Document:

Unassociated Document

Exhibit 10.1

 

CONVERTIBLE NOTE PURCHASE AGREEMENT

This Convertible Note Purchase Agreement ("Agreement") is made and entered into as of February 19, 2013 by and between Sara Creek Gold Corp., a Nevada corporation ("Company"), and Lindsay Capital Corp. ("Purchaser").

WHEREAS, the Company owed Lunny Macinnes CAD$48,075 for prior legal services rendered, and Purchaser acquired the rights to repayment of such debt from Lunny Macinnes;

WHEREAS, the Company owed W. Scott Lawler USD$14,452.34 for prior legal services rendered, and Purchaser acquired the rights to repayment of such debt from W. Scott Lawler;

WHEREAS, the Company therefore owes Purchaser an aggregate of CAD$48,075 and USD$14,452.34 (the “Debt”).

WHEREAS, the Company desires to sell to the Purchaser, and the Purchaser desires to purchase from the Company, as full payment and satisfaction of the Debt, a convertible promissory note in the principal amount of USD$59,000.00, according to the terms of the note attached hereto as Exhibit A ("Note").

NOW, THEREFORE, in consideration of the foregoing recitals and the representations, warranties, covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.     REPRESENTATIONS AND WARRANTIES OF THE PURCHASER. The Purchaser hereby represents and warrants to the Company, as of the date hereof, that:

 

(a)      Purchase for Own Account. The Note and any shares of common stock issued upon conversion of the Note (the “Shares”, collectively with the Note the “Securities”) will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the public resale or distribution thereof within the meaning of the Securities Act, and the Purchaser has no present intention of selling, granting any participation in or otherwise distributing the same. The Purchaser has not been formed for the specific purpose of acquiring the Securities.

 

(b)     Investment Experience. The Purchaser understands that the acquisition of the Securities involves substantial risk. The Purchaser has experience as an investor in securities of companies and acknowledges that it is able to fend for itself, can bear the economic risk of its investment in the Securities and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of its investment in the Securities and protecting its own interests in connection with this investment.

 

(c)     Accredited Investor Status. The Purchaser is not a US Person within the meaning of Regulation S promulgated under the Securities Act.

 

(d)     Restricted Securities. The Purchaser understands that (i) the Securities are "restricted securities" under the Securities Act, inasmuch as they are being acquired from the Company in a transaction not involving a public offering and (ii) under the Securities Act and applicable rules and regulations thereunder, the Shares may be resold without registration under the Securities Act only in certain limited circumstances. The Purchaser is familiar with Rule 144 and Regulation S under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.

 

  

  

  

 

(e)     Authorization.  Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Purchaser, will constitute a valid and legally binding obligation of the Purchaser, enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and any other laws of general application affecting enforcement of creditors' rights generally, and as limited by laws relating, to the availability of a specific performance, injunctive relief, or other equitable remedies.

2.     MISCELLANEOUS.

 

(a)      Legends. Unless registered with the SEC, any certificates for the Shares will bear a legend in substantially the following form:

 

"The securities represented hereby have not been registered under the Securities Act of 1933, as amended, and may not be transferred or otherwise disposed of unless they have been registered under such Act or pursuant to an exemption from registration under such Act."

        Furthermore, the Company shall place on any certificate for the Shares any legend required by applicable state securities laws. In addition, the Purchaser agrees that the Company may place stop transfer orders with its transfer agent with respect to such certificates. The legend set forth above shall be removed by the Company from any certificate evidencing the Shares upon delivery to the Company of an opinion by counsel, reasonably satisfactory to the Company, that a registration statement under the Securities Act is at that time in effect with respect to the legended security or that such security can be freely transferred in a public sale without such a registration statement being in effect and that such transfer will not jeopardize the exemption or exemptions from registration pursuant to which the Company issued the Shares.

 

(b)      Governing Law. This Agreement shall be governed by and construed under the internal laws of the State of Nevada, without reference to principles of conflict of laws or choice of laws.

 

 (c)      Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

(d)      Amendments and Waivers. This Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the Purchaser.

 

(e)      Severability. If any provision of this Agreement is held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms.

 

(f)      Entire Agreement. This Agreement, together with all exhibits and schedules hereto, constitutes the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties with respect to the subject matter hereof.

  

  

  

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.

	
COMPANY

	  
	
Sara Creek Gold Corp.

