Document:

exhibit10_4.htm

    EXHIBIT 10.4

    
 

    GUARANTY
AGREEMENT

    

    THIS GUARANTY AGREEMENT, dated as of
November 17, 2008, by ENTERPRISE PRODUCTS PARTNERS L.P., a Delaware limited
partnership (the “Guarantor”), is in
favor of THE ROYAL BANK OF SCOTLAND plc, as Administrative Agent (the “Agent”) for the
several lenders ( “Lenders”) that are or
become parties to the Credit Agreement defined below.

    

    W I T N E S S E T H:

    

    WHEREAS, ENTERPRISE PRODUCTS OPERATING
LLC, a Texas limited liability company (the “Borrower”), the
Agent, and Lenders have entered into that certain $375,000,000 364-Day Revolving
Credit Agreement of even date herewith (as the same may be amended, supplemented
or otherwise modified from time to time, the “Credit Agreement”);
and

    

    WHEREAS, one of the terms and
conditions stated in the Credit Agreement for the making of the loans described
therein is the execution and delivery to the Agent for the benefit of the
Lenders of this Guaranty Agreement;

    

    NOW, THEREFORE, (i) in order to comply
with the terms and conditions of the Credit Agreement, (ii) to induce the
Lenders, at any time or from time to time, to loan monies, with or without
security to or for the account of Borrower in accordance with the terms of the
Credit Agreement, (iii) at the special insistence and request of the Lenders,
and (iv) for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, Guarantor hereby agrees as
follows:

     

    ARTICLE
1

    

    General
Terms

    

    Section
1.1    Terms Defined
Above.  As used in this Guaranty Agreement, the terms “Agent”, “Borrower”, “ Credit Agreement”,
“Guarantor” and
“Lenders” shall
have the meanings indicated above.

    

    Section
1.2    Certain
Definitions.  As used in this Guaranty Agreement, the following
terms shall have the following meanings, unless the context otherwise
requires:

    

    “Guarantor Claims”
shall have the meaning indicated in Section 4.1 hereof.

    

    “Guaranty Agreement”
shall mean this Guaranty Agreement, as the same may from time to time be
amended, supplemented, or otherwise modified.

    

    “Liabilities” shall
mean (a) any and all Indebtedness of the Borrower pursuant to the Credit
Agreement, including without limitation (i) the unpaid principal of and interest
on the Loans, including without limitation, interest accruing subsequent to the
filing of a petition or other action concerning bankruptcy or other similar
proceeding,  and (ii) payment of any reimbursement obligations of the
Borrower 

     

    
      
        
        

      

      
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    in
respect of any other amount owed by the Borrower under the Credit Agreement,
including without limitation, fees and indemnity payments, and (b) all renewals,
rearrangements, increases, extensions for any period, amendments, supplements,
exchanges or reissuances in whole or in part of the Indebtedness of Borrower
under the Credit Agreement, or any other documents or instruments evidencing any
of the above.

    

    Section
1.3    Credit Agreement
Definitions.  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.

    

    ARTICLE
2

    

    The
Guaranty

    

    Section
2.1    Liabilities
Guaranteed.  Guarantor hereby irrevocably and unconditionally
guarantees in favor of the Agent for the benefit of the Lenders the prompt
payment of the Liabilities when due, whether at maturity or
otherwise.

    

    Section
2.2    Nature of
Guaranty.  This Guaranty Agreement is an absolute, irrevocable,
completed and continuing guaranty of payment and not a guaranty of collection,
and no notice of the Liabilities or any extension of credit already or hereafter
contracted by or extended to Borrower need be given to
Guarantor.  This Guaranty Agreement may not be revoked by Guarantor
and shall continue to be effective with respect to debt under the Liabilities
arising or created after any attempted revocation by Guarantor and shall remain
in full force and effect until the Liabilities are paid in full and the
Commitments are terminated, notwithstanding that from time to time prior thereto
no Liabilities may be outstanding.  Borrower and the Lenders may
modify, alter, rearrange, extend for any period and/or renew from time to time
the Liabilities, and the Lenders may waive any Default or Events of Default
without notice to the Guarantor and in such event Guarantor will remain fully
bound hereunder on the Liabilities.  This Guaranty Agreement shall
continue to be effective or be reinstated, as the case may be, if at any time
any payment of the Liabilities is rescinded or must otherwise be returned by any
of the Lenders upon the insolvency, bankruptcy or reorganization of Borrower or
otherwise, all as though such payment had not been made. This Guaranty Agreement
may be enforced by the Agent and any subsequent holder of any of the Liabilities
and shall not be discharged by the assignment or negotiation of all or part of
the Liabilities.  Guarantor hereby expressly waives presentment,
demand, notice of non-payment, protest and notice of protest and dishonor,
notice of Default or Event of Default, notice of intent to accelerate the
maturity and notice of acceleration of the maturity and any other notice in
connection with the Liabilities, and also notice of acceptance of this Guaranty
Agreement, acceptance on the part of the Agent for the benefit of the Lenders
being conclusively presumed by the Lenders' request for this Guaranty Agreement
and delivery of the same to the Agent.

    

    Section
2.3    Agent's
Rights.  Guarantor authorizes the Agent, without notice or
demand and without affecting Guarantor's liability hereunder, to take and hold
security for the payment of this Guaranty Agreement and/or the Liabilities, and
exchange, enforce, waive and release any such security; and to apply such
security and direct the order or manner of sale thereof as the 

     

    
      
        
        

      

      
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    Agent in
its discretion may determine; and to obtain a guaranty of the Liabilities from
any one or more Persons and at any time or times to enforce, waive, rearrange,
modify, limit or release any of such other Persons from their obligations under
such guaranties.

    

    Section
2.4    Guarantor's
Waivers.

    

    (a)           General.  Guarantor
waives any right to require any of the Lenders to (i) proceed against Borrower
or any other person liable on the Liabilities, (ii) enforce any of their rights
against any other guarantor of the Liabilities, (iii) proceed or enforce any of
their rights against or exhaust any security given to secure the Liabilities,
(iv) have Borrower joined with Guarantor in any suit arising out of this
Guaranty Agreement and/or the Liabilities, or (v) pursue any other remedy in the
Lenders' powers whatsoever.  Except as provided in the Credit
Agreement, the Lenders shall not be required to mitigate damages or take any
action to reduce, collect or enforce the Liabilities, and the failure to so
mitigate or take any such action shall not release the Guarantor from this
Guaranty Agreement.  Guarantor waives any defense arising by reason of
any disability, lack of partnership authority or power, or other defense of
Borrower or any other guarantor of the Liabilities, and shall remain liable
hereon regardless of whether Borrower or any other guarantor be found not liable
thereon for any reason.  Whether and when to exercise any of the
remedies of the Lenders under the Credit Agreement shall be in the sole and
absolute discretion of the Agent, and no delay by the Agent in enforcing any
remedy, including delay in conducting a foreclosure sale, shall be a defense to
the Guarantor's liability under this Guaranty Agreement.  To the
extent allowed by applicable law, the Guarantor hereby waives any good faith
duty on the part of the Agent in exercising any remedies provided in the Credit
Agreement.

    

    (b)           Subrogation.  Until
the Liabilities have been paid in full, the Guarantor waives all rights of
subrogation or reimbursement against the Borrower, whether arising by contract
or operation of law (including, without limitation, any such right arising under
any federal or state bankruptcy or insolvency laws) and waives any right to
enforce any remedy which the Lenders now have or may hereafter have against the
Borrower, and waives any benefit or any right to participate in any security now
or hereafter held by the Agent or any Lender.

    

    Section
2.5    Maturity of Liabilities;
Payment.  Guarantor agrees that if the maturity of any of the
Liabilities is accelerated by bankruptcy or otherwise, such maturity shall also
be deemed accelerated for the purpose of this Guaranty Agreement without demand
or notice to Guarantor.  Guarantor will, forthwith upon notice from
the Agent, pay to the Agent the amount due and unpaid by Borrower and guaranteed
hereby.  The failure of the Agent to give this notice shall not in any
way release Guarantor hereunder.

    

    Section
2.6    Agent's
Expenses.  If Guarantor fails to pay the Liabilities after
notice from the Agent of Borrower's failure to pay any Liabilities at maturity,
and if the Agent obtains the services of an attorney for collection of amounts
owing by Guarantor hereunder, or obtaining advice of counsel in respect of any
of its rights under this Guaranty Agreement, or if suit is filed to enforce this
Guaranty Agreement, or if proceedings are had in any bankruptcy, receivership or
other judicial proceedings for the establishment or collection of any amount
owing by Guarantor 

     

    
      
        
        

      

      
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    hereunder,
or if any amount owing by Guarantor hereunder is collected through such
proceedings, Guarantor agrees to pay to the Agent the Agent's reasonable
attorneys' fees.

    

    Section
2.7    Liability.  It
is expressly agreed that the liability of the Guarantor for the payment of the
Liabilities guaranteed hereby shall be primary and not
secondary.

    

    Section
2.8    Events and Circumstances Not
Reducing or Discharging Guarantor's Obligations.  Guarantor
hereby consents and agrees to each of the following to the fullest extent
permitted by law, and agrees that Guarantor's obligations under this Guaranty
Agreement shall not be released, diminished, impaired, reduced or adversely
affected by any of the following, and waives any rights (including without
limitation rights to notice) which Guarantor might otherwise have as a result of
or in connection with any of the following:

    

    (a)           Modifications,
etc.  Any renewal, extension, modification, increase, decrease,
alteration, rearrangement, exchange or reissuance of all or any part of the
Liabilities, or the Credit Agreement or any instrument executed in connection
therewith, or any contract or understanding between Borrower and any of the
Lenders, or any other Person, pertaining to the Liabilities;

    

    (b)           Adjustment,
etc.  Any adjustment, indulgence, forbearance or compromise
that might be granted or given by any of the Lenders to Borrower or Guarantor or
any Person liable on the Liabilities;

    

    (c)           Condition of Borrower or
Guarantor.  The insolvency, bankruptcy arrangement, adjustment,
composition, liquidation, disability, dissolution, death or lack of power of
Borrower or Guarantor or any other Person at any time liable for the payment of
all or part of the Liabilities; or any dissolution of Borrower or Guarantor, or
any sale, lease or transfer of any or all of the assets of Borrower or
Guarantor, or any changes in the shareholders, partners, or members of Borrower
or Guarantor; or any reorganization of Borrower or Guarantor;

    

    (d)           Invalidity of
Liabilities.  The invalidity, illegality or unenforceability of
all or any part of the Liabilities, or any document or agreement executed in
connection with the Liabilities, for any reason whatsoever, including without
limitation the fact that the Liabilities, or any part thereof, exceed the amount
permitted by law, the act of creating the Liabilities or any part thereof is
ultra vires, the officers
or representatives executing the documents or otherwise creating the Liabilities
acted in excess of their authority, the Liabilities violate applicable usury
laws, the Borrower has valid defenses, claims or offsets (whether at law, in
equity or by agreement) which render the Liabilities wholly or partially
uncollectible from Borrower, the creation, performance or repayment of the
Liabilities (or the execution, delivery and performance of any document or
instrument representing part of the Liabilities or executed in connection with
the Liabilities, or given to secure the repayment of the Liabilities) is
illegal, uncollectible, legally impossible or unenforceable, or the Credit
Agreement or other documents or instruments pertaining to the Liabilities have
been forged or otherwise are irregular or not genuine or authentic;

     

    
      
        
        

      

      
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    (e)           Release of
Obligors.  Any full or partial release of the liability of
Borrower on the Liabilities or any part thereof, of any co-guarantors, or any
other Person now or hereafter liable, whether directly or indirectly, jointly,
severally, or jointly and severally, to pay, perform, guarantee or assure the
payment of the Liabilities or any part thereof, it being recognized,
acknowledged and agreed by Guarantor that Guarantor may be required to pay the
Liabilities in full without assistance or support of any other Person, and
Guarantor has not been induced to enter into this Guaranty Agreement on the
basis of a contemplation, belief, understanding or agreement that other parties
other than the Borrower will be liable to perform the Liabilities, or the
Lenders will look to other parties to perform the Liabilities.

