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Title: |
Joint Development Agreement |
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Entities: |
TEPPCO Partners, LP; Fulbright & Jaworski; TE Products Pipeline Company; Louis Dreyfus Plastics Corporation; Teppco Partners LP |
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Date: |
2003 |
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Size: |
Preview shows 12KB of 348KB total |
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Price: |
$99 |
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ID: |
#147199 |
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JOINT DEVELOPMENT AGREEMENT
BETWEEN
TE PRODUCTS PIPELINE COMPANY,
LIMITED PARTNERSHIP
AND
LOUIS DREYFUS PLASTICS CORPORATION
DATED FEBRUARY 10, 2000
{PAGE}
TABLE OF CONTENTS
{Table}
{Caption}
PAGE
{S} {C}
ARTICLE I DEFINITIONS AND CONSTRUCTION.................................... 2
1.1 DEFINED TERMS....................................................... 2
1.2 OTHER DEFINITIONS AND PROVISIONS.................................... 9
1.3 HEADINGS............................................................ 9
ARTICLE II OPERATION OF TEPPCO ASSETS...................................... 10
2.1 STORAGE OPERATIONS.................................................. 10
2.2 MARKETING AND DEVELOPMENT ACTIVITIES................................ 11
2.3 BUDGETS............................................................. 12
2.4 COMMUNICATION....................................................... 12
2.5 CAPITAL EXPENDITURES................................................ 12
2.6 TEPPCO EXCULPATION.................................................. 12
2.7 DREYFUS EXCULPATION................................................. 13
ARTICLE III FINANCIAL OPERATIONS AND PAYMENTS............................... 13
3.1 FINANCIAL RESULTS................................................... 13
3.2 PAYMENTS TO DREYFUS................................................. 13
3.3 FUNDING OF MB BUSINESS.............................................. 14
3.4 ACCOUNTS, BOOKS AND RECORDS......................................... 14
3.5 EXCEPTIONS TO FINANCIAL REPORTS..................................... 15
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF TEPPCO........................ 15
4.1 CORPORATE MATTERS; ASSET OWNERSHIP.................................. 15
4.2 VALIDITY OF AGREEMENT; NO CONFLICT.................................. 15
4.3 LIABILITIES OF THE MB BUSINESS...................................... 15
4.4 FINANCIAL STATEMENTS................................................ 16
4.5 FINDER'S FEE........................................................ 16
ARTICLE V REPRESENTATIONS AND WARRANTIES OF DREYFUS....................... 16
5.1 CORPORATE MATTERS; ASSET OWNERSHIP.................................. 16
5.2 VALIDITY OF AGREEMENT; NO CONFLICT.................................. 16
5.3 FINANCIAL STATEMENTS................................................ 16
5.4 FINDER'S FEE........................................................ 17
ARTICLE VI TRANSFER OF TEPPCO ASSETS OR RIGHT TO USE....................... 17
6.1 PERFORMANCE MILESTONE............................................... 17
6.2 FAILURE TO MEET MILESTONE........................................... 17
6.3 CLOSING TIME AND LOCATION FOR TRANSFER.............................. 18
6.4 FORMATION OF NEWCO.................................................. 18
6.5 CLOSING............................................................. 18
6.6 INABILITY TO TRANSFER ASSETS........................................ 19
6.7 FURTHER ASSURANCE BY THE PARTIES.................................... 19
6.8 THIRD PARTY CONSENTS................................................ 19
{/Table}
i
{PAGE}
{Table}
{Caption}
PAGE
{S} {C}
ARTICLE VII CONDITIONS TO CLOSING........................................... 20
7.1 CONDITIONS TO OBLIGATION OF DREYFUS................................. 20
7.2 CONDITIONS TO OBLIGATION OF TEPPCO.................................. 21
ARTICLE VIII TRANSFER OF CONTRACT RIGHTS..................................... 22
8.1 TRANSFER OF CONTRACT RIGHTS PROHIBITED.............................. 22
8.2 FAILURE TO MEET MILESTONE........................................... 23
8.3 CHANGE OF CONTROL................................................... 23
8.4 OPERATIONAL DISPUTE................................................. 23
8.5 CERTAIN TERMINATION PAYMENTS........................................ 23
8.6 RIGHT OF FIRST REFUSAL.............................................. 24
8.7 CLOSING............................................................. 25
8.8 TRANSFER PROCEDURES................................................. 26
