or formed in connection with such Permitted Acquisition shall be a Restricted Subsidiary and the provisions of Section 6.9 shall be complied with in connection therewith; 

 (j) Investments by Unrestricted Subsidiaries in other Unrestricted Subsidiaries; and 
  
 (k) in addition to Investments otherwise expressly permitted by this Section,
Investments by the Borrower or any of its Subsidiaries in an aggregate amount not exceeding at any time the Unused Investment Basket Amount at such time; provided, that the aggregate amount of Investments made pursuant to this paragraph shall
not exceed $2,000,000 while this Agreement is in effect. 
  
 7.9
Limitation on Transactions with Affiliates. Enter into any transaction, including any purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate
(other than (i) any transaction between the Borrower and any Restricted Subsidiary or between any Restricted Subsidiary and another Restricted Subsidiary, (ii) any transaction between the Borrower or any Restricted Subsidiary, on the one hand, and
any Unrestricted Subsidiary, on the other hand, to the extent such transaction is expressly permitted by Section 7.5(f) or (h) or Section 7.8(d) or (g) and (iii) any transaction entered into pursuant to the Services Agreement or the Partnership
Agreement) unless such transaction is (a) otherwise permitted under this Agreement, (b) in the ordinary course of business of the Borrower or such Subsidiary, as the case may be, and (c) upon fair and reasonable terms no less favorable to the
Borrower or such Subsidiary, as the case may be, than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate. 
  
 7.10 Limitation on Sales and Leasebacks. Enter into any arrangement with any Person providing for the leasing by the Borrower or any Subsidiary of
real or personal property which has been or is to be sold or transferred by the Borrower 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 Borrower or such Subsidiary; provided, that the Borrower and its Subsidiaries may consummate such transactions resulting in proceeds to the Borrower and its Subsidiaries from all such transactions consummated after the
Closing Date (other than any such proceeds which have been applied to prepay the Loans pursuant to Section 2.12) in an aggregate amount not exceeding the difference of (a) $10,000,000 minus (ii) the aggregate amount of Indebtedness of the Borrower
outstanding pursuant to Section 7.2(c). 
  
 7.11 Limitation on
Changes in Fiscal Periods. Permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower’s method of determining fiscal quarters. 
  
 7.12 Limitation on Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement that
prohibits or limits the ability of the Borrower or any of its Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or hereafter acquired, to secure the Obligations or, in the case
of any Restricted Subsidiary, its obligations under the Guarantee and Collateral Agreement, other than (a) this Agreement and the other Loan Documents, (b) the WPL Note Purchase Agreement, (c) any such agreement that prohibits or limits the ability
of (i) any Unrestricted Subsidiary to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues or (ii) the Borrower or any Subsidiary to create, assume or suffer to exist any Lien upon the Capital Stock 

 
of any Unrestricted Subsidiary, provided, that any such agreement described in this clause (c) relates to Indebtedness that finances the acquisition
of such Capital Stock or the assets of such Unrestricted Subsidiary or the Capital Stock or assets of any other Unrestricted Subsidiary, or that finances the working capital needs (including Capital Expenditures) or other financial obligations of
such Unrestricted Subsidiary or any other Unrestricted Subsidiary, (d) any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective
against the assets financed thereby) and (e) the Pipeline Lease Agreement and Option to Purchase for the 8 Inch Aux Sable East Pipeline, dated December 31, 2001, between Aux Sable Liquid Products L.P. and Williams Pipelines Holdings, L.P..

  
 7.13 Limitation on Restrictions on Subsidiary
Distributions. Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Subsidiary to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay any
Indebtedness owed to, the Borrower or any other Subsidiary, (b) make Investments in the Borrower or any other Subsidiary or (c) transfer any of its assets to the Borrower or any other Subsidiary, except for such encumbrances or restrictions existing
under or by reason of (i) any restrictions existing under the Loan Documents, (ii) any restrictions in the WPL Note Purchase Agreement, (iii) any restrictions with respect to a Subsidiary imposed pursuant to an agreement that has been entered into
in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Subsidiary, (iv) any restrictions existing under the constituent documents of any Subsidiary or (v) any restrictions with respect to an
Unrestricted Subsidiary, provided, that any such restriction described in this clause (v) relates to Indebtedness that finances the acquisition of the Capital Stock or the assets of such Unrestricted Subsidiary or the Capital Stock or assets
of any other Unrestricted Subsidiary, or that finances the working capital needs (including Capital Expenditures) or other financial obligations of such Unrestricted Subsidiary or any other Unrestricted Subsidiary. 
  
 7.14 Limitation on Lines of Business. Enter into any business, either
directly or through any Subsidiary, except that (a) the Borrower and its Subsidiaries may enter into and engage in those businesses in which the Borrower and its Subsidiaries are engaged on the date of this Agreement, including natural gas products,
crude oil products and refined oil products that would generate income, substantially all of which would constitute “qualifying income” (as defined in the Code), and infrastructure related to the foregoing or that is reasonably related
thereto and (b) the Unrestricted Subsidiaries (other than WPL) may own and operate energy assets that would generate income, substantially all of which would constitute “qualifying income” (as defined in the Code), and infrastructure
related to the foregoing or that is reasonably related thereto; provided, that the contribution of the assets described in this clause (b) to Consolidated EBITDA of the Borrower shall not exceed 30% of such Consolidated EBITDA (determined on
a pro forma basis as if the acquisition of the assets described in this clause (b) had occurred on the first day of the period of four consecutive fiscal quarters of the Borrower most recently ended on or prior to the date of
acquisition by the Borrower or its Subsidiaries of such assets). 
  
 7.15 Limitation on Amendments to WPL Note Purchase Agreement; Partnership Agreement. Amend, supplement or otherwise modify (pursuant to a waiver or otherwise) the terms and conditions of the WPL Note Purchase Agreement or the
Partnership Agreement, except to the extent that any such amendment, supplement or modification could not reasonably be expected to have a Material Adverse Effect. 

 7.16 Limitation on Hedge Agreements. Enter into any Hedge Agreement other than Hedge Agreements
entered into in the ordinary course of business, and not for speculative purposes, to protect against changes in interest rates, commodity prices or foreign exchange rates. 
  
 SECTION 8. EVENTS OF DEFAULT 
  
 If any of the following events shall occur and be continuing: 
  
 (a) The Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with the terms hereof; or the Borrower
shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or under any other Loan Document, within five days after any such interest or other amount becomes due in accordance with the terms hereof
or thereof; or 
  
 (b) Any representation or warranty made or
deemed made by any Loan Party herein or in any other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan
Document shall prove to have been inaccurate in any material respect on or as of the date made or deemed made or furnished; or 
  
 (c) Any Loan Party shall default in the observance or performance of any agreement contained in clause (i) of Section 6.4(a) (with respect to the Borrower
only), Section 6.7(a) or Section 7, or in Section 5 of the Guarantee and Collateral Agreement; or 
  
 (d) Any Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or any other Loan Document (other
than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days; or 
  
 (e) The Borrower or any of its Subsidiaries shall (i) default in making any payment of any principal of any Indebtedness (including any Guarantee
Obligation, but excluding the Loans and Reimbursement Obligations) on the scheduled or original due date with respect thereto; or (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any,
provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on
behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or to become subject to a mandatory offer to purchase by the obligor thereunder or (in the case of
any such Indebtedness constituting a Guarantee Obligation) to become payable; provided, that a default, event or condition described in clause (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute an Event of Default
unless, at such time, one or more defaults, 

 
events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e) shall have occurred and be continuing with respect to
Indebtedness the outstanding principal amount of which exceeds in the aggregate $10,000,000; or 
  
 (f) (i) The Borrower or any of its Subsidiaries shall commence any case, proceeding or other action (A) under any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking
reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or
for all or any substantial part of its assets, or the Borrower or any of its Subsidiaries shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against the Borrower or any of its Subsidiaries any case,
proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or
(iii) there shall be commenced against the Borrower or any of its Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its
assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) the Borrower or any of its Subsidiaries shall take any
action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) the Borrower or any of its Subsidiaries shall generally not, or shall be unable to, or
shall admit in writing its inability to, pay its debts as they become due; or 
  
 (g) Any Person shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency” (as
defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan, or any Lien in favor of the PBGC or a Plan shall arise on the assets of the Borrower or any Commonly Controlled Entity, (iii) a Reportable Event shall
occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a
trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) the Borrower or
any Commonly Controlled Entity shall, or in the reasonable opinion of the Required Lenders shall be likely to, incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan or (vi) any other
event or condition shall occur or exist with respect to a Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a Material
Adverse Effect; or 
  
 (h) One or more judgments or decrees shall
be entered against the Borrower or any of its Subsidiaries involving for the Borrower and its Subsidiaries taken as a whole a liability (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage) of
$10,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days from the entry thereof; or 

 (i) Any material provision of any Security Document shall cease, for any reason (other than by reason of
the express release thereof pursuant to Section 10.15), to be in full force and effect, or any Loan Party shall so assert, or any Lien created by any of the Security Documents shall cease to be enforceable and of the same effect and priority
purported to be created thereby; or 
  
 (j) The guarantee
contained in Section 2 of the Guarantee and Collateral Agreement shall cease, for any reason (other than by reason of the express release thereof pursuant to Section 10.15), to be in full force and effect or any Loan Party shall so assert; or

  
 (k) Any Change of Control shall occur; 
  
 then, and in any such event, (A) if such event is an Event of Default specified in clause (i)
or (ii) of paragraph (f) above with respect to the Borrower, automatically the Commitments shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan
Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder, which amounts shall be cash collateralized as described in the
next succeeding sentence) shall immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent
may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower declare the Revolving Credit Commitments to be terminated forthwith, whereupon the Revolving Credit Commitments shall immediately terminate;
and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans hereunder (with accrued interest thereon) and
all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder,
which amounts shall be cash collateralized as described in the next succeeding sentence) to be due and payable forthwith, whereupon the same shall immediately become due and payable. In the case of all Letters of Credit with respect to which
presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then
undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all
such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrower hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully
drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower hereunder and under the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be
returned to the Borrower (or such other Person as may be lawfully entitled thereto). 

 SECTION 9. THE AGENTS 
  
 9.1 Appointment; Issuing Lender; Certain Duties. (a) Each Lender hereby irrevocably designates and appoints the
Agents as the agents of such Lender under this Agreement and the other Loan Documents, and each Lender irrevocably authorizes each Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan
Documents and to exercise such powers and perform such duties as are expressly delegated to such Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding
any provision to the contrary elsewhere in this Agreement, no Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against any Agent. 
  
 (b) In addition to the benefits and immunities specified in this Agreement for each Issuing Lender, each Issuing Lender shall have all of the benefits and
immunities provided to the Agents with respect to any acts taken or omissions suffered by that Issuing Lender in connection with Letters of Credit issued by it or proposed to be issued by it and the applications and agreements for letters of credit
pertaining to such Letters of Credit as fully as if the term “Agents” included that Issuing Lender. 
  
 (c) Upon the request of any Lender, the Administrative Agent shall make available to such Lender any documents or other information received by it
pursuant to Sections 6.1, 6.2 and 6.7. 
  
 9.2 Delegation of
Duties. Each Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent
shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 
  
 9.3 Exculpatory Provisions. Neither any Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i)
liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of
a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by
any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this
Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party to perform its obligations hereunder or
thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect
the properties, books or records of any Loan Party. 

 9.4 Reliance by Agents. Each Agent shall be entitled to rely, and shall be fully protected in
relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been
signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Loan Parties), independent accountants and other experts selected by such Agent. The Agents may deem and treat the payee
of any Note as the owner thereof for all purposes unless such Note shall have been transferred in accordance with Section 10.6 and all actions required by such Section in connection with such transfer shall have been taken. Each Agent shall be fully
justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other
instructing group of Lenders specified by this Agreement) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or
continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified
by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the
Loans. 
  
 9.5 Notice of Default. No Agent shall be deemed
to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless such Agent shall have received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and
stating that such notice is a “notice of default”. In the event that the Administrative Agent shall receive such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action
with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement); provided that
unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it
shall deem advisable in the best interests of the Lenders. 
  
 9.6
Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither any of the Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or
warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender
represents to the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will,
independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own 

 
credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as
it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly required to be
furnished to the Lenders by the Administrative Agent hereunder, no Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or
otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of such Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 
  
 9.7 Indemnification. The Lenders agree to indemnify each Agent in its
capacity as such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Aggregate Exposure Percentages in effect on the date on which indemnification is
sought under this Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Aggregate Exposure Percentages immediately prior
to such date), for, and to save each Agent harmless from and against, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time
(including at any time following the payment of the Loans) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents
contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the
payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have
resulted from such Agent’s gross negligence or willful misconduct. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 
  
 9.8 Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept deposits from and
generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued or participated in by it, each Agent shall have the
same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual
capacity. 
  
 9.9 Successor Administrative Agent, Issuing
Lender. The Administrative Agent may resign as Administrative Agent upon 10 days’ notice to the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents,
then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 8(a) or Section 8(f) with respect to the Borrower shall have occurred and be
continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and 

 
duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and
approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this
Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 10 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative
Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as
provided for above. The Syndication Agent may, at any time, by notice to the Lenders and the Administrative Agent, resign as Syndication Agent hereunder, whereupon the duties, rights, obligations and responsibilities of the Syndication Agent
hereunder shall automatically be assumed by, and inure to the benefit of, the Administrative Agent, without any further act by the Syndication Agent, the Administrative Agent or any Lender. After any retiring Agent’s resignation as Agent, the
provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement and the other Loan Documents. 
  
 Each Issuing Lender shall have the right to resign as Issuing Lender; provided that such resignation shall only
become effective upon the substitution of a successor Issuing Lender, which successor Issuing Lender shall be in all respects satisfactory to the Borrower. 
  
 9.10 Authorization to Release Liens and Guarantees. The Administrative Agent is hereby irrevocably authorized by each of the Lenders to effect any
release of Liens or guarantee obligations contemplated by Section 10.15. 
  
 9.11 The Joint Lead Arrangers; the Syndication Agent. Neither any Joint Lead Arranger, nor the Syndication Agent, in their respective capacities as such, shall have any duties or responsibilities, and shall
incur no liability, under this Agreement and the other Loan Documents. 
  
