Document:

exv10w66

 

Exhibit 10.66

THIRD AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP OF

TE PRODUCTS PIPELINE COMPANY, LIMITED PARTNERSHIP

     THIS THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF TE PRODUCTS PIPELINE
COMPANY, LIMITED PARTNERSHIP, dated as of February 27, 2007 is entered into by and between TEPPCO
GP, Inc., a Delaware corporation, as the General Partner (as defined below) and TEPPCO Partners,
L.P., a Delaware limited partnership (“TEPPCO”), as the Limited Partner (as defined below).

     WHEREAS, the General Partner and the Limited Partner entered into the Second Amended and
Restated Agreement of Limited Partnership of TE Products Pipeline Company, Limited Partnership,
dated as of September 21, 2001 (the “Previous Partnership Agreement”);

     WHEREAS, on December 8, 2006, the agreement of limited partnership of TEPPCO, which is the
Limited Partner and the sole stockholder of the General Partner, was amended and restated, among
other things, to delete therefrom provisions requiring approval of the unitholders of TEPPCO to
amend the partnership agreement of the Partnership under specified circumstances, such provisions
serving no meaningful purpose once the General Partner became a wholly-owned subsidiary of TEPPCO;
and

     WHEREAS, the General Partner and the Limited Partner desire to amend and restate the Previous
Partnership Agreement in its entirety to make such changes as they have deemed appropriate in light
of matters described in the foregoing recitals;

     NOW, THEREFORE, in consideration of the covenants, conditions and agreements contained herein,
the General Partner and the Limited Partner do hereby amend and restate the Previous Partnership
Agreement in its entirety as follows:

ARTICLE I

DEFINITIONS

     The following definitions shall for all purposes, unless otherwise clearly indicated to the
contrary, apply to the terms used in this Agreement.

     “Affiliate” means, with respect to any Person, any other Person that directly or indirectly
controls, is controlled by or is under common control with, the Person in question. As used
herein, the term “control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of a Person, whether through ownership of voting
securities, by contract or otherwise.

     “Certificate of Limited Partnership” means the Certificate of Limited Partnership filed with
the Secretary of State of the State of Delaware as referenced in Section 2.5, as such Certificate
may be amended and/or restated from time to time.

 

 

     “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time, as
interpreted by the applicable regulations thereunder. Any reference herein to a specific section
or sections of the Code shall be deemed to include a reference to any corresponding provision of
future law.

     “Delaware Act” means the Delaware Revised Uniform Limited Partnership Act, 6 Del. C. Section
17-101 et seq., as amended, supplemented or restated from time to time, and any successor to such
statute.

     “General Partner” means TEPPCO GP, Inc., a Delaware corporation, in its capacity as the
general partner of the Partnership, and any successor to TEPPCO GP, Inc., as general partner.

     “Indemnitee” has the meaning given such term in Section 10.1(a).

     “Limited Partner” means TEPPCO, in its capacity as the limited partner of the Partnership, and
any other limited partner admitted to the Partnership from time to time and that is shown as a
limited partner on the books and records of the Partnership.

     “Partner” means the General Partner or the Limited Partner.

     “Partnership” means TE Products Pipeline Company, Limited Partnership, a Delaware limited
partnership.

     “Partnership Interest” means the interest of a Partner in the Partnership.

     “Percentage Interest” means, as of the date of such determination, (a) 0.001% as to the
General Partner and (b) 99.999% as to the Limited Partner.

     “Person” means an individual or a corporation, partnership, limited liability company, trust,
unincorproated organization, association or other entity.

     “Previous Partnership Agreement” has the meaning given such term in the recitals.

     “Subsidiary” means a Person controlled by the Partnership directly, or indirectly through one
or more intermediaries.

     “TEPPCO” means TEPPCO Partners, L.P., a Delaware limited partnership.

ARTICLE II

ORGANIZATIONAL MATTERS

     Section 2.1 Continuation. The General Partner and the Limited Partner hereby continue this
Partnership as a limited partnership pursuant to the provisions of the Delaware Act. This amendment
and restatement shall become effective on the date of this Agreement. Except as expressly provided
to the contrary in this Agreement, the rights, duties (including fiduciary duties), liabilities 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.

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     Section 2.2 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.

     Section 2.3 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 Street, Houston, Texas 77002, or
such other place as the General Partner may from time to time designate. The Partnership may
maintain offices at such other place or places within or outside the State of Delaware as the
General Partner deems advisable.

     Section 2.4 Term. The Partnership commenced upon the filing of the Certificate of Limited
Partnership in accordance with the Delaware Act and shall continue in existence until the close of
Partnership business on December 31, 2084, or until the earlier termination of the Partnership in
accordance with the provisions of this Agreement. The existence of the Partnership as a separate
legal entity shall continue until the cancellation of the Certificate of Limited Partnership as
provided in the Delaware Act.

     Section 2.5 Certificate of Limited Partnership. The General Partner has caused the Certificate of
Limited Partnership to be filed with the Secretary of State of the State of Delaware as required by
the Delaware Act and shall use all reasonable efforts to cause to be filed such other certificates
or documents as may be determined by the General Partner in its sole discretion to be reasonable
and necessary or appropriate for the formation, continuation, qualification and operation of a
limited partnership (or a partnership in which the limited partners have limited liability) in the
State of Delaware or any other state in which the Partnership may elect to do business or own
property. To the extent that such action is determined by the General Partner in its sole
discretion to be reasonable and necessary or appropriate, the General Partner shall file amendments
to and restatements of the Certificate of Limited Partnership and do all things to maintain the
Partnership as a limited partnership (or a partnership in which the limited partners have limited
liability) under the laws of the State of Delaware or of any other state in which the Partnership
may elect to do business or own property.

