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Document Preview Agreement of Limited Partnership [Amended and Restated No. 3] |
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Title: |
Agreement of Limited Partnership [Amended and Restated No. 3] |
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Entities: |
Enbridge Energy Partners LP; Enbridge Inc.; Energy Partners, Ltd.; Enbridge Energy Partners, L.P.; Enbridge Energy Company, Inc.; Enbridge Energy Management LLC |
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Date: |
2002 |
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Size: |
Preview shows 26KB of 328KB total |
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Price: |
$99 |
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ID: |
#144455 |
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THIRD AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP
OF
ENBRIDGE ENERGY PARTNERS, L.P.
DATED AS OF __________, 2002
{PAGE}
TABLE OF CONTENTS
{Table}
{C} {S} {C}
ARTICLE I
ORGANIZATIONAL MATTERS
1.1 Continuation.............................................................................................2
1.2 Name.....................................................................................................2
1.3 Registered Office; Principal Office......................................................................2
1.4 Power of Attorney........................................................................................2
1.5 Term.....................................................................................................4
1.6 Possible Restrictions on Transfer........................................................................4
ARTICLE II
DEFINITIONS
ARTICLE III
PURPOSE
3.1 Purpose and Business....................................................................................17
3.2 Powers..................................................................................................17
ARTICLE IV
CAPITAL CONTRIBUTIONS
4.1 Initial Contribution....................................................................................18
4.2 Intentionally Omitted...................................................................................18
4.3 Intentionally Omitted...................................................................................18
4.4 Issuances of Units and Other Securities.................................................................18
4.5 Limited Preemptive Rights...............................................................................19
4.6 Capital Accounts........................................................................................20
4.7 Interest................................................................................................22
4.8 No Withdrawal...........................................................................................22
4.9 Loans from Partners.....................................................................................22
4.10 No Fractional Units.....................................................................................22
4.11 Splits and Combinations.................................................................................22
4.12 I-Units.................................................................................................23
ARTICLE V
ALLOCATIONS AND DISTRIBUTIONS
5.1 Allocations for Capital Account Purposes................................................................24
5.2 Allocations for Tax Purposes............................................................................30
5.3 Requirement and Characterization of Distributions.......................................................32
5.4 [Intentionally Omitted].................................................................................33
5.5 Cash from Operations....................................................................................33
5.6 Change of Class A Common Units and Class B Common Units.................................................34
5.7 Cash from Interim Capital Transactions..................................................................34
5.8 Definitions.............................................................................................34
5.9 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels.............................37
5.10 Special Provisions Relating to I-Units..................................................................38
{/Table}
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ARTICLE VI
MANAGEMENT AND OPERATION OF BUSINESS
6.1 Management..............................................................................................40
6.2 Certificate of Limited Partnership......................................................................42
6.3 Restrictions on General Partner's Authority.............................................................42
6.4 Reimbursement of the General Partner....................................................................43
6.5 Outside Activities......................................................................................44
6.6 Loans to and from the General Partner; Contracts with Affiliates........................................44
6.7 Indemnification.........................................................................................46
6.8 Liability of Indemnitees................................................................................47
6.9 Resolution of Conflicts of Interest.....................................................................48
6.10 Other Matters Concerning the General Partner............................................................49
6.11 Title to Partnership Assets.............................................................................50
6.12 Purchase or Sale of Class A Common Units................................................................50
6.13 Reliance by Third Parties...............................................................................50
6.14 Registration Rights of the General Partner and its Affiliates...........................................51
6.15 Delegation to EEM.......................................................................................53
ARTICLE VII
RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
7.1 Limitation of Liability.................................................................................54
7.2 Management of Business..................................................................................54
7.3 Outside Activities......................................................................................54
7.4 Return of Capital.......................................................................................54
7.5 Rights of Limited Partners Relating to the Partnership..................................................54
ARTICLE VIII
BOOKS, RECORDS, ACCOUNTING AND REPORTS
8.1 Records and Accounting..................................................................................55
8.2 Fiscal Year.............................................................................................56
8.3 Reports.................................................................................................56
ARTICLE IX
TAX MATTERS
9.1 Preparation of Tax Returns..............................................................................56
9.2 Tax Elections...........................................................................................56
9.3 Tax Controversies.......................................................................................56
9.4 Organizational Expenses.................................................................................57
9.5 Withholding.............................................................................................57
9.6 Entity-Level Taxation...................................................................................57