 SECTION 10. MISCELLANEOUS 
  
 10.1 Amendments and
Waivers. (a) Neither this Agreement or any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders and each Loan Party
party to the relevant Loan Document may, or (with the written consent of the Required Lenders) the Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or
modifications hereto and to the other Loan Documents (including amendments and restatements hereof or thereof) for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders
or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as may be specified in the instrument of waiver, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and
its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall: 

	 	(i)	forgive the principal amount or extend the final scheduled date of maturity of any Loan or Reimbursement Obligation, extend the scheduled date of any amortization payment in respect
of any Term Loan, reduce the stated rate of any interest or fee payable hereunder or extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Commitment of any Lender, in each case without the
consent of each Lender directly affected thereby; 

  

	 	(ii)	amend, modify or waive any provision of this Section or reduce any percentage specified in the definition of Required Lenders or Required Prepayment Lenders, consent to the
assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the Collateral or release all or substantially all of the Guarantors from their
guarantee obligations under the Guarantee and Collateral Agreement, in each case without the consent of all Lenders; 

  

	 	(iii)	amend, modify or waive any condition precedent to any extension of credit under the Revolving Credit Facility set forth in Section 5.3 (including the waiver of an existing Default
or Event of Default required to be waived in order for such extension of credit to be made) without the consent of any Majority Revolving Credit Facility Lenders; 

  

	 	(iv)	amend, modify or waive any provision of Section 2.12 without the consent of the Required Prepayment Lenders; 

  

	 	(v)	reduce the percentage specified in the definition of Majority Facility Lenders with respect to any Facility without the written consent of all Lenders under such Facility;

  

	 	(vi)	amend, modify or waive any provision of Section 9, or any other provision of the Loan Documents affecting the duties, rights or remedies of any Agent, without the consent of any
Agent directly affected thereby; 

  

	 	(vii)	amend, modify or waive any provision of Section 2.18 without the consent of each Lender directly affected thereby; 

  

	 	(viii)	amend, modify or waive any provision of the Loan Documents affecting the rights or duties of an Issuing Lender without the consent of each Issuing Lender directly affected thereby;
or 

  

	 	(ix)	impose restrictions on assignments and participations that are more restrictive than, or additional to, those set forth in Section 10.6 without the consent of each Lender directly
affected thereby. 

 Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall
be binding upon the Loan Parties, the Lenders, the Agents and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Agents shall be restored to their former position and rights hereunder and under the
other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. Any such
waiver, amendment, supplement or modification shall be effected by a written instrument signed by the parties required to sign pursuant to the foregoing provisions of this Section; provided, that delivery of an executed signature page of any
such instrument by facsimile transmission shall be effective as delivery of a manually executed counterpart thereof. 
  
 For the avoidance of doubt, this Agreement and any other Loan Document may be amended (or amended and restated) with the written consent of the Required
Lenders, the Administrative Agent and each Loan Party to each relevant Loan Document (x) to add one or more additional credit facilities (other than those provided by Additional Term Loan Supplements) to this Agreement and to permit the extensions
of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof (collectively, the “Additional Extensions of Credit”) to share ratably in the benefits of this Agreement and the other Loan
Documents with the Term Loans and Revolving Extensions of Credit and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders, Required
Prepayment Lenders and Majority Facility Lenders; provided, however, that no such amendment shall permit the Additional Extensions of Credit to share with preference to the Loans in the application of mandatory prepayments without the
consent of the Required Prepayment Lenders. 
  
 This Agreement
shall also be deemed amended as provided in any Additional Term Loan Supplement upon the effectiveness of such Additional Term Loan Supplement; provided, that such amendments shall be permitted only to the extent set forth in the definition
of “Additional Term Loan Supplement” and Sections 2.6 and 2.7. 
  
 10.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be
deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when received, addressed (a) in the case of the Borrower and the Administrative
Agent, as follows and (b) in the case of the Lenders, as set forth in an administrative questionnaire delivered to the Administrative Agent or on Schedule I to the Lender Addendum to which such Lender is a party or, in the case of a Lender which
becomes a party to this Agreement pursuant to an Assignment and Acceptance, in such Assignment and Acceptance or (c) in the case of any party, to such other address as such party may hereafter notify to the other parties hereto: 
  

	 The Borrower:
	  	 Williams Energy Partners L.P.

	 	  	 One Williams Center

	 	  	 Tulsa, Oklahoma 74172

	 	  	 Attention: Chief Executive Officer

	 	  	 with copies to:

		
	 	  	 WEG Acquisitions, L.P.

	 	  	 c/o Madison Dearborn Capital Partners IV, L.P.

	 	  	 70 West Madison Street, Suite 3800

	 	  	 Chicago, Illinois 60602

		
	 	  	 and

		
	 	  	 WEG Acquisitions, L.P.

	 	  	 c/o Carlyle Riverstone Global Energy and Power Fund II, L.P.

	 	  	 c/o Riverstone Holdings LLC

	 	  	 712 Fifth Avenue, 19th Floor

	 	  	 New York, New York 10019

		
	 The Administrative Agent:
	  	 Lehman Commercial Paper Inc.

	 	  	 745 Seventh Avenue

	 	  	 New York, New York 10019

	 	  	 Attention: Francis Chang

	 	  	 Telecopy: 646-758-3864

	 	  	 Telephone: 212-526-5390

		
	 	  	 with a copy to:

		
	 	  	 Michelle Rosolinsky

	 	  	 Telecopy: 212-526-6643

	 	  	 Telephone: 212-526-6590

		
	 Issuing Lender:
	  	 Bank of America, N.A.

	 	  	 700 Louisiana Street, 8th Floor

	 	  	 Houston, Texas 77002

	 	  	 Attention: Phyllis Tennard

	 	  	 Telecopy: 713-247-7286

	 	  	 Telephone: 713-247-7268

		
	 	  	 with a copy to:

		
	 	  	As notified by such Issuing Lender to the Administrative Agent and the Borrower

  
 provided that any notice,
request or demand to or upon any Agent, the Issuing Lender or any Lender shall not be effective until received. 
  
 10.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any Agent or any Lender, any right, remedy,
power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other 

 
or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
  
 10.4 Survival of Representations and Warranties. All representations and warranties made herein, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in
connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans and other extensions of credit hereunder. 
  
 10.5 Payment of Expenses. The Borrower agrees (a) to pay or reimburse the Agents for all their reasonable out-of-pocket costs and expenses incurred
in connection with the syndication of the Facilities (other than fees payable to syndicate members) and the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and
any other documents prepared in connection herewith or therewith, and the consummation of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements and other charges of counsel to the Administrative Agent, the
charges of Intralinks and filing and recording fees and expenses, (b) to pay or reimburse each Lender and the Agents for all their out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this
Agreement, the other Loan Documents and any other documents prepared in connection herewith or therewith, including the fees and disbursements of counsel to each Lender and of counsel to the Agents, (c) to pay, indemnify, or reimburse each Lender
and the Agents for, and hold each Lender and the Agents harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other taxes, if any, which may be
payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in
respect of, this Agreement, the other Loan Documents and any such other documents, and (d) to pay, indemnify or reimburse each Lender, each Agent, their respective affiliates, and their respective officers, directors, trustees, employees, advisors,
agents and controlling persons (each, an “Indemnitee”) for, and hold each Indemnitee harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents and any such other documents, including any of the foregoing relating to
the use of proceeds of the Loans or the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of the Borrower any of its Subsidiaries or any of the Properties and the fees and disbursements and other
charges of legal counsel in connection with claims, actions or proceedings by any Indemnitee against the Borrower under any Loan Document (all the foregoing in this clause (d), collectively, the “Indemnified Liabilities”),
provided, that the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are found by a final and nonappealable decision of a court of competent
jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee and the Borrower shall have no obligation under clause (d) with respect to any cost, expense, fee or disbursement to the extent that such cost, expense,
fee or disbursement is otherwise contemplated by any of clauses (a), (b) and (c) of this Section 10.5 to be the obligation of such Indemnitee. No Indemnitee shall be liable for any damages arising 

 
from the use by unauthorized persons (other than as a result of such Indemnitee’s gross negligence or willful misconduct) of materials sent through
electronic, telecommunications or other information transmission systems that are intercepted by such persons or for any special, indirect, consequential or punitive damages in connection with the Facilities. All amounts due under this Section shall
be payable not later than 30 days after written demand therefor. Statements payable by the Borrower pursuant to this Section shall be submitted to John Chandler (Telephone No. (918) 573-5331) (Fax No. (918) 573-3864), at the address of the Borrower
set forth in Section 10.2, or to such other Person or address as may be hereafter designated by the Borrower in a notice to the Administrative Agent. The agreements in this Section shall survive repayment of the Loans and all other amounts payable
hereunder. 
  
 10.6 Successors and Assigns; Participations and
Assignments. (a) This Agreement shall be binding upon and inure to the benefit of the Borrower, the Lenders, the Agents, all future holders of the Loans and their respective successors and assigns, except that the Borrower may not assign or
transfer any of its rights or obligations under this Agreement without the prior written consent of the Agents and each Lender. 
  
 (b) Any Lender may, without the consent of the Borrower, in accordance with applicable law, at any time sell to one or more banks, financial institutions
or other entities (each, a “Participant”) participating interests in any Loan owing to such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Loan Documents. In the event of any
such sale by a Lender of a participating interest to a Participant, such Lender’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance
thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the other Loan Documents, and the Borrower and the Agents shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement and the other Loan Documents. In no event shall any Participant under any such participation have any right to approve any amendment or waiver of any provision of any Loan Document, or any
consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or consent would require the consent of each Lender or all Lenders pursuant to Section 10.1. The Borrower agrees that if amounts outstanding under
this Agreement and the Loans are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall, to the maximum extent permitted by applicable law, be deemed to have
the right of setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement, provided that, in
purchasing such participating interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in Section 10.7(a) as fully as if such Participant were a Lender hereunder. The Borrower also agrees
that each Participant shall be entitled to the benefits of Sections 2.19, 2.20 and 2.21 with respect to its participation in the Commitments and the Loans outstanding from time to time as if such Participant were a Lender; provided that, in
the case of Section 2.20, such Participant shall have complied with the requirements of said Section, and provided, further, that no Participant shall be entitled to receive any greater amount pursuant to any such Section than the
transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred. 

 (c) Any Lender (an “Assignor”) may, in accordance with applicable law and upon written
notice to the Administrative Agent, at any time and from time to time assign to any Lender or any affiliate, Related Fund or Control Investment Affiliate thereof or, with the consent of the Borrower and the Agents and, in the case of any assignment
of Revolving Credit Commitments, the written consent of each affected Issuing Lender (which, in each case, shall not be unreasonably withheld or delayed) (provided (x) that no such consent need be obtained by any Lehman Entity and (y) the
consent of the Borrower need not be obtained with respect to any assignment of Term Loans), to an additional bank, financial institution or other entity (an “Assignee”) all or any part of its rights and obligations under this
Agreement pursuant to an Assignment and Acceptance, substantially in the form of Exhibit D, executed by such Assignee and such Assignor (and, where the consent of the Borrower, the Administrative Agent or an Issuing Lender is required pursuant to
the foregoing provisions, by the Borrower and such other Persons) and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that no such assignment (other than in the case of an assignment of all of
a Lender’s interests under this Agreement) to an Assignee (other than any Lender or any affiliate thereof) shall be in an aggregate principal amount of less than $1,000,000 (in the case of assignments of Term Loans) or $5,000,000 (in the case
of assignments of Revolving Credit Commitments and Revolving Credit Loans), unless otherwise agreed by the Borrower and the Administrative Agent. Any such assignment need not be ratable as among the Facilities. Upon such execution, delivery,
acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and
obligations of a Lender hereunder with Commitments and/or Loans as set forth therein, and (y) the Assignor thereunder shall, to the extent provided in such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the
case of an Assignment and Acceptance covering all of an Assignor’s rights and obligations under this Agreement, such Assignor shall cease to be a party hereto, except as to Section 2.19, 2.20 and 10.5 in respect of the period prior to such
effective date). Notwithstanding any provision of this Section, the consent of the Borrower shall not be required for any assignment that occurs at any time when any Event of Default shall have occurred and be continuing. For purposes of the minimum
assignment amounts set forth in this paragraph, multiple assignments by two or more Related Funds shall be aggregated. 
  
 (d) The Administrative Agent shall, on behalf of the Borrower, maintain at its address referred to in Section 10.2 a copy of each Assignment and
Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of the Loans owing to, each Lender from time to time. The entries
in the Register shall be conclusive, in the absence of manifest error, and the Borrower, each Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans and any Notes evidencing such Loans recorded
therein for all purposes of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register (and each Note shall expressly so provide).
Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment
and Acceptance; thereupon one or more new Notes in the same aggregate principal amount shall be issued to the designated Assignee, and the old Notes shall be returned by the Administrative Agent to the Borrower marked “canceled”. The
Register shall be available for 

 
inspection by the Borrower or any Lender (with respect to any entry relating to such Lender’s Loans) at any reasonable time and from time to time upon
reasonable prior notice. If any request for an amendment, waiver or other modification in respect of any Loan Document shall be pending, the Administrative Agent will, upon the request of any Lender, provide to such Lender a list of the names of
each of the Lenders. 
  
 (e) Upon its receipt of an Assignment and
Acceptance executed by an Assignor and an Assignee (and, in any case where the consent of any other Person is required by Section 10.6(c), by each such other Person) together with payment to the Administrative Agent of a registration and processing
fee of $3,500 (treating multiple, simultaneous assignments by or to two or more Related Funds as a single assignment) (except that no such registration and processing fee shall be payable in the case of an Assignee which is already a Lender or is an
affiliate or Related Fund of a Lender or a Person under common management with a Lender), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto record the
information contained therein in the Register and give notice of such acceptance and recordation to the Borrower. On or prior to such effective date, the Borrower, at its own expense, upon request, shall execute and deliver to the Administrative
Agent (in exchange for the Revolving Credit Note and/or applicable Term Notes, as the case may be, of the assigning Lender) a new Revolving Credit Note and/or applicable Term Notes, as the case may be, to the order of such Assignee in an amount
equal to the Revolving Credit Commitment and/or applicable Term Loans, as the case may be, assumed or acquired by it pursuant to such Assignment and Acceptance and, if the Assignor has retained a Revolving Credit Commitment and/or Term Loans, as the
case may be, upon request, a new Revolving Credit Note and/or Term Notes, as the case may be, to the order of the Assignor in an amount equal to the Revolving Credit Commitment and/or applicable Term Loans, as the case may be, retained by it
hereunder. Such new Note or Notes shall be dated the Closing Date and shall otherwise be in the form of the Note or Notes replaced thereby. 
  
 (f) For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate
only to absolute assignments and that such provisions do not prohibit assignments creating security interests in Loans and Notes, including any pledge or assignment by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with
applicable law. 
  