ARTICLE III

PURPOSE

     Section 3.1 Purpose and Business. The purpose and nature of the business to be conducted by the
Partnership shall be (a) to engage in the common carrier transportation of refined petroleum
products and liquefied petroleum gases and related products and related terminaling, storage and
other activities through ownership of one or more pipeline systems,

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(b) to engage directly in, or to enter into or form any corporation, partnership, joint venture,
limited liability company or similar arrangement to engage in, any business activity that may be
lawfully conducted by a limited partnership organized pursuant to the Delaware Act and, in
connection therewith, to exercise all of the rights and powers conferred upon the Partnership
pursuant to the agreements relating to such business activity, (c) to do anything necessary or
appropriate to the foregoing (including, without limitation, the making of capital contributions or
loans to any Subsidiary or in connection with its involvement in the activities referred to in
clause (b) of this sentence), and (d) to engage in any other business activity as permitted under
Delaware law.

     Section 3.2 Powers. The Partnership shall be empowered to do any and all acts and things
necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and
accomplishment of the purposes and business described in Section 3.1 and for the protection and
benefit of the Partnership.

ARTICLE IV

CAPITAL CONTRIBUTIONS

     Section 4.1 Prior Contributions. Prior to the date hereof, the Limited Partner and the General
Partner, or their predecessors, have made capital contributions to the Partnership.

     Section 4.2 Additional Contributions. A Partner may contribute additional cash or property to the
capital of the Partnership, but no Partner has any obligation pursuant to this Agreement to make
any such contribution.

     Section 4.3 Return of Contributions; Other Provisions Relating to Contributions. No Partner shall
be entitled to withdraw any part of its capital contributions or its capital account or to receive
any distribution from the Partnership, except as provided in this Agreement. An unrepaid capital
contribution is not a liability of the Partnership or any Partner, and no interest shall accrue on
capital contributions or on balances in Partners’ capital accounts.

     Section 4.4 Loans. A Partner may make secured or unsecured loans to the Partnership, but no
Partner has any obligation pursuant to this Agreement to make any such loan. Loans by a Partner to
the Partnership shall not be considered capital contributions.

ARTICLE V

CAPITAL ACCOUNTS; ALLOCATIONS; DISTRIBUTIONS

     Section 5.1 Capital Accounts. The Partnership shall maintain for each Partner a separate capital
account in accordance with the regulations issued pursuant to Section 704 of the Code and as
determined by the General Partner as consistent therewith.

     Section 5.2 Allocations for Tax and Capital Account Purposes. For federal income tax purposes,
each item of income, gain, loss, deduction and credit of the Partnership shall be allocated among
the Partners in accordance with their Percentage Interests, except that the General Partner shall
have the authority to make such other allocations as are necessary and appropriate to comply with
Section 704 of the Code and the regulations issued pursuant thereto.

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     Section 5.3 Distributions. The Partnership shall make distributions to the Partners at such times,
and in such forms and amounts, as the General Partner may from time to time determine.
Distributions in liquidation of the Partnership shall be made in accordance with the positive
balances in the Partners’ respective capital accounts maintained pursuant to Section 5.1. All
other distributions shall be made to the Partners in accordance with their respective Percentage
Interests.

ARTICLE VI

MANAGEMENT AND OPERATIONS OF BUSINESS

     The General Partner shall conduct, direct and exercise full control over all activities of the
Partnership. Except as otherwise expressly provided in this Agreement, all management powers over
the business and affairs of the Partnership shall be exclusively vested in the General Partner. In
addition to the powers now or hereafter granted a general partner of a limited partnership under
applicable law or which are granted to the General Partner under any other provision of this
Agreement, the General Partner shall have full power and authority to do all things and on such
terms as it, in its sole discretion, may deem necessary or desirable to conduct the business of the
Partnership, to exercise all powers set forth in Section 3.2 and to effectuate the purposes set
forth in Section 3.1.

ARTICLE VII

RIGHTS AND OBLIGATIONS OF LIMITED PARTNER

     The Limited Partner shall have no liability under this Agreement except as expressly provided
in this Agreement or the Delaware Act. The Limited Partner shall not take part in the operation,
management or control (within the meaning of the Delaware Act) of the Partnership’s business,
transact any business in the Partnership’s name or have the power to sign documents for or
otherwise bind the Partnership. The transaction of any such business by the General Partner, any
of its Affiliates or any officer, director, employee, partner, agent or trustee of the General
Partner or any of its Affiliates, in its capacity as such, shall not affect, impair or eliminate
the limitations on the liability of the Limited Partner under this Agreement.

ARTICLE VIII

DISSOLUTION AND LIQUIDATION

     The Partnership shall dissolve, and its affairs shall be wound up, upon (a) the expiration of
its term as provided in Section 2.4, (b) the occurrence of an event of withdrawal of the General
Partner under the Delaware Act, (c) an election to dissolve the Partnership by the General Partner
that is approved by the Limited Partner, (d) entry of a decree of judicial dissolution of the
Partnership pursuant to the provisions of the Delaware Act, (e) the sale of all or substantially
all of the assets and properties of the Partnership and its Subsidiaries, taken as a whole or (f)
the dissolution of TEPPCO, if such dissolution occurs while TEPPCO is a Partner; provided, however,
that the Partnership shall not be dissolved or required to be wound up by reason of any event of
withdrawal of the General Partner described in the preceding clause (b), if (i) at the time of such
event of withdrawal, there is at least one other general partner of the Partnership who carries on
the business of the Partnership (any remaining or successor general partner being hereby authorized
to carry on the business of the Partnership) or (ii) within 90 days

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after the withdrawal, the Limited Partner agrees in writing or votes to continue the business
of the Partnership and to the appointment, effective as of the date of withdrawal, of one or more
general partners of the Partnership.

