Document:

exv4w6

 

EXHIBIT 4.6

SUPPLEMENTAL INDENTURE

     SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of June
27, 2002, among TEPPCO Partners, L.P., a Delaware limited partnership (the
“Partnership”), TE Products Pipeline Company, Limited Partnership, a Delaware
limited partnership (“TE Products”), TCTM, L.P., a Delaware limited partnership
(“TCTM”), TEPPCO Midstream Companies, L.P., a Delaware limited partnership
(“TEPPCO Midstream”), Jonah Gas Gathering Company, a Wyoming general
partnership (“Jonah Gas”, and together with TE Products, TCTM and TEPPCO
Midstream, collectively, the “Initial Subsidiary Guarantors”), Val Verde Gas
Gathering Company, L.P., a Delaware limited partnership (the “New Subsidiary
Guarantor”), and Wachovia Bank, National Association (formerly known as First
Union National Bank), as trustee under the indenture referred to below (in such
capacity, the “Trustee”).

WITNESSETH:

     WHEREAS, the Partnership and the Initial Subsidiary Guarantors have
heretofore executed and delivered to the Trustee an Indenture dated as of
February 20, 2002 (the “Original Indenture”), providing for the Partnership’s
issuance, from time to time, of its Debt Securities in one or more series
unlimited as to principal amount, and the Guarantees by each of the Subsidiary
Guarantors of the Debt Securities;

     WHEREAS, the Partnership and the Initial Subsidiary Guarantors have
heretofore executed and delivered to the Trustee a First Supplemental Indenture
dated as of February 20, 2002 (the “First Supplemental Indenture”, and together
with the Original Indenture, the “Indenture”), providing for the Partnership’s
issuance of the initial series of its Debt Securities under the Indenture, such
series known as the Partnership’s 7.625% Senior Notes due 2012 (the “2012
Notes’);

     WHEREAS, Section 4.14 of the Indenture provides that if a Subsidiary of
the Partnership guarantees any Funded Debt of the Partnership, the Partnership
shall cause each such Subsidiary to execute and deliver to the Trustee an
indenture supplemental to the Indenture pursuant to which each such Subsidiary
shall unconditionally and absolutely guarantee, to the extent set forth in the
Indenture and subject to the provisions of the Indenture, the due and punctual
payment of the principal of, and the premium, if any, and interest on, the 2012
Notes and all other amounts due and payable under the Indenture and the 2012
Notes by the Partnership;

     WHEREAS, the New Subsidiary Guarantor is a Subsidiary of the Partnership,
and pursuant to the provisions of Section 4.14 of the Indenture, the
Partnership is required to cause the New Subsidiary Guarantor to so guarantee
the 2012 Notes;

     WHEREAS, Section 9.01(g) of the Indenture authorizes the Partnership, the
Subsidiary Guarantors and the Trustee, from time to time and at any time, and
without the consent of the Holders, to enter into one or more indentures
supplemental to the Indenture to add Subsidiary Guarantors with respect to any
or all Debt Securities;

     WHEREAS, the Partnership desires to cause the New Subsidiary Guarantor,
and the New Subsidiary Guarantor desires, to become a Subsidiary Guarantor with
respect to the 2012 Notes;

     WHEREAS, Section 9.01 of the Indenture authorizes the Trustee to join with
the Partnership and the Subsidiary Guarantors in the execution of this
Supplemental Indenture for the

Val Verde Gas Gathering Company, L.P.

Supplemental Indenture (Additional Guarantor)

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purpose of adding a Subsidiary Guarantor, and
further provides that any such supplemental Indenture may be executed by the
Partnership, the Subsidiary Guarantors and the Trustee without the consent of
the Holders of any Debt Securities at the time Outstanding; and

     WHEREAS, all things necessary have been done to make the Guarantee of the
2012 Notes by the New Subsidiary Guarantor the valid obligation of the New
Subsidiary Guarantor and to make this Supplemental Indenture a valid agreement
of the Partnership and the New Subsidiary Guarantor, in accordance with their
respective terms;

     NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, and reasonably equivalent valuable, the receipt of
which is hereby acknowledged, the Partnership, the Initial Subsidiary
Guarantors, the New Subsidiary Guarantor and the Trustee mutually covenant and
agree for the equal and proportionate benefit of the Holders of the 2012 Notes
as follows:

     1.     Capitalized Terms. Capitalized terms used and not defined herein shall
have the meanings assigned in the Indenture.

