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Document Preview Agreement of Limited Partnership [Amended and Restated No. 2] |
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Title: |
Agreement of Limited Partnership [Amended and Restated No. 2] |
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Entities: |
Corporation Trust Co.; TEPPCO Partners, LP; TE Products Pipeline Company, Limited Partnership; Teppco GP, Inc.; Teppco Partners LP |
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Date: |
2001 |
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Size: |
Preview shows 24KB of 164KB total |
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Price: |
$53 |
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ID: |
#144988 |
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Start of Preview |
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SECOND AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP
OF
TE PRODUCTS PIPELINE COMPANY, LIMITED PARTNERSHIP
SEPTEMBER 21, 2001
{PAGE}
TABLE OF CONTENTS
{Table}
{S} {C}
ARTICLE I - ORGANIZATIONAL MATTERS......................................................2
1.1 Formation...................................................................2
1.2 Name........................................................................2
1.3 Registered Office: Principal Office.........................................2
1.4 Power of Attorney...........................................................2
1.5 Term........................................................................4
ARTICLE II - DEFINITIONS................................................................4
Adjusted Capital Account.............................................................4
Adjusted Property....................................................................4
Affiliate............................................................................4
Agreed Allocation....................................................................4
Agreed Value.........................................................................4
Agreement............................................................................4
Available Cash.......................................................................5
Book-Tax Disparity...................................................................5
Capital Account......................................................................5
Capital Contributor..................................................................5
Carrying Value.......................................................................5
Certificate of Limited Partnership...................................................6
Closing Date.........................................................................6
Code.................................................................................6
Contributed Property.................................................................6
Contributing Partner.................................................................6
Contribution Agreement...............................................................6
Curative Allocation..................................................................6
Delaware Act.........................................................................6
Departing Partner....................................................................6
Economic Risk of Loss................................................................6
Event of Withdrawal..................................................................6
Exchange Act.........................................................................6
General Partner......................................................................7
General Partner Equity Value.........................................................7
Indemnitee...........................................................................7
Initial Offering.....................................................................7
Investor Partnership.................................................................7
Investor Partnership Agreement.......................................................7
Limited Partner......................................................................7
Limited Partner Equity Value.........................................................7
Liquidator...........................................................................7
Merger Agreement.....................................................................7
Minimum Gain Attributable to Partner Nonrecourse.....................................7
National Securities Exchange.........................................................7
Net Agreed Value.....................................................................7
Net Income...........................................................................8
Net Loss.............................................................................8
{/Table}
-i-
{PAGE}
{Table}
{S} {C}
Net Termination Gain.................................................................8
Net Termination Loss.................................................................8
Nonrecourse Built-in Gain............................................................8
Nonrecourse Deduction................................................................9
Nonrecourse Liability................................................................9
Opinion of Counsel...................................................................9
Outstanding..........................................................................9
Partner..............................................................................9
Partner Nonrecourse..................................................................9
Partner Nonrecourse Deductions.......................................................9
Partnership..........................................................................9
Partnership Inception................................................................9
Partnership Interests................................................................9
Partnership Minimum Gain.............................................................9
Partnership Year.....................................................................9
PEC..................................................................................9
Percentage Interest..................................................................9
Person...............................................................................9
Predecessor General Partner.........................................................10
Recapture Income....................................................................10
Record Holder.......................................................................10
Registration Statement..............................................................10
Required Allocations................................................................10
Residual Gain.......................................................................10
Securities Act......................................................................10
Substituted Limited Partner.........................................................10
Surviving Business Entity...........................................................10
Termination Capital Transactions....................................................10
Unit................................................................................10
Unitholder..........................................................................10
Unrealized Gain.....................................................................11
Unrealized Loss.....................................................................11
ARTICLE III - PURPOSE..................................................................11
