AMONG

KINDER MORGAN ENERGY PARTNERS, L.P.,
as the Company,

KINDER MORGAN OPERATING L.P. B,
as the Subsidiary Borrower,

THE LENDERS PARTY HERETO,

WACHOVIA BANK, NATIONAL ASSOCIATION,
as the Administrative Agent,

CITIBANK, N.A.,
and
JPMORGAN CHASE BANK, N.A.
as the Co-Syndication Agents,

and

THE ROYAL BANK OF SCOTLAND plc
and
BARCLAYS BANK PLC,
as the Co-Documentation Agents
_______________________________________________

WACHOVIA CAPITAL MARKETS LLC,
and
CITIGROUP GLOBAL MARKETS, INC.,
as Joint Lead Arrangers
and
WACHOVIA CAPITAL MARKETS LLC,
CITIGROUP GLOBAL MARKETS, INC.,
and
J.P. MORGAN SECURITIES INC.,
as Joint Book Managers

TABLE OF CONTENTS

 Page

ARTICLE I. DEFINITIONS

2

SECTION 1.01

Defined Terms

2

SECTION 1.02

Classification of Loans and Borrowings

22

SECTION 1.03

Accounting Terms; Changes in GAAP

22

SECTION 1.04

Interpretation

22

ARTICLE II. THE CREDITS

23

SECTION 2.01

Commitments

23

SECTION 2.02

Loans and Borrowings

24

SECTION 2.03

Requests for Committed Borrowings

24

SECTION 2.04

Competitive Bid Procedure

25

SECTION 2.05

Swingline Loans

27

SECTION 2.06

Letters of Credit

28

SECTION 2.07

Funding of Borrowings

33

SECTION 2.08

Interest Elections

34

SECTION 2.09

Termination and Reduction of Commitments

35

SECTION 2.10

Repayment of Loans; Evidence of Debt

36

SECTION 2.11

Prepayment of Loans

37

SECTION 2.12

Fees

38

SECTION 2.13

Interest

39

SECTION 2.14

Alternate Rate of Interest

40

SECTION 2.15

Increased Costs

41

SECTION 2.16

Break Funding Payments

42

SECTION 2.17

Taxes

42

SECTION 2.18

Payments Generally; Pro Rata Treatment; Sharing of Set-offs

44

SECTION 2.19

Mitigation Obligations; Replacement of Lenders

45

SECTION 2.20

Telephonic Notices

46

ARTICLE III. CONDITIONS PRECEDENT

46

SECTION 3.01

Conditions Precedent to the Initial Credit Event

46

SECTION 3.02

Conditions Precedent to All Credit Events

47

SECTION 3.03

Conditions Precedent to Conversions

48

SECTION 3.04

Delivery of Documents

48

ARTICLE IV. REPRESENTATIONS AND WARRANTIES

48

SECTION 4.01

Organization and Qualification

49

SECTION 4.02

Authorization, Validity, Etc

49

SECTION 4.03

Governmental Consents, Etc

49

SECTION 4.04

No Breach or Violation of Agreements or Restrictions, Etc

49

SECTION 4.05

Properties

50

SECTION 4.06

Litigation and Environmental Matters

50

SECTION 4.07

Financial Statements

50

SECTION 4.08

Disclosure

51

SECTION 4.09

Investment Company Act

51

SECTION 4.10

Public Utility Holding Company Act

51

SECTION 4.11

ERISA

51

SECTION 4.12

Tax Returns and Payments

51

SECTION 4.13

Compliance with Laws and Agreements

52

SECTION 4.14

Purpose of Loans

52

SECTION 4.15

Foreign Assets Control Regulations, etc.

52

ARTICLE V. AFFIRMATIVE COVENANTS

53

SECTION 5.01

Financial Statements and Other Information

53

SECTION 5.02

Existence, Conduct of Business

55

SECTION 5.03

Payment of Obligations

55

SECTION 5.04

Maintenance of Properties; Insurance

56

SECTION 5.05

Books and Records; Inspection Rights

56

SECTION 5.06

Compliance with Laws

56

SECTION 5.07

Use of Proceeds

56

ARTICLE VI. NEGATIVE COVENANTS

57

SECTION 6.01

Liens

57

SECTION 6.02

Fundamental Changes

57

SECTION 6.03

Restricted Payments

58

SECTION 6.04

Transactions with Affiliates

58

SECTION 6.05

Restrictive Agreements

58

SECTION 6.06

Financial Covenants

58

ARTICLE VII. EVENTS OF DEFAULT

59

SECTION 7.01

Events of Default and Remedies

59

ARTICLE VIII. THE ADMINISTRATIVE AGENT

62

SECTION 8.01

Appointment, Powers and Immunities

62

SECTION 8.02

Reliance by Administrative Agent

62

SECTION 8.03

Defaults; Events of Default

63

SECTION 8.04

Rights as a Lender

63

SECTION 8.05

INDEMNIFICATION

63

SECTION 8.06

Non-Reliance on Agents and other Lenders

64

SECTION 8.07

Action by Administrative Agent

64

SECTION 8.08

Resignation or Removal of Administrative Agent

65

SECTION 8.09

Duties of Co-Syndication Agents and Co-Documentation Agents

65

ARTICLE IX. GUARANTY

65

SECTION 9.01

Guaranty

65

SECTION 9.02

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