    

    (f)           Other
Security.  The taking or accepting of any other security,
collateral or guaranty, or other assurance of payment, for all or any part of
the Liabilities;

    

    (g)           Release of Collateral,
etc.  Any release, surrender, exchange, subordination,
deterioration, waste, loss or impairment (including without limitation
negligent, willful, unreasonable or unjustifiable impairment) of any collateral,
property or security, at any time existing in connection with, or assuring or
securing payment of, all or any part of the Liabilities;

    

    (h)           Care and
Diligence.  The failure of the Lenders or any other Person to
exercise diligence or reasonable care in the preservation, protection,
enforcement, sale or other handling or treatment of all or any part of such
collateral, property or security;

    

    (i)           Status of
Liens.  The fact that any collateral, security, security
interest or lien contemplated or intended to be given, created or granted as
security for the repayment of the Liabilities shall not be properly perfected or
created, or shall prove to be unenforceable or subordinate to any other security
interest or lien, it being recognized and agreed by Guarantor that Guarantor is
not entering into this Guaranty Agreement in reliance on, or in contemplation of
the benefits of, the validity, enforceability, collectability or value of any
collateral for the Liabilities;

    

    (j)           Payments
Rescinded.  Any payment by Borrower to the Lenders is held to
constitute a preference under the bankruptcy laws, or for any reason the Lenders
are required to refund such payment or pay such amount to Borrower or someone
else; or

    

    (k)           Other Actions Taken or
Omitted.  Any other action taken or omitted to be taken with
respect to the Credit Agreement, the Liabilities, or the security and collateral
therefor, whether or not such action or omission prejudices Guarantor or
increases the likelihood that Guarantor will be required to pay the Liabilities
pursuant to the terms hereof; it being the unambiguous and 

     

    
      
        
        

      

      
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    unequivocal
intention of Guarantor that Guarantor shall be obligated to pay the Liabilities
when due, notwithstanding any occurrence, circumstance, event, action, or
omission whatsoever, whether contemplated or uncontemplated, and whether or not
otherwise or particularly described herein, except for the full and final
payment and satisfaction of the Liabilities.

    

    ARTICLE
3

    

    Representations and
Warranties

    

    Section
3.1                                By
Guarantor.  In order to induce the Lenders to accept this
Guaranty Agreement, Guarantor represents and warrants to the Lenders (which
representations and warranties will survive the creation of the Liabilities and
any extension of credit thereunder) that:

    

    (a)           Benefit to
Guarantor.  Guarantor's guaranty pursuant to this Guaranty
Agreement reasonably may be expected to benefit, directly or indirectly,
Guarantor.

    

    (b)           Existence.  Guarantor
is a limited partnership duly organized and legally existing under the laws of
the State of Delaware and is duly qualified in all jurisdictions wherein the
property owned or the business transacted by it makes such qualification
necessary, except where the failure to be so qualified could reasonably be
expected to have a Material Adverse Effect.

    

    (c)           Power and
Authorization.  Guarantor is duly authorized and empowered to
execute, deliver and perform this Guaranty Agreement and all action on
Guarantor's part requisite for the due execution, delivery and performance of
this Guaranty Agreement has been duly and effectively taken.

    

    (d)           Binding
Obligations.  This Guaranty Agreement constitutes a valid and
binding obligation of Guarantor, enforceable in accordance with its terms
(except that enforcement may be subject to any applicable bankruptcy, insolvency
or similar laws generally affecting the enforcement of creditors'
rights).

    

    (e)           No Legal
Bar.  This Guaranty Agreement will not violate any provisions
of Guarantor's limited partnership agreement or any contract, agreement, law,
regulation, order, injunction, judgment, decree or writ to which Guarantor is
subject.

    

    (f)           No
Consent.  Guarantor's execution, delivery and performance of
this Guaranty Agreement does not require the consent or approval of any other
Person, including without limitation any regulatory authority or governmental
body of the United States or any state thereof or any political subdivision of
the United States or any state thereof.

    

    (g)           Solvency.  The
Guarantor hereby represents that (i) it is not insolvent as of the date hereof
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    Guaranty
Agreement, (ii) it is not engaged in business or a transaction, or about to
engage in a business or a transaction, for which any property or assets
remaining with such Guarantor is unreasonably small capital, and (iii) it does
not intend to incur, or believe it will incur, debts that will be beyond its
ability to pay as such debts mature.

    

    Section
3.2    No Representation by
Lenders.  Neither the Lenders nor any other Person has made any
representation, warranty or statement to the Guarantor in order to induce the
Guarantor to execute this Guaranty Agreement.

    

    ARTICLE
4

    

    Subordination of
Indebtedness

    

    Section
4.1    Subordination of All
Guarantor Claims.  As used herein, the term “Guarantor Claims”
shall mean all debts and liabilities of Borrower to Guarantor, whether such
debts and liabilities now exist or are hereafter incurred or arise, or whether
the obligation of Borrower thereon be direct, contingent, primary, secondary,
several, joint and several, or otherwise, and irrespective of whether such debts
or liabilities be evidenced by note, contract, open account, or otherwise, and
irrespective of the person or persons in whose favor such debts or liabilities
may, at their inception, have been, or may hereafter be created, or the manner
in which they have been or may hereafter be acquired by Guarantor. The Guarantor
Claims shall include without limitation all rights and claims of Guarantor
against Borrower arising as a result of subrogation or otherwise as a result of
Guarantor's payment of all or a portion of the Liabilities.  Until the
Liabilities shall be paid and satisfied in full and Guarantor shall have
performed all of its obligations hereunder, Guarantor shall not receive or
collect, directly or indirectly, from Borrower or any other party any amount
upon the Guarantor Claims if an Event of Default exists at the time of such
receipt or collection.

    

    Section
4.2    Claims in
Bankruptcy.  In the event of receivership, bankruptcy,
reorganization, arrangement, debtor's relief, or other insolvency proceedings
involving Borrower as debtor, the Lenders shall have the right to prove their
claim in any proceeding, so as to establish its rights hereunder and receive
directly from the receiver, trustee or other court custodian, dividends and
payments which would otherwise be payable upon Guarantor Claims up to the amount
of the Liabilities.  Guarantor hereby assigns such dividends and
payments to the Lenders up to the amount of the Liabilities.  Should
the Agent or any Lender receive, for application upon the Liabilities, any such
dividend or payment which is otherwise payable to Guarantor, and which, as
between Borrower and Guarantor, shall constitute a credit upon the Guarantor
Claims, then upon payment in full of the Liabilities, Guarantor shall become
subrogated to the rights of the Lenders to the extent that such payments to the
Lenders on the Guarantor Claims have contributed toward the liquidation of the
Liabilities, and such subrogation shall be with respect to that proportion of
the Liabilities which would have been unpaid if the Agent or a Lender had not
received dividends or payments upon the Guarantor Claims.

    

    Section
4.3    Payments Held in
Trust.  In the event that notwithstanding Sections 4.1 and 4.2
above, Guarantor should receive any funds, payments, claims or distributions
which is 

     

    
      
        
        

      

      
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    prohibited
by such Sections, Guarantor agrees to hold in trust for the Lenders an amount
equal to the amount of all funds, payments, claims or distributions so received,
and agrees that it shall have absolutely no dominion over the amount of such
funds, payments, claims or distributions except to pay them promptly to the
Agent, and Guarantor covenants promptly to pay the same to the
Agent.

    

    Section
4.4    Liens
Subordinate.  Guarantor agrees that any liens, security
interests, judgment liens, charges or other encumbrances upon Borrower's assets
securing payment of the Guarantor Claims shall be and remain inferior and
subordinate to any liens, security interests, judgment liens, charges or other
encumbrances upon Borrower's assets securing payment of the Liabilities,
regardless of whether such encumbrances in favor of Guarantor, the Agent or the
Lenders presently exist or are hereafter created or attach.  Without
the prior written consent of the Lenders, Guarantor shall not (a) exercise or
enforce any creditor's right it may have against the Borrower, or (b) foreclose,
repossess, sequester or otherwise take steps or institute any action or
proceeding (judicial or otherwise, including without limitation the commencement
of or joinder in any liquidation, bankruptcy, rearrangement, debtor's relief or
insolvency proceeding) to enforce any lien, mortgages, deeds of trust, security
interest, collateral rights, judgments or other encumbrances on assets of
Borrower held by Guarantor.

    

    Section
4.5    Notation of
Records.  All promissory notes of the Borrower accepted by or
held by Guarantor shall contain a specific written notice thereon that the
indebtedness evidenced thereby is subordinated under the terms of this Guaranty
Agreement.

    

    ARTICLE
5

    

    Miscellaneous

    

    Section
5.1    Successors and
Assigns.  This Guaranty Agreement is and shall be in every
particular available to the respective successors and assigns of the Agent and
the Lenders and is and shall always be fully binding upon the legal
representatives, heirs, successors and assigns of Guarantor, notwithstanding
that some or all of the monies, the repayment of which is guaranteed by this
Guaranty Agreement, may be actually advanced after any bankruptcy, receivership,
reorganization, death, disability or other event affecting
Guarantor.

    

    Section
5.2    Notices.  Any
notice or demand to Guarantor under or in connection with this Guaranty
Agreement may be given and shall conclusively be deemed and considered to have
been given and received in accordance with Section 9.01 of the Credit Agreement,
addressed to Guarantor at the address on the signature page hereof or at such
other address provided by the Guarantor to the Agent in
writing.

    

    Section
5.3    Construction.  This
Guaranty Agreement is a contract made under and shall be construed in accordance
with and governed by the laws of the State of New York.

    

    Section
5.4    Invalidity.  In
the event that any one or more of the provisions contained in this Guaranty
Agreement shall, for any reason, be held invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability shall not affect
any other provision of this Guaranty Agreement.

     

    
      
        
        

      

      
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    Section
5.5    Liability of General
Partner.  It is hereby understood and agreed that Enterprise
Products GP, LLC, the general partner of the Guarantor, shall have no personal
liability, as general partner or otherwise, for the payment of the Liabilities
or any amount owing or to be owing hereunder.

    

    Section
5.6    ENTIRE
AGREEMENT.  This
Written Guaranty Agreement Embodies the Entire Agreement and Understanding
Between the Agent, The Lenders and the Guarantor and Supersedes All Other
Agreements and Understandings Between Such Parties Relating to the Subject
Matter Hereof and Thereof.  This Written Guaranty Agreement Represents
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.

