TERM SHEETTerm Sheet • March 10th, 2009 • SemGroup Energy Partners, L.P. • Pipe lines (no natural gas)
This term sheet (“Term Sheet”) summarizes the principal terms of a settlement agreement (the “Settlement”) between SemGroup, L.P. (“SemGroup”) and certain of its affiliates and SemGroup Energy Partners, L.P. (“SGLP”) and certain of its affiliates. SemGroup and SGLP intend for this Term Sheet to be legally binding and to create legally enforceable obligations between the parties hereto with respect to the Settlement, subject to the approval of the Bankruptcy Court (as defined below). SemGroup and SGLP agree to negotiate and execute definitive documentation with respect to the Settlement as soon as practicably possible, which will supersede this Term Sheet when so executed. The agreements and acknowledgements contained herein will become effective upon approval by the Bankruptcy Court and the satisfaction of the conditions set forth in Section 17 of this Term Sheet. Certain defined terms used in this Term Sheet are set forth below.