 (g) Notwithstanding anything to the contrary
contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and
the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a
commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The
making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or
similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive 

 
the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or
other indebtedness of any SPC, it will not institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any
state thereof. In addition, notwithstanding anything to the contrary in this Section 10.6(g), any SPC may (A) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee
therefor, assign all or a portion of its interests in any Loans to the Granting Lender, or with the prior written consent of the Borrower and the Administrative Agent (which consent shall not be unreasonably withheld) to any financial institutions
providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans, and (B) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial
paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC; provided that non-public information with respect to the Borrower may be disclosed only with the Borrower’s consent which will not be
unreasonably withheld. In the event that the consent of all or any portion of the Lenders is required pursuant to any provision of any Loan Document at a time when any Loan is held by any SPC, such SPC and the Granting Lender that would otherwise
have been obligated to make such Loan shall agree between themselves as to which of them shall be entitled to grant or withhold any consent applicable to such Loan, and the other parties to the Loan Documents shall be entitled to rely conclusively
on the advice of such Granting Lender as to which of such Granting Lender or such SPC is entitled to grant or withhold such consent. This paragraph (g) may not be amended without the written consent of any SPC with Loans outstanding at the time of
such proposed amendment. 
  
 10.7 Adjustments; Set-off. (a)
Except to the extent that this Agreement provides for payments to be allocated to a particular Lender or to the Lenders under a particular Facility, if any Lender (a “Benefitted Lender”) shall at any time receive any payment of all
or part of the Obligations owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 8(f), or otherwise), in a greater
proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Obligations, such Benefitted Lender shall purchase for cash from the other Lenders a participating interest in such
portion of each such other Lender’s Obligations, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral
ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and
benefits returned, to the extent of such recovery, but without interest. 
  
 (b) If an Event of Default shall have occurred and be continuing, and in addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Borrower, any
such notice being expressly waived by the Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by the Borrower hereunder (whether at the stated maturity, by acceleration or otherwise), to set off and
appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect,
absolute or contingent, matured or 

 
unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the Borrower. Each Lender agrees
promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application. 
  
 10.8 Counterparts. This Agreement may be executed by one or more of
the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement or of a Lender
Addendum by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 

 
 10.9 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 not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 10.10 Integration. This Agreement and the other Loan Documents represent the entire agreement of the Borrower, the Agents, the Joint Lead Arrangers
and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Joint Lead Arrangers, any Agent or any Lender relative to subject matter hereof not expressly set
forth or referred to herein or in the other Loan Documents. 
  
 10.11 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  
 10.12 Submission To Jurisdiction; Waivers. The Borrower hereby
irrevocably and unconditionally: 
  
 (a) submits for itself and
its Property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the
courts of the State of New York, in the Borough of Manhattan, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 
  
 (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy
thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Borrower at its address set forth in Section 10.2 or at such other address of which the Administrative Agent shall have been notified
pursuant thereto; 
  
 (d) agrees that nothing herein shall affect
the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
  
 (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this
Section any special, exemplary, punitive or consequential damages. 
  
 10.13 Acknowledgments. The Borrower hereby acknowledges that: 
  
 (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; 
  
 (b) neither any Joint Lead Arranger, any Agent nor any Lender has any fiduciary relationship with or duty to the Borrower arising out of or in connection
with this Agreement or any of the other Loan Documents, and the relationship between the Joint Lead Arrangers, the Agents and the Lenders, on one hand, and the Borrower, on the other hand, in connection herewith or therewith is solely that of debtor
and creditor; and 
  
 (c) no joint venture is created hereby or by
the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Joint Lead Arrangers, the Agents and the Lenders or among the Borrower and the Lenders. 
  
 10.14 Confidentiality. Each of the Agents and the Lenders agrees to
keep confidential all non-public information provided to it by the Borrower pursuant to this Agreement that is designated by the Borrower as confidential; provided that nothing herein shall prevent any Agent or any Lender from disclosing any such
information (a) to any Joint Lead Arranger, any Agent, any other Lender or any affiliate of any thereof, (b) to any Participant or Assignee (each, a “Transferee”) or prospective Transferee that agrees to comply with the provisions
of this Section or substantially equivalent provisions, (c) to any of its Affiliates, employees, directors, agents, attorneys, accountants and other professional advisors that have been made aware of the confidential nature of such information and
instructed to keep such information confidential, (d) upon the request or demand of any Governmental Authority having jurisdiction over it, (e) in response to any order of any court or other Governmental Authority or as may otherwise be required
pursuant to any Requirement of Law, (f) in connection with any litigation or similar proceeding, (g) that has been publicly disclosed other than in breach of this Section, (h) to the National Association of Insurance Commissioners or any similar
organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender or (i) in connection with the exercise of any remedy
hereunder or under any other Loan Document. Notwithstanding anything herein to the contrary, any party subject to confidentiality obligations hereunder or under any other related document (and any employee, representative or other agent of such
party) may disclose to any and all persons, without limitation of any kind, such party’s 

 
U.S. federal income tax treatment and the U.S. federal income tax structure of the transactions contemplated by this Agreement relating to such party and all
materials of any kind (including opinions or other tax analyses) that are provided to it relating to such tax treatment and tax structure. However, no such party shall disclose any information relating to such tax treatment or tax structure to the
extent nondisclosure is reasonably necessary in order to comply with applicable securities laws. 
  
 10.15 Release of Collateral and Guarantee Obligations. 
  
 (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon request of the Borrower in connection with any
Disposition of Property permitted by the Loan Documents, the Administrative Agent shall (without notice to, or vote or consent of, any Lender, or any affiliate of any Lender that is a party to any Specified Hedge Agreement) take such actions as
shall be required to release its security interest in any Collateral being Disposed of in such Disposition, and to release any guarantee obligations under any Loan Document of any Person being Disposed of in such Disposition, to the extent necessary
to permit consummation of such Disposition in accordance with the Loan Documents. 
  
 (b) Notwithstanding anything to the contrary contained herein or any other Loan Document, when all Obligations (other than obligations in respect of any Specified Hedge Agreement) have been paid in full, all
Commitments have terminated or expired and no Letter of Credit shall be outstanding, upon request of the Borrower, the Administrative Agent shall (without notice to, or vote or consent of, any Lender, or any affiliate of any Lender that is a party
to any Specified Hedge Agreement) take such actions as shall be required to release its security interest in all Collateral, and to release all guarantee obligations under any Loan Document, whether or not on the date of such release there may be
outstanding Obligations in respect of Specified Hedge Agreements. Any such release of guarantee obligations shall be deemed subject to the provision that such guarantee obligations shall be reinstated if after such release any portion of any payment
in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the
appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payment had not been made. 
  
 10.16 Accounting Changes. In the event that any “Accounting
Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the Administrative Agent agree to enter into
negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Change with the desired result that the criteria for evaluating the Borrower’s financial condition shall be the same after such
Accounting Change as if such Accounting Change had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and
terms in this Agreement shall continue to be calculated or construed as if such Accounting Change had not occurred. “Accounting Change” refers to any change in accounting principles required by the promulgation of any rule, regulation,
pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the SEC. 

 10.17 Delivery of Lender Addenda. Each initial Lender shall become a party to this Agreement by
delivering to the Administrative Agent a Lender Addendum duly executed by such Lender, the Borrower and the Administrative Agent. 
  
 10.18 Restricted Subsidiaries. The Borrower may, at any time, by notice to the Administrative Agent, designate any Subsidiary as a Restricted
Subsidiary; provided, that (a) prior to or concurrently with such designation, the provisions of Section 6.9 shall be complied with, (b) the Borrower would not be in violation of Section 7.2 if any Indebtedness of such Subsidiary were incurred on
the date of such designation, and (c) after giving effect to such designation no Default or Event of Default will have occurred and be continuing. 
  
 10.19 Limitation of Recourse. There shall be full recourse to the Borrower and all of its assets and properties for the liabilities of the Borrower
under this Agreement and the other Loan Documents, but, subject to the provisions of the following sentence, in no event shall the general partner of the Borrower be personally liable or obligated for such liabilities and obligations of the Borrower
under the Loan Documents. Nothing in the immediately preceding sentence shall limit or be construed to release the general partner of the Borrower from liability for its fraudulent actions, willful misconduct or misappropriation of funds, or from
any of its obligations or liabilities under any agreement executed by the general partner of the Borrower in its individual capacity in connection with any Loan Document or limit or impair the exercise of remedies with respect to any Collateral. The
provisions of this Section shall survive the termination of this Agreement. 
  
 10.20 WAIVERS OF JURY TRIAL. THE BORROWER, THE JOINT LEAD ARRANGERS, THE AGENTS AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

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

	 LEHMAN BROTHERS INC.,

	 as a Joint Lead Arranger

		
	 By:
	 	 /s/ signature illegible

	 	 	 Title: Authorized Signatory

	
	 BANC OF AMERICA SECURITIES, LLC,

	 as a Joint Lead Arranger

		
	 By:
	 	 /s/ signature illegible

	 	 	 Title: Authorized Signatory

	
	 BANK OF AMERICA, N.A.,

	 as Syndication Agent

		
	 By:
	 	 /s/ Claire Lui

	 	 	 Title: Authorized Signatory

	
	 LEHMAN COMMERCIAL PAPER INC.,

	 as Administrative Agent

		
	 By:
	 	 /s/ signature illegible

	 	 	 Title: Authorized Signatory

	
	 BANK OF AMERICA, N.A.,

	 as Issuing Lender

		
	 By:
	 	 /s/ Claire Lui

	 	 	 Title: Authorized Signatory

	 WILLIAMS ENERGY PARTNERS L.P.

		
	 By:
	 	 WEG GP LLC, its general partner

		
	 By:
	 	 /s/ John D. Chandler

	 	 	 Title: Authorized Signatory

	 	 	 Chief Financial Officer

 SCHEDULE 1.1 
  
 ADJUSTMENTS TO CONSOLIDATED EBITDA 
  
 Consolidated EBITDA in any period shall be increased by each of the following: 
  

(a) the amount of the general and administrative expenses of the Borrower and its Subsidiaries for such period paid by WEG Acquisitions, L.P. during or
with respect to such period in accordance with the terms of the New Omnibus Agreement (as defined below) that, in accordance with the terms of the New Omnibus Agreement, is not required to be reimbursed to WEG Acquisitions, L.P. by the Borrower or
its Subsidiaries, provided, that such increase in Consolidated EBITDA shall not exceed the amount by which Consolidated Net Income of the Borrower and its Subsidiaries was reduced for such period as a result of the inclusion of such amount of
general and administrative expenses on the income statement of the Borrower and its Subsidiaries for such period; 
  
 (b) the amount of payments made by any of Williams Energy Services, LLC, Williams Natural Gas Liquids, Inc., The Williams Companies, Inc. or WEG
Acquisitions, L.P. during or with respect to such period in accordance with Article IV of the New Omnibus Agreement or Section 8.2 of the Purchase Agreement (as defined below) as indemnification for Covered Environmental Losses (as defined in the
New Omnibus Agreement) or environmental remediation obligations, provided, that such increase in Consolidated EBITDA shall not exceed the amount by which Consolidated Net Income of the Borrower and its Subsidiaries was reduced for such period
as a result of the GAAP treatment of such payments as capital contributions rather than income; 
  
 (c) the sum of (i) the amount of Implementation Costs (as defined in the Purchase Agreement) and, when added to all Implementation Costs previously
incurred, not exceeding $5,000,000 in the aggregate, that are incurred during such period and that, in accordance with the terms of the Purchase Agreement, are required to be borne by WEG Acquisitions, L.P. or the Borrower and its Subsidiaries, and
(ii) the amount of such Implementation Costs in excess of such $5,000,000 aggregate amount that are incurred during such period and that, in accordance with the terms of the Purchase Agreement, either (x) are not required to be borne by WEG
Acquisitions, L.P. or the Borrower and its Subsidiaries or (y) are reimbursed to WEG Acquisitions, L.P. or the Borrower and its Subsidiaries, provided that in the case of this clause (ii) such increase in Consolidated EBITDA shall not exceed the
amount by which Consolidated Net Income of the Borrower and its Subsidiaries was reduced for such period as a result of the inclusion of the Implementation Costs referred to in this clause (ii) on the income statement of the Borrower and its
Subsidiaries for such period; 
  
 (d) with respect to any period
encompassing the period in which the Acquisition (as defined in the Purchase Agreement) occurs, the amount (if any) by which Consolidated Net Income of the Borrower and its Subsidiaries was reduced for such period as a result of the GAAP treatment
of certain retiree healthcare (FAS 106), pension (FAS 87), and accrued paid-time off costs related to the employment by WEG Acquisitions, L.P. and its affiliates of former 

 
employees of The Williams Companies, Inc. that were formerly involved, and that will continue to be involved, in providing services to the Borrower and its
Subsidiaries; and 
  
 (e) with respect to any period encompassing
the period in which the Acquisition (as defined below) occurs, the amount of expenses that are deemed to be incurred by the Borrower and its Subsidiaries during or with respect to such period as a result of the accelerated vesting of certain Phantom
Units (as defined in the Purchase Agreement) as a result of the consummation of the Acquisition or events related to the consummation of the Acquisition. 
  
 For purposes of this Schedule 1.1: 
  

	 	(i)	the term “New Omnibus Agreement” means the New Omnibus Agreement, dated as of June 17, 2003, by and among WEG Acquisitions, L.P., Williams Energy Services, LLC, Williams
Natural Gas Liquids, Inc. and The Williams Companies, Inc.; 

  

	 	(ii)	the term “Purchase Agreement” means the Purchase Agreement, dated as of April 18, 2003 (as amended by Amendment No. 1 to the Purchase Agreement, dated as of May 5, 2003),
by and among Williams Energy Services, LLC, Williams Natural Gas Liquids, Inc., Williams GP LLC and WEG Acquisitions, L.P.; and 

  

	 	(iii)	the term “Acquisition” shall mean the acquisition by WEG Acquisitions, L.P. of interests in the Borrower consummated in June 2003; 

  
 as each such agreement referred to clause (i) and (ii) may be amended, supplemented or
otherwise modified after the date hereof, but without giving effect to any such amendment, supplement or other modification thereto not otherwise consented to by the Required Lenders that would, as a result of the application of the adjustments to
such amendments, supplements or other modifications provided for in this Schedule 1.1, result in an increase in Consolidated EBITDA in excess of the increases therein provided for in this Schedule 1.1. 