	  
	  	  
	  	  
	
/s/ Kristian Andresen

	  
	
Kristian Andresen

	  
	
President

	  
	  	  
	  	  
	
PURCHASER

	  
	
Lindsay Capital Corp.

	  
	  	  
	  	  
	
/s/ Oliver Lindsay

	  
	
Oliver Lindsay

	  
	
President

	  

 

 

 

 

 

 

  

  

  

 

EXHIBIT A

CONVERTIBLE PROMISSORY NOTE

 

 

 

 

 

 

  

  

  

 

Sara Creek Gold Corp.

Convertible Promissory Note

	
USD 

	
$59,000.00

	
Date: 

	
February 19, 2013

 

FOR VALUE RECEIVED, the undersigned, Sara Creek Gold Corp., a Nevada corporation ("Borrower"), hereby promises to pay to Lindsay Capital Corp. ("Lender"), the principal sum of Fifty-Nine Thousand US Dollars(USD$59,000.00) ("Principal Sum"), or such lesser amount as may then be outstanding, together with accrued but unpaid interest thereon, unless converted to shares of common stock according to section 1 herein (“Note”), on February 19, 2015 ("Maturity Date"). Interest on the outstanding Principal Sum shall be at a rate of 10.0% per annum ("Interest").

 

This Note is being issued pursuant to a certain Convertible Note Purchase Agreement entered into between the partied dated herewith.

	
1. 

	
Conversion.

 

(a)              Investment by the Borrower. The Borrower, at any time prior to the Maturity Date, and in its sole discretion, may convert, in whole or in part, the Principal Sum and any accrued Interest on this Note into shares of common stock of the Company (“Shares”) at a price of USD$0.05 per Share.

(b)              Mechanics and Effect of Conversion. Upon conversion of this Note, the Borrower shall surrender this Note, duly endorsed, at the principal offices of the Company or any transfer agent of the Company. At its expense, the Company will, as soon as practicable thereafter, issue and deliver to such Borrower, at such principal office, a certificate or certificates for the number of Shares to which such Borrower is entitled upon such conversion. Upon conversion of this Note, the Company will be forever released from all of its obligations and liabilities under this Note with regard to that portion of the Principal Sum and accrued Interest being converted including without limitation the obligation to pay such portion of the principal amount and accrued interest.

	
2. 

	
Prepayment. Prepayment of this Note may be made at any time without penalty.

3.           Transfer; Successors and Assigns. The terms and conditions of this Note shall inure to the benefit of and be, binding upon the respective successors and assigns of the parties. Notwithstanding the foregoing, the Borrower may not assign, pledge, or otherwise transfer this Note without the prior written consent of the Company. This Note may be transferred only upon surrender of the original Note for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company. Thereupon, a new note for the same principal amount and interest will be issued to, and registered in the name of, the transferee. Interest and principal are payable only to the registered Borrower of this Note.

4.      Payment.  Payment of the Principal Sum and Interest on the Maturity Date shall be made by bank wire transfer, in immediately available funds, to the account so specified, in lawful money of the United States of America. If the Maturity Date occurs on a date that is not a Business Day then the Principal Sum or Interest then due shall be paid on the next succeeding Business Day. "Business Day" shall mean any day other than Saturday, Sunday or any day upon which banks are authorized or required to be closed.

 

  

  

  

IN WITNESS WHEREOF, the Borrower has caused this Note to be signed on its behalf, in its corporate name, by its duly authorized officer as an instrument under seal, as of the day and year first above written.

	  	
BORROWER

	 
	  	
Sara Creek Gold Corp.

	 
	  	  	 
	  	  	 
	  	
/s/ Kristian Andresen

	 
	  	
Kristian Andresen

	 
	  	
President

	 

 

 

 

 

 

 

  

  

  

 

APPENDIX 1

NOTICE OF CONVERSION OF NOTE

	
TO: 

	
BORROWER

Sara Creek Gold Corp.

 

1.   The undersigned hereby elects to receive __________ shares of common stock of BORROWER pursuant to the terms of the attached Note.

 

2.   Method of Conversion (Please initial the applicable blank):

	
  ___   

	
The undersigned elects to convert the attached Note with Interest by means of the conversion provision of Section 1 of the Convertible Promissory Note.

	
          ___   

	
The undersigned elects to convert the attached Note without Interest by means of the conversion provision of Section 1 of the Convertible Promissory Note.