ARTICLE IX

AMENDMENT OF PARTNERSHIP AGREEMENT

     The General Partner may amend any provision of this Agreement without the consent of the
Limited Partner and may execute, swear to, acknowledge, deliver, file and record whatever documents
may be required in connection therewith, except that any amendment that would increase the
liability of the Limited Partner or materially and adversely affect the rights of the Limited
Partner under this Agreement requires the consent of the Limited Partner.

ARTICLE X

INDEMNIFICATION

     Section 10.1 Indemnification.

          (a) To the fullest extent permitted by law but subject to the limitations expressly provided
in this Agreement, the General Partner, the Limited Partner and any Person who is or was an officer
or director of the General Partner (each, an “Indemnitee”) shall each be indemnified and held
harmless by the Partnership from and against any and all losses, claims, damages, liabilities
(joint or several), expenses (including, without limitation, legal fees and expenses), judgments,
fines, penalties, interest, settlements and other amounts arising from any and all claims, demands,
actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which
any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, by reason
of its status as an Indemnitee; provided, that the Indemnitee shall not be indemnified and held
harmless if there has been a final and non-appealable judgment entered by a court of competent
jurisdiction determining that, in respect of the matter for which the Indemnitee is seeking
indemnification pursuant to this Section 10.1, the Indemnitee acted in bad faith or engaged in
fraud, willful misconduct or, in the case of a criminal matter, acted with knowledge that the
Indemnitee’s conduct was unlawful. Any indemnification pursuant to this Section 10.1 shall be made
only out of the assets of the Partnership, it being agreed that the General Partner shall not be
personally liable for such indemnification and shall have no obligation to contribute or loan any
monies or property to the Partnership to enable it to effectuate such indemnification.

          (b) To the fullest extent permitted by law, expenses (including, without limitation, legal
fees and expenses) incurred by an Indemnitee in defending any claim, demand, action, suit or
proceeding shall, from time to time, be advanced by the Partnership prior to the final disposition
of such claim, demand, action, suit or proceeding upon receipt by the Partnership of an undertaking
by or on behalf of the Indemnitee to repay such amount if it shall be determined that the
Indemnitee is not entitled to be indemnified as authorized in this Section 10.1.

          (c) The indemnification provided by this Section 10.1 shall be in addition to any other rights
to which an Indemnitee may be entitled under any agreement, as a matter of law

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or otherwise, both as to actions in the Indemnitee’s capacity as an Indemnitee and as to
actions in any other capacity, and shall continue as to an Indemnitee who has ceased to serve in
such capacity.

          (d) The Partnership may purchase and maintain (or reimburse the General Partner or its
Affiliates for the cost of) insurance, on behalf of the General Partner and such other Persons as
the General Partner shall determine, against any liability that may be asserted against or expense
that may be incurred by such Person in connection with the Partnership’s activities, whether or not
the Partnership would have the power to indemnify such Person against such liabilities under the
provisions of this Agreement.

          (e) In no event shall the Limited Partner be subjected to personal liability by reason of the
indemnification provisions set forth in this Agreement, whether by action of an Indemnitee or
otherwise.

          (f) An Indemnitee shall not be denied indemnification in whole or in part under this Section
10.1 because the Indemnitee had an interest in the transaction with respect to which the
indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

          (g) The provisions of this Section 10.1 are for the benefit of the Indemnitees, their heirs,
successors and assigns and shall not be deemed to create any rights for the benefit of any other
Persons.

          (h) No amendment, modification or repeal of this Section 10.1 or any provision hereof shall in
any manner terminate, reduce or impair the right of any past, present or future Indemnitee to be
indemnified by the Partnership, nor the obligation of the Partnership to indemnify any such
Indemnitee under and in accordance with the provisions of this Section 10.1 as in effect
immediately prior to such amendment, modification or repeal with respect to claims arising from or
relating to matters occurring, in whole or in part, prior to such amendment, modification or
repeal, regardless of when such claims may arise or be asserted.

          (i) THE PROVISIONS OF THE INDEMNIFICATION PROVIDED IN THIS SECTION 10.1 ARE INTENDED BY THE
PARTIES TO APPLY EVEN IF SUCH PROVISIONS HAVE THE EFFECT OF EXCULPATING THE INDEMNITEE FROM LEGAL
RESPONSIBILITY FOR THE CONSEQUENCES OF SUCH PERSON’S NEGLIGENCE, FAULT OR OTHER CONDUCT.

     Section 10.2 Liability of Indemnitees.

          (a) Notwithstanding anything to the contrary set forth in this Agreement, no Indemnitee shall
be liable for monetary damages to the Partnership or any Partner for losses sustained or
liabilities incurred as a result of any act or omission of an Indemnitee unless there has been a
final and non-appealable judgment entered by a court of competent jurisdiction determining that, in
respect of the matter in question, the Indemnitee acted in bad faith or engaged in fraud, willful
misconduct or, in the case of a criminal matter, acted with knowledge that the Indemnitee’s conduct
was criminal.

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          (b) Subject to its obligations and duties as General Partner set forth in Article VI, the
General Partner may exercise any of the powers granted to it by this Agreement and perform any of
the duties imposed upon it hereunder either directly or by or through its agents, and the General
Partner shall not be responsible for any misconduct or negligence on the part of any such agent
appointed by the General Partner in good faith.

          (c) Any amendment, modification or repeal of this Section 10.2 or any provision hereof shall
be prospective only and shall not in any way affect the limitations on the liability of an
Indemnitee under this Section 10.2 as in effect immediately prior to such amendment, modification
or repeal with respect to claims arising from or relating to matters occurring, in whole or in
part, prior to such amendment, modification or repeal, regardless of when such claims may arise or
be asserted.