 SCHEDULE 4.1(b) 
  
 CERTAIN OBLIGATIONS 
  
 Contingent Liabilities and Liabilities for Taxes. Corporate predecessors of WPL and Williams Terminals Holdings, LP were members of The Williams Companies, Inc.
and Subsidiaries consolidated U.S. federal income tax group, which has extended the statute of limitations for the assessment or collection of taxes for the 1996-98 tax return years until September 15, 2003. The Internal Revenue Service is currently
investigating certain “listed transactions” on which losses were recognized on the 1998 tax returns. 

 SCHEDULE 4.4 
  
 CONSENTS, AUTHORIZATIONS, FILINGS AND NOTICES 
  
 NONE. 

 SCHEDULE 4.15 
  
 SUBSIDIARIES 
  

	 Subsidiary

	  	Jurisdiction

	  	 Parent Company

	  	 Interest

	Williams GP Inc.	  	Delaware	  	Williams Energy Partners L.P.	  	100% common stock interest
				
	Williams Pipe Line Company, LLC	  	Delaware	  	Williams Energy Partners L.P.	  	100% membership interest
				
	Williams OLP, L.P.	  	Delaware	  	Williams Energy Partners L.P.	  	99.999% limited partner interest
				
	Williams OLP, L.P.	  	Delaware	  	Williams GP Inc.	  	0.001% general partner interest
				
	Williams NGL, LLC	  	Delaware	  	Williams OLP, L.P.	  	100% membership interest
				
	Williams Terminals Holdings, L.P.	  	Delaware	  	Williams NGL, LLC	  	0.001% general partner interest
				
	Williams Terminals Holdings, L.P.	  	Delaware	  	Williams OLP, L.P.	  	99.999% limited partner interest
				
	Williams Ammonia Pipeline, L.P.	  	Delaware	  	Williams NGL, LLC	  	0.001% general partner interest
				
	Williams Ammonia Pipeline, L.P.	  	Delaware	  	Williams OLP, L.P.	  	99.999% limited partner interest
				
	Williams Pipelines Holdings, L.P.	  	Delaware	  	Williams NGL, LLC	  	0.001% general partner interest
				
	Williams Pipelines Holdings, L.P.	  	Delaware	  	Williams OLP, L.P.	  	99.999% limited partner interest

 SCHEDULE 4.19(a)-1 
  

UCC FILING JURISDICTIONS 
  

	 Loan Party

	  	 Filing Office

	 Williams Energy Partners L.P.
	  	Secretary of State of the State of Delaware
		
	 Williams GP Inc.
	  	Secretary of State of the State of Delaware
		
	 Williams OLP, L.P.
	  	Secretary of State of the State of Delaware
		
	 Williams NGL, LLC
	  	Secretary of State of the State of Delaware
		
	 Williams Ammonia Pipeline, L.P.
	  	Secretary of State of the State of Delaware
		
	 Williams Terminals Holdings, L.P.
	  	Secretary of State of the State of Delaware
		
	 Williams Pipelines Holdings, L.P.
	  	Secretary of State of the State of Delaware

 SCHEDULE 4.19(a)-2 
  

UCC FINANCING STATEMENTS TO REMAIN ON FILE 
  

	 DEBTOR

	  	 Date Filed

	  	 Collateral

	  	 FS #

	  	 Jursidiction

	 Williams Energy Partners L.P.
	  	11/4/2002	  	All ownership interests in Williams Pipe Line Company	  	020680597	  	Delaware Secretary of State

 SCHEDULE 4.19(a)-3 
  

UCC FINANCING STATEMENTS TO BE TERMINATED 
  
 NONE. 

 SCHEDULE 7.2(d) 
  
 EXISTING INDEBTEDNESS 
  
 a. The indebtedness outstanding under the WPL Note Purchase Agreement 
  
 b. The following surety bonds: 
  

	 Principal

	  	Number

	  	Amount

	  	Effective Date

	  	 Description

	 Williams Ammonia Pipeline, L.P.
	  	6075507	  	$	25,000.00	  	10/01/07	  	Blanket Railroad Commission
	 Williams Pipe Line Company, LLC
	  	5713739	  	$	2,000.00	  	11/18/98	  	Permit - Polk Co
	 Williams Pipe Line Company, LLC
	  	6049633	  	$	10,000.00	  	03/16/00	  	City of Coralville-Geoprobe Boring
	 Williams Pipe Line Company, LLC
	  	5720804	  	$	25,000.00	  	06/27/98	  	Highway Permit
	 Williams Pipe Line Company, LLC (1)
	  	5917167	  	$	1,000,000.00	  	09/17/98	  	Performance
	 Williams Pipe Line Company, LLC
	  	5739944	  	$	1,000.00	  	01/25/98	  	Motor Vehicle Fuels Distributor
	 Williams Pipe Line Company, LLC
	  	5783898	  	$	10,000.00	  	04/15/98	  	Blanket ROW
	 Williams Pipe Line Company, LLC
	  	5882357	  	$	10,000.00	  	01/01/98	  	Maintenance Permit-Lenexa
	 Williams Pipe Line Company, LLC
	  	5720751	  	$	20,000.00	  	03/10/98	  	ROW Permit
	 Williams Pipe Line Company, LLC
	  	5754891	  	$	10,000.00	  	09/04/98	  	Permit
	 Williams Pipe Line Company, LLC
	  	5783910	  	$	12,500.00	  	04/27/98	  	Monitoring
	 Williams Pipe Line Company, LLC
	  	6184063	  	$	2,000.00	  	11/14/02	  	City of Burnsville - Permit
	 Williams Pipe Line Company, LLC
	  	5733681	  	$	5,000.00	  	06/18/98	  	Performance
	 Williams Pipe Line Company, LLC
	  	5739862	  	$	1,000.00	  	09/13/98	  	Maintenance -Highway and Tran

	 Principal

	  	Number

	  	Amount

	  	Effective Date

	  	 Description

	 Williams Pipe Line Company, LLC
	  	5739935	  	$	45,000.00	  	12/28/98	  	Motor Fuel Distributor
	 Williams Pipe Line Company, LLC
	  	5739936	  	$	65,000.00	  	12/28/98	  	Special Fuel Distributor
	 Williams Pipe Line Company, LLC
	  	5783909	  	$	500.00	  	05/01/98	  	Permit
	 Williams Pipe Line Company, LLC
	  	5961087	  	$	500,000.00	  	11/12/98	  	Motor Fuel Tax/Terminal Operator
	 Williams Pipe Line Company, LLC
	  	5961088	  	$	500,000.00	  	11/12/98	  	Motor Fuel Tax/Terminal Operator
	 Williams Pipe Line Company, LLC
	  	5961089	  	$	500,000.00	  	11/12/98	  	Motor Fuel Tax/Terminal Operator
	 Williams Pipe Line Company, LLC
	  	5961090	  	$	500,000.00	  	11/12/98	  	Motor Fuel Tax/Terminal Operator
	 Williams Pipe Line Company, LLC
	  	5720750	  	$	5,000.00	  	03/06/98	  	Permit to construct-City of Omaha
	 Williams Pipe Line Company, LLC
	  	5720752	  	$	2,500.00	  	03/29/98	  	Permit -Otoe Co
	 Williams Pipe Line Company, LLC
	  	5754918	  	$	10,000.00	  	12/15/98	  	Pipeline permit-City of 0maha
	 Williams Pipe Line Company, LLC
	  	5754919	  	$	5,000.00	  	12/26/98	  	Occupier of Public Space
	 Williams Pipe Line Company, LLC
	  	6121085	  	$	500,000.00	  	09/04/01	  	Motor Fuel Tax
	 Williams Pipe Line Company, LLC
	  	5961086	  	$	25,000.00	  	01/16/98	  	Blanket Performance-RRC
	 Williams Pipelines Holdings, LP
	  	6121048	  	$	25,000.00	  	06/12/01	  	Railroad Commission of Texas
	 Williams Terminals Holdings, L.P.
	  	ESD7314527	  	$	100,000.00	  	07/01/02	  	Diesel Fuel Distributor
	 Williams Terminals Holdings, L.P.
	  	ESD7314528	  	$	100,000.00	  	07/01/02	  	Motor Vehicle Fuel Distributor
	 Williams Terminals Holdings, L.P.
	  	6099870	  	$	500,000.00	  	02/27/01	  	Fuel Tax-Terminal Op
	 Williams Terminals Holdings, L.P.
	  	5980071	  	$	25,000.00	  	02/08/99	  	Petroleum Tax
	 Williams Terminals Holdings, L.P.
	  	6099857	  	$	2,000,000.00	  	03/01/01	  	Motor Fuel Tax
	 Williams Terminals Holdings, L.P.
	  	6099851	  	$	6,000.00	  	02/27/01	  	Motor Fuel Tax
	 Williams Terminals Holdings, L.P.
	  	5927562	  	$	5,000.00	  	01/01/98	  	Fuels Tax

	 Principal

	  	Number

	  	Amount

	  	Effective Date

	  	 Description

	 Williams Terminals Holdings, L.P.
	  	6136764	  	$	600,000.00	  	03/06/02	  	Motor Fuels Tax-Gasoline
	 Williams Terminals Holdings, L.P.
	  	6136765	  	$	600,000.00	  	03/06/02	  	Motor Fuels Tax-Diesel
	 Williams Terminals Holdings, L.P.
	  	6159247	  	$	22,864.00	  	04/15/02	  	Harris County
	 Williams Terminals Holdings, L.P.
	  	6099884	  	$	2,000,000.00	  	08/14/00	  	Fuel Tax-Terminal Op
	 Williams Terminals Holdings, L.P.
	  	6036340	  	$	25,000.00	  	12/22/99	  	Blanket Performance-RRC

	(1)	Environmental work performed; once EPA and court approves, surety bond will be cancelled (anticipated before year-end) 

 SCHEDULE 7.3(f) 
  
 EXISTING LIENS 
  

	1.	Security interest granted by the Borrower in the membership interests in WPL securing obligations under the WPL Note Purchase Agreement 

  

	2.	Mortgages granted by WPL on owned and leased properties of WPL securing obligations under the WPL Note Purchase Agreement 

  

	3.	Cash Escrow Account created under the WPL Note Purchase AgreementGuarantee and Collateral Agreement

 EXHIBIT 10.3 
  
 EXECUTION COPY 
  

  
 GUARANTEE AND COLLATERAL AGREEMENT 
  
 made by 
  
 WILLIAMS ENERGY PARTNERS L.P. 
  
 and certain of its Subsidiaries 
  
 in favor of 
  
 LEHMAN COMMERCIAL PAPER INC., 
  
 as Administrative Agent 
  
 Dated
as of August 6, 2003 
  

 TABLE OF CONTENTS 
  

	 	  	 	  	Page

	SECTION 1. DEFINED TERMS	  	2
	 	  	 1.1
	  	Definitions	  	2
	 	  	 1.2
	  	Other Definitional Provisions	  	6
		
	SECTION 2. GUARANTEE	  	6
	 	  	 2.1
	  	Guarantee	  	6
	 	  	 2.2
	  	Right of Contribution	  	8
	 	  	 2.3
	  	Subrogation	  	8
	 	  	 2.4
	  	Amendments, etc. with respect to the Borrower Obligations	  	8
	 	  	 2.5
	  	Guarantee Absolute and Unconditional	  	9
	 	  	 2.6
	  	Reinstatement	  	11
	 	  	 2.7
	  	Payments	  	11
		
	SECTION 3. GRANT OF SECURITY INTEREST	  	11
		
	SECTION 4. REPRESENTATIONS AND WARRANTIES	  	12
	 	  	 4.1
	  	Representations in Credit Agreement	  	12
	 	  	 4.2
	  	Title; No Other Liens	  	12
	 	  	 4.3
	  	Perfected First Priority Liens	  	12
	 	  	 4.4
	  	Jurisdiction of Organization; Chief Executive Office	  	12
	 	  	 4.5
	  	Investment Property	  	13
		
	SECTION 5. COVENANTS	  	13
	 	  	 5.1
	  	Covenants in Credit Agreement	  	13
	 	  	 5.2
	  	Delivery of Instruments	  	13
	 	  	 5.3
	  	Payment of Obligations.	  	13
	 	  	 5.4
	  	Maintenance of Perfected Security Interest; Further Documentation	  	13
	 	  	 5.5
	  	Changes in Name, etc.	  	14
	 	  	 5.6
	  	Notices	  	14
	 	  	 5.7
	  	Distributions in respect of Investment Property	  	14
		
	SECTION 6. REMEDIAL PROVISIONS	  	16
	 	  	 6.1
	  	Pledged Stock	  	16
	 	  	 6.2
	  	Proceeds to be Turned Over To Administrative Agent	  	16
	 	  	 6.3
	  	Application of Proceeds	  	17
	 	  	 6.4
	  	Code and Other Remedies	  	17
	 	  	 6.5
	  	Sale of Pledged Stock	  	18
	 	  	 6.6
	  	Deficiency	  	19
		
	SECTION 7. THE ADMINISTRATIVE AGENT	  	19
	 	  	 7.1
	  	Administrative Agent’s Appointment as Attorney-in-Fact, etc	  	19
	 	  	 7.2
	  	Duty of Administrative Agent	  	20
	 	  	 7.3
	  	Execution of Financing Statements	  	20
	 	  	 7.4
	  	Authority of Administrative Agent	  	21
		
	SECTION 8. MISCELLANEOUS	  	21

  

 i 

	 	  	 	  	 	  	Page

	 	  	 8.1
	  	Amendments in Writing	  	21
	 	  	 8.2
	  	Notices	  	21
	 	  	 8.3
	  	No Waiver by Course of Conduct; Cumulative Remedies	  	21
	 	  	 8.4
	  	Enforcement Expenses; Indemnification	  	21
	 	  	 8.5
	  	Successors and Assigns	  	22
	 	  	 8.6
	  	Set-Off	  	22
	 	  	 8.7
	  	Counterparts	  	23
	 	  	 8.8
	  	Severability	  	23
	 	  	 8.9
	  	Section Headings	  	23
	 	  	 8.10
	  	Integration	  	23
	 	  	 8.11
	  	GOVERNING LAW	  	23
	 	  	 8.12
	  	Submission To Jurisdiction; Waivers	  	23
	 	  	 8.13
	  	Acknowledgements	  	24
	 	  	 8.14
	  	Additional Grantors	  	24
	 	  	 8.15
	  	Releases	  	24
	 	  	 8.16
	  	WAIVER OF JURY TRIAL	  	25
			
	Schedules	  	 	  	 
			
	 Schedule 1
	  	        Notice Addresses of Guarantors	  	 
	 Schedule 2
	  	        Description of Pledged Stock	  	 
	 Schedule 3
	  	        Filings and Other Actions Required to Perfect Security Interest	  	 
	 Schedule 4
	  	        Jurisdiction of Organization, Identification Number and Location of Chief Executive Office	  	 
			
	 Annexes
	  	 	  	 
			
	 Annex I
	  	        Assumption Agreement	  	 

  

 ii 

 GUARANTEE AND COLLATERAL AGREEMENT, dated as of August 6, 2003, made by each of the signatories hereto
(together with any other entity that may become a party hereto as provided herein, the “Grantors”), in favor of LEHMAN COMMERCIAL PAPER INC., as Administrative Agent (in such capacity, the “Administrative Agent”)
for the banks and other financial institutions (the “Lenders”) from time to time parties to the Credit Agreement, dated as of August 6, 2003 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among WILLIAMS ENERGY PARTNERS L.P., a Delaware limited partnership (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to the Credit Agreement (the
“Lenders”), LEHMAN BROTHERS INC., as sole advisor and sole bookrunner (in such capacity, the “Bookrunner”), Lehman Brothers Inc. and Banc of America Securities, LLC as joint lead arrangers (in such capacity, the
“Joint Lead Arrangers”), Bank of America, N.A. as syndication agent (in such capacity, the “Syndication Agent”), and the Administrative Agent. 
  