 

3.   Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified below:

	  	
 

	  
	  	
(Name)

	  
	  	
 

	  
	  	  	  
	  	
 

	  
	  	
(Address)

	  

 

4.    The undersigned represents that the aforesaid shares are being acquired for the account of the undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such Shares.

 

All capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Note.

	  	
 

	  
	  	
Name of Borrower

	  
	  	  	  
	  	
 

	  
	  	
Signature of Authorized Signatory

	  
	  	  	  
	  	
 

	  
	  	
Print Name and Title

	  
	  	  	  
	  	
 

	  
	  	
Date10.1 GE Redemption

Exhibit 10.1

PREFERRED UNIT REDEMPTION AGREEMENT
This Preferred Unit Redemption Agreement, dated as of March 28, 2013 (this “Agreement”), is by and between Energy Transfer Equity, L.P., a Delaware limited partnership (the “Partnership”), and Regency GP Acquirer L.P., a Delaware limited partnership (the “Selling Unitholder”).  The Selling Unitholder and the Partnership are sometimes individually referred to herein as a “Party” and collectively referred to herein as the “Parties.” Defined terms used but not defined herein have the meaning given to them in Annex A. 
The Selling Unitholder is the owner of 3,000,000 Series A Preferred Units of the Partnership (the “Series A Preferred Units”), representing all of the outstanding Series A Preferred Units, the terms and conditions of which are set forth in Amendment No. 3 to the Third Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of May 26, 2010 (as amended, the “Partnership Agreement”).
The Partnership and the Selling Unitholder desire that the redemption contemplated hereby shall not include any Series A Redemption Premium.
The Partnership and the Selling Unitholder desire that the Partnership redeem from the Selling Unitholder the Series A Preferred Units held by the Selling Unitholder, upon the terms and subject to the conditions set forth in this Agreement.
Accordingly, the Parties agree as follows:
ARTICLE I
REDEMPTION OF THE SERIES A PREFERRED UNITS.
Section 1.1    Redemption of Series A Preferred Units.  Subject to the terms and conditions of this Agreement, at the Closing, the Selling Unitholder shall sell, convey, assign, transfer and deliver to the Partnership, and the Partnership shall redeem, all of the Selling Unitholder's right, title and interest in and to 3,000,000 Series A Preferred Units (the “Redeemed Units”), free and clear of all Liens (as defined in Section 2.4).  The closing of the purchase and sale of the Redeemed Units hereunder shall take place at 9:00 a.m., Houston time, on April 1, 2013 (the “Closing” and such date, the “Closing Date”) at the offices of Vinson & Elkins LLP, 1001 Fannin Street, Suite 2500, Houston, Texas.
Section 1.2    Delivery of Redeemed Units.  At the Closing, (i) in exchange for the delivery by the Partnership of the consideration referred to in Section 1.3, the Selling Unitholder shall deliver or cause to be delivered to the Partnership a certificate representing the Redeemed Units to be sold by the Selling Unitholder pursuant to this Agreement, duly endorsed or accompanied by appropriate stock powers duly executed in blank and such other transfer documents or instruments which may be necessary, or which the Partnership may reasonably request, in order to transfer to the Partnership the Redeemed Units, free and clear of all Liens and (ii) the Partnership shall deliver to the Selling Unitholder a cross-receipt executed by the Partnership certifying that it has received the Redeemed Units.
Section 1.3    Redemption Price for Redeemed Units.  At the Closing, (i) as consideration for the transaction described in Section 1.1, upon delivery of the Redeemed Units as set forth in Section 1.2, the Partnership shall deliver or cause to be delivered to the Selling Unitholder $305,866,667.00 in cash payable by wire transfer of immediately available funds to an account designated in writing by the Selling Unitholder and (ii) the Selling Unitholder shall deliver to the Partnership a cross-receipt executed by the Selling Unitholder certifying that it has received the cash payment described in this Section 1.3.
Section 1.4    Mutual Conditions to Each Party's Obligations. The respective obligations of each Party to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a Party on behalf of itself in writing, in whole or in part, to the extent permitted by applicable Law (as defined below)):
(a)no Law shall have been enacted or promulgated, and no action shall have been taken, by any Governmental Authority (as defined below) of competent jurisdiction that temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions contemplated by this Agreement illegal; and
(b)there shall not be pending any suit, action or proceeding by any Governmental Authority seeking to restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement.
Section 1.5    Conditions to Partnership's Obligations. The obligation of the Partnership to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by the Partnership in writing, in whole or in part, to the extent permitted by applicable Law):