ARTICLE XI

BOOKS AND RECORDS

     The General Partner shall keep or cause to be kept at the principal office of the Partnership
appropriate books and records with respect to the Partnership’s business including, without
limitation, all books and records necessary to provide to the Limited Partner any information,
lists, and copies of documents required to be provided pursuant to the Delaware Act. Any such
records may be maintained in other than a written form if such form is capable of conversion into a
written form within a reasonable time.

ARTICLE XII

GENERAL PROVISIONS

     Section 12.1 Addresses and Notices. Any notice, demand, request or report required or permitted to
be given or made to a Partner under this Agreement shall be in writing and shall be deemed given or
made if received by it at the principal office of the Partnership referred to in Section 2.3.

     Section 12.2 Titles and Captions. All article or section titles or captions in this Agreement are
for convenience only. They shall not be deemed part of this Agreement and in no way define, limit,
extend or describe the scope or intent of any provisions hereof. Except as specifically provided
otherwise, references to “Articles” and “Sections” are to articles and sections of this Agreement.

     Section 12.3 Pronouns and Plurals. Whenever the context may require, any pronoun used in this
Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns, pronouns and verbs shall include the plural and vice-versa.

     Section 12.4 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their successors, legal representatives and permitted assigns.

     Section 12.5 Integration. This Agreement constitutes the entire agreement among the parties hereto
pertaining to the subject matter hereof and supersedes all prior agreements and understandings
pertaining thereto.

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     Section 12.6 Creditors. None of the provisions of this Agreements shall be for the benefit of, or
shall be enforceable by, any creditor of the Partnership.

     Section 12.7 Waiver. No failure by any party to insist upon the strict performance of any
covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy
consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant,
duty, agreement or condition.

     Section 12.8 Applicable Law. This Agreement shall be construed in accordance with and governed by
the laws of the State of Delaware, without regard to the principles of conflicts of law.

     Section 12.9 Invalidity of Provisions. If any provision of this Agreement is or becomes invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein shall not be affected thereby.

     Section 12.10 Counterparts. This Agreement may be executed in counterparts, all of which together
shall constitute an agreement binding on all the parties hereto, notwithstanding that all such
parties are not signatories to the original or the same counterpart.

* * * Remainder of this page intentionally left blank * * *

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     IN WITNESS WHEREOF, this Agreement has been duly executed by the General Partner and the
Limited Partner as of the date first above written.

	 	 	 	 	 	 	 
	 	 	GENERAL PARTNER:	 	 
	 
	 	 	 	 	 	 
	 	 	TEPPCO GP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ WILLIAM G. MANIAS	 	 
	 

	 	 	 	 

Name:    William G. Manias
	 	 
	 

	 	 	 	Title: Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	LIMITED PARTNER:	 	 
	 
	 	 	 	 	 	 
	 	 	TEPPCO PARTNERS, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By: Texas Eastern Products Pipeline Company,	 	 
	 	 	LLC, its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JERRY E. THOMPSON	 	 
	 

	 	 	 	 

Name:    Jerry E. Thompson
	 	 
	 

	 	 	 	Title:  President and Chief Executive Officer	 	 

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EXHIBIT 4.47

THIRD AMENDMENT TO

MULTI-YEAR REVOLVING CREDIT AGREEMENT

     THIS THIRD AMENDMENT TO MULTI-YEAR REVOLVING CREDIT AGREEMENT (this “Third Amendment”)
is made and entered into as of the 5th day of January, 2007 (the “Third Amendment
Effective Date”), among ENTERPRISE PRODUCTS OPERATING L.P., a Delaware limited partnership
(“Borrower”); WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent (in such
capacity, the “Administrative Agent”) for each of the lenders (the “Lenders”) that
is a signatory or which becomes a signatory to the hereinafter defined Credit Agreement; and the
Lenders party hereto.

RECITALS:

     A. On August 25, 2004, the Borrower, the Lenders and the Administrative Agent entered into a
certain Multi-Year Revolving Credit Agreement, amended by that certain First Amendment to
Multi-Year Revolving Credit Agreement dated October 5, 2005 and that certain Second Amendment to
Multi-Year Revolving Credit Agreement dated June 22, 2006 (the “Credit Agreement”) whereby,
upon the terms and conditions therein stated, the Lenders agreed to make certain Loans (as defined
in the Credit Agreement) and extend certain credit to the Borrower.

     B. The parties hereto mutually desire to amend the Credit Agreement as hereinafter set forth.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the
Borrower, the Lenders party hereto and the Administrative Agent hereby agree as follows:

     1. Certain Definitions.

     1.1 Terms Defined Above. As used in this Third Amendment, the terms “Administrative
Agent”, “Borrower”, “Credit Agreement”, “Third Amendment” and “Third Amendment Effective Date”,
shall have the meanings indicated above.

     1.2 Terms Defined in Agreement. Unless otherwise defined herein, all terms beginning
with a capital letter which are defined in the Credit Agreement shall have the same meanings herein
as therein unless the context hereof otherwise requires.

     2. Amendments to Credit Agreement.

     2.1 Defined Terms.

     (a) The term “Agreement,” as defined in Section 1.01 of the Credit Agreement, is hereby
amended to mean the Credit Agreement, as amended and supplemented by this Third Amendment and as
the same may from time to time be further amended or supplemented.

