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Document Preview Agreement of Limited Partnership [Amended and Restated] |
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Title: |
Agreement of Limited Partnership [Amended and Restated] |
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Entities: |
Inergy, L.P.; Inergy GP LLC; Inergy Partners, LLC; New Inergy Propane, LLC; Inergy Holdings, LLC; Inergy LP; inergy l p |
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Date: |
2002 |
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Size: |
Preview shows 23KB of 379KB total |
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Price: |
$76 |
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ID: |
#144477 |
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Start of Preview |
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AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP
OF
INERGY, L.P.
{PAGE}
TABLE OF CONTENTS
{TABLE}
{S} {C}
ARTICLE I
DEFINITIONS
Section 1.1. Definitions............................................................... 1
Section 1.2. Construction.............................................................. 20
ARTICLE II
ORGANIZATION
Section 2.1. Formation................................................................ 20
Section 2.2. Name..................................................................... 21
Section 2.3. Registered Office; Registered Agent; Principal Office; Other Offices..... 21
Section 2.4. Purpose and Business..................................................... 21
Section 2.5. Powers................................................................... 22
Section 2.6. Power of Attorney........................................................ 22
Section 2.7. Term..................................................................... 23
Section 2.8. Title to Partnership Assets.............................................. 24
ARTICLE III
RIGHTS OF LIMITED PARTNERS
Section 3.1. Limitation of Liability.................................................. 24
Section 3.2. Management of Business................................................... 24
Section 3.3. Outside Activities of the Limited Partners............................... 25
Section 3.4. Rights of Limited Partners............................................... 25
ARTICLE IV
CERTIFICATES; RECORD HOLDERS; TRANSFER OF PARTNERSHIP INTERESTS;
REDEMPTION OF PARTNERSHIP INTERESTS
Section 4.1. Certificates............................................................. 26
Section 4.2. Mutilated, Destroyed, Lost or Stolen Certificates........................ 26
Section 4.3. Record Holders........................................................... 27
Section 4.4. Transfer Generally....................................................... 27
Section 4.5. Registration and Transfer of Limited Partner Interests................... 28
Section 4.6. Transfer of the Managing General Partner's General Partner Interest..... 29
Section 4.7. Transfer of Incentive Distribution Rights................................ 30
Section 4.8. Restrictions on Transfers................................................ 30
Section 4.9. Citizenship Certificates; Non-citizen Assignees.......................... 31
Section 4.10. Redemption of Partnership Interests of Non-citizen Assignees............. 32
ARTICLE V
CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS
Section 5.1. Organizational Contributions............................................. 33
Section 5.2. Contributions by the Non-Managing General Partner and its Affiliates..... 33
Section 5.3. Contributions by Initial Limited Partners................................ 34
Section 5.4. Interest and Withdrawal.................................................. 34
{/TABLE}
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{PAGE}
{TABLE}
{S} {C}
Section 5.5. Capital Accounts.......................................................... 34
Section 5.6. Issuances of Additional Partnership Securities............................ 37
Section 5.7. Limitations on Issuance of Additional Partnership Securities.............. 38
Section 5.8. Conversion of Subordinated Units.......................................... 40
Section 5.9. Limited Preemptive Right.................................................. 44
Section 5.10. Splits and Combinations................................................... 44
Section 5.11. Fully Paid and Non-Assessable Nature of Limited Partner Interests......... 45
ARTICLE VI
ALLOCATIONS AND DISTRIBUTIONS
Section 6.1. Allocations for Capital Account Purposes.................................. 45
Section 6.2. Allocations for Tax Purposes.............................................. 53
Section 6.3. Requirement and Characterization of Distributions; Distributions to
Record Holders............................................................ 55
Section 6.4. Distributions of Available Cash from Operating Surplus.................... 56
Section 6.5. Distributions of Available Cash from Capital Surplus...................... 58
Section 6.6. Adjustment of Minimum Quarterly Distribution and Target Distribution
Levels.................................................................... 58
Section 6.7. Special Provisions Relating to the Holders of Senior Subordinated
Units and Junior Subordinated Units....................................... 59
Section 6.8. Special Provisions Relating to the Holders of Incentive
Distribution Rights....................................................... 59
Section 6.9. Entity-Level Taxation..................................................... 60
ARTICLE VII
MANAGEMENT AND OPERATION OF BUSINESS
Section 7.1. Management................................................................ 60
Section 7.2. Certificate of Limited Partnership........................................ 62
Section 7.3. Restrictions on General Partners' Authority............................... 63
Section 7.4. Reimbursement of the General Partners..................................... 63
Section 7.5. Outside Activities........................................................ 64
Section 7.6. Loans from the General Partners; Loans or Contributions from the
Partnership; Contracts with Affiliates; Certain Restrictions on the
General Partners.......................................................... 65
Section 7.7. Indemnification........................................................... 67
Section 7.8. Liability of Indemnitees.................................................. 69
Section 7.9. Resolution of Conflicts of Interest....................................... 69
Section 7.10. Other Matters Concerning the General Partners............................. 71
Section 7.11. Purchase or Sale of Partnership Securities................................ 71
Section 7.12. Registration Rights of the General Partners and their Affiliates.......... 72