     2.     Agreement to Guarantee. The New Subsidiary Guarantor hereby agrees,
jointly and severally with all other Subsidiary Guarantors, unconditionally and
absolutely to guarantee, to the extent set forth in the Indenture and subject
to the provisions of the Indenture, the due and punctual payment of the
principal of, and the premium, if any, and interest on, the 2012 Notes and all
other amounts due and payable under the Indenture and the 2012 Notes by the
Partnership and to be bound by all other applicable provisions of the
Indenture. Further, the New Subsidiary Guarantor acknowledges and agrees that
its obligations to the Holders of the 2012 Notes and to the Trustee pursuant to
the Guarantee and the Indenture are expressly set forth in Article XIV of the
Indenture, and reference is hereby made to the Indenture for the precise terms
of the Guarantee.

     3.     No Recourse Against Others. The General Partner and its directors,
officers, employees, incorporators and stockholders, as such, shall have no
liability for any obligations of the Partnership or the Subsidiary Guarantors
under the 2012 Notes, the Guarantees, the Indenture or this Supplemental
Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation. By accepting a 2012 Note, each Holder waived
and released all such liability. The waiver and release are a part of the
consideration for issuance of the 2012 Notes.

     4.     NEW YORK LAW TO GOVERN. THIS SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO
BE A NEW YORK CONTRACT AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF SAID STATE.

     5.     Counterparts. The parties may sign any number of counterparts of this
Supplemental Indenture, each of which shall be an original; but such
counterparts shall together constitute but one and the same instrument.

     6.     Effect of Headings. The headings herein are for convenience only and
shall not affect the construction hereof.

     7.     The Trustee. The recitals and statements contained in this
Supplemental Indenture shall be taken as recitals and statements of the
Partnership, and the Trustee assumes no responsibility for the correctness of
same. The Trustee makes no representation or warranty as to

Val Verde Gas Gathering Company, L.P.

Supplemental Indenture (Additional Guarantor)

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the validity or
sufficiency of this Supplemental Indenture, except that it is duly authorized
to execute and deliver this instrument.

     IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to
be duly executed and delivered, all as of the date first above written.

Dated: June 27, 2002

	 	 	 	 	 
	 	 	TEPPCO Partners, L.P.
	 	 	 	 	 
	 	 	
By
	 	Texas Eastern Products Pipeline Company, LLC

Its General Partner
	 	 	 	 	 
	 	 	
By:
	 	/s/ CHARLES H. LEONARD
	 	 	 	 	

	 	 	 	 	Charles H. Leonard

Senior Vice President and Chief Financial Officer
	 	 	 	 	 
	 	 	 	 	 
	 	 	TE Products Pipeline Company, Limited Partnership
	 	 	 	 	 
	 	 	
By
	 	TEPPCO GP, Inc.

Its General Partner
	 	 	 	 	 
	 	 	
By:
	 	/s/ CHARLES H. LEONARD
	 	 	 	 	

	 	 	 	 	Charles H. Leonard

Senior Vice President
	 	 	 	 	 
	 	 	 	 	 
	 	 	TCTM, L.P.
	 	 	 	 	 
	 	 	
By
	 	TEPPCO GP, Inc.

Its General Partner
	 	 	 	 	 
	 	 	
By:
	 	/s/ CHARLES H. LEONARD
	 	 	 	 	

	 	 	 	 	Charles H. Leonard

Senior Vice President
	 	 	 	 	 
	 	 	 	 	 
	 	 	TEPPCO Midstream Companies, L.P.
	 	 	 	 	 
	 	 	
By
	 	TEPPCO GP, Inc.

Its General Partner
	 	 	 	 	 
	 	 	
By:
	 	/s/ CHARLES H. LEONARD
	 	 	 	 	

	 	 	 	 	Charles H. Leonard

Senior Vice President

Val Verde Gas Gathering Company, L.P.

Supplemental Indenture (Additional Guarantor)

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	 	 	Jonah Gas Gathering Company
	 	 	 	 	 
	 	 	
By
	 	TEPPCO GP, Inc.

Its Managing General Partner
	 	 	 	 	 
	 	 	
By:
	 	/s/ CHARLES H. LEONARD
	 	 	 	 	

	 	 	 	 	Charles H. Leonard

Senior Vice President
	 	 	 	 	 
	 	 	 	 	 
	 	 	Val Verde Gas Gathering Company, L.P.
	 	 	 	 	 