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     (b) The reference to “franchise tax in the nature of an income or gross receipts tax” set
forth in the parenthetical contained in clause (a)(ii) of the definition of “Consolidated EBITDA”
as defined in Section 1.01 of the Credit Agreement is hereby amended to refer instead to “franchise
tax or margin tax in the nature of an income or gross receipts tax”, and the reference to “the
amount of cash dividends actually received during such period by the Borrower or a Subsidiary
(other than a Project Finance Subsidiary) from a Project Finance Subsidiary” set forth in clause
(b) of such definition is hereby amended to refer instead to “the amount of cash dividends or
distributions payable with respect to such period by a Project Finance Subsidiary or DEP which are
actually received by the Borrower or a Subsidiary (other than a Project Finance Subsidiary) on or
prior to the date the financial statements with respect to such period referred to in Section 5.01
are required to be delivered by the Borrower”.

     (c) Clause (k) of the definition of “Permitted Liens” as defined in Section 1.01 of the Credit
Agreement is hereby amended in its entirety to read as follows:

     (k) any lien upon any property or assets (i) existing thereon at the time of the
acquisition thereof by the Borrower, any Subsidiary or the Limited Partner, (ii) existing
thereon at the time such Person becomes a Subsidiary by acquisition, merger or otherwise, or
(iii) acquired by any Person after the time such Person becomes a Subsidiary by acquisition,
merger or otherwise, to the extent such lien is created by security documents existing at
the time such Person becomes a Subsidiary and not added to such security documents in
contemplation thereof;

     (d) The reference to “a Subsidiary that is created principally to” set forth in the definition
of “Project Finance Subsidiaries” as defined in Section 1.01 of the Credit Agreement is hereby
amended to refer instead to “a Subsidiary that is (A) created principally to”, and such definition
is further amended and supplemented by adding a new clause (B) at the end thereof, to read as
follows:

and (B) designated as a Project Finance Subsidiary by the Borrower in writing to
Administrative Agent.

     (e) The definition of “Subsidiary” as defined in Section 1.01 of the Credit Agreement is
hereby amended and supplemented by adding the following proviso at the end thereof, to read as
follows:

     ; provided, notwithstanding the foregoing, neither DEP nor any of its Subsidiaries
shall constitute or be deemed to be a Subsidiary of the Borrower or any of its Subsidiaries.

     2.2 Additional Defined Terms. Section 1.01 of the Credit Agreement is hereby further
amended and supplemented by adding the following new definitions, which read in their entirety as
follows:

     “DEP” means Duncan Energy Partners L.P., a Delaware limited partnership.

     “Notes” means any promissory notes issued by the Borrower pursuant to Section
2.10(e)

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     “Third Amendment” means that certain Third Amendment to Multi-Year Revolving
Credit Agreement dated as of January 5, 2007, among the Borrower, the Lenders party thereto
and the Administrative Agent.

     “Third Amendment Effective Date” means January 5, 2007.

     2.3 Separateness. The proviso following clause (v) of Section 2.20 of the Credit
Agreement is hereby deleted in its entirety.

     2.4 Financial Statements. The reference to “within 60 days after the close of each
fiscal quarter of the Borrower” set forth in Section 5.01(d) of the Credit Agreement is hereby
amended to refer instead to “within 60 days after the close of each of the first three fiscal
quarters of each fiscal year of the Borrower.”

     2.5 Financial Covenants. The first sentence of the second-to-last paragraph of
Section 6.07(b) of the Credit Agreement (which reads “For purposes of calculating such ratio the
Project Finance Subsidiaries shall be disregarded.”) is hereby amended in its entirety to read as
follows:

For purposes of calculating such ratio the Project Finance Subsidiaries shall be disregarded
and, following the initial public offering of DEP (as described in DEP’s Form S-1
Registration Statement filed December 15, 2006 with the SEC, as from time to time amended or
supplemented): (i) Consolidated EBITDA and Consolidated Interest Expense in any prior fiscal
quarters attributable to assets contributed to DEP shall be excluded from the calculation of
Consolidated EBITDA and Consolidated Interest Expense for such prior fiscal quarters;
however, such exclusion does not apply to, and there shall be included in such calculation,
(A) the amount of cash dividends or distributions payable with respect to such a period by a
Project Finance Subsidiary or DEP which are actually received by the Borrower or a
Subsidiary (other than a Project Finance Subsidiary) on or prior to the date the financial
statements with respect to such period referred to in Section 5.01 are required to be
delivered by Borrower, and (B) with respect to EBITDA of a subsidiary owned jointly by DEP
and the Borrower, excluding amounts actually dividended or distributed by such subsidiary
and received by the owners thereof, an amount equal to such subsidiary’s EBITDA
times the Borrower’s direct or indirect ownership percentage of the Equity Interests
in such subsidiary (other than through DEP), and (ii) for purposes of calculating such ratio
for the fiscal quarters ending prior to March 31, 2008, any dividends or distributions paid
by DEP, without duplication, which are actually received by the Borrower shall be annualized
as follows: (A) for the fiscal quarter ending March 31, 2007, such dividends or
distributions received during the period commencing with such initial public offering and
ending on the date the financial statements with respect to such period are required to be
delivered by the Borrower times 365 divided by the number of days from such
initial public offering to March 31, 2007, (B) for the fiscal quarter ending June 30, 2007,
such dividends or distributions received during the period commencing with such initial
public offering and ending on the date the financial statements with respect to such period
are required to be delivered by the Borrower times 365 divided by the number
of days from such initial public offering to June 30, 2007, (C) for the fiscal quarter
ending September 30, 2007, such dividends or distributions received during the period
commencing with such initial public offering and ending on the date the financial statements
with respect to such period are required to be delivered by the Borrower times 365
divided by the number of days from such initial

3

 

public offering to September 30, 2007, and (D) for the fiscal quarter ending December 31,
2007, such dividends or distributions received during the period commencing with such
initial public offering and ending on the date the financial statements with respect to such
period are required to be delivered by the Borrower times 365 divided by the
number of days from such initial public offering to December 31, 2007.