Section 7.13. Reliance by Third Parties................................................. 74
ARTICLE VIII
BOOKS, RECORDS, ACCOUNTING AND REPORTS
Section 8.1. Records and Accounting.................................................... 74
Section 8.2. Fiscal Year............................................................... 75
Section 8.3. Reports................................................................... 75
{/TABLE}
-ii-
{PAGE}
{TABLE}
{S} {C}
ARTICLE IX
TAX MATTERS
Section 9.1. Tax Returns and Information............................................................ 75
Section 9.2. Tax Elections.......................................................................... 75
Section 9.3. Tax Controversies...................................................................... 76
Section 9.4. Withholding............................................................................ 76
ARTICLE X
ADMISSION OF PARTNERS
Section 10.1. Admission of Initial Limited Partners.................................................. 76
Section 10.2. Admission of Substituted Limited Partner............................................... 77
Section 10.3. Admission of Successor General Partners................................................ 77
Section 10.4. Admission of Additional Limited Partners............................................... 77
Section 10.5. Amendment of Agreement and Certificate of Limited Partnership.......................... 78
ARTICLE XI
WITHDRAWAL OR REMOVAL OF PARTNERS
Section 11.1. Withdrawal of the Managing General Partner............................................. 78
Section 11.2. Removal of the Managing General Partner................................................ 80
Section 11.3. Interest of Departing Partner and Successor General Partners........................... 80
Section 11.4. Withdrawal of Non-Managing General Partner............................................. 82
Section 11.5. Termination of Subordination Period, Conversion of Senior Subordinated Units
and Junior Units and Extinguishment of Cumulative Common Unit
Arrearages............................................................................. 83
Section 11.6. Withdrawal of Limited Partners......................................................... 83
ARTICLE XII
DISSOLUTION AND LIQUIDATION
Section 12.1. Dissolution............................................................................ 83
Section 12.2. Continuation of the Business of the Partnership After Dissolution...................... 84
Section 12.3. Liquidator............................................................................. 84
Section 12.4. Liquidation............................................................................ 85
Section 12.5. Cancellation of Certificate of Limited Partnership..................................... 86
Section 12.6. Return of Contributions................................................................ 86
Section 12.7. Waiver of Partition.................................................................... 86
Section 12.8. Capital Account Restoration............................................................ 86
ARTICLE XIII
AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE
Section 13.1. Amendment to be Adopted Solely by the Managing General Partner......................... 87
Section 13.2. Amendment Procedures................................................................... 88
Section 13.3. Amendment Requirements................................................................. 88
Section 13.4. Special Meetings....................................................................... 89
Section 13.5. Notice of a Meeting.................................................................... 90
Section 13.6. Record Date............................................................................ 90
{/TABLE}
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{PAGE}
{TABLE}
{S} {C}
Section 13.7. Adjournment............................................................. 90
Section 13.8. Waiver of Notice; Approval of Meeting; Approval of Minutes.............. 90
Section 13.9. Quorum.................................................................. 91
Section 13.10. Conduct of a Meeting.................................................... 91
Section 13.11. Action Without a Meeting................................................ 92
Section 13.12. Voting and Other Rights................................................. 92
ARTICLE XIV
MERGER
Section 14.1. Authority............................................................... 93
Section 14.2. Procedure for Merger or Consolidation................................... 93
Section 14.3. Approval by Limited Partners of Merger or Consolidation................. 94
Section 14.4. Certificate of Merger................................................... 95
Section 14.5. Effect of Merger........................................................ 95
ARTICLE XV
RIGHT TO ACQUIRE LIMITED PARTNER INTERESTS
Section 15.1. Right to Acquire Limited Partner Interests.............................. 95
ARTICLE XVI
GENERAL PROVISIONS
Section 16.1. Addresses and Notices................................................... 97
Section 16.2. Further Action.......................................................... 98
Section 16.3. Binding Effect.......................................................... 98
Section 16.4. Integration............................................................. 98
Section 16.5. Creditors............................................................... 98
Section 16.6. Waiver.................................................................. 98
Section 16.7. Counterparts............................................................ 98
Section 16.8. Applicable Law.......................................................... 99
Section 16.9. Invalidity of Provisions................................................ 99
Section 16.10. Consent of Partners..................................................... 99
{/TABLE}
-iv-
{PAGE}
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP
OF
INERGY, L.P.
THIS AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF INERGY, L.P.
dated as of July 31, 2001, is entered into by and among Inergy GP LLC, a
Delaware limited liability company, as the Managing General Partner, Inergy
Partners, LLC, a Delaware limited liability company, as the Non-Managing General
Partner and as the Organizational Limited Partner, New Inergy Propane, LLC, a
Delaware limited liability company, Inergy Holdings, LLC, a Delaware limited
liability company, together with any other Persons who become Partners in the
Partnership or parties hereto as provided herein. In consideration of the
covenants, conditions and agreements contained herein, the parties hereto hereby
agree as follows:
ARTICLE I
DEFINITIONS
Section 1.1. Definitions.