    

    Section 5.7    Submission to
Jurisdiction.  The Guarantor hereby irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York
County and of the United States District Court of the Southern District of New
York, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Guaranty Agreement, or for recognition or
enforcement of any judgment, and the Guarantor hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State or, to the extent
permitted by law, in such Federal court.  The Guarantor agrees that a
final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.  Nothing in this Guaranty Agreement shall affect any
right that the Administrative Agent may otherwise have to bring any action or
proceeding relating to this Guaranty Agreement against the Guarantor or its
properties in the courts of any jurisdiction.  The Guarantor hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection which it may now or hereafter have to the
laying of venue of any suit, action or proceeding arising out of or relating to
this Guaranty Agreement in any court referred to above.  The Guarantor
hereby irrevocably waives, to the fullest extent permitted by law, the defense
of an inconvenient forum to the maintenance of such action or proceeding in any
such court.  The Guarantor irrevocably consents to service of process
in the manner provided for notices in Section 5.2 above.  Nothing in
this Guaranty Agreement will affect the right of Administrative Agent or any
Lender to serve process in any other manner permitted by law.

    

    SECTION 5.8   WAIVER OF JURY
TRIAL.  THE GUARANTOR HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
GUARANTY AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY).  THE GUARANTOR (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ADMINISTRATIVE AGENT, ANY LENDER OR ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)
ACKNOWLEDGES THAT IT AND 

     

    
      
        
        

      

      
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    ADMINISTRATIVE
AGENT, BY ITS ACCEPTANCE HEREOF, HAVE BEEN INDUCED TO ENTER INTO OR ACCEPT THIS
GUARANTY AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.

     

     

     

    
      
        
        

      

      
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    WITNESS THE EXECUTION HEREOF, as of the
date first above written.

     

    
      

      
        
          	 
      	 
      	 
      	
                  ENTERPRISE PRODUCTS PARTNERS
      L.P., 

                
	 
      	 
      	 
      	a
      Delaware limited partnership
	 	 	 	 
	 
      	 
      	 
      	
                      By:  Enterprise
      Products GP, LLC, General Partner

                
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                   

                	 
      	 
      	
                  By:        /s/
      Bryan F.
      Bulawa                                   
      

                
	 
      	 
      	 
      	 
      	
                  Bryan
      F. Bulawa

                  Vice
      President and Treasurer

                
	 	 	 	 	 
	 	 	 	1100
      Louisiana Street, 10th Floor
	 	 	 	Houston,
      Texas 77002exhibit10_5.htm

    
      EXHIBIT
10.5

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      AGREEMENT
OF LIMITED PARTNERSHIP

       

      OF

       

      EPCO
UNIT L.P.

       

      

       

      

       

      

       

      

       

      Dated
as of

       

      November
13, 2008

       

       

       

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      	
              TABLE
      OF CONTENTS

               

            
	
              ARTICLE
      I

            
	
              DEFINITIONS

            
	 
	
              1.01

            	
              Certain
      Definitions

            	
              1

            
	
              1.02

            	
              Other
      Definitions

            	
              5

            
	 
	
              ARTICLE
      II

            
	
              ORGANIZATIONAL
      MATTERS

            
	 
	
              2.01

            	
              Formation

            	
              5

            
	
              2.02

            	
              Name

            	
              5

            
	
              2.03

            	
              Registered
      Office; Registered Agent; Other Offices

            	
              6

            
	
              2.04

            	
              Purposes

            	
              6

            
	
              2.05

            	
              Certificate;
      Foreign Qualification

            	
              6

            
	
              2.06

            	
              Term

            	
              6

            
	
              2.07

            	
              Merger
      or Consolidation

            	
              6

            
	
              ARTICLE
      III

            
	
              PARTNERS;
      DISPOSITIONS OF INTERESTS

            
	 
	
              3.01

            	
              Partners

            	
              6

            
	
              3.02

            	
              Representations
      and Warranties

            	
              7

            
	
              3.03

            	
              Restrictions
      on the Disposition of an Interest

            	
              7

            
	
              3.04

            	
              Additional
      Partners

            	
              9

            
	
              3.05

            	
              Interests
      in a Partner

            	
              9

            
	
              3.06

            	
              Spouses
      of Partners

            	
              9

            
	
              3.07

            	
              Vesting
      of Limited Partners

            	
              9

            
	
              3.08

            	
              Services
      Provided by the Partners

            	
              10

            
	 
	
              ARTICLE
      IV

            
	
              CAPITAL
      CONTRIBUTIONS

            
	 
	
              4.01

            	
              Initial
      and Additional Capital Contributions

            	
              10

            
	
              4.02

            	
              Return
      of Contributions

            	
              10

            
	
              4.03

            	
              Advances
      by General Partner

            	
              10

            
	
              4.04

            	
              Capital
      Accounts

            	
              11

            
	 
	
              ARTICLE
      V

            
	
              ALLOCATIONS
      AND DISTRIBUTIONS

            
	 
	
              5.01

            	
              Allocations

            	
              11

            
	
              5.02

            	
              Income
      Tax Allocations

            	
              14

            
	
              5.03

            	
              Distributions
      of Cash flow from EPD Units

            	
              14

            
	
              5.04

            	
              Distributions
      of Proceeds from Sales of EPD Units

            	
              15

            
	
              5.05

            	
              Restrictions
      on Distributions of EPD Units

            	
              15

            

    

    

    
      
        
           

        

        
          i

          
            

          

        

        
           

        

      

    

     

    

    
      	
              ARTICLE
      VI

            
	
              MANAGEMENT
      AND OPERATION

            
	 
	
              6.01

            	
              Management
      of Partnership Affairs

            	
              15

            
	
              6.02

            	
              Duties
      and Obligations of General Partner

            	
              16

            
	
              6.03

            	
              Release
      and Indemnification

            	
              16

            
	
              6.04

            	
              Power
      of Attorney

            	
              17

            
	 
	
              ARTICLE
      VII

            
	
              RIGHTS
      OF OTHER PARTNERS

            
	 
	
              7.01

            	
              Information

            	
              18

            
	
              7.02

            	
              Limitations

            	
              19

            
	
              7.03

            	
              Limited
      Liability

            	
              19

            
	 
	
              ARTICLE
      VIII

            
	
              TAXES

            
	 
	
              8.01

            	
              Tax
      Returns

            	
              19

            
	
              8.02

            	
              Tax
      Elections

            	
              19

            
	
              8.03

            	
              Tax
      Matters Partner

            	
              20

            
	 
	
              ARTICLE
      IX

            
	
              BOOKS,
      RECORDS, REPORTS, AND BANK ACCOUNTS

            
	 
	
              9.01

            	
              Maintenance
      of Books

            	
              20

            
	
              9.02

            	
              Financial
      Statements

            	
              20

            
	
              9.03

            	
              Bank
      Accounts

            	
              20

            
	 
	
              ARTICLE
      X

            
	
              WITHDRAWAL,
      BANKRUPTCY, REMOVAL, ETC.

            
	 
	
              10.01

            	
              Withdrawal,
      Bankruptcy, Etc. of the General Partner

            	
              20

            
	
              10.02

            	
              Conversion
      of Interest

            	
              21

            
	 
	
              ARTICLE
      XI

            
	
              DISSOLUTION,
      LIQUIDATION, AND TERMINATION

            
	 
	
              11.01

            	
              Dissolution

            	
              22

            
	
              11.02

            	
              Liquidation
      and Termination

            	
              22

            
	
              11.03

            	
              Cancellation
      of Certificate

            	
              23

            
	 
	
              ARTICLE
      XII

            
	
              GENERAL
      PROVISIONS

            
	 
	
              12.01

            	
              Offset

            	
              24

            
	
              12.02

            	
              Notices

            	
              24

            
	
              12.03

            	
              Entire
      Agreement; Supersedure

            	
              24

            

    

    

    
      
        
           

        

        
          ii 

          
            

          

        

        
           

        

      

    

    

      
        	
                12.04

              	
                Effect
      of Waiver or Consent

              	
                24

              
	
                12.05

              	
                Amendment
      or Modification

              	
                24

              
	
                12.06

              	
                Binding
      Effect; Joinder of Additional Parties

              	
                24

              
	
                12.07

              	
                Construction

              	
                25

              
	
                12.08

              	
                Further
      Assurances

              	
                25

              
	
                12.09

              	
                Indemnification

              	
                25

              
	
                12.10

              	
                Waiver
      of Certain Rights

              	
                25

              
	
                12.11

              	
                Counterparts

              	
                25

              
	
                12.12

              	
                Dispute
      Resolution

              	
                25

              
	
                12.13

              	
                No
      Effect on Employment Relationship

              	
                28

              
	
                12.14

              	
                Legal
      Representation

              	
                28

              

      

      
        
           

        

        
          iii 

          
            

          

        

        
           

        

      

      AGREEMENT
OF LIMITED PARTNERSHIP

      OF

      EPCO
UNIT L.P.

       

      This
Agreement of Limited Partnership (this “Agreement”) of EPCO
Unit L.P., a Delaware limited partnership (the “Partnership”), is
made and entered into effective as of November 13, 2008 by and among the
Partners (as defined below).

       

      RECITALS

       

      FOR AND
IN CONSIDERATION OF the mutual covenants, rights, and obligations set forth
herein, the benefits to be derived therefrom, and other good and valuable
consideration, the receipt and sufficiency of which each Partner acknowledges
and confesses, the Partners hereby agree as follows:

       

      ARTICLE I

       

      DEFINITIONS

       

      1.01 Certain
Definitions.  As
used in this Agreement, the following terms have the following respective
meanings:

       

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

       

      “Adjusted Capital
Account” means, with respect to any Partner, the balance in such
Partner’s Capital Account after giving effect to the following
adjustments:

       

      (a)           Credit
to such Capital Account of any amounts that such Partner is obligated or deemed
obligated to contribute pursuant to the penultimate sentences of Sections
1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations; and

       

      (b)           Debit
to such Capital Account the items described in Sections 1.704-1(b)(2)(ii)(d)(4),
1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6) of the
Regulations.

       

      The
foregoing definition of Adjusted Capital Account is intended to comply with the
provisions of Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be
interpreted consistently therewith.

       

      “Adjustment Date”
means (i) the date on which any distributions are made pursuant to Section 5.03, but no
later than the fifth Business Day following the payment date for each
distribution made by EPD with respect to the EPD Units, and (ii) as soon as
practicable following the receipt of proceeds by the Partnership from the
disposition of EPD Units, but no later than the fifth Business Day following the
receipt of any proceeds by the Partnership from the disposition of EPD
Units.

       

      “Affiliate” means with
respect to any Person any other Person that directly or indirectly through one
or more intermediaries, controls or is controlled by, or is under common control
with, the Person specified.  For the purpose of this definition,
“control” shall
mean the 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

        possession,
directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise.

      

       

      “Agreement” has the
meaning given it in the introductory paragraph hereof.

       

      “Applicable
Percentage” means with respect to a disposition of less than all the EPD
Units owned by the Partnership, the quotient (expressed as a percentage) of the
number of EPD Units held by the Partnership immediately after such disposition
divided by the number of EPD Units held by the Partnership immediately before
such disposition.

       

      “Bankrupt Partner”
means any Partner (whether a General Partner or a Limited Partner) with respect
to which an event of the type described in Section 17-402(a)(4) or (5) of the
Act (or any equivalent successor provision) shall have occurred, subject to the
lapsing of any period of time therein specified.

       

      “Business Day” means
any day other than a Saturday, Sunday, or day on which commercial banks in the
State of Texas are authorized or required to be closed for
business.

       

      “Capital Account”
means the account maintained for each Partner pursuant to Section 4.04.

       

      “Capital Contribution”
means any contribution by a Partner to the capital of the
Partnership.

       

      “Certificate” means
the Certificate of Limited Partnership of the Partnership referred to in Section 2.05, as
it may be amended or restated from time to time.