	 	 	
By
	 	TEPPCO NGL Pipelines, LLC

Its General Partner
	 	 	 	 	 
	 	 	
By:
	 	/s/ CHARLES H. LEONARD
	 	 	 	 	

	 	 	 	 	Charles H. Leonard

Senior Vice President
	 	 	 	 	 
	 	 	 	 	 
	 	 	Wachovia Bank, National Association,

as Trustee
	 	 	 	 	 
	 	 	
By:
	 	/s/ KEVIN M. DOBRAVA
	 	 	 	 	

	 	 	 	 	Kevin M. Dobrava

Vice President

Val Verde Gas Gathering Company, L.P.

Supplemental Indenture (Additional Guarantor)

-4-exv10w48

 

EXHIBIT 10.48

AGREEMENT OF LIMITED PARTNERSHIP

OF

VAL VERDE GAS GATHERING COMPANY, L.P.

     This Agreement of Limited Partnership (this “Agreement”) of Val Verde Gas
Gathering Company, L.P. (the “Partnership”), dated as of May 29, 2002 (the
“Effective Date”) is entered into by and among TEPPCO NGL Pipelines, LLC, a
Delaware limited liability company, as general partner, and TEPPCO Midstream
Companies, L.P. (“TEPPCO Midstream”), as the sole limited partner.

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.

     “Certificate of Limited Partnership” means the Certificate of Limited
Partnership filed with the Secretary of State of the State of Delaware as
described in the first sentence of Section 2.5, as amended and restated from
time to time.

     “Delaware Act” means the Delaware Revised Uniform Limited Partnership Act,
as amended from time to time, and any successor to such act.

     “General Partner” means TEPPCO NGL Pipelines, LLC, a Delaware limited
liability company, in its capacity as the general partner of the Partnership,
and any successor to TEPPCO NGL Pipelines, LLC, as general partner.

     “Limited Partner” means TEPPCO Midstream or any assignee or successor of
TEPPCO Midstream.

     “Partner” means the General Partner or any Limited Partner and “Partners”
means the General Partner and the Limited Partner.

     “Partnership” means Val Verde Gas Gathering Company, L.P., a Delaware
limited partnership.

     “Percentage Interest” means, 99.999% with respect to the Limited Partner,
and 0.001% with respect to the General Partner.

 

 

ARTICLE II

ORGANIZATIONAL MATTERS

     Section 2.1 Formation. Subject to the provisions of this Agreement,
the General Partner and the Limited Partner have formed the Partnership as a
limited partnership pursuant to the provisions of the Delaware Act. The
General Partner and the Limited Partner hereby enter into this Agreement to set
forth the rights and obligations of the Partners and certain matters related
thereto. Except as expressly provided herein to the contrary, the rights and
obligations of the Partners and the administration, dissolution and termination
of the Partnership shall be governed by the Delaware Act.

     Section 2.2 Name. The name of the Partnership shall be, and the business
of the Partnership shall be conducted under the name of “Val Verde Gas
Gathering Company, L.P.”

     Section 2.3 Principal Office; Registered Office

		
	 	     (a) The principal office of the Partnership shall be at 2929 Allen
Parkway, Suite 3200, Houston, Texas 77019 or such other place as the
General Partner may from time to time designate to the Limited Partner.
The Partnership may maintain offices at such other places as the General
Partner deems advisable.

		
	 	     (b) The address of the Partnership’s registered office in the State
of Delaware shall be c/o 1209 Orange Street, Wilmington, Delaware 19801
and the name of the Partnership’s registered agent for service of process
at such address shall be The Corporation Trust Company.

     Section 2.4 Term. The Partnership commenced its existence on the
effective date of the filing of the Certificate and shall continue in existence
until it is dissolved and terminated as provided herein.

     Section 2.5 Organization Certificate. A Certificate of Limited
Partnership of the Partnership has been filed by the General Partner with the
Secretary of State of the State of Delaware as required by the Delaware Act.
The General Partner shall cause to be filed such
other certificates or documents as may be required for the formation,
operation and qualification of a limited partnership in the State of Delaware
and any state in which the Partnership may elect to do business. The General
Partner shall thereafter file any necessary amendments to the Certificate of
Limited Partnership and any such other certificates and documents and do all
things requisite to the maintenance of the Partnership as a limited partnership
(or as a partnership in which the Limited Partners have limited liability)
under the laws of Delaware and any state or jurisdiction in which the
Partnership may elect to do business.