 W I T N E S S E T H: 
  
 WHEREAS, pursuant to the Credit Agreement, the Lenders have severally agreed
to make extensions of credit to the Borrower upon the terms and subject to the conditions set forth therein; 
  
 WHEREAS, the Borrower is a member of an affiliated group of companies that includes each other Grantor; 
  
 WHEREAS, the proceeds of the extensions of credit under the Credit Agreement
will be used in part to enable the Borrower to make valuable transfers to one or more of the other Grantors in connection with the operation of their respective businesses; 
  
 WHEREAS, certain of the Qualified Counterparties may enter into Specified Hedge Agreements with one or more of the Grantors;

  
 WHEREAS, the Borrower and the other Grantors are engaged in
related businesses, and each Grantor will derive substantial direct and indirect benefit from the extensions of credit under the Credit Agreement and from the Specified Hedge Agreements; and 
  
 WHEREAS, it is a condition precedent to the obligation of the Lenders to make
their respective extensions of credit to the Borrower under the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Administrative Agent; 
  
 NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent and the Lenders to enter into the
Credit Agreement and to induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each Grantor hereby agrees with the Administrative Agent, for the benefit of the Secured Parties, as follows: 

 SECTION 1. DEFINED TERMS 
  
 1.1 Definitions. (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement and the following terms are used herein as defined in the New York UCC: Certificated Security, Instruments and Supporting Obligations. 
  
 (b) The following terms shall have the following meanings: 
  
 “Agreement”: this Guarantee and Collateral
Agreement, as the same may be amended, supplemented or otherwise modified from time to time. 
  
 “Borrower Credit Agreement Obligations”: the collective reference to the unpaid principal of and interest on the Loans
and Reimbursement Obligations and all other obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans and Reimbursement
Obligations and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower,
whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent or any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter
incurred, which may arise under, out of, or in connection with, the Credit Agreement, this Agreement, or the other Loan Documents, or any Letter of Credit, or any other document made, delivered or given in connection therewith (other than a Hedge
Agreement), in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to
the Lenders that are required to be paid by the Borrower pursuant to the terms of any of the foregoing agreements). 
  
 “Borrower Hedge Agreement Obligations”: the collective reference to all obligations and liabilities of the Borrower
(including, without limitation, interest accruing at the then applicable rate provided in any Specified Hedge Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding,
relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to any Qualified Counterparty, whether direct or indirect, absolute or contingent, due or to become due, or now existing or
hereafter incurred, which may arise under, out of, or in connection with, any Specified Hedge Agreement or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement
obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the relevant Qualified Counterparty that are required to be paid by the Borrower pursuant to the terms of any
Specified Hedge Agreement). 
  
 “Borrower
Obligations”: the collective reference to (i) the Borrower Credit Agreement Obligations, (ii) the Borrower Hedge Agreement Obligations, but only to the extent that, and only so long as, the Borrower Credit Agreement Obligations are secured

  

 2 

 
and guaranteed pursuant hereto, and (iii) all other obligations and liabilities of the Borrower, whether direct or indirect, absolute or contingent, due or
to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Secured Parties
that are required to be paid by the Borrower pursuant to the terms of this Agreement). 
  
 “Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of capital stock
of a corporation that is an Issuer, any and all equivalent ownership interests in a Person (other than a corporation) that is an Issuer and any and all warrants, rights or options to purchase any of the foregoing. 
  
 “Collateral”: as defined in Section 3.

  
 “Collateral Account”: as
defined in Section 6.2. 
  
 “Excluded
Capital Stock”: the collective reference to (a) any Foreign Subsidiary Voting Stock of any Issuer in excess of 65% of the Foreign Subsidiary Voting Stock of such Issuer and (b) the Capital Stock of any Unrestricted Subsidiary. 

 
 “Foreign Subsidiary”: any Subsidiary
organized under the laws of any jurisdiction outside the United States of America. 
  
 “Foreign Subsidiary Voting Stock”: the voting Capital Stock of any Foreign Subsidiary. 
  
 “Guarantor Hedge Agreement Obligations”:
the collective reference to all obligations and liabilities of a Guarantor (including, without limitation, interest accruing at the then applicable rate provided in any Specified Hedge Agreement after the filing of any petition in bankruptcy, or the
commencement of any insolvency, reorganization or like proceeding, relating to such Guarantor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to any Qualified Counterparty, whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, any Specified Hedge Agreement or any other document made, delivered or given in connection therewith, in each
case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the relevant Qualified Counterparty that are required
to be paid by such Guarantor pursuant to the terms of any Specified Hedge Agreement). 
  
 “Guarantor Obligations”: with respect to any Guarantor, the collective reference to (i) any Guarantor Hedge Agreement
Obligations of such Guarantor, but only to the extent that, and only so long as, the obligations of such Guarantor referred to in clause (ii) of this definition are secured and guaranteed pursuant hereto, and (ii) all obligations and liabilities of
such Guarantor which may arise under or in connection with this Agreement (including, without limitation, Section 2) or any other Loan Document to which such Guarantor is a party, in each case whether on account of guarantee obligations, 

  

 3 

 
reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the
Administrative Agent or to any Secured Party that are required to be paid by such Guarantor pursuant to the terms of this Agreement or any other Loan Document). 
  
 “Guarantors”: the collective reference to each Grantor other than the Borrower. 

 
 “Hedge Agreements”: as to any Person,
all interest rate swaps, currency exchange agreements, commodity swaps, caps or collar agreements or similar arrangements entered into by such Person providing for protection against fluctuations in interest rates, currency exchange rates or
commodity prices or the exchange of nominal interest obligations, either generally or under specific contingencies. For avoidance of doubt, Hedge Agreements shall include any interest rate swap or similar agreement that provides for the payment by
the Borrower or any of its Subsidiaries of amounts based upon a floating rate in exchange for receipt by the Borrower or such Subsidiary of amounts based upon a fixed rate. 
  
 “Investment Property”: the collective reference to (i) all “investment property”
as such term is defined in Section 9-102(a)(49) of the New York UCC (other than any Excluded Capital Stock) issued by a Restricted Subsidiary and (ii) whether or not constituting “investment property” as so defined, all Pledged Stock.

  
 “Issuers”: the collective
reference to each Restricted Subsidiary of the Borrower that is issuer of any Investment Property. 
  
 “New York UCC”: the Uniform Commercial Code as from time to time in effect in the State of New York. 
  
 “Obligations”: (i) in the case of the
Borrower, the Borrower Obligations, and (ii) in the case of each Guarantor, its Guarantor Obligations. 
  
 “Pledged LLC Interests”: in each case, whether now existing or hereafter acquired, all of each Grantor’s right,
title and interest in and to: 
  
 (i) any Issuer
that is a limited liability company, but not any of such Grantor’s obligations from time to time as a holder of interests in any such Issuer (unless the Administrative Agent or its designee, on behalf of the Administrative Agent, shall elect to
become a holder of interests in any such Issuer in connection with its exercise of remedies pursuant to the terms hereof); 
  
 (ii) any and all moneys due and to become due to such Grantor now or in the future by way of a distribution made to such Grantor in its
capacity as a holder of interest in any such Issuer or otherwise in respect of such Grantor’s interest as a holder of interests in any such Issuer; 
  
 (iii) any other Property of any such Issuer to which such Grantor now or in the future may be entitled in respect of its interest in any
such Issuer by way of distribution, return of capital or otherwise; 
  

 4 

 (iv) any other claim or right which such Grantor now has or may in the future acquire in
respect of its interest in any such Issuer; 
  
 (v) the organizational documents of any such Issuer; and 
  
 (vi) all certificates, options or rights of any nature whatsoever that may be issued or granted by any such Issuer to such Grantor while this Agreement is in effect. 
  
 “Pledged Partnership Interests”: in each
case, whether now existing or hereafter acquired, all of each Grantor’s right, title and interest in and to: 
  
 (i) any Issuer that is a partnership, but not any of such Grantor’s obligations from time to time as a general or limited partner, as
the case may be, in any such Issuer (unless the Administrative Agent or its designee, on behalf of the Administrative Agent, shall elect to become a general or limited partner, as the case may be, in any such Issuer in connection with its exercise
of remedies pursuant to the terms hereof); 
  
 (ii) any and all moneys due and to become due to such Grantor now or in the future by way of a distribution made to such Grantor in its capacity as a general or limited partner, as the case may be, in any such Issuer or otherwise in respect
of such Grantor’s interest as a general or limited partner, as the case may be, in any such Issuer; 
  
 (iii) any other Property of any such Issuer to which such Grantor now or in the future may be entitled in respect of its interest as a
general or limited partner, as the case may be, in any such Issuer by way of distribution, return of capital or otherwise; 
  
 (iv) any other claim or right which such Grantor now has or may in the future acquire in respect of its general or limited partner
interest in any such Issuer; 
  
 (v) the
partnership agreement or other organizational documents of any such Issuer; and 
  
 (vi) all certificates, options or rights of any nature whatsoever that may be issued or granted by any such Issuer to such Grantor while
this Agreement is in effect. 
  
 “Pledged
Stock”: all Pledged LLC Interests, Pledged Partnership Interests and other Capital Stock, including, without limitation, the LLC interests, partnership interests and other Capital Stock listed on Schedule 2, together with any other
shares, interests, stock certificates, options or rights of any nature whatsoever in respect of the Capital Stock of any Restricted Subsidiary that may be issued or granted to, or held by, any Grantor while this Agreement is in effect;
provided, that Pledged Stock shall in any event exclude the Excluded Capital Stock. 
  
 “Proceeds”: all “proceeds” as such term is defined in Section 9-102(a)(64) of the Uniform Commercial Code in
effect in the State of New York on the date hereof and, in any event, including, without limitation, all dividends or other income from the Investment Property, collections thereon or distributions or payments with respect thereto. 
  

 5 

 “Qualified Counterparty”: with respect to any Specified Hedge Agreement,
any counterparty thereto that, at the time such Specified Hedge Agreement was entered into, was a Lender or an affiliate of a Lender. 
  
 “Secured Parties”: the collective reference to the Administrative Agent, the Syndication Agent, the Bookrunner, the
Lenders (including any Issuing Lender in its capacity as Issuing Lender) and, with respect to any Specified Hedge Agreement, any Qualified Counterparties. 
  
 “Securities Act”: the Securities Act of 1933, as amended. 
  
 “Specified Hedge Agreement”: any Hedge Agreement entered into by (i) the Borrower or any
Guarantor and (ii) any Qualified Counterparty, provided that the Borrower or Guarantor party thereto has agreed with the Qualified Counterparty thereto in writing that such Hedge Agreement shall be entitled to the benefits afforded a Specified Hedge
Agreement under this Agreement. 
  
 1.2 Other Definitional
Provisions. (a) The words “hereof,” “herein”, “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified. 
  
 (b) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 
  
 (c) Where the context requires, terms relating to the Collateral or any part
thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof. 
  
 SECTION 2. GUARANTEE 
  
 2.1 Guarantee. (a) (i) The Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantee to the Administrative Agent, for
the ratable benefit of the Secured Parties and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether at stated maturity, by acceleration or otherwise) of
the Borrower Obligations (other than, in the case of each Guarantor, Borrower Obligations arising pursuant to clause (ii) of this Section 2.1(a) in respect of Guarantor Hedge Agreement Obligations in respect of which such Guarantor is a primary
obligor). 
  
 (ii) The Borrower hereby
unconditionally and irrevocably guarantees to the Administrative Agent, for the ratable benefit of the Secured Parties and their respective successors, endorsees, transferees and assigns, the prompt and complete payment and performance by each
Guarantor when due (whether at stated maturity, by acceleration or otherwise) of the Guarantor Hedge Agreement Obligations of such Guarantor. 
  

 6 

 (b) Anything herein or in any other Loan Document to the contrary notwithstanding, (i) the maximum
liability of each Guarantor hereunder and under the other Loan Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to fraudulent conveyances or transfers or the
insolvency of debtors (after giving effect to the right of contribution established in Section 2.2) and (ii) the maximum liability of the Borrower under this Section 2 shall in no event exceed the amount which can be guaranteed by the Borrower under
applicable federal and state laws relating to fraudulent conveyances or transfers or the insolvency of debtors (after giving effect to the right of contribution established in Section 2.2). 
  
 (c) (i) Each Guarantor agrees that the Borrower Obligations may at any time
and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee of such Guarantor contained in this Section 2 or affecting the rights and remedies of the Administrative Agent or any Secured Party
hereunder. 
  
 (ii) The Borrower agrees that the
Guarantor Hedge Agreement Obligations may at any time and from time to time exceed the amount of the liability of the Borrower under this Section 2 without impairing the guarantee of the Borrower contained in this Section 2 or affecting the rights
and remedies of the Administrative Agent or any Secured Party hereunder. 
  
 (d) Subject to Section 8.15 hereof, the guarantee contained in this Section 2 shall remain in full force and effect until all the Borrower Obligations (other than Borrower Obligations arising under Section 2.1(a)(ii)
hereof) and the obligations of each Guarantor under the guarantee contained in this Section 2 (other than Guarantor Obligations in respect of Borrower Obligations arising under Section 2.1(a)(ii) hereof) shall have been satisfied by full and final
payment in cash, no Letter of Credit shall be outstanding and the Commitments shall be terminated, notwithstanding that from time to time during the term of the Credit Agreement the Borrower may be free from any Borrower Obligations and any or all
of the Guarantors may be free from their respective Guarantor Hedge Agreement Obligations. 
  