       

      “Change of Control”
means Duncan shall (i) cease to own, directly or indirectly, at least a majority
of the equity interests in the General Partner or the general partners of EPD or
(ii) shall cease to have the ability to elect, directly or indirectly, at least
a majority of the directors of the general partners of EPD.

       

      “Class A Capital Base”
means the amount of any contributions of cash or cash equivalents made by the
Class A Limited Partner to the Partnership, adjusted on each Adjustment Date as
follows:

       

      (a)           increased
by the Class A Preference Return that has accrued since the previous Adjustment
Date (or in the case of the first Adjustment Date, since the Closing Date);
and

       

      (b)           decreased
by all distributions made to the Class A Limited Partner since the previous
Adjustment Date (or in the case of the first Adjustment Date, since the Closing
Date).

       

      “Class A Limited
Partner” means DFI Delaware Holdings L.P., a Delaware limited
partnership, and its successors and assigns.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      “Class A Preference
Return” means the sum of the amounts determined for each day, equal to
(i) the Class A Preference Return Rate multiplied by (ii) the Class A Capital
Base plus the amount, if any, of guarantees issued by the Class A Limited
Partner or its affiliate in lieu of collateral that would otherwise be required
pursuant to margin loans or other loans made to the Partnership.

       

      “Class A Preference Return
Amount” means the aggregate Class A Preference Return minus all prior
distributions to the Class A Limited Partner pursuant to Sections 5.03(a)
and 5.04(a).

       

      “Class A Preference Return
Rate” means a percent per annum equal to 4.87%, divided by 365 or
366 days, as the case may be during such calendar year.

       

      “Class B Limited
Partner” means any Person executing (by power of attorney or otherwise)
this Agreement as of the date hereof as a Class B Limited Partner or hereafter
admitted to the Partnership as a Class B Limited Partner as herein provided, but
shall not include any Person who has ceased to be a Class B Limited Partner in
the Partnership.

       

      “Class B Percentage
Interest” means with respect to each Class B Limited Partner the quotient
(expressed as a percentage) of (i) such Class B Limited Partner’s Sharing
Points, divided by (ii) the Sharing Points of all Class B Limited
Partners.  For purposes of calculating the Class B Percentage
Interest, Sharing Points attributable to interests in the Partnership that are
forfeited pursuant to Section 3.07
shall be ignored.

       

      “Closing Date” means
the date on which the Class A Limited Partner first contributes the Initial
Contribution to the Partnership.

       

      “Code” means the
Internal Revenue Code of 1986, and any successor statute, as amended from time
to time.

       

      “Default Interest
Rate” means a varying per annum rate equal at any given time to the
lesser of (a) four percentage points in excess of the General Interest Rate and
(b) the maximum rate permitted by applicable law.

       

      “Disability” means the
event whereby a Limited Partner becomes entitled to receive long-term disability
benefits under the long-term disability plan of the General Partner or any of
its Affiliates.

       

      “Dispose,” “Disposing,” or “Disposition” means a
sale, assignment, transfer, exchange, mortgage, pledge, grant of a security
interest, or other disposition or encumbrance, or the acts thereof, other than
by divorce, legal separation or other dissolution of a Partner’s
marriage.

       

      “Duncan” means,
collectively, individually or in any combination, Dan L. Duncan, his wife,
descendants, heirs and/or legatees and/or distributees of Dan L. Duncan’s
estate, and/or trusts established for the benefit of his wife, descendants, such
legatees and/or distributees and/or their respective descendants, heirs,
legatees and distributees.

       

      “EPCO” means EPCO,
Inc., a Texas corporation.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      “EPD” means Enterprise
Products Partners LP, a Delaware limited partnership, and its
successors.

       

      “EPD Units” means
common units representing limited partner interests in EPD.

       

      “General Interest
Rate” means a varying per annum rate equal at any given time to the
lesser of (a) the interest rate publicly quoted by J.P. Morgan Chase from time
to time as its prime commercial or similar reference interest rate, and (b) the
maximum rate permitted by applicable law.

       

      “General Partner”
means EPCO or any Person hereafter admitted to the Partnership as a general
partner as herein provided, but shall not include any Person who has ceased to
be a general partner in the Partnership.

       

      “Initial Contribution”
has the meaning given in Section 4.01
hereof.

       

      “Limited Partner”
means the Class A Limited Partner or any Class B Limited Partner.

       

      “Net Income” and
“Net Loss”
mean, respectively, subject to Section 4.04, an
amount equal to the Partnership’s taxable income or loss determined in
accordance with Code Section 703(a) (for this purpose, all items of income,
gain, loss, or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss), with the
following adjustments:

       

      (a)           Any
income of the Partnership that is exempt from federal income tax and not
otherwise taken into account in computing Net Income or Net Loss pursuant to
this definition of Net Income and Net Loss shall be added to such taxable income
or loss;

       

      (b)           Any
expenditures of the Partnership described in Code Section 705(a)(2)(B) or
treated as Code Section 705(a)(2)(B) expenditures pursuant to Section
1.704-1(b)(2)(iv)(i) of the Regulations, and not otherwise taken into account in
computing Net Income or Net Loss pursuant to this definition of Net Income and
Net Loss, shall be subtracted from such taxable income or loss;

       

      (c)           In
the event the value of any Partnership property is adjusted pursuant to Section 4.04 (i)
such adjustment shall be taken into account as gain or loss from the disposition
of such Partnership property for purposes of computing Net Income or Net Loss,
(ii) if such property is subject to depreciation, cost recovery, depletion or
amortization, any further deductions for such depreciation, cost recovery,
depletion or amortization attributable to such property shall be determined
taking into account such adjustment, and (iii) in determining the amount of any
income, gain or loss attributable to the taxable disposition of such property
such adjustment (and the related adjustments for depreciation, cost recovery,
depletion or amortization) shall be taken into account;

       

      (d)           To
the extent an adjustment to the adjusted tax basis of any Partnership Property
pursuant to Code Section 734(b) is required, pursuant to Section
1.704-1(b)(2)(iv)(m)(4) of the Regulations, to be taken into account in
determining Capital Accounts as a result of a Distribution other than in
liquidation of a Partner’s interest in the

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

         

        Partnership,
the amount of such adjustment shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment
decreases such basis) from the disposition of such Partnership Property and
shall be taken into account for purposes of computing Net Income or Net Loss;
and

      

       

      (e)           Any
items that are allocated pursuant to Section 5.01(b)
shall not be taken into account in computing Net Income or Net
Loss.

       

      “Partner” means the
General Partner, the Class A Limited Partner or any Class B Limited
Partner.

       

      “Partnership” has the
meaning given it in the introductory paragraph.

       

      “Person” has the
meaning given it in the Act.

       

      “Qualifying
Termination” means the termination of a Class B Limited Partner’s
employment with the General Partner and its Affiliates due to (i) death, (ii)
receiving long-term disability benefits under the long-term disability plan of
the General Partner or any of its Affiliates or (iii) retirement with the
approval of the General Partner on or after reaching age 60.

       

      “Regulations” means
the regulations promulgated under Section 704 of the Code.

       

      “Required Interest”
means one or more Class B Limited Partners having among them more than 50% of
the Class B Percentage Interests of all Limited Partners in its or their
capacities as such.

       

      “Sharing Points”
means, with respect to each Class B Limited Partner, the number of Sharing
Points granted by the General Partner to such Class B Limited Partner (which
number is set forth on the Power of Attorney executed by the Class B Limited
Partner and delivered to the General Partner), as the same may be amended from
time to time pursuant to the terms of this Agreement.

       

      “Vesting Date” means
the earliest of (i) the fifth anniversary of the date of this Agreement, (ii) a
Change of Control or (iii) dissolution of the Partnership.

       

      1.02 Other
Definitions.  Other
terms defined herein have the meanings so given them.

       

      ARTICLE II

       

      ORGANIZATIONAL
MATTERS

       

      2.01 Formation.  The
Partnership has been previously formed as a Delaware limited partnership for the
purposes hereinafter set forth under and pursuant to the provisions of the
Act.

       

      2.02 Name.  The
name of the Partnership is “EPCO Unit L.P.” and all Partnership business shall
be conducted in such name or such other name or names that comply with
applicable law as the General Partner may designate from time to
time.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      2.03 Registered Office;
Registered Agent; Other Offices.  The
registered office of the Partnership in the State of Delaware shall be at such
place as the General Partner may designate from time to time.  The
registered agent for service of process on the Partnership in the State of
Delaware or any other jurisdiction shall be such Person or Persons as the
General Partner may designate from time to time.  The Partnership may
have such other offices as the General Partner may designate from time to
time.

       

      2.04 Purposes.  The
purposes of the Partnership are to acquire, own, sell, exchange or otherwise
dispose of EPD Units, and to enter into, make and perform all contracts and
other undertakings and to engage in any other business, activity or transaction
that now or hereafter may be necessary, incidental, proper, advisable, or
convenient, as determined by the General Partner, to accomplish the foregoing
purposes.  For purposes of clarification and without limiting the
foregoing, the General Partner may acquire any EPD Units and make any allocation
in acquiring EPD Units in its sole discretion, and may incur indebtedness in
connection with the acquisition of EPD Units in its sole
discretion.

       

      2.05 Certificate; Foreign
Qualification.  The
General Partner has previously executed and caused to be filed with the
Secretary of State of the State of Delaware a Certificate of Limited
Partnership, effective as of September 25, 2008, containing information required
by the Act and such other information as the General Partner deemed
appropriate.  Prior to conducting business in any jurisdiction other
than Delaware, the General Partner shall cause the Partnership to comply, to the
extent such matters are reasonably within the control of the General Partner,
with all requirements necessary to qualify the Partnership as a foreign limited
partnership (or a partnership in which the Limited Partners have limited
liability) in such jurisdiction.  Upon the request of the General
Partner, each Partner shall execute, acknowledge, swear to, and deliver all
certificates and other instruments conforming with this Agreement that are
necessary or appropriate as determined by the General Partner to qualify,
continue, and terminate the Partnership as a limited partnership under the laws
of the State of Delaware and to qualify, continue, and terminate the Partnership
as a foreign limited partnership (or a partnership in which the Limited Partners
have limited liability) in all other jurisdictions in which the Partnership may
conduct business, and to this end the General Partner may use the power of
attorney described in Section 6.04.

       

      2.06 Term.  The
term of this Partnership shall continue in existence until the close of
Partnership business on the earliest to occur of (i) the fiftieth anniversary of
the date of this Agreement, and (ii) such earlier time as this Agreement may
specify.

       

      2.07 Merger or
Consolidation.  The
Partnership may merge or consolidate with or into another business entity, or
enter into an agreement to do so, with the consent of the General Partner and a
Required Interest.

       

      ARTICLE III 

       

      PARTNERS; DISPOSITIONS OF
INTERESTS

       

      3.01 Partners.  The
General Partner, the Class A Limited Partner and the Class B Limited Partners of
the Partnership are the Persons executing (by power of attorney or
otherwise)

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

         

        this
Agreement as of the date hereof as the General Partner, the Class A Limited
Partner and the Class B Limited Partners, respectively, each of which is
admitted to the Partnership as the General Partner, Class A Limited Partner or a
Class B Limited Partner, as the case may be, effective as of the date
hereof.