 

 

ARTICLE III

PURPOSE

     The purpose and business of the Partnership shall be to engage in any
lawful activity for which limited partnerships may be organized under the
Delaware Act.

ARTICLE IV

CAPITAL CONTRIBUTIONS

     Effective as of the date hereof, the Limited Partner has delivered and
contributed to the Partnership, as a capital contribution $999.99, in exchange
for the Percentage Interest as limited partner of the Partnership.

     Effective as of the date hereof, the General Partner has delivered and
contributed to the Partnership as a capital contribution $0.01, in exchange for
the Percentage Interest as the general partner of the Partnership.

ARTICLE V

ALLOCATIONS; DISTRIBUTIONS

     Section 5.1 Allocations. Each item of income, gain, loss, deduction
and credit of the Partnership shall be allocated among the Partners in
accordance with their respective Percentage Interests.

     Section 5.2 Distributions. From time to time, but not less often than
quarterly, the General Partner shall review the Partnership’s accounts to
determine whether distributions are appropriate. The General Partner may make
such cash distributions as it, in its sole discretion, may determine without
being limited to current or accumulated income or gains
from Partnership funds, including, without limitation, Partnership
revenues, capital contributions or borrowed funds; provided, however, that no
such distribution shall be made if, after giving effect thereto, the
liabilities of the Partnership exceed the fair market value of the assets of
the Partnership. In its sole discretion, the General Partner may, subject to
the foregoing proviso, also distribute to all the Partners other Partnership
property, or other securities of the Partnership or other entities. All
distributions by the General Partner shall be made in accordance with the
Percentage Interests of the Partners.

ARTICLE VI

MANAGEMENT AND OPERATIONS OF BUSINESS

     Except as otherwise expressly provided in this Agreement, all powers to
control and manage the business and affairs of the Partnership shall be vested
exclusively in the General Partner; the Limited Partner shall not have any
power to control or manage the business and affairs of the Partnership.

 

 

ARTICLE VII

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS

     No Limited Partner shall have any liability under this Agreement.

ARTICLE VIII

DISSOLUTION AND LIQUIDATION

     The Partnership shall dissolve and its affairs shall be wound upon the
unanimous agreement of the Partners to dissolve. All assets of the Partnership
shall be distributed to the Partners in proportion to their Percentage
Interests.

ARTICLE IX

AMENDMENT OF PARTNERSHIP AGREEMENT

     The General Partner may amend any provision of this Agreement without
the consent of the Limited Partners and may execute, swear to, acknowledge,
deliver, file and record whatever documents may be required in connection
therewith.

ARTICLE X

GENERAL PROVISIONS

     Section 10.1 Addresses and Notices. Any notice to the Partnership,
the General Partner or the Limited Partner shall be deemed given if received by
it in writing at the principal office of the Partnership designated pursuant to
Section 2.3(a).

     Section 10.2 Binding Effect. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their successors and assigns.

     Section 10.3 Integration. This Agreement constitutes the entire agreement
among the parties pertaining to the subject matter hereof and supersedes all
prior agreements and understandings pertaining thereto.

     Section 10.4 Severability. 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 hereof, or of such
provision in other respects, shall not be affected thereby.

     Section 10.5 Applicable Law. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware.

 

 

     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 NGL Pipelines, LLC, a Delaware

limited liability company
	 	 	 	 	 
	 	 	 	 	 
	 	 	
By:
	 	/s/ ALLISON A. NELSON
	 	 	 	 	

	 	 	
Name:

Title:
	 	Allison A. Nelson

Assistant Secretary
	 	 	 	 	 
	 	 	 	 	 
	 	 	LIMITED PARTNER:
	 	 	 	 	 
	 	 	TEPPCO MIDSTREAM COMPANIES, L.P., a

Delaware limited partnership
	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	
 	By:	TEPPCO GP, Inc., its general partner
	 	 	 	 	 	 	 
	 	 	 	 	By:
	 	/s/ ALLISON A. NELSON
	 	 	 	 	 	 	

	 	 	 	 	Name:

Title:
	 	Allison A. Nelson

Assistant Secretary

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