 (e) No payment made by the Borrower, any of the Guarantors, any other guarantor or any other Person or received or collected by the Administrative Agent or any Secured Party from the Borrower, any of the Guarantors,
any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Borrower Obligations or the Guarantor Hedge Agreement
Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of the Borrower or any Guarantor under this Section 2 which shall, notwithstanding any such payment (other than any payment made by the Borrower or such
Guarantor in respect of the Borrower Obligations or the Guarantor Hedge Agreement Obligations or any payment received or collected from the Borrower or such Guarantor in respect of the Borrower Obligations or the Guarantor Hedge Agreement
Obligations), remain liable for the Borrower Obligations and the Guarantor Hedge Agreement Obligations up to the maximum liability of the Borrower or such Guarantor hereunder until the Borrower Obligations and the Guarantor Hedge Agreement
Obligations are fully and finally paid in cash, no Letter of Credit shall be outstanding and the Commitments are terminated. 
  

 7 

 2.2 Right of Contribution. (a) Each Guarantor hereby agrees that to the extent that a Guarantor
shall have paid more than its proportionate share of any payment made hereunder in respect of any Borrower Credit Agreement Obligation, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder
which has not paid its proportionate share of such payment. 
  
 (b) The Borrower and each Guarantor agrees that to the extent that the Borrower or any Guarantor shall have paid more than its proportionate share of any payment made hereunder in respect of any Guarantor Hedge Agreement Obligation of any
other Guarantor, the Borrower or such Guarantor, as the case may be, shall be entitled to seek and receive contribution from and against the Borrower and any other Guarantor which has not paid its proportionate share of such payment. 
  
 (c) The Borrower’s and each Guarantor’s right of contribution under
this Section 2.2 shall be subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of the Borrower or any Guarantor to the Administrative Agent and the Secured
Parties, and the Borrower and, subject to the operation of Section 2.1(b), each Guarantor shall remain liable to the Administrative Agent and the Secured Parties for the full amount guaranteed by the Borrower or such Guarantor hereunder. 

 
 2.3 Subrogation. Notwithstanding any payment made by the Borrower
or any Guarantor hereunder or any set-off or application of funds of the Borrower or any Guarantor by the Administrative Agent or any Secured Party, neither the Borrower nor any Guarantor shall be entitled to be subrogated to any of the rights of
the Administrative Agent or any Secured Party against the Borrower or any other Guarantor or any collateral security or guarantee or right of offset held by the Administrative Agent or any Secured Party for the payment of the Borrower Obligations or
the Guarantor Hedge Agreement Obligations, nor shall the Borrower or any Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other Guarantor in respect of payments made by the Borrower or such Guarantor
hereunder, until all amounts owing to the Administrative Agent and the Secured Parties by the Borrower on account of the Borrower Obligations are fully and finally paid in cash, no Letter of Credit shall be outstanding and the Commitments are
terminated. If any amount shall be paid to the Borrower or any Guarantor on account of such subrogation rights at any time when all of the Borrower Obligations shall not have been fully and finally paid in cash, such amount shall be held by the
Borrower or such Guarantor in trust for the Administrative Agent and the Secured Parties, segregated from other funds of the Borrower or such Guarantor, and shall, forthwith upon receipt by the Borrower or such Guarantor, be turned over to the
Administrative Agent in the exact form received by the Borrower or such Guarantor (duly indorsed by the Borrower or such Guarantor to the Administrative Agent, if required), to be applied against the Borrower Obligations or the Guarantor Hedge
Agreement Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine. 
  
 2.4 Amendments, etc. with respect to the Borrower Obligations. The Borrower and each Guarantor shall remain obligated hereunder notwithstanding
that, without any 

  

 8 

 
reservation of rights against the Borrower or any Guarantor and without notice to or further assent by the Borrower or any Guarantor, any demand for payment
of any of the Borrower Obligations or Guarantor Hedge Agreement Obligations made by the Administrative Agent or any Secured Party may be rescinded by the Administrative Agent or such Secured Party and any of the Borrower Obligations or Guarantor
Hedge Agreement Obligations continued, and the Borrower Obligations or Guarantor Hedge Agreement Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with
respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Secured Party (with the consent of such of the
Borrower and the Guarantor as shall be required thereunder), and the Specified Hedge Agreements, the Credit Agreement and the other Loan Documents and any other documents executed and delivered in connection therewith may be amended, modified,
supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders or all Lenders, as the case may be) may (with the consent of such of the Borrower and the Guarantor as shall be required thereunder) deem advisable
from time to time, and any collateral security, guarantee or right of offset at any time held by the Administrative Agent or any Secured Party for the payment of the Borrower Obligations or Guarantor Hedge Agreement Obligations may (with the consent
of such of the Borrower and the Guarantor as shall be required thereunder) be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor any Secured Party shall, except to the extent set forth in, and for the benefit of
the parties to, the agreements and instruments governing such Lien or guarantee, have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Borrower Obligations or Guarantor Hedge Agreement
Obligations or for the guarantees contained in this Section 2 or any property subject thereto. 
  
 2.5 Guarantee Absolute and Unconditional. (a) Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Borrower Obligations (other than any notice with respect to
any Guarantor Hedge Agreement Obligation with respect to which such Guarantor is a primary obligor and to which it is entitled pursuant to the applicable Specified Hedge Agreement) and notice of or proof of reliance by the Administrative Agent or
any Secured Party upon the guarantee contained in this Section 2 or acceptance of the guarantee contained in this Section 2; the Borrower Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or
renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Borrower and any of the Guarantors, on the one hand, and the Administrative Agent and the Secured Parties, on the other
hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment
to or upon the Borrower or any of the Guarantors with respect to the Borrower Obligations (other than any diligence, presentment, protest, demand or notice with respect to any Guarantor Hedge Agreement Obligation with respect to which such Guarantor
is a primary obligor and to which it is entitled pursuant to the applicable Specified Hedge Agreement). Each Guarantor understands and agrees that the guarantee of such Guarantor contained in this Section 2 shall be construed as a continuing,
absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability of the Credit Agreement or any other Loan Document, any of the Borrower Obligations or any collateral security therefor or guarantee or right of
offset with respect thereto 

  

 9 

 
at any time or from time to time held by the Administrative Agent or any Secured Party, (b) any defense, set-off or counterclaim (other than a defense of
payment or performance) which may at any time be available to or be asserted by the Borrower or any other Person against the Administrative Agent or any Secured Party, or (c) any other circumstance whatsoever (with or without notice to or knowledge
of the Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower for the Borrower Obligations, or of such Guarantor under the guarantee of such Guarantor contained in this
Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Administrative Agent or any Secured Party may, but shall be under no obligation
to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower, any other Guarantor or any other Person or against any collateral security or guarantee for the Borrower Obligations or any right of
offset with respect thereto, and any failure by the Administrative Agent or any Secured Party to make any such demand, to pursue such other rights or remedies or to collect any payments from the Borrower, any other Guarantor or any other Person or
to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Borrower, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not
relieve any Guarantor of any obligation or liability under this Section 2, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent or any Secured Party against any
Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 
  
 (b) The Borrower waives any and all notice of the creation, renewal, extension or accrual of any of the Guarantor Hedge Agreement Obligations and notice
of or proof of reliance by the Administrative Agent or any Secured Party upon the guarantee by the Borrower contained in this Section 2 or acceptance of the guarantee by the Borrower contained in this Section 2; the Guarantor Hedge Agreement
Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee by the Borrower contained in this Section 2; and all dealings between
the Borrower and any of the Guarantors, on the one hand, and the Administrative Agent and the Secured Parties, on the other hand, with respect to any Guarantor Hedge Agreement Obligation likewise shall be conclusively presumed to have been had or
consummated in reliance upon the guarantee by the Borrower contained in this Section 2. The Borrower waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower with respect to the Guarantor
Hedge Agreement Obligations. The Borrower understands and agrees that the guarantee by the Borrower contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or
enforceability of the Guarantor Hedge Agreement Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Administrative Agent or any Secured Party, (b)
any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by any Person against the Administrative Agent or any Secured Party, or (c) any other circumstance whatsoever
(with or without notice to or knowledge of the Borrower or any Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the applicable Guarantor for the applicable Guarantor Hedge Agreement Obligations,
or of the Borrower under its guarantee contained in 

  

 10 

 
this Section 2, in bankruptcy or in any other instance. When making any demand under this Section 2 or otherwise pursuing its rights and remedies under this
Section 2 against the Borrower, the Administrative Agent or any Secured Party may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against any Guarantor or any other Person or
against any collateral security or guarantee for the Guarantor Hedge Agreement Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or any Secured Party to make any such demand, to pursue such other
rights or remedies or to collect any payments from any Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of any Guarantor or any other Person or any
such collateral security, guarantee or right of offset, shall not relieve the Borrower of any obligation or liability under this Section 2, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of
law, of the Administrative Agent or any Secured Party against the Borrower under this Section 2. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 
  
 2.6 Reinstatement. The guarantee contained in this Section 2 shall
continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Borrower Obligations or Guarantor Hedge Agreement Obligations is rescinded or must otherwise be restored or returned by the
Administrative Agent or any Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee
or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 
  
 2.7 Payments. The Borrower and each Guarantor hereby guarantees that payments by it hereunder will be paid to the
Administrative Agent without set-off or counterclaim (i) in the case of obligations in respect of Borrower Obligations arising under the Credit Agreement or any other Loan Document in Dollars at the Payment Office specified in the Credit Agreement
and (ii) in the case of obligations in respect of any Borrower Hedge Agreement Obligations or any Guarantor Hedge Agreement Obligations, in the currency and at the place specified in the applicable Specified Hedge Agreement. 
  
 SECTION 3. GRANT OF SECURITY INTEREST 
  
 Each Grantor hereby assigns and transfers to the Administrative Agent, and
hereby grants to the Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in, all of the following property now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any
time in the future may acquire any right, title or interest (collectively, the “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or
otherwise) of such Grantor’s Obligations: 
  
 (a) all Investment Property (other than any Excluded Capital Stock); 
  
 (b) all books and records pertaining to the Collateral; and 
  

 11 

 (c) to the extent not otherwise included, all Proceeds and products of any and all of the
foregoing, all Supporting Obligations in respect of any of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing. 
  
 SECTION 4. REPRESENTATIONS AND WARRANTIES 
  
 To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make
their respective extensions of credit to the Borrower thereunder, each Grantor hereby represents and warrants to the Administrative Agent and each Lender that: 
  

4.1 Representations in Credit Agreement. In the case of each Guarantor, the representations and warranties set forth in Section 4 of the Credit
Agreement as they relate to such Guarantor or to the Loan Documents to which such Guarantor is a party, each of which is hereby incorporated herein by reference, are true and correct, and the Administrative Agent and each Lender shall be entitled to
rely on each of them as if they were fully set forth herein, provided that each reference in each such representation and warranty to the Borrower’s knowledge shall, for the purposes of this Section 4.1, be deemed to be a reference to such
Guarantor’s knowledge. 
  
 4.2 Title; No Other
Liens. Except for the security interest granted to the Administrative Agent for the ratable benefit of the Secured Parties pursuant to this Agreement and the other Liens permitted to exist on the Collateral by the Credit Agreement, such Grantor
owns each item of the Collateral free and clear of any and all Liens or claims of others. No financing statement or other public notice with respect to all or any part of the Collateral is on file or of record in any public office, except such as
have been filed in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, pursuant to this Agreement or as are permitted by the Credit Agreement.  
  
 4.3 Perfected First Priority Liens. The security interests granted pursuant to this Agreement (a) upon completion of
the filings and other actions specified on Schedule 3 (which, in the case of all filings and other documents referred to on said Schedule, have been delivered to the Administrative Agent in completed and duly executed form) will constitute valid
perfected security interests in all of the Collateral in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, as collateral security for the Obligations, enforceable in accordance with the terms hereof against all
creditors of the Grantors and any Persons purporting to purchase any Collateral from the Grantors and (b) are prior to all other Liens on the Collateral in existence on the date hereof. 
  
 4.4 Jurisdiction of Organization; Chief Executive Office. On the date
hereof, such Grantor’s jurisdiction of organization, identification number from the jurisdiction of organization (if any), and the location of such Grantor’s chief executive office or sole place of business, as the case may be, are
specified on Schedule 4. Such Grantor has furnished to the Administrative Agent a certified charter, certificate of limited partnership, certificate of incorporation or other organizational document and long-form good standing certificate as of a
date that is recent to the date hereof. 
  

 12 

 4.5 Investment Property. (a) The shares of Capital Stock pledged by such Grantor hereunder
constitute all the issued and outstanding shares of all classes of the Capital Stock of each Issuer owned by such Grantor, other than Excluded Capital Stock. 
  
 (b) All the shares of the Pledged Stock have been duly and validly issued and are fully paid and nonassessable (except to
the extent such nonassessability may be affected by Section 17-607 of the Delaware Revised Uniform Limited Partnership Act or Section 18-607 of the Delaware Limited Liability Company Act, as the case may be). 
  
 (c) Such Grantor is the record and beneficial owner of, and has good and
marketable title to, the Investment Property pledged by it hereunder, free of any and all Liens or options in favor of, or claims of, any other Person, except the security interest created by this Agreement. 
  
 SECTION 5. COVENANTS 
  
 Each Grantor covenants and agrees with the Administrative Agent and the
Secured Parties that, from and after the date of this Agreement until the Obligations shall have been paid in full, no Letter of Credit shall be outstanding and the Commitments shall have terminated: 
  
 5.1 Covenants in Credit Agreement. In the case of each Guarantor,
such Guarantor shall take, or shall refrain from taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take such action or to
refrain from taking such action by such Guarantor or any of its Subsidiaries. 
  
 5.2 Delivery of Instruments. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument or Certificated Security, such Instrument or Certificated
Security shall be immediately delivered to the Administrative Agent, duly indorsed in a manner satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement. 
  
 5.3 Payment of Obligations. Such Grantor will pay and discharge or
otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all material taxes, assessments and governmental charges or levies imposed upon the Collateral or in respect of income or profits therefrom, as well as all
claims of any kind (including, without limitation, claims for labor, materials and supplies) against or with respect to the Collateral, except that no such charge need be paid if the amount or validity thereof is currently being contested in good
faith by appropriate proceedings, reserves in conformity with GAAP with respect thereto have been provided on the books of such Grantor and such proceedings could not reasonably be expected to result in the sale, forfeiture or loss of any material
portion of the Collateral or any interest therein. 
  