      

       

      3.02 Representations and
Warranties.  Each
Partner hereby represents and warrants to the Partnership and each other Partner
that (a) if such Partner is a corporation, it is duly organized, validly
existing, and in good standing under the laws of the jurisdiction of its
incorporation and is duly qualified and in good standing as a foreign
corporation in the jurisdiction of its principal place of business (if not
incorporated therein), (b) if such Partner is a trust, estate or other entity,
it is duly formed, validly existing, and (if applicable) in good standing under
the laws of the jurisdiction of its formation, and if required by law is duly
qualified to do business and (if applicable) in good standing in the
jurisdiction of its principal place of business (if not formed therein), (c)
such Partner has full corporate, trust, or other applicable right, power and
authority to enter into this Agreement and to perform its obligations hereunder
and all necessary actions by the board of directors, trustees, beneficiaries, or
other Persons necessary for the due authorization, execution, delivery, and
performance of this Agreement by such Partner have been duly taken, and such
authorization, execution, delivery, and performance do not conflict with any
other agreement or arrangement to which such Partner is a party or by which it
is bound, and (d) such Partner is acquiring its interest in the Partnership for
investment purposes and not with a view to distribution thereof.

       

      3.03 Restrictions on the
Disposition of an Interest.

       

      (a)    No Class
B Limited Partner may Dispose of all or part of its interest in the Partnership
without the prior written consent (which may be given or withheld in its sole
discretion) of the General Partner, and then only after Sections 3.03(c),
(d) and (e) have been
complied with, except that Class B Limited Partners may Dispose of all of its
interest upon the death of such Class B Limited Partner or upon becoming a
Bankrupt Partner, but in each case only after compliance with Sections 3.03(c),
(d) and (e).  Neither
the General Partner nor the Class A Limited Partner may Dispose of all or a part
of its interest in the Partnership to a Person who is not an Affiliate of Duncan
without the prior written consent of a Required Interest, and then only after
Sections 3.03(c),
(d) and (e) have been
complied with.

       

      (b)    Subject
to the provisions of Sections 3.03(c),
(d) and (e), a permitted
transferee of all or a part of a Partner’s interest in the Partnership shall be
admitted to the Partnership as a General Partner or a Limited Partner (as
applicable) with, in the case of Class B Limited Partners, such Sharing Points
(no greater than the Sharing Points of the Class B Limited Partners effecting
such Disposition immediately prior thereto) as the Partner effecting such
Disposition and such permitted transferee may agree.

       

      (c)    The
Partnership shall not recognize for any purpose any purported Disposition of an
interest in the Partnership or distributions therefrom unless and until the
provisions of this Section 3.03
shall have been satisfied and there shall have been delivered to the General
Partner a document (i) executed by both the Partner effecting such Disposition
and the Person to which such interest or interest in distributions are to be
Disposed, (ii) including the written acceptance by any Person to be admitted to
the Partnership of all the terms and

       

      
        
          
          

        

        
          7

          
            

          

        

         

        provisions
of this Agreement, such Person’s notice address, and an agreement by such Person
to perform and discharge timely all of the obligations and liabilities in
respect of the interest being obtained, (iii) setting forth, in the case of the
Class B Limited Partners, the Sharing Points of the Class B Limited Partners
effecting such Disposition and the Person to which such interest is Disposed
after such Disposition (which together shall total the Sharing Points of the
Class B Limited Partners effecting such Disposition prior thereto), (iv)
containing a representation and warranty that such Disposition complied with all
applicable laws and regulations (including securities laws) and a representation
and warranty by such Person that the representations and warranties in Section 3.02 are
true and correct with respect to such Person.  Each such Disposition
and, if applicable, admission shall be effective as of the first day of the
calendar month immediately succeeding the month in which the General Partner
shall receive such notification of Disposition and the other requirements of
this Section 3.03
shall have been met unless the General Partner and the Partner affecting such
Disposition agree to a different effective date; provided, however, that if there shall
be only one General Partner and such Disposition or admission and, as a result
of such Disposition such General Partner would cease to be a General Partner,
such permitted transferee shall be deemed admitted as a General Partner
immediately prior to such cessation.

      

       

      (d)    Notwithstanding
any provision of this Agreement to the contrary, the right of any Partner to
Dispose of an interest in the Partnership or distributions therefrom or of any
Person to be admitted to the Partnership in connection therewith shall not exist
or be exercised (i) unless and until the Partnership shall have received a
favorable opinion of the Partnership’s legal counsel or of other legal counsel
acceptable to the General Partner to the effect that such Disposition or
admission is not required to be registered under the Securities Act of 1933 or
any other applicable securities laws, and such Disposition or admission would
not cause the Partnership to become an “investment company” required to register
under the Investment Company Act of 1940, and (ii) unless such Disposition or
admission would not result in the Partnership being treated as an association
taxable as a corporation for federal income tax purposes or as a publicly traded
partnership as defined in Section 7704 of the Code.  The General
Partner, however, may waive the requirements of Section
3.03(d)(i).

       

      (e)    All costs
(including, without limitation, the legal fees incurred in connection with the
obtaining of the legal opinions referred to in Section 3.03(d))
incurred by the Partnership in connection with any Disposition or admission of a
Person to the Partnership pursuant to this Section 3.03
shall be borne and paid by the Partner effecting such Disposition within 10 days
after the receipt by such Person of the Partnership’s invoice for the amount
due.

       

      (f)    In the
event of a Disposition of an interest in the Partnership pursuant to the death
of a Limited Partner that would, in the opinion of the Partnership’s legal
counsel, result in the Partnership becoming an “investment company” required to
register under the Investment Company Act of 1940, the General Partner shall
have the right to purchase such interest from the estate (or beneficiaries) of
such deceased Partner for a price equal to the amount that the deceased
Partner’s estate (or beneficiaries) would receive if all of the EPD Units held
by the Partnership were sold at a price equal to the closing sale price per EPD
Unit as reported by the New York Stock Exchange (or such other applicable
trading market) on the day prior to the exercise of such right by the General
Partner and the proceeds from such sale were distributed to the Partners in
accordance with the provisions of Section 5.04.  The
determination by the General 

       

      
        
          
          

        

        
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        Partner
of the foregoing purchase price of such deceased Partner’s interest in the
Partnership shall be conclusive and binding on the deceased Partner’s estate and
beneficiaries.

      

       

      (g)    Any
attempted Disposition by a Person of an interest or right, or any part thereof,
in or in respect of the Partnership other than in accordance with this Section 3.03
shall be, and is hereby declared, null and void ab initio.

       

      3.04 Additional
Partners.  Subject
to the provisions of Sections 12.05
and 3.03,
additional Persons may be admitted to the Partnership as General Partners or
Limited Partners, only to the extent that, and on such terms and conditions as,
the General Partner shall consent at the time of such admission or
issuance.  Such admission or issuance shall, in the case of a Class B
Limited Partner, specify the Sharing Points applicable thereto.  Any
such admission must comply with the provisions of Section 3.03(d)
and shall not be effective until such new Partner shall have executed and
delivered to the General Partner a document including such new Partner’s notice
address, acceptance of all the terms and provisions of this Agreement, an
agreement to perform and discharge timely all of its obligations and liabilities
hereunder, and a representation and warranty that the representations and
warranties in Section 3.02 are
true and correct with respect to such new Partner.

       

      3.05 Interests in a
Partner.  No
Partner that is not a natural person shall cause or permit an interest, direct
or indirect, in itself to be Disposed of such that, on account of such
Disposition, the Partnership would become an association taxable as a
corporation for federal income tax purposes.

       

      3.06 Spouses of
Partners.  A
spouse of a Partner does not become a Partner as a result of such marital
relationship or by reason of a divorce, legal separation or other dissolution of
marriage.  If, in the event of a divorce, legal separation or other
dissolution of marriage of a Partner, a former spouse of a Partner is awarded
ownership of, or an interest in, all or part of a Partner’s interest in the
Partnership (the “Awarded Interest”),
the Awarded Interest shall automatically and immediately be forfeited and
cancelled without payment on such date.

       

      3.07 Vesting of Limited
Partners.  One
hundred percent (100%) of each Class B Limited Partner’s interest in the
Partnership shall vest on the Vesting Date, but only if (i) on such date such
Class B Limited Partner continues to be an active, full-time employee of the
General Partner or any of its Affiliates or (ii) prior to the Vesting Date, a
Qualifying Termination has occurred with respect to such Class B Limited
Partner.  At such time as a Class B Limited Partner ceases, for any
reason other than a Qualifying Termination, to be an active, full-time employee
of the General Partner or any of its Affiliates prior to the Vesting Date, his
unvested interest in the Partnership shall be forfeited.  If a Class B
Limited Partner ceases to be an active, full-time employee prior to the Vesting
Date, as determined by the General Partner in its sole discretion, without
regard as to how his status is treated by the General Partner or any of its
Affiliates for any of its other compensation or benefit plans or programs, the
Class B Limited Partner will be deemed to have terminated employment with the
General Partner and its Affiliates and forfeited his unvested interest in the
Partnership for purposes of this Agreement.  The Capital Account
attributable to any Class B Limited Partner’s interest in the Partnership that
is forfeited pursuant to Section 3.06,
this Section 3.07 or
otherwise hereunder shall be allocated

       

      
        
          
          

        

        
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        to the
remaining Class B Limited Partners in accordance with their respective Class B
Participation Interests.

      

       

      3.08 Services Provided by the
Partners.  The
interests in the Partnership held by the Partners are for the benefit of certain
employees in connection with services rendered or to be rendered by the
Partners.  EPCO shall be an express third-party beneficiary of the
services provided by the Partners.

       

      ARTICLE IV 

       

      CAPITAL
CONTRIBUTIONS

       

      4.01 Initial and Additional
Capital Contributions.  In
connection with the formation of the Partnership, the General Partner
contributed $1,000 to the Partnership on the Closing Date and the Class A
Limited Partner has agreed to contribute to the Partnership 779,102 EPD Units
(with a value of approximately $17,000,000, based on the closing price of the
EPD Units on the New York Stock Exchange on the day prior to the Closing Date)
(the “Initial
Contribution”).  No Class B Limited Partner is obligated to
make a contribution to the Partnership.  Subject to the provisions of
applicable law or except as otherwise provided for herein, no Partner shall be
liable for or obligated to make an additional Capital Contribution to the
Partnership, whether for the purpose of enabling the Partnership to meet its
obligations under Section 6.03 or
for any other purpose.  The Class A Limited Partner, in its sole
discretion and without the consent of any of the Class B Limited Partners or the
General Partner, may make additional Capital Contributions in excess of the
Initial Contribution, provided that any such voluntary additional Capital
Contributions will not have the effect of changing the Sharing Points of any
Class B Limited Partner.  The initial Capital Account of the General
Partner is $1,000, the initial Capital Account of the Class A Limited Partner as
of the Closing Date is the fair market value of the Initial Contribution, based
upon the closing price of the EPD Units on the New York Stock Exchange on the
Closing Date, and the initial Capital Account of each Class B Limited Partner is
zero.

       

      4.02 Return of
Contributions.  No
Partner shall be entitled to the return of any part of its Capital Contributions
or to be paid interest in respect of either its Capital Account or any Capital
Contribution made by it.  No unrepaid Capital Contribution shall be
deemed or considered to be a liability of the Partnership or of any
Partner.  No Partner shall be required to contribute, advance or lend
any cash or property to the Partnership to enable the Partnership to return any
Partner’s Capital Contributions to the Partnership.  To the extent,
however, any Partner (by mistake, overpayment or otherwise) advances funds to
the Partnership in excess of the Capital Contributions called for under Section 4.01,
such excess amounts shall not be Capital Contributions and (other than advances
made by the General Partner pursuant to Section 4.03
below) shall be promptly returned by the Partnership to the Partner so advancing
such funds.