1

Exhibit 10.1

(c)the Selling Unitholder shall have performed and complied in all material respects with the covenants and agreements contained in this Agreement that are required to be performed and complied with by the Selling Unitholder on or prior to the Closing Date; and
(d)each of the representations and warranties of the Selling Unitholder contained in Article III shall be true and correct in all material respects on and as of the Closing Date with the same effect as though such representations and warranties had been made on and as of the Closing Date.
Section 1.6    Conditions to the Selling Unitholder's Obligations. The obligation of the Selling Unitholder to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by the Selling Unitholder in writing, in whole or in part, to the extent permitted by applicable Law):
(e)the Partnership shall have performed and complied in all material respects with the covenants and agreements contained in this Agreement that are required to be performed and complied with by the Partnership on or prior to the Closing Date; and
(f)each of the representations and warranties of the Partnership contained in Article IV shall be true and correct in all material respects on and as of the Closing Date with the same effect as though such representations and warranties had been made on and as of the Closing Date.

ARTICLE II
REPRESENTATIONS AND WARRANTIES OF THE SELLING UNITHOLDER
The Selling Unitholder represents and warrants to the Partnership as of the date hereof and as of the Closing Date as follows:
Section 2.1    Organization.  The Selling Unitholder is a limited partnership duly formed, validly existing and in good standing under the Laws (as defined in Section 2.2) of the State of Delaware.
Section 2.2    Power and Authority.  The Selling Unitholder has full limited partnership power and authority to execute and deliver this Agreement and consummate the transactions contemplated hereby.  The execution and delivery by the Selling Unitholder of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all requisite limited partnership or other organizational action on the part of the Selling Unitholder.  Assuming this Agreement has been duly authorized, executed and delivered by the Partnership, this Agreement constitutes a legal, valid and binding obligation of the Selling Unitholder, enforceable against the Selling Unitholder in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other Laws of general application affecting enforcement of creditors' rights generally and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies.  “Law” means any applicable constitutional provisions, statute, act, code, common law, regulation, rule, ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration, or interpretation or advisory opinion or letter of a domestic, foreign or international Governmental Authority.  “Governmental Authority” means any federal, state, local or foreign government or any court, arbitral tribunal, administrative or regulatory agency, self-regulatory organization (including the New York Stock Exchange) or other governmental authority, agency or instrumentality.
Section 2.3    No Conflicts.  The execution, delivery and performance by the Selling Unitholder of this Agreement, and the transactions contemplated hereby, do not and will not (a) violate any Law applicable to the Selling Unitholder, (b) conflict with any provision of the certificate of formation, partnership agreement, or other organizational or constitutive instruments of the Selling Unitholder, (c) require or make necessary any consent, approval or other action of, or notice to, any person under any agreement or other document or instrument to which the Selling Unitholder is a party or by which the Selling Unitholder, or any of the Selling Unitholder's assets or properties, is bound, except for those that have already been obtained or made, or (d) conflict with, or result in a violation of, any agreement or other document or instrument to which the Selling Unitholder is a party or by which the Selling Unitholder, or any of the Selling Unitholder's assets or properties, is bound.
Section 2.4    Redeemed Units.  Prior to giving effect to the transaction contemplated hereby, the Selling Unitholder is the record and beneficial owner of 3,000,000 Series A Preferred Units.  Such Series A Preferred Units constitute all of the Series A Preferred Units owned of record or beneficially by the Selling Unitholder, prior to giving effect to the transactions contemplated hereby.  Upon delivery of the certificate or certificates representing the Redeemed Units to the Partnership at the Closing and upon payment by the Partnership of the consideration referred to in Section 1.3 in accordance with this Agreement, the Selling Unitholder shall transfer the Redeemed Units to the Partnership free and clear of all Liens.  None of the Redeemed Units is subject to any voting trust or other contract, agreement, arrangement, commitment or understanding, written or oral, restricting or otherwise relating to the voting or disposition of the Redeemed Units, other than this Agreement and the organizational documents of the Partnership.  No proxies or powers of attorney have been granted with respect to the Redeemed Units, other than proxies or powers 

