SEC Contract Filing

Filing Date: 2016-05-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>6
<FILENAME>ex102assignmentnotebravo.htm
<DESCRIPTION>EXHIBIT 10.2 NOTE ASSIGNMENT BRAVO
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
 <!-- Document created using Wdesk 1 -->
 <!-- Copyright 2016 Workiva -->
 <title>Exhibit</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s9E7FDCCD9850C5298F54962A043CCE13"></a></div><div></div><div><br></div><div style="line-height:138%;padding-bottom:13px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Exhibit 10.2</font></div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ASSIGNMENT AND ASSUMPTION OF NOTE</font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:12pt;">THIS ASSIGNMENT AND ASSUMPTION OF NOTE (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Assumption</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is dated effective as of May 10, 2016 by and among Phillips 66 Sweeny Frac Bravo LLC, a Delaware limited liability company (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Assignor</font><font style="font-family:inherit;font-size:12pt;">&#8221;), Phillips 66 Partners LP, a Delaware limited partnership (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Assignee</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and Phillips 66 Company, a Delaware corporation (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Lender</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WITNESSETH:</font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, Assignor executed and delivered to Lender a Term Promissory Note dated January 20, 2014, which note was amended and restated by an Amended and Restated Term Promissory Note dated October 15, 2015 (as so amended and restated, the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Note</font><font style="font-family:inherit;font-size:12pt;">&#8221;), which Note is</font><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;">attached hereto as </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:12pt;">&#32;;</font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, as partial consideration for the contribution to Assignee of certain assets, including the membership interests in Assignor, Assignee will, with Lender&#8217;s consent, assume Assignor&#8217;s obligations and liabilities under the Note;</font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</font></div><div style="line-height:138%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:12px;">1.</font><font style="font-family:inherit;font-size:12pt;">Assignor hereby irrevocably assigns to Assignee, without recourse to Assignor, all of Assignor&#8217;s obligations under the Note. Assignee hereby assumes, as its direct and primary obligation, all of Assignor&#8217;s obligations under the Note, and agrees to pay Lender the outstanding principal balance due on, and all interest which accrues on and in accordance with the terms of, the Note. From and after the date hereof, all references in the Note to &#8220;Maker&#8221; as defined in the Note shall be deemed to be a reference to Assignee as the Maker.</font></div><div style="line-height:138%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:12px;">2.</font><font style="font-family:inherit;font-size:12pt;">The parties hereto agree that, as of the date hereof (a) the outstanding principal balance on the Note is Two Hundred Twenty Five Million and no/100&#8217;s Dollars ($225,000,000.00) and (b) there is no &#8220;Event of Default&#8221; (as defined under the Note) or any event which, with the passage of time or the giving of notice, or both, would become an &#8220;Event of Default.&#8221;</font></div><div style="line-height:138%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:12px;">3.</font><font style="font-family:inherit;font-size:12pt;">The parties hereto intend that, except as provided in this Assumption, this Assumption shall not release, diminish, impair, reduce, or, except as expressly stated herein, otherwise af