     2.6 Notices. The reference to “all notices and other communications” set forth in the
first sentence of Section 9.01 of the Credit Agreement is hereby amended to refer instead to “and
except as provided in Section 9.01(f), all notices and other communications”, and such Section 9.01
is further amended and supplemented by amending Section 9.01(e) in its entirety and adding a new
Section 9.01(f) thereafter, to read as follows:

     (e) if to any other Lender, to it at its address (or telecopy number) of record with
the Administrative Agent, which Administrative Agent shall provide to the Borrower or any
Lender upon request from time to time; and

     (f) The Borrower will have the option to provide to the Administrative Agent all
information, documents and other materials that it is obligated to furnish to the
Administrative Agent pursuant to this Agreement or any other document executed in connection
herewith, including, without limitation, all notices, requests, financial statements,
financial and other reports, certificates and other information materials, but excluding any
such communication that (i) relates to a request for a new, or a conversion of an existing,
Borrowing or other extension of credit (including any election of an interest rate or
Interest Period relating thereto) or relates to the issuance, amendment, renewal or
extension of any Letter of Credit, (ii) relates to the payment of any principal or other
amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice
of any Default or Event of Default, or (iv) other than the requirements set forth in
Sections 3.04(a), 4.01(j) and 5.01, is required to be delivered to satisfy any condition
precedent to the effectiveness of this Agreement and/or any Borrowing, any issuance,
amendment, renewal or extension of any Letter of Credit or any other extension of credit
hereunder (all such non-excluded communications being referred to herein collectively as
“Communications”), by transmitting the Communications in an electronic/soft medium
in a format acceptable to the Administrative Agent. The Borrower further agrees that the
Administrative Agent may make the Communications available to the Lenders and the Issuing
Bank by posting the Communications on SyndTrak or a substantially similar electronic
transmission system (the “Platform”). The Borrower acknowledges that the
distribution of material through an electronic medium is not necessarily secure and that
there are confidentiality and other risks associated with such distribution. The
Platform is provided “as is” and “as available”. The Agent Parties (as defined below) do
not warrant the accuracy or completeness of the Communications, or the adequacy of the
Platform and expressly disclaim liability for errors or omissions in the Communications. No
warranty of any kind, express, implied or statutory, including, without limitation, any
warranty of merchantability, fitness for a particular purpose, non-infringement of third
party rights or freedom from viruses or other code defects, is made by the Agent Parties in
connection with the Communications or the Platform. In no event shall the Administrative
Agent or any of its affiliates or any of their respective officers, directors, employees,
agents, advisors or representatives (collectively, “Agent Parties”) have any liability to
the Borrower, any Lender or any other Person or entity for damages of any kind, 

4

 

including, without limitation, direct or indirect, special, incidental or
consequential damages, losses or expenses (whether in tort, contract or otherwise) arising
out of the Borrower’s or the Administrative Agent’s transmission of Communications through
the internet, except to the extent the liability of any Agent Party is found in a final
non-appealable judgment by a court of competent jurisdiction to have resulted primarily from
such Agent Party’s gross negligence or willful misconduct. The Administrative Agent
agrees that the receipt of the Communications by the Administrative Agent at its e-mail
address as specified by the Administrative Agent from time to time shall constitute
effective delivery of the Communications to the Administrative Agent for purposes of this
Agreement and any other documents executed in connection herewith. Each of the Issuing Bank
and the Lenders agrees that notice to it (as provided in the next sentence) specifying that
the Communications have been posted to the Platform shall constitute effective delivery of
the Communications to such Issuing Bank or Lender, as the case may be, for purposes of this
Agreement and any other documents executed in connection herewith. Each of the Issuing Bank
and the Lenders agrees (i) to notify the Administrative Agent in writing (including by
electronic communication) from time to time of such Issuing Bank’s or Lender’s, as the case
may be, e-mail address to which the foregoing notice may be sent by electronic transmission,
and (ii) that the foregoing notice may be sent to such e-mail address. Nothing herein shall
prejudice the right of the Administrative Agent or any Lender to give any notice or other
communication pursuant hereto or any other document executed in connection herewith in any
other manner specified herein or therein.

     2.7 Conditions Precedent. The obligation of the Lenders party hereto and the
Administrative Agent to enter into this Third Amendment shall be conditioned upon the following
conditions precedent:

     (a) The Administrative Agent shall have received a copy of this Third Amendment, duly
completed and executed by the Borrower and Required Lenders; and acknowledged and ratified by the
Limited Partner pursuant to a duly executed Acknowledgement and Ratification in the form of Exhibit
A attached hereto;

     (b) The Administrative Agent shall have received a certificate, dated the Third Amendment
Effective Date and signed by the President, an Executive Vice President or a Financial Officer of
the Borrower, confirming compliance with the conditions set forth in paragraphs (a) and (b) of
Section 4.02 of the Credit Agreement, and Section 2.5(d) hereof.

     (c) The Administrative Agent shall have received all fees and other amounts due and payable on
or prior to the Third Amendment Effective Date, including, to the extent invoiced five (5) Business
Days prior to closing, reimbursement or payment of all out-of-pocket expenses required to be
reimbursed or paid by the Borrower hereunder.

     (d) As of the Third Amendment Effective Date, no Material Adverse Change exists.

     (e) The Administrative Agent shall have received such other information, documents or
instruments as it or its counsel may reasonably request.

