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Title: |
Agreement of Partnership |
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Date: |
2002 |
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Preview shows 18KB of 110KB total |
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$55 |
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ID: |
#900648 |
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JONAH GAS GATHERING COMPANY
AGREEMENT OF PARTNERSHIP
DATED: JUNE 20, 1996
<PAGE>
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
1.01 Act.................................................................1
1.02 Additional Partner..................................................1
1.03 Admission Agreement.................................................1
1.04 Affiliate...........................................................1
1.05 Agreement and Partnership Agreement.................................2
1.06 Assignee............................................................2
1.07 Bankrupt Partner....................................................2
1.08 Book Adjustments....................................................2
1.09 Book Value..........................................................2
1.10 Business Day........................................................2
1.11 Capital Account.....................................................2
1.12 Capital Contribution................................................2
1.13 Code................................................................3
1.14 Commitment..........................................................3
1.15 Contributing Partners...............................................3
1.16 Default Interest Rate...............................................3
1.17 Delinquent Partner..................................................3
1.18 Disposition.........................................................3
1.19 Dissociation........................................................3
1.20 Dissociated Partner.................................................3
1.21 Distribution........................................................3
1.22 Effective Date......................................................4
1.23 Entity..............................................................4
1.24 Expansion...........................................................4
1.25 Fiscal Year.........................................................4
1.26 GAAP................................................................4
1.27 Initial Contribution................................................4
1.28 Initial Partners....................................................4
1.29 Jonah Field Gathering System........................................4
1.30 Liquidating Distribution............................................4
1.31 Majority of the Partners............................................4
1.32 Majority of the Remaining Partners..................................5
1.33 Management Committee................................................5
1.34 Management Right....................................................5
1.35 Managing Partner....................................................5
1.36 Money...............................................................5
1.37 Net Losses and Net Profits..........................................5
1.38 Nonrecourse Liabilities.............................................5
1.39 Notice..............................................................6
1.40 Operating Agreement.................................................6
1.41 Operator............................................................6
1.42 Partner.............................................................6
i
<PAGE>
1.43 Partner Minimum Gain................................................6
1.44 Partner Nonrecourse Liability.......................................6
1.45 Partnership.........................................................6
1.46 Partnership Interest................................................6
1.47 Partnership Minimum Gain............................................6
1.48 Partnership Nonrecourse Liability...................................7
1.49 Partnership Property................................................7
1.50 Person..............................................................7
1.51 Proceeding..........................................................7
1.52 Property............................................................7
1.53 Regulations.........................................................7
1.54 Related Person......................................................7
1.55 Remaining Partners..................................................7
1.56 Reserves............................................................8
1.57 Revaluation.........................................................8
1.58 Revaluation Date....................................................8
1.59 Revaluation Event...................................................8
1.60 Sharing Ratio.......................................................8
1.61 Substitute Partner..................................................8
1.62 Taxable Year........................................................8
1.63 Taxing Jurisdiction.................................................8
ARTICLE II
FORMATION OF PARTNERSHIP
2.01 Formation...........................................................8
2.02 Filings.............................................................9
2.03 Name................................................................9
2.04 Principal Place of Business.........................................9
2.05 Term................................................................9
2.06 Bank Accounts.......................................................9
ARTICLE III
BUSINESS OF PARTNERSHIP
ARTICLE IV
ACCOUNTING AND RECORDS
4.01 Records to be Maintained...........................................10
4.02 Reports to Partners................................................11
ARTICLE V
MANAGING PARTNER AND RIGHTS AND DUTIES OF PARTNERS
5.01 Management Rights..................................................11
5.02 Managing Partner...................................................12
5.03 Authority of Managing Partner to Bind the Partnership..............12
5.04 Compensation of Managing Partner...................................12
5.05 Managing Partner's Standard of Care................................12
5.06 Indemnification....................................................13
ii
<PAGE>
5.07 Representations and Warranties.....................................13
5.08 Notice of Claims...................................................13
ARTICLE VI
MANAGEMENT COMMITTEE
6.01 Establishment of Committee.........................................13
6.02 Powers and Duties of Management Committee..........................14
6.03 Authority to Vote..................................................14
6.04 Notice of Meeting..................................................14
6.05 Contents of Meeting Notice.........................................14
6.06 Location of Meetings...............................................15
6.07 Managing Partner's Duties for Meetings.............................15
6.08 Voting Procedure...................................................15
6.09 Record of Votes....................................................15