 5.4 Maintenance of Perfected Security Interest; Further Documentation. (a) Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least the
priority described in Section 4.3 and shall defend such security interest against the claims and demands of all Persons whomsoever. 
  

 13 

 (b) At any time and from time to time, upon the written request of the Administrative Agent, and at the
sole expense of such Grantor, such Grantor will promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further actions as the Administrative Agent may reasonably request for the purpose of
obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation, (i) the filing of any financing or continuation statements under the Uniform Commercial Code (or other similar
laws) in effect in any jurisdiction with respect to the security interests created hereby and (ii) in the case of Investment Property, taking any actions necessary to enable the Administrative Agent to obtain “control” (within the meaning
of the applicable Uniform Commercial Code) with respect thereto. 
  
 5.5 Changes in Name, etc. . Such Grantor will not, except upon 15 days’ prior written notice to the Administrative Agent and delivery to the Administrative Agent of all additional executed financing statements and other
documents reasonably requested by the Administrative Agent to maintain the validity, perfection and priority of the security interests provided for herein: 
  
 (i) change its jurisdiction of organization from that referred to in Section 4.3; or 
  
 (ii) change its name. 
  
 5.6 Notices. Such Grantor will advise the
Administrative Agent and the Lenders promptly, in reasonable detail, of any Lien (other than security interests created hereby or Liens permitted under the Credit Agreement). 
  
 5.7 Distributions in respect of Investment Property. (a) If such Grantor shall become entitled to receive or shall
receive any certificate (including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any
reorganization), option or rights in respect of the Capital Stock of any Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of the Pledged Stock, or otherwise in respect thereof, such Grantor shall
accept the same as the agent of the Administrative Agent and the Secured Parties, hold the same in trust for the Administrative Agent and the Secured Parties and deliver the same forthwith to the Administrative Agent in the exact form received, duly
indorsed by such Grantor to the Administrative Agent, if required, together with an undated stock power covering such certificate duly executed in blank by such Grantor and with, if the Administrative Agent so requests, signature guaranteed, to be
held by the Administrative Agent, subject to the terms hereof, as additional collateral security for the Obligations. If an Event of Default shall have occurred and be continuing and the Administrative Agent shall give notice of its intent to
exercise such rights to the relevant Grantor, any sums paid upon or in respect of the Investment Property upon the liquidation or dissolution of any Issuer shall be paid over to the Administrative Agent to be held by it hereunder as additional
collateral security for the Obligations, and in case any distribution of capital shall be made on or in respect of the Investment Property, or any property shall be 

  

 14 

 
distributed upon or with respect to the Investment Property pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to
the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected security interest in favor of the Administrative Agent, be delivered to the Administrative Agent to be held by it hereunder as additional
collateral security for the Obligations. If any sums of money or property so paid or distributed in respect of the Investment Property shall be received by such Grantor, such Grantor shall, if an Event of Default shall have occurred and be
continuing and the Administrative Agent shall give notice of its intent to exercise such rights to the relevant Grantor, until such money or property is paid or delivered to the Administrative Agent, hold such money or property in trust for the
Secured Parties, segregated from other funds of such Grantor, as additional collateral security for the Obligations. Notwithstanding the foregoing, the Grantors shall not be required to pay over to the Administrative Agent or deliver to the
Administrative Agent as Collateral any proceeds of any liquidation or dissolution of any Issuer, or any distribution of capital or property in respect of any Investment Property, to the extent that (i) such liquidation, dissolution or distribution,
if treated as a Disposition of the relevant Issuer, would be permitted by the Credit Agreement and (ii) the proceeds thereof are applied toward prepayment of Loans and reduction of Commitments to the extent required by the Credit Agreement.

  
 (b) Without the prior written consent of the Administrative
Agent, such Grantor will not (i) vote to enable, or take any other action to permit, any Issuer to issue any stock or other equity securities of any nature or to issue any other securities convertible into or granting the right to purchase or
exchange for any stock or other equity securities of any nature of any Issuer, unless such securities, if certificated, are delivered to the Administrative Agent, concurrently with the issuance thereof, to be held by the Administrative Agent as
Collateral, (ii)sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Investment Property or Proceeds thereof (except pursuant to a transaction expressly permitted by the Credit Agreement), (iii) create,
incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Investment Property owned by such Grantor or Proceeds thereof, or any interest therein, except for the security interests created by this
Agreement or (iv) enter into any agreement or undertaking restricting the right or ability of such Grantor or the Administrative Agent to sell, assign or transfer any of the Pledged Stock or Proceeds thereof. 
  
 (c) In the case of each Grantor which is an Issuer, such Issuer agrees that
(i) it will be bound by the terms of this Agreement relating to the Pledged Stock issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Administrative Agent promptly in writing of the
occurrence of any of the events described in Section 5.7(a) with respect to the Pledged Stock issued by it and (iii) the terms of Sections 6.1(c) and 6.4 shall apply to it, mutatis mutandis, with respect to all actions that may be
required of it pursuant to Section 6.1(c) or 6.4 with respect to the Pledged Stock issued by it. 
  
 (d) If any equity interest issued by any Issuer that is a partnership or a limited liability company shall be or become a “security” within the
meaning of Sections 8-102 and 8-103 of the New York UCC, then the Grantor that owns such equity interest hereby instructs such Issuer to comply with instructions originated by the Administrative Agent without further consent by such Grantor.

  

 15 

 SECTION 6. REMEDIAL PROVISIONS 
  
 6.1 Pledged Stock. (a) Unless an Event of Default shall have occurred and be continuing, each Grantor shall be
permitted to receive all cash dividends paid in respect of the Pledged Stock, paid in the normal course of business of the relevant Issuer and consistent with past practice, not prohibited in the Credit Agreement, and to exercise all voting and
corporate rights with respect to the Pledged Stock; provided, however, that no vote shall be cast or corporate right exercised or other action taken which, in the Administrative Agent’s reasonable judgment, would impair the
Collateral or which would be inconsistent with or result in any violation of any provision of the Credit Agreement, this Agreement or any other Loan Document. 
  
 (b) If an Event of Default shall occur and be continuing and the Administrative Agent shall give notice of its intent to
exercise such rights to the relevant Grantor or Grantors, (i) the Administrative Agent shall have the right to receive any and all cash dividends, payments or other Proceeds paid in respect of the Pledged Stock and make application thereof to the
Obligations in the order set forth in Section 6.3, and (ii) any or all of the Pledged Stock shall be registered in the name of the Administrative Agent or its nominee, and the Administrative Agent or its nominee may thereafter exercise (x) all
voting, corporate and other rights pertaining to such Pledged Stock at any meeting of shareholders of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights, privileges or
options pertaining to such Pledged Stock as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Stock upon the merger, consolidation, reorganization,
recapitalization or other fundamental change in the corporate structure of any Issuer, or upon the exercise by any Grantor or the Administrative Agent of any right, privilege or option pertaining to such Pledged Stock, and in connection therewith,
the right to deposit and deliver any and all of the Pledged Stock with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine), all without liability
except to account for property actually received by it, but the Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.

  
 (c) Each Grantor hereby authorizes and instructs each Issuer
of any Pledged Stock pledged by such Grantor hereunder to (i) comply with any instruction received by it from the Administrative Agent in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in
accordance with the terms of this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) unless otherwise expressly permitted hereby, pay
any dividends or other payments with respect to the Pledged Stock directly to the Administrative Agent. 
  
 6.2 Proceeds to be Turned Over To Administrative Agent. If an Event of Default shall occur and be continuing, all Proceeds received by any Grantor
consisting of cash, checks and Instruments shall be held by such Grantor in trust for the Administrative Agent and the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to
the Administrative Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the Administrative Agent, if required). All 

  

 16 

 
Proceeds received by the Administrative Agent hereunder shall be held by the Administrative Agent in a collateral account maintained under its sole dominion
and control. All Proceeds while held by the Administrative Agent in a collateral account maintained under the sole dominion and control of the Administrative Agent (a “Collateral Account”) (or by the Borrower in trust for the
Administrative Agent and the Secured Parties) shall continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in Section 6.3. 
  
 6.3 Application of Proceeds. If an Event of Default shall have
occurred and be continuing, at any time at the Administrative Agent’s election, the Administrative Agent may apply all or any part of Proceeds constituting Collateral, whether or not held in any Collateral Account, and any proceeds of the
guarantee set forth in Section 2, in payment of the Obligations in the following order: 
  
 First, to pay incurred and unpaid fees and expenses of the Administrative Agent under the Loan Documents; 
  
 Second, to the Administrative Agent, for application
by it towards payment of amounts then due and owing and remaining unpaid in respect of the Obligations of the relevant Grantor, pro rata among the Secured Parties according to the amounts of such Obligations then due and owing and remaining unpaid
to the Secured Parties; 
  
 Third, to the
Administrative Agent, for application by it towards prepayment of the Obligations of the relevant Grantor, pro rata among the Secured Parties according to the amounts of such Obligations then held by the Secured Parties; and 
  
 Fourth, any balance of such Proceeds remaining after
the Obligations of the relevant Grantor shall have been paid in full, no Letters of Credit shall be outstanding and the Commitments shall have terminated shall be paid over to the Borrower or to whomsoever may be lawfully entitled to receive the
same. 
  
 6.4 Code and Other Remedies. If an Event of
Default shall occur and be continuing, the Administrative Agent, on behalf of the Secured Parties, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing,
evidencing or relating to the Obligations, all rights and remedies of a secured party under the New York UCC or any other applicable law. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance or
other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby
waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the
Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Administrative Agent or any Secured Party or elsewhere upon
such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Administrative Agent or any Secured Party shall have the right upon
any such public sale or sales, and, to the extent permitted by law, upon 

  

 17 

 
any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which
right or equity is hereby waived and released. Each Grantor further agrees, at the Administrative Agent’s request, to assemble the Collateral and make it available to the Administrative Agent at places that the Administrative Agent shall
reasonably select, whether at such Grantor’s premises or elsewhere. The Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Section with respect to any Grantor’s Collateral, after deducting all
reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral of such Grantor or in any way relating to the Collateral of such Grantor or the rights of the
Administrative Agent and the Secured Parties hereunder with respect thereto, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations of such Grantor, in the order
specified in Section 6.3, and only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law, including, without limitation, Section 9-615(a)(3) of the New York UCC, need the
Administrative Agent account for the surplus, if any, to any Grantor. To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire against the Administrative Agent or any Secured Party arising out of
the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other
disposition. 
  
 6.5 Sale of Pledged Stock. (a) Each
Grantor recognizes that the Administrative Agent may be unable to effect a public sale of any or all the Pledged Stock, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be
compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution
or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale
shall be deemed to have been made in a commercially reasonable manner. The Administrative Agent shall be under no obligation to delay a sale of any of the Pledged Stock for the period of time necessary to permit the Issuer thereof to register such
securities for public sale under the Securities Act, or under applicable state securities laws, even if such Issuer would agree to do so. 
  
 (b) Each Grantor agrees to use its best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of all or any
portion of the Pledged Stock pursuant to this Section 6.5 valid and binding and in compliance with any and all other applicable Requirements of Law. Each Grantor further agrees that a breach of any of the covenants contained in this Section 6.5 will
cause irreparable injury to the Administrative Agent and the Secured Parties, that the Administrative Agent and the Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant
contained in this Section 6.5 shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no
Event of Default has occurred under the Credit Agreement. 
  

 18 

 6.6 Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or
other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any Secured Party to collect such deficiency. 
  
 SECTION 7. THE ADMINISTRATIVE AGENT 
  
 7.1 Administrative Agent’s Appointment as Attorney-in-Fact, etc.
(a) Subject to the last sentence of this Section 7.1(a), each Grantor hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute
any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Administrative Agent the power and right, on
behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following: 
  
 (i) execute, in connection with any sale provided for in Section 6.4 or 6.5, any indorsements, assignments or other instruments of
conveyance or transfer with respect to the Collateral; and 
  
 (ii) (1) direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent
shall direct; (2) ask or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (3) sign and indorse any drafts
against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the
Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral; (6) settle, compromise or adjust any such suit,
action or proceeding and, in connection therewith, give such discharges or releases as the Administrative Agent may deem appropriate; and (7) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the
Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do, at the Administrative Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts
and things which the Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Administrative Agent’s and the Secured Parties’ security interests therein and to effect the intent of this Agreement,
all as fully and effectively as such Grantor might do. 
  
 Anything in this Section 7.1 (a) to the contrary notwithstanding, the Administrative Agent agrees that it will not exercise any rights under the power of attorney provided for in this Section 7.1(a) unless an Event of Default shall have
occurred and be continuing. 
  

 19 

 (b) If any Grantor fails to perform or comply with any of its agreements contained herein, the
Administrative Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement. 
  
 (c) The expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this Section 7.1,
together with interest thereon at a rate per annum equal to the rate per annum at which interest would then be payable on past due Revolving Credit Loans that are Base Rate Loans under the Credit Agreement, from the date of payment by the
Administrative Agent to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Administrative Agent on demand. 
  
 (d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies
contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released. 
  
 7.2 Duty of Administrative Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping
and physical preservation of the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the
Administrative Agent, any Secured Party nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any
obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Administrative Agent
and the Secured Parties hereunder are solely to protect the Administrative Agent’s and the Secured Parties’ interests in the Collateral and shall not impose any duty upon the Administrative Agent or any Secured Party to exercise any such
powers. The Administrative Agent and the Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be
responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 
  
 7.3 Financing Statements. Pursuant to any applicable law, each Grantor authorizes the Administrative Agent to file or record financing statements
and other filing or recording documents or instruments with respect to the Collateral without the signature of such Grantor in such form and in such offices as the Administrative Agent determines appropriate to perfect the security interests of the
Administrative Agent under this Agreement. Each Grantor authorizes the Administrative Agent to use the collateral description “all capital stock, partnership interests, limited liability company interests and investment property” in any
such financing statements. Each Grantor hereby ratifies and authorizes the filing by the Administrative Agent of any financing statement with respect to the Collateral made prior to the date hereof. The Administrative Agent agrees that, upon any
request by the Borrower, the Administrative Agent will (a) confirm, to any Person designated by the Borrower, that the security interest created hereby does not encumber any Capital Stock other than Capital Stock of Restricted Subsidiaries and (b)
authorize the filing of any record to confirm that any Capital Stock of any Person other than a Restricted Subsidiary is not encumbered hereby. 
  

 20 

 7.4 Authority of Administrative Agent. Each Grantor acknowledges that the rights and
responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other right
or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Administrative Agent and the Secured Parties, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from
time to time among them, but, as between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting,
and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. Notwithstanding any other provision herein or in any Loan Document, the only duty or responsibility of the Administrative Agent to any
Qualified Counterparty under this Agreement is the duty to remit to such Qualified Counterparty any amounts to which it is entitled pursuant to Section 6.3. 
  
