ARTICLE I DEFINITIONS

1

Section 1.1

Definitions

1

Section 1.2

Rules of Construction

11

ARTICLE II MERGER

12

Section 2.1

Closing of the Merger

12

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE MLP PARTIES

15

Section 3.1

Organization; Qualification

16

Section 3.2

Authority; No Violation; Consents and Approvals

16

Section 3.3

Capitalization

17

Section 3.4

Financial Statements

18

Section 3.5

Undisclosed Liabilities

19

Section 3.6

MLP SEC Reports and Compliance

19

Section 3.7

Operating Surplus

20

Section 3.8

Compliance with Applicable Laws; Permits

20

Section 3.9

Certain Contracts and Arrangements

20

Section 3.10

Legal Proceedings

21

Section 3.11

Environmental Matters

22

Section 3.12

Title to Properties and Rights of Way

22

Section 3.13

Insurance

23

Section 3.14

Tax Matters

23

Section 3.15

Employee Benefits

24

Section 3.16

Books and Records

26

Section 3.17

No Changes or Material Adverse Effects

26

Section 3.18

Regulation

26

Section 3.19

State Takeover Laws

26

Section 3.20

Opinion of Financial Advisor

26

Section 3.21

Approvals

27

Section 3.22

Brokers Fees

27

Section 3.23

Limitation of Representations and Warranties

27

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE BUYER PARTIES

27

Section 4.1

Organization; Qualification

27

Section 4.2

Authority; No Violation; Consents and Approvals

28

Section 4.3

Capitalization

29

Section 4.4

Financial Statements

30

Section 4.5

Undisclosed Liabilities

30

Section 4.6

Buyer SEC Reports and Compliance

31

Section 4.7

Operating Surplus

31

Section 4.8

Compliance with Applicable Laws; Permits

31

Section 4.9

Certain Contracts and Arrangements

32

Section 4.10

Legal Proceedings

33

Section 4.11

Environmental Matters

33

Section 4.12

Title to Properties and Rights of Way

34

Section 4.13

Insurance

34

Section 4.14

Tax Matters

35

Section 4.15

Employee Benefits

36

Section 4.16

Books and Records

38

Section 4.17

No Changes or Material Adverse Effect

38

Section 4.18

Regulation

38

Section 4.19

State Takeover Laws

38

Section 4.20

Opinion of Financial Advisor

38

Section 4.21

Approvals

38

Section 4.22

Brokers Fees

39

Section 4.23

Limitation of Representations and Warranties

39

ARTICLE V ADDITIONAL AGREEMENTS, COVENANTS, RIGHTS AND OBLIGATIONS

39

Section 5.1

Conduct of Business

39

Section 5.2

Access to Information; Confidentiality

43

Section 5.3

Certain Filings

44

Section 5.4

Unitholders Meetings

45

Section 5.5

Affiliates

46

Section 5.6

No Solicitation

46

Section 5.7

Commercially Reasonable Efforts; Further Assurances

49

Section 5.8

No Public Announcement

49

Section 5.9

Expenses

50

Section 5.10

Regulatory Issues

50

Section 5.11

Tax Matters

50

Section 5.12

Section 16(b)

51

Section 5.13

D&O Insurance

51

Section 5.14

Distributions

52

Section 5.15

Comfort Letters

52

Section 5.16

Consent to Use of Financial Statements; Financing Cooperation

52

ARTICLE VI CONDITIONS TO CLOSING

53

Section 6.1

Conditions to Each Partys Obligations

53

Section 6.2

Conditions to the Buyer Parties Obligations

54

Section 6.3

Conditions to the MLP Parties Obligations

55

Section 6.4

Frustration of Conditions

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