     3. Representations and Warranties. The Borrower represents and warrants that:

5

 

     (a) there exists no Default or Event of Default, or any condition or act which constitutes, or
with notice or lapse of time or both would constitute, an Event of Default under the Credit
Agreement, as hereby amended and supplemented;

     (b) the Borrower has performed and complied with all covenants, agreements and conditions
contained in the Credit Agreement, as hereby amended and supplemented, required to be performed or
complied with by it; and

     (c) the representations and warranties of the Borrower contained in the Credit Agreement, as
hereby amended and supplemented, were true and correct in all material respects when made, and are
true and correct in all material respects at and as of the time of delivery of this Third
Amendment, except to the extent such representations and warranties relate to an earlier date, in
which case such representations and warranties were true and correct in all material respects as of
such earlier date.

     4. Extent of Amendments. Except as expressly herein set forth, all of the terms,
conditions, defined terms, covenants, representations, warranties and all other provisions of the
Credit Agreement are herein ratified and confirmed and shall remain in full force and effect.

     5. Counterparts. This Third Amendment may be executed in two or more counterparts,
and it shall not be necessary that the signatures of all parties hereto be contained on any one
counterpart hereof; each counterpart shall be deemed an original, but all of which together shall
constitute one and the same instrument.

     6. References. On and after the Third Amendment Effective Date, the terms
“Agreement”, “hereof”, “herein”, “hereunder”, and terms of like import when used in the Credit
Agreement shall, except where the context otherwise requires, refer to the Credit Agreement, as
amended and supplemented by this Third Amendment.

     7. Governing Law. This Third Amendment shall be governed by and construed in
accordance with the laws of the State of New York and applicable federal law.

     THIS THIRD AMENDMENT, THE CREDIT AGREEMENT, AS AMENDED HEREBY, THE NOTES AND THE OTHER
DOCUMENTS EXECUTED IN CONNECTION HEREWITH OR THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.

     THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

     This Third Amendment shall benefit and bind the parties hereto, as well as their respective
assigns, successors, heirs and legal representatives.

[Signatures Begin on Next Page]

6

 

EXECUTED as of the Third Amendment Effective Date.

	 	 	 	 	 
	 	 	BORROWER:
	 
	 	 	 	 
	 	 	ENTERPRISE PRODUCTS OPERATING L.P.
	 
	 	 	 	 
	 

	 	By:
	 	Enterprise Products OLPGP, Inc.,
General Partner

	 	 	 	 	 	 	 
	 

	 	By
	 	/s/ W. Randall Fowler
 

W. Randall Fowler
	 	 
	 

	 	 	 	Senior Vice President and Treasurer	 	 

S-1

 

	 	 	 	 	 
	 	WACHOVIA BANK,

NATIONAL ASSOCIATION,

individually, as Administrative Agent,

as Issuing Bank and as Swingline Lender

 	 
	 	By  	/s/ Shannan Townsend
 	 
	 	 	Name:  	Shannan Townsend 	 
	 	 	Title:  	Director 	 

S-2

 

	 	 	 	 	 

	 	 	 	 	 
	 	CITIBANK, N.A.

Individually and as Co-Syndication Agent

 	 
	 	By  	/s/ Todd J. Mogil
 	 
	 	 	Name:  	Todd J. Mogil 	 
	 	 	Title:  	Attorney-in-Fact 	 

S-3

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK,

Individually and as Co-Syndication Agent

 	 
	 	By  	/s/ Dianne L. Russell
 	 
	 	 	Name:  	Dianne L. Russell 	 
	 	 	Title:  	Vice President 	 

S-4

 

	 	 	 	 	 

	 	 	 	 	 
	 	MIZUHO CORPORATE BANK, LTD.,

Individually and as Co-Documentation Agent

 	 
	 	By  	/s/ Leon Mo
 	 
	 	 	Name:  	Leon Mo 	 
	 	 	Title:  	Senior Vice President 	 

S-5

 

	 	 	 	 	 

	 	 	 	 	 
	 	SUNTRUST BANK,

Individually and as Co-Documentation Agent

 	 
	 	By  	/s/ Peter Panos
 	 
	 	 	Name:  	Peter Panos 	 
	 	 	Title:  	Vice President 	 

S-6

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA,

Individually and as Co-Documentation Agent

 	 
	 	By  	/s/ Gregory E. George
 	 
	 	 	Name:  	Gregory E. George 	 
	 	 	Title:  	Managing Director 	 

S-7

 

	 	 	 	 	 

	 	 	 	 	 
	 	BARCLAYS BANK PLC,

Individually and as a Senior Managing Agent

 	 
	 	By  	/s/ Doug Bernegger
 	 
	 	 	Name:  	Doug Bernegger 	 
	 	 	Title:  	Director 	 

S-8

 

	 	 	 	 	 

	 	 	 	 	 
	 	BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH,
Individually and as

a Senior Managing Agent

 	 
	 	By  	/s/ Shannon Batchman
 	 
	 	 	Name:  	Shannon Batchman 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By  	            /s/ Betsy Hudson
 	 
	 	 	Name:  	Betsy Hudson 	 
	 	 	Title:  	Loan Specialist 	 

S-9

 

	 	 	 	 	 

	 	 	 	 	 
	 	BMO CAPITAL MARKETS FINANCING, INC.,

Individually and as a Senior Managing Agent

 	 
	 	By  	/s/ Cahal Carmody
 	 
	 	 	Name:  	Cahal Carmody 	 
	 	 	Title:  	Vice President 	 

S-10

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND plc,

Individually and as a Senior Managing Agent

 	 
	 	By  	/s/ Matthew Main
 	 
	 	 	Name:  	Matthew Main 	 
	 	 	Title:  	Managing Director 	 

S-11

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

Individually and as a Managing Agent

 	 
	 	By  	/s/ Zewditu Menelik
 	 
	 	 	Name:  	Zewditu Menelik 	 
	 	 	Title:  	Vice President 	 

S-12

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., HOUSTON
AGENCY, Individually and as

a Managing Agent
 	 
	 
	 	By  	/s/ Kelton Glasscock
 	 
	 	 	Name:  	Kelton Glasscock 	 
	 	 	Title:  	Vice President & Manager 	 

S-13

 