 SECTION 8. MISCELLANEOUS 
  
 8.1 Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by a
written instrument executed by each affected Grantor and the Administrative Agent, provided that any provision of this Agreement imposing obligations on any Grantor may be waived by the Administrative Agent in a written instrument executed by
the Administrative Agent in accordance with Section 10.1 of the Credit Agreement. No consent of any Qualified Counterparty shall be required for any waiver, amendment, supplement or other modification to this Agreement. 
  
 8.2 Notices. All notices, requests and demands to or upon the
Administrative Agent or any Grantor hereunder shall be effected in the manner provided for in Section 10.2 of the Credit Agreement; provided that any such notice, request or demand to or upon any Guarantor shall be addressed to such Guarantor
at its notice address set forth on Schedule 1. 
  
 8.3 No Waiver by Course of Conduct; Cumulative Remedies. Neither the Administrative Agent nor any Secured Party shall by any act (except by a written instrument pursuant to Section 8.1), delay, indulgence, omission or otherwise be
deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any Secured Party, any right, power or
privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by
the Administrative Agent or any Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that the Administrative Agent or such Secured Party would otherwise have on any future
occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 
  
 8.4 Enforcement Expenses; Indemnification. (a) Each Guarantor agrees to pay, or reimburse each Secured Party and the
Administrative Agent for, all its costs and expenses 

  

 21 

 
incurred in collecting against such Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Agreement
and the other Loan Documents to which such Guarantor is a party, including, without limitation, the fees and disbursements of counsel to each Secured Party and of counsel to the Administrative Agent. 
  
 (b) Each Guarantor agrees to pay, and to save the Administrative Agent and
the Secured Parties harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral
or in connection with any of the transactions contemplated by this Agreement. 
  
 (c) Each Guarantor agrees to pay, and to save the Administrative Agent and the Secured Parties harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement to the extent the Borrower would be required to do so pursuant to Section 10.5 of the
Credit Agreement. 
  
 (d) The agreements in this Section shall
survive repayment of the Obligations and all other amounts payable under the Credit Agreement and the other Loan Documents. 
  
 8.5 Successors and Assigns. This Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of the
Administrative Agent and the Secured Parties and their successors and assigns; provided that no Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the
Administrative Agent. 
  
 8.6 Set-Off. Each Grantor
hereby irrevocably authorizes the Administrative Agent and each Secured Party at any time and from time to time after the occurrence and during the continuance of an Event of Default, without notice to such Grantor or any other Grantor, any such
notice being expressly waived by each Grantor, to set-off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in
each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Administrative Agent or such Secured Party to or for the credit or the account of such Grantor, or any part thereof in such amounts
as the Administrative Agent or such Secured Party may elect, against and on account of the obligations and liabilities of such Grantor to the Administrative Agent or such Secured Party hereunder and claims of every nature and description of the
Administrative Agent or such Secured Party against such Grantor, in any currency, whether arising hereunder, under the Credit Agreement, any other Loan Document or otherwise, as the Administrative Agent or such Secured Party may elect, whether or
not the Administrative Agent or any Secured Party has made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. The Administrative Agent and each Secured Party shall notify such Grantor
promptly of any such set-off and the application made by the Administrative Agent or such Secured Party of the proceeds thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application. The
rights of the Administrative Agent and each Secured Party under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off), which the Administrative Agent or such Secured Party may have.

  

 22 

 8.7 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement
on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile transmission
shall be effective as delivery of a manually executed counterpart hereof. 
  
 8.8 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 not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 8.9 Section Headings. The Section headings used in this Agreement are
for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
  
 8.10 Integration. This Agreement and the other Loan Documents represent the agreement of the Grantors, the Administrative Agent and the Secured
Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Secured Party relative to subject matter hereof and thereof not expressly set
forth or referred to herein or in the other Loan Documents. 
  
 8.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  
 8.12 Submission To Jurisdiction; Waivers. Each Grantor hereby irrevocably and unconditionally: 
  
 (a) submits for itself and its property in any legal action or proceeding
relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of the State of New York in the Borough of
Manhattan, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 
  
 (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of
any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
  
 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to such Grantor at its address referred to in Section 8.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto;

  

 23 

 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner
permitted by law or shall limit the right to sue in any other jurisdiction; and 
  
 (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential
damages. 
  
 8.13 Acknowledgements. Each Grantor hereby
acknowledges that: 
  
 (a) it has been advised by counsel
in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a party; 
  
 (b) neither the Administrative Agent nor any Secured Party has any fiduciary relationship with or duty to any Grantor arising out of or in connection with
this Agreement or any of the other Loan Documents, and the relationship between the Grantors, on the one hand, and the Administrative Agent and Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and
creditor; and 
  
 (c) no joint venture is created hereby or by the
other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties or among the Grantors and the Secured Parties. 
  
 8.14 Additional Grantors. Each Subsidiary of the Borrower that is required to become a party to this Agreement
pursuant to Section 6.9 of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. 
  
 8.15 Releases. (a) At such time as the Loans, the Reimbursement
Obligations and the other Obligations (other than Borrower Hedge Agreement Obligations and Guarantor Hedge Agreement Obligations) shall have been paid in full, the Commitments have been terminated and no Letters of Credit shall be outstanding, the
Collateral shall be released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Grantor hereunder shall terminate, all without
delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following any such termination, the Administrative Agent shall deliver
to such Grantor any Collateral held by the Administrative Agent hereunder, and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination.  
  
 (b) If any of the Collateral shall be sold, transferred or otherwise disposed
of by any Grantor in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the request and sole expense of such Grantor, shall execute and deliver to such Grantor all releases or other documents reasonably necessary or
desirable for the release of the Liens created hereby on such Collateral. At the request and sole expense of the Borrower, a Subsidiary Guarantor shall be released from its obligations hereunder in the event that all the Capital Stock of such
Subsidiary Guarantor shall be sold, transferred or otherwise disposed of in a transaction permitted by the Credit Agreement; provided that the Borrower shall have delivered to the Administrative Agent, at least ten Business Days prior to the
date of the proposed release, a 

  

 24 

 
written request for release identifying the relevant Subsidiary Guarantor and the terms of the sale or other disposition in reasonable detail, including the
price thereof and any expenses in connection therewith, together with a certification by the Borrower stating that such transaction is in compliance with the Credit Agreement and the other Loan Documents. 
  
 (c) No consent of any Qualified Counterparty shall be required for any
release of Collateral or Guarantors pursuant to this Section. 
  
 8.16 WAIVER OF JURY TRIAL. EACH GRANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, EACH AGENT AND EACH SECURED PARTY, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
  

 25 

 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee and Collateral Agreement to be duly
executed and delivered as of the date first above written. 
  

	 WILLIAMS ENERGY PARTNERS L.P.

		
	 By:
	 	 WEG GP LLC, its General Partner

		
	 By:
	 	 /s/ John D. Chandler

	 	 	 Name: John D. Chandler

	 	 	 Title: Chief Financial Officer

	
	 WILLIAMS GP INC.

		
	 By:
	 	 /s/ John D. Chandler

	 	 	 Name: John D. Chandler

	 	 	 Title: Chief Financial Officer

	
	 WILLIAMS OLP, L.P.

		
	 By:
	 	 Williams GP Inc., its General Partner

		
	 By:
	 	 /s/ John D. Chandler

	 	 	 Name: John D. Chandler

	 	 	 Title: Chief Financial Officer

	
	 WILLIAMS NGL, LLC

		
	 By:
	 	 /s/ John D. Chandler

	 	 	 Name: John D. Chandler

	 	 	 Title: Chief Financial Officer

	 WILLIAMS AMMONIA PIPELINE, L.P.

		
	 By:
	 	 Williams NGL, LLC, its General Partner

		
	 By:
	 	 /s/ John D. Chandler

	 	 	 Name: John D. Chandler

	 	 	 Title: Chief Financial Officer

	
	 WILLIAMS TERMINALS HOLDINGS, L.P.

		
	 By:
	 	 Williams NGL, LLC, its General Partner

		
	 By:
	 	 /s/ John D. Chandler

	 	 	 Name: John D. Chandler

	 	 	 Title: Chief Financial Officer

	
	 WILLIAMS PIPELINES HOLDINGS, L.P.

		
	 By:
	 	 Williams NGL, LLC, its General Partner

		
	 By:
	 	 /s/ John D. Chandler

	 	 	 Name: John D. Chandler

	 	 	 Title: Chief Financial Officer

 Schedule 1 
  

NOTICE ADDRESSES OF GUARANTORS 
  
 For all Grantors: 
 [Name of Grantor]

 c/o Williams Energy Partners L.P. 
 One Williams Center 
 Tulsa, Oklahoma 74172 
 Attention: Chief Executive Officer 

 Schedule 2 
  

DESCRIPTION OF PLEDGED STOCK 
  
 Pledged Stock: 
  

				
	 Issuer

	 	 Class of Stock

	 	 Stock Certificate No.

	 	 No. of Shares

	Williams GP Inc.	 	Common Stock	 	1	 	1,000
				
	Williams OLP, L.P.	 	 99.999% Limited
 Partnership
Interest
	 	uncertificated	 	N/A
				
	 	 	 0.001% General
 Partnership
Interest
	 	uncertificated	 	N/A
				
	Williams NGL, LLC	 	 100% limited liability
 company
interest
	 	uncertificated	 	N/A
				
	 Williams Ammonia
 Pipeline,
L.P.
	 	 99.999% Limited
 Partnership
Interest
	 	uncertificated	 	N/A
				
	 	 	 0.001% General
 Partnership
Interest
	 	uncertificated	 	N/A
				
	 Williams Terminals
 Holdings,
L.P.
	 	 99.999% Limited
 Partnership
Interest
	 	uncertificated	 	N/A
				
	 	 	 0.001% General
 Partnership
Interest
	 	uncertificated	 	N/A
				
	 Williams Pipelines
 Holdings,
L.P.
	 	 99.99% Limited
 Partnership
Interest
	 	uncertificated	 	N/A
				
	 	 	 0.001% General
 Partnership
Interest
	 	uncertificated	 	N/A

 Schedule 3 
  

FILINGS AND OTHER ACTIONS 
 REQUIRED TO
PERFECT SECURITY INTERESTS 
  
 Uniform Commercial Code
Filings 
  

	 Debtor/Grantor

	 	 Filing Office

	 Williams Energy Partners L.P.
	 	 Secretary of State of the State of Delaware

		
	 Williams GP Inc.
	 	 Secretary of State of the State of Delaware

		
	 Williams OLP, L.P.
	 	 Secretary of State of the State of Delaware

		
	 Williams NGL, LLC
	 	 Secretary of State of the State of Delaware

		
	 Williams Ammonia Pipeline, L.P.
	 	 Secretary of State of the State of Delaware

		
	 Williams Terminals Holdings, L.P.
	 	 Secretary of State of the State of Delaware

		
	 Williams Pipelines Holdings, L.P.
	 	 Secretary of State of the State of Delaware

  
 Actions with respect
to Pledged Stock 
  
 Delivery of Certificate representing shares of Williams
GP Inc. together with related undated stock power executed in blank to the Administrative Agent in New York 
  
 Other Actions 
  
 NONE 

 Schedule 4 
  

JURISDICTION OF ORGANIZATION, IDENTIFICATION NUMBER AND 
 LOCATION OF CHIEF EXECUTIVE OFFICE 
  

	 Grantor

	 	 Jurisdiction of
 Organization

	 	 Identification
 Number

	 	 Location of Chief
  Executive Office

	Williams Energy Partners L.P.	 	Delaware	 	3281012	 	Tulsa, Oklahoma
				
	Williams GP Inc.	 	Delaware	 	3496120	 	Tulsa, Oklahoma
				
	Williams OLP, L.P.	 	Delaware	 	3307580	 	Tulsa, Oklahoma
				
	Williams NGL, LLC	 	Delaware	 	3350501	 	Tulsa, Oklahoma
				
	Williams Ammonia Pipeline, L.P.	 	Delaware	 	2186752	 	Tulsa, Oklahoma
				
	Williams Terminals Holdings, L.P.	 	Delaware	 	2331527	 	Tulsa, Oklahoma
				
	Williams Pipelines Holdings, L.P.	 	Delaware	 	3068935	 	Tulsa, Oklahoma

 Annex I 
 to 
 Guarantee and Collateral Agreement 
  
 ASSUMPTION AGREEMENT, dated as of
                            , 200    , made by
                                , a
                         (the “Additional Grantor”), in favor of LEHMAN COMMERCIAL PAPER INC., as
administrative agent (in such capacity, the “Administrative Agent”) for the banks and other financial institutions (the “Lenders”) parties to the Credit Agreement referred to below. All capitalized terms not defined
herein shall have the meaning ascribed to them in such Credit Agreement. 
  
 W I T N E S S E T H : 
  
 WHEREAS, WILLIAMS ENERGY PARTNERS L.P. (the “Borrower”), the Lenders and the Administrative Agent have entered into a Credit Agreement,
dated as of August 6, 2003 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”); 
  
 WHEREAS, in connection with the Credit Agreement, the Borrower and certain of its Affiliates (other than the Additional Grantor) have entered into the
Guarantee and Collateral Agreement, dated as of August 6, 2003 (as amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”) in favor of the Administrative Agent for the benefit of the
Lenders; 
  
 WHEREAS, the Credit Agreement requires the Additional
Grantor to become a party to the Guarantee and Collateral Agreement; and 
  
 WHEREAS, the Additional Grantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee and Collateral Agreement; 
  
 NOW, THEREFORE, IT IS AGREED: 
  
 1. Guarantee and Collateral Agreement. By executing and delivering
this Assumption Agreement, the Additional Grantor, as provided in Section 8.14 of the Guarantee and Collateral Agreement, hereby becomes a party to the Guarantee and Collateral Agreement as a Grantor thereunder with the same force and effect as if
originally named therein as a Grantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Grantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the
information set forth in Schedules 1, 2, 3 and 4 to the Guarantee and Collateral Agreement. The Additional Grantor hereby represents and warrants that each of the representations and warranties contained in Section 4 of the Guarantee and Collateral
Agreement as they relate to such Additional Grantor and the Loan Documents to which such Additional Grantor will be a party are true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of
such date. 

 EXHIBIT I-2 
  
 2. GOVERNING LAW. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK. 
  
 IN WITNESS
WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written. 
  

	 [ADDITIONAL GRANTOR]

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]