2

Exhibit 10.1

of attorney that (a) would not reasonably be expected to impair the ability of the Selling Unitholder to transfer the Redeemed Units to the Partnership as contemplated hereby and (b) would not apply to the Redeemed Units after the transfer of the Redeemed Units to the Partnership pursuant to this Agreement.  Except as contemplated herein or as may relate to the Series A Redemption Premium, there are no outstanding warrants, options, agreements, convertible or exchangeable securities or other commitments pursuant to which the Selling Unitholder is or may become obligated to sell any of the Redeemed Units, except as (x) would not reasonably be expected to impair the ability of the Selling Unitholder to transfer the Redeemed Units to the Partnership as contemplated hereby and (y) would not apply to the Redeemed Units after the transfer of the Redeemed Units to the Partnership pursuant to this Agreement.  “Lien” means (i) any lien, hypothecation, pledge, collateral assignment, security interest, charge or encumbrance of any kind, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent (including any agreement to give any of the foregoing) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing, other than in each case, the restrictions under applicable securities laws and the Partnership Agreement and (ii) any purchase option, right of first refusal, right of first offer, call or similar right of a third party.
Section 2.5    Litigation.  There is no action, suit, claim, proceeding or other legal, administrative or arbitrational proceeding (“Proceeding”) pending or, to the knowledge of the Selling Unitholder, threatened against the Selling Unitholder, or against any officer, manager or director of the Selling Unitholder, in each case related to the Redeemed Units or the transactions contemplated hereby.  The Selling Unitholder is not a party or subject to any order, writ, injunction, judgment or decree of any court or Governmental Authority relating to the Redeemed Units or the transactions contemplated hereby.
Section 2.6    Governmental Authorizations.  Except for any filings that may be required pursuant to Sections 13(d), 13(f) and 13(g) of the Exchange Act, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any Governmental Authority is required on the part of the Selling Unitholder in connection with the execution and delivery by the Selling Unitholder of this Agreement or the transfer of the Redeemed Units to the Partnership pursuant to this Agreement.
Section 2.7    Acknowledgement.  The Selling Unitholder acknowledges that it has made its own analysis of the fairness of the transactions contemplated hereby and has not relied on any advice or recommendation by the Partnership or its partners, directors, officers, agents or affiliates with respect to its decision to enter into this Agreement and to consummate the transactions contemplated hereby.  The Selling Unitholder has had sufficient opportunity and time to investigate and review the business, management and financial affairs of the Partnership, and has had sufficient access to management of the Partnership, before its decision to enter into this Agreement, and further has had the opportunity to consult with all advisers it deems appropriate or necessary to consult with in connection with this Agreement and any action arising hereunder, including tax and accounting advisers.  The Selling Unitholder acknowledges that, in connection with its entry into this Agreement and consummation of the transactions contemplated hereby, (a) the Selling Unitholder has not relied on any representations or warranties of the Partnership, or partner, director, officer, affiliate or representative of the Partnership, except for the representations or warranties of the Partnership set forth in Article III of this Agreement and the documents delivered by the Partnership in connection with the transactions contemplated hereby and (b) the Selling Unitholder has made an independent decision to sell the Redeemed Units pursuant to this Agreement.
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP.
The Partnership represents and warrants to the Selling Unitholder as of the date hereof and as of the Closing Date as follows:
Section 3.1    Organization.  The Partnership is a limited partnership duly formed, validly existing and in good standing under the Laws of the State of Delaware.
Section 3.2    Power and Authority.  The Partnership has full limited partnership power and authority to execute and deliver this Agreement and consummate the transactions contemplated hereby.  The execution and delivery by the Partnership of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all requisite limited partnership or other organizational action on the part of the Partnership and no further consent, approval or action is required by or from the Partnership, the General Partner's board of directors, the Partnership's unitholders or any of the Partnership's creditors in connection with the transactions contemplated hereby or thereby.  Assuming this Agreement has been duly authorized, executed and delivered by the Selling Unitholder, this Agreement constitutes a legal, valid and binding obligation of the Partnership, enforceable against the Partnership in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other Laws of general application affecting enforcement of creditors' rights generally and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies.
Section 3.3    No Conflicts.  The execution, delivery and performance by the Partnership of this Agreement, and the transactions contemplated hereby, do not and will not (a) violate any Law applicable to the Partnership, (b) conflict with any provision of the certificate of formation, partnership agreement, or other organizational or constitutive instruments of the 