       

      4.03 Advances by General
Partner.  At
any time that the Partnership shall not have sufficient cash to pay its
obligations, the General Partner may, but shall not be obligated to, advance
such funds for or on behalf of the Partnership.  Each such advance
shall constitute a loan from the General Partner to the Partnership and shall
bear interest from the date of the advance until the date of repayment at the
General Interest Rate.  Any advances made by the General Partner
pursuant to this Section 4.03
shall not be considered to be Capital Contributions.  All

       

      
        
          
          

        

        
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        advances
shall be repaid out of the next available funds of the Partnership, including
Capital Contributions received.

      

       

      4.04 Capital
Accounts.  A
Capital Account shall be established and maintained for each
Partner.  Each Partner’s Capital Account (a) shall be increased by (i)
the amount of money contributed by that Partner to the Partnership, (ii) the
fair market value of property, if any, contributed by that Partner to the
Partnership (net of liabilities secured by such contributed property that the
Partnership is considered to assume or take subject to under Section 752 of the
Code), and (iii) allocations to that Partner of Partnership income and gain (or
items thereof), including income and gain exempt from tax and income and gain
described in Regulation Section 1.704-1(b)(2)(iv)(g), but excluding income and
gain described in Regulation Section 1.704-1(b)(4)(i), and (b) shall be
decreased by (i) the amount of money distributed to that Partner by the
Partnership, (ii) the fair market value of property distributed to that Partner
by the Partnership (net of liabilities secured by such distributed property that
such Partner is considered to assume or take subject to under Section 752 of the
Code), (iii) allocations to that Partner of expenditures of the Partnership
described in Section 705(a)(2)(B) of the Code, and (iv) allocations of
Partnership loss and deduction (or items thereof), including loss and deduction
described in Regulation Section 1.704-1(b)(2)(iv)(g), but excluding items
described in clause
(b)(iii) above and loss or deduction described in Regulation Section
1.704-1(b)(4)(i).  The Partners’ Capital Accounts also shall be
maintained and adjusted as permitted by the provisions of Regulation Section
1.704-1(b)(2)(iv)(f) and as required by the other provisions of Regulation
Sections 1.704-1(b)(2)(iv) and 1.704-1(b)(4), including adjustments to reflect
the allocations to the Partners of depreciation, amortization, and gain or loss
as computed for book purposes rather than the allocation of the corresponding
items as computed for tax purposes, as required by Regulation Section
1.704-1(b)(2)(iv)(g).  A Partner that has more than one interest in
the Partnership shall have a single Capital Account that reflects all such
interests, regardless of the class of interests owned by such Partner and
regardless of the time or manner in which such interests were acquired; provided, that Partners that
are Affiliates but nevertheless separate legal entities shall have separate
Capital Accounts.  Upon the transfer of all or part of an interest in
the Partnership, the Capital Account of the transferor that is attributable to
the transferred interest in the Partnership shall carry over to the transferee
Partner in accordance with the provisions of Regulation Section
1.704-1(b)(2)(iv)(l).

       

      ARTICLE V

       

      ALLOCATIONS AND
DISTRIBUTIONS

       

      5.01 Allocations.

       

      (a)    Net Income and Net
Loss.  For purposes of maintaining the Capital Accounts, Net
Income or Net Loss (and all items included in the computation thereof) shall be
allocated among the Partners as follows:

       

      (i)    Net
Income:

       

      (A)    First, to
the Class A Limited Partner until the Class A Limited Partner’s Adjusted Capital
Account equals the Class A Capital Base; and

       

      
        
          
          

        

        
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      (B)    Thereafter,
to the Class B Limited Partners in accordance with their respective Class B
Percentage Interests.

       

      (ii)    Net
Loss:

       

      (A)    First, to
the Class B Limited Partners in accordance with their respective Class B
Percentage Interests until the Adjusted Capital Accounts of the Class B Limited
Partners are reduced to zero; and

       

      (B)    Thereafter,
to the Class A Limited Partner.

       

      (b)    Special
Allocations.  Notwithstanding any other provision of this Section 5.01,
the following special allocations shall be made for such taxable
period:

       

      (i)    Partnership
Minimum Gain Chargeback.  Notwithstanding any other provision
of this Section 5.01, if
there is a net decrease in Partnership Minimum Gain during any Partnership
taxable period, each Partner shall be allocated items of Partnership income and
gain for such period (and, if necessary, subsequent periods) in the manner and
amounts provided in Regulation Sections 1.704-2(f)(6), 1.704-2(g)(2) and
1.704-2(j)(2)(i), or any successor provision.  For purposes of this
Section 5.01(b),
each Partner’s Adjusted Capital Account balance shall be determined, and the
allocation of income or gain required hereunder shall be effected, prior to the
application of any other allocations pursuant to this Section 5.01(b)
with respect to such taxable period (other than an allocation pursuant to Sections 5.01(b)(vi)
and 5.01(b)(vii)).  This
Section
5.01(b)(i) is intended to comply with the Partnership Minimum Gain
chargeback requirement in Regulation Section 1.704-2(f) and shall be interpreted
consistently therewith.

       

      (ii)    Chargeback
of Partner Nonrecourse Debt Minimum Gain.  Notwithstanding the
other provisions of this Section 5.01
(other than Section
5.01(b)(i)), except as provided in Regulation Section 1.704-2(i)(4), if
there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any
Partnership taxable period, any Partner with a share of Partner Nonrecourse Debt
Minimum Gain at the beginning of such taxable period shall be allocated items of
Partnership income and gain for such period (and, if necessary, subsequent
periods) in the manner and amounts provided in Regulation Sections 1.704-2(i)(4)
and 1.704-2(j)(2)(ii), or any successor provisions.  For purposes of
this Section 5.01(b),
each Partner’s Adjusted Capital Account balance shall be determined, and the
allocation of income or gain required hereunder shall be effected, prior to the
application of any other allocations pursuant to this Section 5.01(b),
other than Section
5.01(b)(i) and other than an allocation pursuant to Sections 5.01(b)(vi)
and 5.01(b)(vii), with
respect to such taxable period.  This Section 5.01(b)(ii)
is intended to comply with the chargeback of items of income and gain
requirement in Regulation Section 1.704-2(i)(4) and shall be interpreted
consistently therewith.

       

      (iii)    Qualified
Income Offset.  In the event any Partner unexpectedly receives
any adjustments, allocations or distributions described in Regulation Sections
1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6),
items of Partnership income and gain shall be specially allocated to such
Partner in an amount and manner sufficient to eliminate, to the extent required
by the Regulations, the deficit balance, if any, in its Adjusted 

       

      
        
          
          

        

        
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        Capital
Account created by such adjustments, allocations or distributions as quickly as
possible unless such deficit balance is otherwise eliminated pursuant to Section 5.01(b)(i) or
(ii).

      

       

      (iv)    Gross
Income Allocations.  In the event any Partner has a deficit
balance in its Capital Account at the end of any Partnership taxable period in
excess of the sum of (A) the amount such Partner is required to restore pursuant
to the provisions of this Agreement and (B) the amount such Partner is deemed
obligated to restore pursuant to Regulation Sections 1.704-2(g) and
1.704-2(i)(5), such Partner shall be specially allocated items of Partnership
gross income and gain in the amount of such excess as quickly as possible; provided, that an allocation
pursuant to this Section 5.01(b)(iv)
shall be made only if and to the extent that such Partner would have a deficit
balance in its Capital Account as adjusted after all other allocations provided
for in this Section 5.01
have been tentatively made as if this Section 5.01(b)(iv)
were not in this Agreement.

       

      (v)    Nonrecourse
Deductions.  Nonrecourse Deductions for any taxable period
shall be allocated to the Partners in accordance with their respective
Percentage Interests.  If the General Partner determines that the
Partnership’s Nonrecourse Deductions should be allocated in a different ratio to
satisfy the safe harbor requirements of the Regulations promulgated under
Section 704(b) of the Code, the General Partner is authorized, upon notice to
the other Partners, to revise the prescribed ratio to the numerically closest
ratio that does satisfy such requirements.

       

      (vi)    Partner
Nonrecourse Deductions.  Partner Nonrecourse Deductions for any
taxable period shall be allocated 100% to the Partner that bears the Economic
Risk of Loss with respect to the Partner Nonrecourse Debt to which such Partner
Nonrecourse Deductions are attributable in accordance with Regulation Section
1.704-2(i).  If more than one Partner bears the Economic Risk of Loss
with respect to a Partner Nonrecourse Debt, such Partner Nonrecourse Deductions
attributable thereto shall be allocated between or among such Partners in
accordance with the ratios in which they share such Economic Risk of
Loss.

       

      (vii)    Nonrecourse
Liabilities.  For purposes of Regulation Section 1.752-3(a)(3),
the Partners agree that Nonrecourse Liabilities of the Partnership in excess of
the sum of (A) the amount of Partnership Minimum Gain and (B) the total amount
of Nonrecourse Built-in Gain shall be allocated among the Partners in accordance
with their respective Percentage Interests.

       

      (viii)    Code
Section 754 Adjustments.  To the extent an adjustment to the
adjusted tax basis of any Partnership asset pursuant to Section 734(b) or 743(b)
of the Code is required, pursuant to Regulation Section 1.704-1(b)(2)(iv)(m), to
be taken into account in determining Capital Accounts, the amount of such
adjustment to the Capital Accounts shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment
decreases such basis), and such item of gain or loss shall be specially
allocated to the Partners in a manner consistent with the manner in which their
Capital Accounts are required to be adjusted pursuant to such Section of the
Regulations.

       

      (c)    Allocations
Caused by Transfer of Interest.  All items of income, gain,
loss, deduction, and credit allocable to any interest in the Partnership that
may have been 

       

      
        
          
          

        

        
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        transferred
shall be allocated between the transferor and the transferee based upon that
portion of the calendar year during which each was recognized as owning such
interest, without regard to the results of Partnership operations during any
particular portion of such calendar year and without regard to distributions
made to the transferor and the transferee during such calendar year; provided, however, that such allocation
shall be made in accordance with a method permissible under Section 706 of the
Code and the regulations thereunder.

      

       

      5.02 Income Tax
Allocations.

       

      (a)    Except as
provided in this Section 5.02,
each item of income, gain, loss and deduction of the Partnership for federal
income tax purposes shall be allocated among the Partners in the same manner as
such items are allocated for purposes of maintaining Capital Account under Section 5.01.

       

      (b)    For
federal and state income tax purposes, income, gain, loss, and deduction with
respect to property contributed to the Partnership by a Partner or revalued
pursuant to Regulation Section 1.704-1(b)(2)(iv)(f) shall be allocated among the
Partners in a manner that takes into account the variation between the adjusted
tax basis of such property and its book value, as required by Section 704(c) of
the Code and Regulation Section 1.704-1(b)(4)(i), using any allocation method
permitted by Regulation Section 1.704-3.