ARTICLE IX ADDITIONAL AGREEMENTS........................................... 26
9.1 EFFORTS TO SATISFY CONDITIONS....................................... 26
9.2 RETENTION OF RECORDS................................................ 27
9.3 NONDISCLOSURE OF PROPRIETARY INFORMATION............................ 27
9.4 TRADEMARK AND TRADE NAME LICENSE.................................... 27
ARTICLE X NONCOMPETITION AGREEMENT........................................ 28
10.1 NONCOMPETITION COVENANT............................................. 28
10.2 DEFINITIONS......................................................... 30
10.3 REASONABLENESS OF COVENANT.......................................... 30
10.4 INJUNCTIVE RELIEF................................................... 30
ARTICLE XI INDEMNIFICATION................................................. 31
11.1 INDEMNITY OBLIGATION................................................ 31
11.2 PROCEDURE........................................................... 31
11.3 INDEMNIFICATION THRESHOLD........................................... 33
11.4 SURVIVAL............................................................ 33
11.5 EXCLUSIVE REMEDY; LIMITATIONS....................................... 33
ARTICLE XII TERMINATION..................................................... 34
12.1 TERMINATION PRIOR TO CLOSING........................................ 34
12.2 LIABILITY UPON TERMINATION.......................................... 35
12.3 EFFECTIVE DATE OF TERMINATION....................................... 35
12.4 TERMINATION OF INTEREST............................................. 35
ARTICLE XIII EXPENSES........................................................ 35
ARTICLE XIV RESOLUTION OF DISPUTES; CONSENT TO JURISDICTION AND VENUE....... 35
ARTICLE XV GENERAL PROVISIONS.............................................. 36
{/Table}
ii
{PAGE}
TABLE OF CONTENTS
{Table}
{Caption}
PAGE
{S} {C}
15.1 FURTHER ASSURANCES.................................................. 36
15.2 NOTICES............................................................. 36
15.3 GOVERNING LAW....................................................... 37
15.4 ENTIRE AGREEMENT.................................................... 37
15.5 ASSIGNMENT.......................................................... 37
15.6 SUCCESSORS.......................................................... 37
15.7 AMENDMENTS; WAIVER.................................................. 37
15.8 COUNTERPARTS........................................................ 38
15.9 SEVERABILITY........................................................ 38
15.10 NO THIRD PARTY BENEFICIARIES........................................ 38
15.11 INDEPENDENT CONTRACTOR; NO PARTNERSHIP.............................. 38
15.12 NEGOTIATED TRANSACTION.............................................. 38
15.13 BUSINESS DAYS....................................................... 38
{/Table}
iii
{PAGE}
JOINT DEVELOPMENT AGREEMENT
This JOINT DEVELOPMENT AGREEMENT (this "Agreement") dated as of
February 10, 2000, by and between TE Products Pipeline Company, Limited
Partnership, a Delaware limited partnership ("TEPPCO"), and Louis Dreyfus
Plastics Corporation, a Delaware corporation ("Dreyfus").
WITNESSETH:
WHEREAS, TEPPCO is engaged in the MB Business in Chambers and Harris
Counties, Texas utilizing the TEPPCO Assets; and
WHEREAS, Dreyfus is engaged in the merchandising and trading of the
Products, and in connection therewith currently utilizes the TEPPCO Assets; and
WHEREAS, TEPPCO and Dreyfus desire to achieve certain synergistic
benefits by combining the MB Business and the expertise of Dreyfus in marketing
such business activities to achieve increased utilization of the TEPPCO Assets
during and after the Development Period; and
WHEREAS, TEPPCO intends to account for the MB Business as a separate
division of TEPPCO during the Term of this Agreement as hereinafter set forth to
better reflect the results of such operations; and
WHEREAS, upon successful completion of certain objectives during the
Development Period in accordance with the provisions of this Agreement, the
Parties intend to enter into a joint venture regarding the MB Business through
the contribution of the assets and liabilities constituting the MB Business, the
TEPPCO Assets and certain other assets and/or improvements to a newly formed
Delaware limited partnership ("Newco"), which would be jointly owned by TEPPCO
and Dreyfus, such contribution to be in accordance with the terms and conditions
of this Agreement and the other agreements contemplated hereby;
NOW, THEREFORE, in consideration of the premises and the mutual
promises and obligations contained herein, and intending to be legally bound,
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