3

Exhibit 10.1

Partnership, (c) require or make necessary any consent, approval or other action of, or notice to, any person under any agreement or other document or instrument to which the Partnership or any of its Subsidiaries is a party or by which the Partnership or any of its Subsidiaries, or any of the Partnership's or any of its Subsidiaries' assets or properties, is bound, except for those that have been obtained or made prior to the date hereof, or (d) conflict with, or result in a violation of, any agreement or other document or instrument to which the Partnership or any of its Subsidiaries is a party or by which the Partnership or any of its Subsidiaries, or any of the Partnership's or any of its Subsidiaries' assets or properties, is bound.
Section 3.4    Litigation.  There is no Proceeding pending or, to the knowledge of the Partnership, threatened against the Partnership, or against any officer, manager, partner or director of the Partnership or any of its Subsidiaries, in each case related to the Redeemed Units or the transactions contemplated hereby.  Neither the Partnership nor any of its Subsidiaries is a party or subject to any order, writ, injunction, judgment or decree of any court or Government Authority or instrumentality relating to the Redeemed Units or the transactions contemplated hereby.
Section 3.5    Governmental Authorizations.  No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any Governmental Authority is required on the part of the Partnership or any of its Subsidiaries in connection with the execution, delivery and performance by the Partnership of this Agreement.
Section 3.6    Solvency.  The Partnership is, and will be after the payments of cash contemplated by this Agreement, Solvent.  “Solvent” shall mean at a particular time, with respect to any Person, that (a) the fair value of the property owned by the Person is greater than the amount of the Person's liabilities; (b) the present fair salable value of the property owned by the Person in an orderly liquidation of the Person is not less than the amount that will be required to pay the probable liability of the Person on its debts as they become absolute and matured; (c) the Person is able to pay its debts and other liabilities as they mature in the normal course of business; and (d) the Person does not have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted.
ARTICLE IV
SURVIVAL
All representations and warranties contained in this Agreement shall survive the execution, delivery and performance of this Agreement.  
ARTICLE V
MISCELLANEOUS.
Section 5.1    No Third-Party Beneficiaries.  Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person other than the parties hereto and their respective successors or permitted assigns any legal or equitable right, remedy or claim under, in or in respect of this Agreement or any provision herein contained.
Section 5.2    Assignment.  The Selling Unitholder may assign this Agreement or any part of it, without the prior written consent of the Partnership.
Section 5.3    Amendment; Waiver.  This Agreement may not be amended, modified, supplemented, or restated, nor may any provision of this Agreement be waived, other than through a written instrument adopted, executed and agreed to by each of the Parties hereto.
Section 5.4    Further Assurances.  In connection with this Agreement and the transactions contemplated hereby, the Partnership and the Selling Unitholder shall execute and deliver all such future instruments and take such further action as may be reasonably necessary or appropriate to carry out the provisions of this Agreement and the intention of the parties.
Section 5.5    Notices.  Any notice, demand or communication required or permitted under this Agreement shall be in writing and delivered personally, by reputable overnight delivery service or other courier or by certified mail, postage prepaid, return receipt requested, and shall be deemed to have been duly given (a) as of the date of delivery if delivered personally or by overnight delivery service or other courier or (b) on the date receipt is acknowledged if delivered by certified mail, addressed as follows; provided that a notice of a change of address shall be effective only upon receipt thereof:
If to Selling Unitholder to: 
Regency GP Acquirer L.P.
c/o GE Energy Financial Services
800 Long Ridge Road
Stamford, Connecticut 06927
Telephone: (203) 316-7355
Facsimile: (203) 961-2606
Attention: Portfolio-Regency 