3.1 Purpose and Business.......................................................11
3.2 Powers.....................................................................11
ARTICLE IV - CAPITAL CONTRIBUTIONS.....................................................11
4.1 Initial Contributions......................................................11
4.2 Additional Capital Contribution by the Investor Partnership................11
4.3 Preemptive Rights..........................................................11
4.4 Capital Accounts...........................................................12
4.5 Interest...................................................................14
4.6 No Withdrawal..............................................................14
4.7 Loans from Partners........................................................14
ARTICLE V - ALLOCATIONS AND DISTRIBUTIONS..............................................14
5.1 Allocations for Capital Account Purposes...................................14
5.2 Allocations for Tax Purposes...............................................18
{/Table}
-ii-
{PAGE}
{Table}
{S} {C}
5.3 Requirement of Distributions...............................................20
ARTICLE VI - MANAGEMENT AND OPERATION OF BUSINESS......................................20
6.1 Management.................................................................20
6.2 Certificate of Limited Partnership.........................................21
6.3 Restrictions on General Partner's Authority................................22
6.4 Reimbursement of the General Partner.......................................22
6.5 Outside Activities.........................................................23
6.6 Loans to and from the General Partner; Contracts with Affiliates...........23
6.7 Indemnification............................................................24
6.8 Liability of Indemnitees...................................................26
6.9 Resolution of Conflicts of Interest........................................26
6.10 Other Matters Concerning the General Partner...............................27
6.11 Title to Partnership Assets................................................28
6.12 Reliance by Third Parties..................................................28
ARTICLE VII - RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNER............................29
7.1 Limitation of Liability....................................................29
7.2 Management of Business.....................................................29
7.3 Return of Capital..........................................................29
7.4 Rights of the Limited Partner Relating to the Partnership..................29
ARTICLE VIII - BOOKS, RECORDS, ACCOUNTING AND REPORTS..................................30
8.1 Records and Accounting.....................................................30
8.2 Fiscal Year................................................................30
ARTICLE IX - TAX MATTERS...............................................................30
9.1 Preparation of Tax Returns.................................................30
9.2 Tax Elections..............................................................30
9.3 Tax Controversies..........................................................31
9.4 Organizational Expenses....................................................31
9.5 Withholding................................................................31
9.6 Opinions of Counsel........................................................31
ARTICLE X - TRANSFER OF INTERESTS......................................................31
10.1 Transfer...................................................................31
10.2 Transfer of General Partner's Partnership Interest.........................32
10.3 Transfer of the Limited Partner's Partnership Interest.....................32
ARTICLE XI - ADMISSION OF PARTNERS.....................................................32
11.1 Admission of Substituted Limited Partner...................................32
11.2 Admission of Successor or General Partner..................................33
11.3 Amendment of Agreement and Certificate of Limited Partnership..............33
ARTICLE XII - WITHDRAWAL OR REMOVAL OF PARTNERS........................................33
12.1 Withdrawal of the General Partner..........................................33
12.2 Removal of the General Partner.............................................34
12.3 Interest of Departing Partner and Successor General Partner................34
12.4 Reimbursement of Departing Partner.........................................35
12.5 Withdrawal of the Limited Partner..........................................35
ARTICLE XIII - DISSOLUTION AND LIQUIDATION.............................................35
13.1 Dissolution................................................................35
13.2 Liquidation................................................................36
{/Table}
-iii-
{PAGE}
{Table}
{S} {C}
13.3 Distributions in Kind......................................................36
13.4 Cancellation of Certificate of Limited Partnership.........................37
13.5 Reasonable Time for Winding Up.............................................37
13.6 Return of Capital..........................................................37
13.7 No Capital Account Restoration.............................................37
13.8 Waiver of Partition........................................................37
ARTICLE XIV - AMENDMENT OF PARTNERSHIP AGREEMENT.......................................37
14.1 Amendment to be Adopted Solely by General Partner..........................37
14.2 Amendment Procedures.......................................................38
ARTICLE XV - MERGER....................................................................39
15.1 Authority..................................................................39
15.2 Procedure for Merger or Consolidation......................................39
15.3 Approval by Limited Partner of Merger or Consolidation.....................40
15.4 Certificate of Merger......................................................40
15.5 Effect of Merger...........................................................40
ARTICLE XVI - GENERAL PROVISIONS.......................................................41
16.1 Addresses and Notice.......................................................41
16.2 Titles and Captions........................................................41
16.3 Pronouns and Plurals.......................................................41
16.4 Further Action.............................................................41
16.5 Binding Effect.............................................................41
16.6 Integration................................................................41
16.7 Creditors..................................................................41
16.8 Waiver.....................................................................41
16.9 Counterparts...............................................................41
16.10 Applicable Law..........................................................41
16.11 Invalidity of Provisions................................................41
16.12 Amendments to Reflect the Contribution Agreement........................42
{/Table}
-iv-
{PAGE}
SECOND AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP
OF
TE PRODUCTS PIPELINE COMPANY, LIMITED PARTNERSHIP
THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF TE
PRODUCTS PIPELINE COMPANY, LIMITED PARTNERSHIP, dated as of September 21, 2001
is entered into by and among TEPPCO GP, Inc., a Delaware corporation, as the
General Partner and TEPPCO Partners, L.P., a Delaware limited partnership, as
the Limited Partner.