6.10 Minutes............................................................15
6.11 Voting by Notice...................................................15
6.12 Effect of Vote.....................................................16
ARTICLE VII
CONFLICTS OF INTEREST
7.01 Partnership Opportunities..........................................16
7.02 Self Dealing.......................................................16
ARTICLE VIII
CAPITAL CONTRIBUTIONS
8.01 Initial Contributions..............................................17
8.02 Additional Contributions...........................................17
8.03 Enforcement of Commitments.........................................17
8.04 Maintenance of Capital Accounts....................................18
8.05 Distribution of Assets.............................................18
8.06 Sale or Exchange of Interest.......................................18
8.07 Revaluation of Partnership Property................................19
8.08 Compliance with Section 704(b) of the Code.........................19
8.09 Non-Consent Operations.............................................19
ARTICLE IX
ALLOCATION AND DISTRIBUTIONS
9.01 Allocations of Net Profits and Net Losses from Operations..........20
9.02 Partnership Minimum Gain Chargeback................................21
9.03 Partner Minimum Gain Chargeback....................................21
9.04 Qualified Income Offset............................................21
9.05 Interim Distributions..............................................22
9.06 Distributions......................................................22
ARTICLE X
TAXES
10.01 Tax Returns........................................................22
iii
<PAGE>
10.02 Tax Matters Partner................................................22
10.03 Information Request by TMP.........................................23
10.04 TMP Agreements with IRS............................................23
10.05 Inconsistent Treatment of Partnership Item.........................23
10.06 Requests for Administrative Adjustment.............................23
10.07 Judicial Proceedings...............................................24
10.08 Elections..........................................................24
10.09 Taxes of Taxing Jurisdictions......................................24
ARTICLE XI
DISPOSITION OF PARTNERSHIP INTERESTS
11.01 Disposition........................................................25
11.02 Right of First Refusal.............................................25
11.03 Dispositions Not in Compliance With This Article Void..............26
ARTICLE XII
DISSOCIATION OF A PARTNER
12.01 Dissociation.......................................................27
12.02 Purchase of Dissociated Partner's Partnership Interest.............27
12.03 Purchase Price of Dissociated Partner's Partnership Interest.......27
12.04 Damages. 28
ARTICLE XIII
ADMISSION OF ASSIGNEES AND ADDITIONAL PARTNERS
13.01 Rights of Assignees................................................28
13.02 Admission of Substitute Partners...................................28
13.03 Admission of Additional Partners...................................28
ARTICLE XIV
DISSOLUTION AND WINDING UP
14.01 Dissolution........................................................29
14.02 Effect of Dissolution..............................................29
14.03 Distribution of Assets on Dissolution..............................29
ARTICLE XV
AMENDMENT
ARTICLE XVI
MISCELLANEOUS PROVISIONS
16.01 Entire Agreement...................................................30
16.02 Rights of Creditors and Third Parties Under Partnership Agreement..30
16.03 Notices. 30
16.04 Application of Wyoming Law.........................................30
16.05 Entire Agreement...................................................31
16.06 Waiver of Action for Partition.....................................31
16.07 Counterparts.......................................................31
iv
<PAGE>
THIS AGREEMENT OF PARTNERSHIP is executed this 20th day of June, 1996,
by and between Green River Pipeline Limited Liability Company ("Green River"), a
Wyoming limited liability company with a business address of 350 Big Horn Road,
Casper, Wyoming 82601, and Jonah Pipeline Company ("Jonah"), a Michigan
corporation, with a business address of 150 West Jefferson Avenue, Suite 1900,
Detroit, Michigan 48226.
W I T N E S S E T H:
WHEREAS, Green River and Jonah are the owners of the Jonah Field Gas
Gathering System which is comprised of the real and personal property described
on Exhibit "A-1" attached hereto, said property being hereinafter referred to as
the "Jonah Field Gathering System"; and
WHEREAS, the parties desire to form a general partnership (the
"Partnership") under the Wyoming Uniform Partnership Act, Wyoming Statutes
Annotated, Sections 17-21-101, et seq. as the same may be amended from time to
time (the "Act") for the purposes of owning and operating the Jonah Field
Gathering System and for such other purposes hereinafter set forth;
NOW, THEREFORE, in consideration of the agreements and obligations of
the parties set forth herein and for other good and valuable consideration, the
receipt, sufficiency, adequacy and fairness of which being hereby acknowledged,
the parties hereby agree as follows.
ARTICLE I
DEFINITIONS
The following terms used in the Agreement shall (unless otherwise
expressly provided herein) have the following meanings:
1.01 ACT.
"Act" means the Wyoming Uniform Partnership Act, Wyo. Stats. Ann.
Sections 17-21-101, et seq., as amended from time to time. Reference to any
section of the Act shall be deemed to refer to a similar provision in any
amendment to the Act.
1.02 ADDITIONAL PARTNER.
A Partner other than an Initial Partner or a Substitute Partner who has
acquired a Partnership Interest from the Partnership.
1.03 ADMISSION AGREEMENT.
The Agreement governing the admission of an Additional Partner into the
Partnership.
1.04 AFFILIATE.
The term "Affiliate" shall mean when used with reference to a specified
Person any Person which controls the specified Person, which is controlled by
the specified Person, or which
<PAGE>
is under common control with the specified Person. Control means the power to
exercise, directly or indirectly, more than fifty percent (50%) of the voting
rights of an Entity.
1.05 AGREEMENT AND PARTNERSHIP AGREEMENT.
"Agreement and "Partnership Agreement" means this Agreement of
Partnership, as originally executed and as amended or restated from time to
time, as the context requires.
1.06 ASSIGNEE.
"Assignee" means a person who has acquired from a Partner, in
accordance with the terms of this Agreement, a beneficial interest in the
Partnership's Profits, Losses, Credits, or Distributions, but who is not a
Substitute Partner.
1.07 BANKRUPT PARTNER.
A Partner who: (1) has become the subject of an Order for Relief under
the United States Bankruptcy Code, (2) has initiated, either in an original
proceeding or by way of answer in any state insolvency or receivership
proceeding, an action for liquidation arrangement, composition, readjustment,
dissolution, or similar relief.
1.08 BOOK ADJUSTMENTS.
Adjustments with respect to the Book Value of Partnership Property for
depreciation, depletion, amortization, and gain or loss, as computed in
accordance with Section 1.704-1(b)(2)(iv)(g) of the Regulations.
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