       

      (c)    The
Partnership will follow the proposed Treasury Regulations that were issued on
May 24, 2005, regarding the issuance of partnership equity for services
(including Proposed Treasury Regulation Sections 1.83-3, 1.83-6, 1.704-1,
1.706-3, 1.721-1 and 1.761-1), as such regulations may be subsequently amended,
upon the issuance of equity membership interests or options issued for services
rendered or to be rendered to or for the benefit of the Partnership, until final
Treasury Regulations regarding these matters are issued.  In
furtherance of the foregoing, the definition of Capital Account and the
allocations of Net Income and Net Loss of the Partnership shall be applied in a
manner that is consistent with the proposed Treasury Regulations, including
without limitation, Proposed Treasury Regulation Section
1.704-1(b)(4)(xii).  If the provisions of the proposed Treasury
Regulations and the Proposed Revenue Procedure described in IRS Notice 2005-43,
or provisions similar thereto, are adopted as final (or temporary) rules (the
“New Rules”),
and the General Partner is authorized to make such amendments to this Agreement
(including provision for any safe harbor election authorized by the New Rules)
as the General Partner may determine to be necessary or advisable.

       

      5.03 Distributions of Cash flow
from EPD Units.  Promptly
following the receipt of any distributions with respect to EPD Units, the
General Partner shall cause to be distributed to the Partners such receipts (and
any income from the temporary investment thereof) in the manner set forth below,
provided, that the
General Partner may withhold and not distribute such portion of any such
receipts that the General Partner has determined in its sole but good faith
discretion should be withheld to pay indebtedness or expenses of the
Partnership.  Distribution to the Partners pursuant to this Section 5.03
shall be made as follows:

       

      (a)    First, to
the Class A Limited Partner until the Class A Limited Partner’s Class A
Preference Return Amount has been reduced to zero; and

       

      
        
          
          

        

        
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      (b)    Thereafter,
to the Class B Limited Partners in accordance with the Class B Percentage
Interests.

       

      5.04 Distributions of Proceeds
from Sales of EPD Units.  Promptly
following the receipt of any proceeds from the sale of any EPD Units by the
Partnership, the General Partner shall cause to be distributed to the Partners
such receipts in the manner set forth below, provided that the General
Partner may withhold and not distribute such portion of any such receipts that
the General Partner has determined in its sole but good faith discretion should
be withheld to pay expenses of the Partnership.  Distribution to the
Partners pursuant to this Section 5.04
shall be made as follows:

       

      (a)    First, to
the Class A Limited Partner until the Class A Preference Return Amount has been
reduced to zero;

       

      (b)    Next, to
the Class A Limited Partner until the Class A Capital Base is reduced to zero;
and

       

      (c)    Thereafter,
to the Class B Limited Partners in accordance with the Class B Percentage
Interests.

       

      5.05 Restrictions on
Distributions of EPD Units.  The
Partners and the Partnership hereby agree that they shall not cause the
Partnership to offer for sale, sell or otherwise transfer, distribute or dispose
of the EPD Units held by the Partnership prior to the Vesting Date; provided,
the Partnership may pledge such EPD Units as collateral for any bona fide loan
to the Partnership.

       

      ARTICLE VI

       

      MANAGEMENT AND
OPERATION

       

      6.01 Management of Partnership
Affairs.  Except
for situations in which the approval of the Limited Partners is expressly
required by this Agreement or by non-waivable provisions of applicable law, the
General Partner shall have full, complete, and exclusive authority to manage and
control the business, affairs, and properties of the Partnership, to make all
decisions regarding the same, and to perform any and all other acts or
activities customary or incident to the management of the Partnership’s
business.  The General Partner shall receive no compensation for its
services as such.  Subject to the other express provisions hereof, the
General Partner shall make or take all decisions and actions for the Partnership
not otherwise provided for herein, including, without limitation, the
following:

       

      (a)    acquiring,
holding, managing, selling, Disposing of, and otherwise dealing with and
investing in (i) the Partnership’s EPD Units, or (ii) temporary investments of
Partnership capital in U.S. government securities, certificates of deposit with
maturities of less than one year, commercial paper (rated or unrated), and other
highly liquid securities;

       

      (b)    entering
into, making, and performing all contracts, agreements, and other undertakings
binding the Partnership, as may be necessary, appropriate, or advisable in
furtherance of the purposes of the Partnership, including without limitation the
incurrence of 

       

      
        
          
          

        

        
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        indebtedness
to fund the acquisition of any EPD Units, and making all decisions and waivers
thereunder;

      

       

      (c)    opening
and maintaining bank and investment accounts and drawing checks and other orders
for the payment of monies;

       

      (d)    maintaining
the assets of the Partnership in compliance with applicable securities laws and
protecting and preserving the Partnership’s title thereto;

       

      (e)    collecting
all sums due the Partnership;

       

      (f)    to the
extent that funds of the Partnership are available therefor, paying as they
become due all debts and obligations of the Partnership;

       

      (g)    causing
securities owned by the Partnership to be registered in the Partnership’s name
or in the name of a nominee or to be held in street name, as the General Partner
may elect;

       

      (h)    selecting,
removing, and changing the authority and responsibility of lawyers, accountants,
brokers, and other advisors and consultants;

       

      (i)    obtaining
insurance for the Partnership to the extent the General Partner deems
appropriate; and

       

      (j)    determining
distributions of Partnership cash as provided in Sections 5.03
and 5.04.

       

      6.02 Duties and Obligations of
General Partner.  The
General Partner shall endeavor to conduct the affairs of the Partnership in the
best interests of the Partnership and the mutual best interests of the Partners,
including, without limitation, the safekeeping and use of all Partnership funds
and assets and the use thereof for the benefit of the
Partnership.  The General Partner at all times shall act in good faith
in all activities relating to the conduct of the business of the
Partnership.  The General Partner shall devote such time as it deems
necessary to conduct the business and affairs of the Partnership in an
appropriate manner.

       

      6.03 Release and
Indemnification.  TO
THE FULLEST EXTENT PERMITTED BY LAW, THE PARTNERSHIP AND EACH OTHER PARTNER ON
BEHALF OF ITSELF AND ITS SUCCESSORS AND ASSIGNS HEREBY RELEASES, ACQUITS, AND
FOREVER DISCHARGES THE GENERAL PARTNER AND THE CLASS A LIMITED PARTNER, THEIR
PARTNERS OR SHAREHOLDERS, AND THEIR DIRECTORS, OFFICERS, EMPLOYEES, PARTNERS,
REPRESENTATIVES, AND AGENTS AND EACH OTHER PERSON, IF ANY, CONTROLLING OR
EMPLOYING SUCH PERSONS OR ENTITIES (COLLECTIVELY, THE “INDEMNITEES”) FROM
ALL CLAIMS, DEMANDS, OR CAUSES OF ACTION OF ANY CHARACTER THAT SUCH PARTY MAY
HAVE, WHETHER KNOWN OR UNKNOWN, AGAINST ANY INDEMNITEE IN CONNECTION WITH THE
PARTNERSHIP AND/OR THE BUSINESS CONDUCTED BY THE PARTNERSHIP; PROVIDED, HOWEVER, THAT SUCH RELEASE
SHALL NOT APPLY TO ACTIONS CONSTITUTING WILLFUL 

       

      
        
          
          

        

        
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        MISCONDUCT
OR BAD FAITH.  TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARTNERSHIP
SHALL INDEMNIFY AND HOLD HARMLESS EACH INDEMNITEE FROM AND AGAINST ALL LOSSES,
COSTS, CLAIMS, LIABILITIES, DAMAGES, EXPENSES (INCLUDING, WITHOUT LIMITATION,
COSTS OF SUIT AND ATTORNEYS’ FEES) SUCH INDEMNITEE MAY INCUR IN CONNECTION WITH
THE GENERAL PARTNER’S PERFORMING ITS OBLIGATIONS HEREUNDER (INCLUDING WITHOUT
LIMITATION LOSSES, COSTS, CLAIMS, LIABILITIES, DAMAGES AND EXPENSES ARISING
FROM, OR ALLEGED TO ARISE FROM, THE INDEMNITEE’S ACTIVE OR PASSIVE, SOLE OR
CONCURRENT, NEGLIGENCE OR GROSS NEGLIGENCE), AND THE PARTNERSHIP SHALL ADVANCE
EXPENSES ASSOCIATED WITH THE DEFENSE OF ANY ACTION RELATED THERETO; PROVIDED, HOWEVER, THAT SUCH INDEMNITY
SHALL NOT APPLY TO ACTIONS WHICH HAVE BEEN FINALLY, WITHOUT FURTHER RIGHT TO
APPEAL, JUDICIALLY DETERMINED TO CONSTITUTE WILLFUL MISCONDUCT OR BAD
FAITH.  IF THE INDEMNIFICATION PROVIDED FOR ABOVE IS NOT PERMITTED OR
ENFORCEABLE UNDER APPLICABLE LAW OR IS OTHERWISE UNAVAILABLE OR INSUFFICIENT TO
HOLD HARMLESS THE INDEMNITEES AS CONTEMPLATED ABOVE, THEN THE PARTNERSHIP SHALL
CONTRIBUTE TO THE AMOUNT PAID OR PAYABLE BY THE INDEMNITEES AS A RESULT OF SUCH
LOSSES, COSTS, CLAIMS, LIABILITIES, DAMAGES AND EXPENSES REFERRED TO ABOVE IN
SUCH PROPORTION AS IS APPROPRIATE TO REFLECT THE RELATIVE BENEFITS CONTEMPLATED
TO BE RECEIVED BY THE PARTNERSHIP AND THE INDEMNITEES, RESPECTIVELY, FROM THE
ACTIONS GIVING RISE TO SUCH LOSSES, COSTS, CLAIMS, LIABILITIES, DAMAGES OR
EXPENSES.

      

       

      6.04 Power of
Attorney.

       

      (a)    Each
Limited Partner hereby constitutes and appoints the General Partner and, if a
liquidator (other than the General Partner) shall have been selected pursuant to
Section 11.02,
the liquidator, severally (and any successor to either thereof by merger,
transfer, assignment, election or otherwise) and each of their authorized
officers and attorneys-in-fact, as the case may be, with full power of
substitution, as his true and lawful agent and attorney-in-fact, with full power
and authority in his name, place and stead, to:

       

      (i)    execute,
swear to, acknowledge, deliver, file and record in the appropriate public
offices (A) all certificates, documents and other instruments (including this
Agreement and the Certificate of Limited Partnership and all amendments or
restatements hereof or thereof) that the General Partner or the liquidator deems
necessary or appropriate to form, qualify or continue the existence or
qualification of the Partnership as a limited partnership (or a partnership in
which the Limited Partners have limited liability) in the State of Delaware and
in all other jurisdictions in which the Partnership may conduct business or own
property; (B) all certificates, documents and other instruments that the General
Partner or 

       

      
        
          
          

        

        
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        the
liquidator deems necessary or appropriate to reflect, in accordance with its
terms, any amendment, change, modification or restatement of this Agreement; (C)
all certificates, documents and other instruments (including conveyances and a
certificate of cancellation) that the General Partner or the liquidator deems
necessary or appropriate to reflect the dissolution and liquidation of the
Partnership pursuant to the terms of this Agreement; and (D) all certificates,
documents and other instruments relating to the admission, withdrawal, removal
or substitution of any Partner; and

      

       

      (ii)    execute,
swear to, acknowledge, deliver, file and record all ballots, consents,
approvals, waivers, certificates, documents and other instruments necessary or
appropriate, in the discretion of the General Partner or the liquidator, to
make, evidence, give, confirm or ratify any vote, consent, approval, agreement
or other action that is made or given by the Partners hereunder or is consistent
with the terms of this Agreement or is necessary or appropriate, in the
discretion of the General Partner or the liquidator, to effectuate the terms or
intent of this Agreement; provided, that when required
by any provision of this Agreement that establishes a percentage of the Limited
Partners required to take any action, the General Partner and the liquidator may
exercise the power of attorney made in this Section 6.04
only after the necessary vote, consent or approval of the Limited
Partners.