9.7 Entity-Level Deficiency Collections.....................................................................57
9.8 Opinions of Counsel.....................................................................................58
ARTICLE X
UNIT CERTIFICATES
10.1 Unit Certificates.......................................................................................58
10.2 Registration, Registration of Transfer and Exchange.....................................................58
{/Table}
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10.3 Mutilated, Destroyed, Lost or Stolen Certificates.......................................................59
10.4 Record Holder...........................................................................................60
ARTICLE XI
TRANSFER OF INTERESTS
11.1 Transfer................................................................................................60
11.2 Transfer of General Partner's Partnership Interest......................................................60
11.3 Transfer of Units.......................................................................................61
11.4 Restrictions on Transfers...............................................................................62
11.5 Citizenship Certificates; Non-citizen Assignees.........................................................62
11.6 Redemption of Interests.................................................................................63
ARTICLE XII
ADMISSION OF PARTNERS
12.1 [Intentionally Omitted].................................................................................64
12.2 Admission of Substituted Limited Partners...............................................................64
12.3 Admission of Successor General Partner..................................................................65
12.4 Admission of Additional Limited Partners................................................................65
12.5 Amendment of Agreement and Certificate of Limited Partnership...........................................66
ARTICLE XIII
WITHDRAWAL OR REMOVAL OF PARTNERS
13.1 Withdrawal of the General Partner.......................................................................66
13.2 Removal of the General Partner..........................................................................67
13.3 Interest of Departing Partner and Successor General Partner.............................................68
13.4 [Intentionally Omitted].................................................................................69
13.5 Withdrawal of Limited Partners..........................................................................69
ARTICLE XIV
DISSOLUTION AND LIQUIDATION
14.1 Dissolution.............................................................................................69
14.2 Continuation of the Business of the Partnership after Dissolution.......................................70
14.3 Liquidation.............................................................................................70
14.4 Distributions in Kind...................................................................................71
14.5 Cancellation of Certificate of Limited Partnership......................................................72
14.6 Reasonable Time for Winding Up..........................................................................72
14.7 Return of Capital.......................................................................................72
14.8 Capital Account Restoration.............................................................................72
14.9 Waiver of Partition.....................................................................................72
ARTICLE XV
AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE
15.1 Amendment to be Adopted Solely by General Partner.......................................................72
15.2 Amendment Procedures....................................................................................74
15.3 Amendment Requirements..................................................................................74
15.4 Meetings................................................................................................75
15.5 Notice of a Meeting.....................................................................................75
{/Table}
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15.6 Record Date.............................................................................................76
15.7 Adjournment.............................................................................................76
15.8 Waiver of Notice; Approval of Meeting; Approval of Minutes..............................................76
15.9 Quorum..................................................................................................76
15.10 Conduct of Meeting......................................................................................77
15.11 Action Without a Meeting................................................................................77
15.12 Voting and Other Rights.................................................................................78
ARTICLE XVI
MERGER
16.1 Authority...............................................................................................78
16.2 Procedure for Merger or Consolidation...................................................................78
16.3 Approval by Limited Partners of Merger or Consolidation.................................................79
16.4 Certificate of Merger...................................................................................80
16.5 Effect of Merger........................................................................................80
16.6 Merger with EEM upon Tax Status Event...................................................................80
ARTICLE XVII
RIGHT TO ACQUIRE UNITS
17.1 Right to Acquire Units..................................................................................81
ARTICLE XVIII
GENERAL PROVISIONS
18.1 Addresses and Notices...................................................................................83
18.2 Titles and Captions.....................................................................................84
18.3 Pronouns and Plurals....................................................................................84
18.4 Further Action..........................................................................................84
18.5 Binding Effect..........................................................................................84
18.6 Integration.............................................................................................84
18.7 Creditors...............................................................................................84
18.8 Waiver..................................................................................................84
18.9 Counterparts............................................................................................84
18.10 Applicable Law..........................................................................................85
18.11 Invalidity of Provisions................................................................................85
18.12 Amendments to Reflect GP Reorganization Agreement.......................................................85
{/Table}
iv
{PAGE}
THIRD AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP OF
ENBRIDGE ENERGY PARTNERS, L.P.
THIS THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF
ENBRIDGE ENERGY PARTNERS, L.P., dated as of __________, 2002, is entered into
by and among Enbridge Energy Company, Inc., a Delaware corporation, as the
General Partner, and the Limited Partners, together with any other Persons who
become Partners in the Partnership as provided herein.