4

Exhibit 10.1

With a copy (not itself constituting notice) to: 
Regency GP Acquirer L.P.
c/o GE Energy Financial Services
800 Long Ridge Road
Stamford, Connecticut 06927
Telephone: (203) 357-4151
Facsimile: (203) 357-6632
Attention: General Counsel 
and
Latham & Watkins LLP
885 Third Avenue
New York, New York 10022
Telephone: (212) 906-1259
Facsimile: (212) 751-4864
Attention: Charles E. Carpenter
If to the Partnership: 
Energy Transfer Equity, L.P.
3738 Oak Lawn
Dallas, Texas 75219
Telephone: (832) 668-1210 or (214) 981-0763
Facsimile: (832) 668-1127
Attention: General Counsel 
With a copy (not itself constituting notice) to: 
Vinson & Elkins L.L.P.
2500 First City Tower
1001 Fannin, Suite 2500
Houston, Texas 77002
Telephone: (713) 758-3452
Facsimile: (713) 615-5650
Attention: W. Matthew Strock
Section 5.6    Entire Agreement; Supersede.  This Agreement, and any other writings referred to herein or delivered pursuant hereto, constitutes the entire agreement between the Parties hereto with respect to the subject matter hereof and supersedes all prior contracts, agreements and understandings, whether oral or written, between the Parties with respect to the subject matter hereof.
Section 5.7    Governing Law.  This Agreement shall be governed by and construed and interpreted in accordance with the Laws of the State of Delaware, without giving effect to the conflicts of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware.
Section 5.8    Consent to Jurisdiction.  The Parties irrevocably submit to the exclusive jurisdiction of (a) the Delaware Court of Chancery, and (b) any state appellate court therefrom within the State of Delaware (or, only if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware), for the purposes of any Proceeding arising out of this Agreement or the transactions contemplated hereby (and each agrees that no such Proceeding relating to this Agreement or the transactions contemplated hereby shall be brought by it except in such courts).  The Parties irrevocably and unconditionally waive (and agree not to plead or claim) any objection to the laying of venue of any Proceeding arising out of this Agreement or the transactions contemplated hereby in (i) the Delaware Court of Chancery, or (ii) any state appellate court therefrom within the State of Delaware (or, only if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware) or that any such Proceeding brought in any such court has been brought in an inconvenient forum.  Each of the Parties hereto also agrees that any final and non-appealable judgment against a Party hereto in connection with any Proceeding shall be conclusive and binding on such Party and that such award or judgment may be enforced in any court of competent jurisdiction, either within or outside of the United States.  A certified or exemplified copy of such award or judgment shall be conclusive evidence of the fact and amount of such award or judgment.
Section 5.9    Specific Performance. The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed prior to termination of this Agreement in accordance with their specific terms 

5

Exhibit 10.1

or were otherwise breached. It is accordingly agreed that the Partnership shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in the Chancery Court of the State of Delaware without bond or other security being required, this being in addition to any other remedy to which they are entitled at law or in equity.
Section 5.10    Waiver of Jury Trial.  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY ACTION OR PROCEEDING TO ENFORCE OR TO DEFEND ANY RIGHTS UNDER THIS AGREEMENT SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.
Section 5.11    Headings.  The descriptive headings used herein are inserted for convenience of reference only, do not constitute a part of this Agreement, and shall not affect in any manner the meaning or interpretation of this Agreement.
Section 5.12    Counterparts.  This Agreement may be executed in any number of counterparts (including facsimile counterparts), all of which together shall constitute a single instrument.
Section 5.13    Effectiveness.  This Agreement shall become effective when it shall have been executed by both of the Parties hereto.

6

IN WITNESS WHEREOF, the Selling Unitholder and the Partnership have duly executed this Agreement as of the date first written above.
THE PARTNERSHIP:

ENERGY TRANSFER EQUITY, L.P.

By:    LE GP, LLC,
its general partner

By:     /s/ John W. McReynolds                                   
Name: John W. McReynolds
Title: President and Chief Financial Officer

THE SELLING UNITHOLDER:

REGENCY GP ACQUIRER L.P.

By:    EFS Regency GP Holdco I LLC,
its general partner

By:    AIRCRAFT SERVICES CORPORATION,
its managing member

By:     /s/ Tyson Yates    
Name: Tyson Yates
Title: Vice President

ANNEX A
Definitions
As used in this Agreement, the following terms have the meanings ascribed thereto below:
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Person” means any natural person, corporation, limited partnership, general partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in a representative capacity and any Governmental Authority.
“SEC” means the Securities and Exchange Commission.
“Securities Act” means the Securities Act of 1933, as amended.
“Series A Redemption Premium”  means all amounts due upon redemption or conversion of the Series A Preferred Units under Section 5.13 of the Partnership Agreement other than the Series A Liquidation Value.
“Subsidiaries” means with respect to any Person, the corporations, limited liability companies, partnerships, associations or other business entities of which a majority of the voting interests are at the time owned or controlled directly or indirectly, by such Person or one or more of the other Subsidiaries of the Partnership or a combination thereof.

A-1

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