	 	 	 	 	 

	 	 	 	 	 
	 	BNP PARIBAS,

Individually and as a Managing Agent

 	 
	 	By:  	/s/ J. Onischuk
 	 
	 	 	Name:  	J. Onischuk 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By  	            /s/ Greg Smothers
 	 
	 	 	Name:  	Greg Smothers 	 
	 	 	Title:  	Vice President 	 

S-14

 

	 	 	 	 	 

	 	 	 	 	 
	 	LEHMAN COMMERCIAL PAPER INC.,

Individually and as a Managing Agent

 	 
	 	By  	/s/ Janine M. Shugan
 	 
	 	 	Name:  	Janine M. Shugan 	 
	 	 	Title:  	Authorized Signatory 	 

S-15

 

	 	 	 	 	 

	 	 	 	 	 
	 	MORGAN STANLEY BANK,

Individually and as a Managing Agent

 	 
	 	By  	/s/ Daniel Twenge
 	 
	 	 	Name:  	Daniel Twenge 	 
	 	 	Title:  	Authorized Signatory, Morgan Stanley Bank 	 

S-16

 

	 	 	 	 	 

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC,

Individually and as a Managing Agent

 	 
	 	By:  	/s/ Richard L. Tavrow
 	 
	 	 	Name:  	Richard L. Tavrow 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By  	         /s/ Irja R. Otsa
 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate Director 	 

S-17

 

	 	 	 	 	 

	 	 	 	 	 
	 	SOCIETE GENERALE,

Individually and as Co-Agent

 	 
	 	By  	/s/ Stephen W. Warfel
 	 
	 	 	Name:  	Stephen W. Warfel 	 
	 	 	Title:  	Director 	 

S-18

 

	 	 	 	 	 

	 	 	 	 	 
	 	GOLDMAN SACHS CREDIT PARTNERS L.P.,

a Lender

 	 
	 	By  	/s/ Pedro Ramirez
 	 
	 	 	Name:  	Pedro Ramirez 	 
	 	 	Title:  	Authorized Signatory 	 

S-19

 

	 	 	 	 	 

	 	 	 	 	 
	 	ING CAPITAL LLC, a Lender

 	 
	 	By  	/s/ Richard Ennis
 	 
	 	 	Name:  	Richard Ennis 	 
	 	 	Title:  	Managing Director 	 

S-20

 

	 	 	 	 	 

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING 

CORPORATION, a Lender

 	 
	 	By  	/s/ William M. Ginn
 	 
	 	 	Name:  	William M. Ginn 	 
	 	 	Title:  	General Manager 	 

S-21

 

	 	 	 	 	 

	 	 	 	 	 
	 	DNB NOR BANK ASA,

Individually and as Co-Agent

 	 
	 	By  	/s/ Nikolai A. Nachamkin
 	 
	 	 	Name:  	Nikolai A. Nachamkin 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	 	 
	 	By  	       /s/ Thomas Tangen
 	 
	 	 	Name:  	Thomas Tangen 	 
	 	 	Title:  	Vice President 	 

S-22

 

	 	 	 	 	 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA,

Individually and as Co-Agent

 	 
	 	By  	/s/ David A. McCluskey
 	 
	 	 	Name:  	David A. McCluskey 	 
	 	 	Title:  	Authorized Signatory 	 

S-23

 

	 	 	 	 	 

	 	 	 	 	 
	 	MERRILL LYNCH BANK USA, a Lender

 	 
	 	By  	/s/ Louis Alder
 	 
	 	 	Name:  	Louis Alder 	 
	 	 	Title:  	Director 	 

S-24

 

	 	 	 	 	 

	 	 	 	 	 
	 	CAPITAL ONE, N.A., a Lender

 	 
	 	By  	/s/ Nancy G. Moragas
 	 
	 	 	Name:  	Nancy G. Moragas 	 
	 	 	Title:  	Senior Vice President 	 

S-25

 

	 	 	 	 	 

EXHIBIT A

ACKNOWLEDGMENT AND RATIFICATION OF GUARANTOR

     The undersigned (“Guarantor”) hereby expressly (i) acknowledges the terms of the
foregoing Third Amendment to Multi-Year Revolving Credit Agreement; (ii) ratifies and affirms its
obligations under its Guaranty Agreement dated as of August 25, 2004, in favor of the
Administrative Agent; (iii) acknowledges, renews and extends its continued liability under said
Guaranty Agreement and Guarantor hereby agrees that its Guaranty Agreement remains in full force
and effect; and (iv) guarantees to the Administrative Agent the prompt payment when due of all
amounts owing or to be owing by it under its Guaranty Agreement pursuant to the terms and
conditions thereof, as modified hereby.

     The foregoing acknowledgment and ratification of the undersigned Guarantor shall be evidenced
by signing the space provided below, to be effective as of the Third Amendment Effective Date.

	 	 	 	 	 	 	 
	 	 	ENTERPRISE PRODUCTS PARTNERS L.P.,	 	 
	 	 	a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Enterprise Products GP, LLC,

General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ W. Randall Fowler
 

	 	 
	 

	 	 	 	W. Randall Fowler	 	 
	 

	 	 	 	Senior Vice President and Treasurer

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