WHEREAS, the General Partner and the other parties thereto entered into
that certain Agreement of Limited Partnership of the Partnership on December 19,
1991 (the "ORIGINAL AGREEMENT"); and
WHEREAS, the General Partner amended and restated the Original Agreement,
as evidenced by that certain Amended and Restated Agreement of Limited
Partnership of the Partnership dated as of December 27, 1991 (the "FIRST AMENDED
AND RESTATED AGREEMENT"); and
WHEREAS, the General Partner, acting pursuant to Section 15.1 of the First
Amended and Restated Agreement, amended and restated the First Amended and
Restated Agreement, as evidenced by that certain Amended and Restated Agreement
of Limited Partnership of the Partnership dated as of April 15, 1997 (the
"SECOND AMENDED AND RESTATED AGREEMENT"); and
WHEREAS, the General Partner, acting pursuant to Section 15.1 of the
Second Amended and Restated Agreement, amended the Second Amended and Restated
Agreement, as evidenced by that certain Amendment to Amended and Restated
Agreement of Limited Partnership of the Partnership, dated as of August 28, 2001
(the "AMENDMENT AGREEMENT"); and
WHEREAS, pursuant to the authority granted to the General Partner in the
Second Amended and Restated Agreement, as amended, the General Partner desires
(i) to amend the Second Amended and Restated Agreement to create a class of
Units to be designated "I-Units," and to fix the preferences and relative,
participating, optional and other special rights, powers and duties pertaining
to the I-Units, (ii) to amend the Second Amended and Restated Agreement to
reflect the withdrawal of the General Partner as the general partner of Enbridge
Energy, Limited Partnership and the increase in the General Partner's general
partner interest in the Partnership, (iii) to amend the Second Amended and
Restated Agreement to reflect the expiration of the Preference Period (as
defined in the Second Amended and Restated Agreement) and the inapplicability of
various rights, preferences, duties and obligations associated therewith,
including the purchase and redemption obligations and rights associated with
APIs, and (iv) to restate the Second Amended and Restated Agreement as amended
by the Amendment Agreement and the amendments described in (i) through (iii)
above; and
WHEREAS, Article IV and Section 15.1 of the Second Amended and Restated
Agreement permit the General Partner, without the approval of any Limited
Partner or Assignee, to amend the Second Amended and Restated Agreement as
provided herein;
NOW, THEREFORE, the General Partner does hereby amend and restate the
Second Amended and Restated Agreement, as amended, to provide, in its entirety,
as follows:
{Page}
ARTICLE I
ORGANIZATIONAL MATTERS
1.1 CONTINUATION. The General Partner and the Limited Partners
hereby continue the Partnership as a limited partnership pursuant to the
provisions of the Delaware Act. Except as expressly provided to the contrary
in this Agreement, the rights and obligations of the Partners and the
administration, dissolution and termination of the Partnership shall be
governed by the Delaware Act. The Partnership Interest of each Partner shall
be personal property for all purposes.
1.2 NAME. The name of the Partnership shall be "Enbridge Energy
Partners, L.P." The Partnership's business may be conducted under any other
name or names deemed necessary or appropriate by the General Partner,
including, without limitation, the name of the General Partner or any
Affiliate thereof. The words "Limited Partnership," "L.P.," "Ltd." or similar
words or letters shall be included in the Partnership's name where necessary
for the purposes of complying with the laws of any jurisdiction that so
requires. The General Partner in its sole discretion may change the name of
the Partnership at any time and from time to time and shall notify the
Limited Partners of such change in the next regular communication to Limited
Partners.
1.3 REGISTERED OFFICE; PRINCIPAL OFFICE. Unless and until
changed by the General Partner, the registered office of the Partnership in
the State of Delaware shall be located at The Corporation Trust Center, 1209
Orange Street, New Castle County, Wilmington, Delaware 19801, and the
registered agent for service of process on the Partnership in the State of
Delaware at such registered office shall be The Corporation Trust Company.
The principal office of the Partnership and the address of the General
Partner shall be 1100 Louisiana, Suite 3300, Houston, Texas 77002, or such
other place as the General Partner may from time to time designate by notice
to the Limited Partners. The Partnership may maintain offices at such other
place or places within or outside the State of Delaware as the General
Partner deems advisable.
1.4 POWER OF ATTORNEY. (a) Each Limited Partner and each
Assignee hereby constitutes and appoints each of the General Partner and, if
a Liquidator shall have been selected pursuant to Section 14.3, the
Liquidator severally (and any successor to either thereof by merger,
transfer, assignment, election or otherwise) and each of their authorized
officers and attorneys-in-fact, with full power of substitution, as his true
and lawful agent and attorney-in-fact, with full power and authority in his
name, place and stead, to:
(i) execute, swear to, acknowledge, deliver, file and record
in the appropriate public offices (A) all certificates, documents
and other instruments (including, without limitation, this Agreement
and the Certificate of Limited Partnership and all amendments or
restatements thereof) that the General Partner or the Liquidator
deems necessary or appropriate to form, qualify or continue the
existence or qualification of the Partnership as a limited
partnership (or a partnership in which the limited partners have
limited liability) in the State of Delaware and in all other
jurisdictions in which the Partnership may conduct business or own
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