The following definitions shall be for all purposes, unless otherwise
clearly indicated to the contrary, applied to the terms used in this Agreement.
"Acquisition" means any transaction in which any Group Member acquires
(through an asset acquisition, merger, stock acquisition or other form of
investment) control over all or a portion of the assets, properties or business
of another Person for the purpose of increasing the operating capacity or
revenues of the Partnership Group from the operating capacity or revenues of the
Partnership Group existing immediately prior to such transaction.
"Additional Book Basis" means the portion of any remaining Carrying Value
of an Adjusted Property that is attributable to positive adjustments made to
such Carrying Value as a result of Book-Up Events. For purposes of determining
the extent that Carrying Value constitutes Additional Book Basis:
(i) Any negative adjustment made to the Carrying Value of an Adjusted
Property as a result of either a Book-Down Event or a Book-Up Event shall
first be deemed to offset or decrease that portion of the Carrying Value of
such Adjusted Property that is attributable to any prior positive
adjustments made thereto pursuant to a Book-Up Event or Book-Down Event.
(ii) If Carrying Value that constitutes Additional Book Basis is
reduced as a result of a Book-Down Event and the Carrying Value of other
property is increased as a result of such Book-Down Event, an allocable
portion of any such increase in Carrying Value shall be treated as
Additional Book Basis; provided that the amount treated as Additional Book
Basis pursuant hereto as a result of such Book-Down Event shall not exceed
the amount by which the Aggregate Remaining Net Positive Adjustments after
such Book-Down Event exceeds the remaining Additional Book Basis
attributable to all
{PAGE}
of the Partnership's Adjusted Property after such Book-Down Event
(determined without regard to the application of this clause (ii) to such
Book-Down Event).
"Additional Book Basis Derivative Items" means any Book Basis Derivative
Items that are computed with reference to Additional Book Basis. To the extent
that the Additional Book Basis attributable to all of the Partnership's Adjusted
Property as of the beginning of any taxable period exceeds the Aggregate
Remaining Net Positive Adjustments as of the beginning of such period (the
"Excess Additional Book Basis"), the Additional Book Basis Derivative Items for
such period shall be reduced by the amount that bears the same ratio to the
amount of Additional Book Basis Derivative Items determined without regard to
this sentence as the Excess Additional Book Basis bears to the Additional Book
Basis as of the beginning of such period.
"Additional Limited Partner" means a Person admitted to the Partnership as
a Limited Partner pursuant to Section 10.4 and who is shown as such on the books
and records of the Partnership.
"Adjusted Capital Account" means the Capital Account maintained for each
Partner as of the end of each fiscal year of the Partnership, (a) increased by
any amounts that such Partner is obligated to restore under the standards set by
Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (or is deemed obligated to
restore under Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5)) and (b)
decreased by (i) the amount of all losses and deductions that, as of the end of
such fiscal year, are reasonably expected to be allocated to such Partner in
subsequent years under Sections 704(e)(2) and 706(d) of the Code and Treasury
Regulation Section 1.751-1(b)(2)(ii), and (ii) the amount of all distributions
that, as of the end of such fiscal year, are reasonably expected to be made to
such Partner in subsequent years in accordance with the terms of this Agreement
or otherwise to the extent they exceed offsetting increases to such Partner's
Capital Account that are reasonably expected to occur during (or prior to) the
year in which such distributions are reasonably expected to be made (other than
increases as a result of a minimum gain chargeback pursuant to Section 6.1(d)(i)
or 6.1(d)(ii)). The foregoing definition of Adjusted Capital Account is
intended to comply with the provisions of Treasury Regulation Section 1.704-
1(b)(2)(ii)(d) and shall be interpreted consistently therewith. The "Adjusted
Capital Account" of a Partner in respect of a General Partner Interest, a Common
Unit, a Senior Subordinated Unit, a Junior Subordinated Unit or an Incentive
Distribution Right or any other specified interest in the Partnership shall be
the amount which such Adjusted Capital Account would be if such General Partner
Interest, Common Unit, Senior Subordinated Unit, Junior Subordinated Unit,
Incentive Distribution Right or other interest in the Partnership were the only
interest in the Partnership held by a Partner from and after the date on which
such General Partner Interest, Common Unit, Senior Subordinated Unit, Junior
Subordinated Unit, Incentive Distribution Right or other interest was first
issued.
"Adjusted Operating Surplus" means, with respect to any period, Operating
Surplus generated during such period (a) less (i) any net increase in Working
Capital Borrowings with respect to such period and (ii) any net reduction in
cash reserves for Operating Expenditures with respect to such period not
relating to an Operating Expenditure made with respect to such period, and (b)
plus (i) any net decrease in Working Capital Borrowings with respect to such
period and (ii) any net increase in cash reserves for Operating Expenditures
with respect to such period required by any debt instrument for the repayment of
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