WHEREAS, the Predecessor General Partner (as defined herein) and the
Limited Partner entered into that certain Agreement of Limited Partnership of
the Partnership dated March 7, 1990 (the "1990 Agreement"); and
WHEREAS, pursuant to Section 14.1 of the 1990 Agreement, the
Predecessor General Partner amended and restated the 1990 Agreement on July 21,
1998 (the "1998 Agreement"); and
WHEREAS, pursuant to the Contribution, Assignment and Amendment
Agreement dated July 26, 2001 by and among the General Partner and the other
parties thereto (the "Contribution Agreement"), the Limited Partner, the General
Partner and the Predecessor General Partner amended the 1998 Agreement to
provide for the withdrawal of the Predecessor General Partner and the succession
of the General Partner as general partner of the Partnership (as defined
herein); and
WHEREAS, pursuant to the Contribution Agreement, the Predecessor
General Partner transferred a revised general partner interest in the
Partnership to a newly formed, wholly owned subsidiary, the General Partner; and
WHEREAS, pursuant to the Contribution Agreement, the Limited Partner,
the General Partner and the Predecessor General Partner amended the 1998
Agreement to provide for the conversion of the Predecessor General Partner's
remaining general partner interest in the Partnership into a limited partner
interest in the Partnership; and
WHEREAS, pursuant to the Contribution Agreement, the Predecessor
General Partner contributed its remaining limited partnership interest in the
Partnership along with all the outstanding capital stock of the General Partner
to the Investor Partnership (as defined herein); and
WHEREAS, the General Partner and the Limited Partner desire to amend
and restate the 1998 Agreement in its entirety to more fully reflect the
transactions contemplated and the amendments made by the Contribution Agreement
together with such other changes as the General Partner and the Limited Partner
have determined are necessary and appropriate;
{PAGE}
NOW, THEREFORE, pursuant to Article XIV of the 1998 Agreement, the
General Partner and the Limited Partner do hereby amend and restate the 1998
Agreement to provide, in its entirety, as follows:
ARTICLE I - ORGANIZATIONAL MATTERS
1.1 Formation. The General Partner and the Limited Partner hereby
continue the Partnership as a limited partnership pursuant to the provisions of
the Delaware Act, and hereby amend and restate the original Agreement of Limited
Partnership in its entirety. 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 "TE Products Pipeline
Company, Limited Partnership." 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 Partner of such
change in the next regular communication to the Limited Partner. Notwithstanding
the foregoing, unless otherwise permitted by PEC and Duke, the Partnership shall
change its name to a name not including "TE," "TEPPCO," "Texas Eastern",
"PanEnergy" or "Duke" and shall cease using the name "TE," "TEPPCO," "Texas
Eastern," "PanEnergy" or Duke or other names or symbols associated therewith at
such time as neither Texas Eastern Products Pipeline Company nor another
Affiliate of PanEnergy or Duke is the general partner of the Partnership.
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 2929 Allen
Parkway, Houston, Texas 77019-2119, or such other place as the General Partner
may from time to time designate by notice to the Limited Partner. 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) The Limited Partner hereby constitutes and appoints each
of the General Partner and, if a Liquidator shall have been selected pursuant to
Section 13.2, 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
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