       

      This
Section 6.04
shall be construed as authorizing the General Partner to amend this Agreement in
any manner subject to any provision of this Agreement that establishes a
percentage of the Limited Partners required to take any action.

       

      (b)    The
foregoing power of attorney is hereby declared to be irrevocable and a power
coupled with an interest, and it shall survive and, to the maximum extent
permitted by law, not be affected by the subsequent death, incompetency,
disability, incapacity, dissolution, bankruptcy or termination of any Limited
Partner and the transfer of all or any portion of such Limited Partner’s
Percentage Interest and shall extend to such Limited Partner’s heirs,
successors, assigns and personal representatives.  Each such Limited
Partner hereby agrees to be bound by any representation made by the General
Partner or the liquidator acting in good faith pursuant to such power of
attorney; and each such Limited Partner, to the maximum extent permitted by law,
hereby waives any and all defenses that may be available to contest, negate or
disaffirm the action of the General Partner or the liquidator taken in good
faith under such power of attorney.  Each Limited Partner shall
execute and deliver to the General Partner or the liquidator, within 15 days
after receipt of the request therefor, such further designation, powers of
attorney and other instruments as the General Partner or the liquidator deems
necessary to effectuate this Agreement and the purposes of the
Partnership.

       

      ARTICLE VII

       

      RIGHTS OF OTHER
PARTNERS

       

      7.01 Information.  In
addition to the other rights specifically set forth herein, each Partner shall
have access to all information to which such Partner is entitled to have access
pursuant to Section 17-305 of the Act under the circumstances and subject to the
conditions therein stated.  Without limiting the provisions of Section
17-305(b) of the Act, the Partners agree that if the General Partner from time
to time enters into on behalf of the Partnership or the General Partner
contractual obligations regarding the confidentiality of information received
with respect to the Partnership’s business or assets, it shall not be reasonable
for any other Partner or assignee or representative thereof to examine or copy
such information unless such 

       

      
        
          
          

        

        
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        Partner
agrees to comply with the terms of such contractual obligations including
without limitation executing a counterpart of any applicable confidentiality
agreements.

      

       

      7.02 Limitations.  No
Limited Partner shall have the authority or power in its capacity as such to act
for or on behalf of the Partnership or any other Partner, to do any act that
would be binding on the Partnership or any other Partner, or to incur any
expenditures on behalf of or with respect to the Partnership.  No
Limited Partner shall have the right or power to withdraw from the
Partnership.

       

      7.03 Limited
Liability.  No
Limited Partner shall be liable for the losses, debts, liabilities, contracts,
or other obligations of the Partnership except to the extent required by law or
otherwise set forth herein.

       

      ARTICLE VIII

       

      TAXES

       

      8.01 Tax
Returns.  The
General Partner shall cause to be prepared and filed all necessary federal and
state income tax returns for the Partnership, including making the elections
described in Section 8.02.  Each
Partner shall furnish to the General Partner all pertinent information in its
possession relating to Partnership operations that is necessary to enable such
income tax returns to be prepared and filed.

       

      8.02 Tax
Elections.  The
following elections shall be made on the appropriate returns of the
Partnership:

       

      (a)    to adopt
the calendar year as the Partnership’s fiscal year;

       

      (b)    unless
the accrual method is required under the applicable sections of the Code, to
adopt the cash method of accounting and to keep the Partnership’s books and
records on the income-tax method;

       

      (c)    if there
shall be a distribution of Partnership property as described in Section 734 of
the Code or if there shall be a transfer of a Partnership interest as described
in Section 743 of the Code, upon written request of any Partner, to elect,
pursuant to Section 754 of the Code, to adjust the basis of Partnership
properties;

       

      (d)    to elect
to amortize the organizational expenses of the Partnership ratably over a period
of 60 months as permitted by Section 709(b) of the Code; and

       

      (e)    any other
election the General Partner may deem appropriate and in the best interests of
the Partners.

       

      No
election shall be made by the Partnership or any Partner to be treated as an
association taxable as a corporation or to be excluded from the application of
the provisions of Subchapter K of Chapter 1 of Subtitle A of the
Code or any similar provisions of applicable state laws.

       

      
        
          
          

        

        
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      8.03 Tax Matters
Partner.  The
General Partner shall be the “tax matters partner” of the Partnership pursuant
to Section 6231(a)(7) of the Code.  The General Partner shall take
such action as may be necessary to cause each other Partner to become a “notice
partner” within the meaning of Section 6223 of the Code.  The General
Partner shall inform each other Partner of all significant matters that may come
to its attention in its capacity as tax matters partner by giving notice thereof
within ten Business Days after becoming aware thereof and, within such time,
shall forward to each other Partner copies of all significant written
communications it may receive in such capacity.  The General Partner
shall not take any action contemplated by Sections 6222 through 6232 of the Code
without the consent of a Required Interest.  This provision is not
intended to authorize the General Partner to take any action left to the
determination of an individual Partner under Sections 6222 through 6232 of the
Code.

       

      ARTICLE IX

       

      BOOKS, RECORDS, REPORTS, AND
BANK ACCOUNTS

       

      9.01 Maintenance of
Books.  The
books of account for the Partnership shall be maintained on a cash basis in
accordance with the terms of this Agreement except that the Capital Accounts of
the Partners shall be maintained in accordance with Section 4.04.  The
calendar year shall be the accounting year of the Partnership.

       

      9.02 Financial
Statements.  Within
120 days after the end of each fiscal year during the term of the Partnership,
the General Partner shall cause each other Partner to be furnished with an
unaudited balance sheet, an income statement, and a statement of changes in
Partners’ capital of the Partnership for, or as of the end of, such
period.  All financial statements shall be prepared in accordance with
accounting principles generally employed for cash-basis records consistently
applied (except as therein noted).

       

      9.03 Bank
Accounts.  The
General Partner shall establish and maintain one or more separate accounts for
Partnership funds in the Partnership name at such financial institutions as it
may designate.  The General Partner may not commingle the
Partnership’s funds with other funds of any Partner.

       

      ARTICLE X

       

      WITHDRAWAL, BANKRUPTCY,
REMOVAL, ETC.

       

      10.01 Withdrawal, Bankruptcy, Etc.
of the General Partner.

       

      (a)    The
General Partner covenants and agrees that it will not withdraw from the
Partnership as the general partner within the meaning of Section 17-602 of the
Act.  If the General Partner shall so withdraw from the Partnership in
violation of such covenant and agreement, such withdrawal shall be effective
only upon 90 days’ prior notice to all other Partners.

       

      (b)    The
General Partner shall not cease to be a general partner on the occurrence of an
event of the type described in Section 17-402(a)(4) through (10) of the Act, but

       

      
        
          
          

        

        
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        shall
cease to be a general partner 90 days thereafter.  The General Partner
shall notify each other Partner that an event of the type described in Section
17-402(a)(4) through (10) of the Act has occurred (without regard to the lapse
of any time periods therein) with respect to it within five Business Days after
such occurrence.

      

       

      (c)    Following
any notice pursuant to Section 10.01(a) that
the General Partner shall be withdrawing, or following the occurrence of an
event of the type described in Section 17-402(a)(4) through (10) of the Act with
respect to the General Partner (without regard to the lapse of any time periods
therein), and unless there shall be one other General Partner remaining, the
greater of the Class A Limited Partner plus a Required Interest of the Class B
Limited Partners or a majority in interest as defined in Internal Revenue
Service Procedure 94-46 (or any successor thereof) by written consent may select
a new General Partner, which shall be admitted to the Partnership as a general
partner effective immediately prior to the existing General Partner’s ceasing to
be a general partner with such general partner interest as the Limited Partners
making such selection may specify, but only if such new General Partner shall
have made such Capital Contribution as such Limited Partners may specify and
shall have executed and delivered to the Partnership a document including such
new General Partner’s notice address, acceptance of all the terms and provisions
of this Agreement, an agreement to perform and discharge timely all of its
obligations and liabilities hereunder, and a representation and warranty that
the representation and warranties in Section 3.02 are
true and correct with respect to such new General
Partner.  Notwithstanding the foregoing provisions of this Section 10.01(c), the
right to select such new General Partner shall not exist or be exercised unless
the Partnership shall have received the favorable opinion of the Partnership’s
legal counsel or of other legal counsel acceptable to the Limited Partners
making such selection to the effect that such selection and admission will not
result in (i) the loss of limited liability of any Limited Partner (except to
the extent a Limited Partner has consented to become the General Partner) or
(ii) in the Partnership being treated as an association taxable as a corporation
for federal income tax purposes.  Notwithstanding the foregoing
provisions of this Section 10.01(c), no
such new General Partner shall be admitted (and the existing General Partner
shall continue as such) if the event that permitted the selection of a new
General Partner shall have been an event of the type described in Section
17-402(a)(5) of the Act that with the passage of time would cause the existing
General Partner to become a Bankrupt Partner but, due to the failure of such
situation to continue, such General Partner does not become a Bankrupt
Partner.

       

      10.02 Conversion of
Interest.  Immediately
upon the General Partner’s ceasing to be General Partner following the admission
of a new General Partner pursuant to Section 10.01(c), the
former General Partner’s interest in the Partnership as a General Partner shall
be converted into the interest of a Limited Partner in the Partnership having
the same economic rights as specified for the General Partner herein immediately
prior to its ceasing to be a General Partner, and such General Partner shall
automatically and without further action be admitted to the Partnership as a
Limited Partner.

       

      
        
          
          

        

        
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      ARTICLE XI

       

      DISSOLUTION, LIQUIDATION,
AND TERMINATION

       

      11.01 Dissolution.  The
Partnership shall be dissolved and its affairs shall be wound up upon the first
to occur of any of the following:

       

      (a)    the
written consent of the General Partner, the Class A Limited Partner and a
Required Interest;

       

      (b)    unless
otherwise agreed to by the General Partner, the Class A Limited Partner and a
Required Interest 30 days following the occurrence of the Vesting
Date;

       

      (c)    the end
of the term of the Partnership as set forth in Section 2.06;

       

      (d)    the
General Partner’s ceasing to be the General Partner as described in Section 10.01(b) with
no new General Partner having been selected and admitted as provided in Section 10.01(c);
or

       

      (e)    any other
event causing dissolution as described in Section 17-801 of the Act (other than
an event described in Section 17-402(a)(4) through (10) of the Act, except as
provided in Sections
10.01(b) and 11.01(d));

       

      it being
understood that if an “event of withdrawal of a general partner” (as defined in
Section 17-101(3) of the Act) shall occur with respect to the General Partner
and at least one other General Partner shall have been or is about to be
admitted pursuant to Section 3.03(b),
10.01(c), or
10.02, the
Partnership shall not dissolve but shall continue and the remaining General
Partner shall, and hereby agrees to, carry on the business of the
Partnership.

       

      11.02 Liquidation and
Termination.  Upon
dissolution of the Partnership, unless it is continued as provided in Section 11.01,
the General Partner shall act as liquidator or may appoint one or more other
Persons as liquidator; provided, however, that if the
Partnership shall be dissolved on account of an event of the type described in
Section 17-402(a)(4) through (10) of Act with respect to the General Partner,
the liquidator shall be one or more Persons selected in writing by the Class A
Limited Partner and a Required Interest.  The liquidator shall proceed
diligently to wind up the affairs of the Partnership and make final
distributions as provided herein, and shall file any amendments to the
Certificate as may be required by applicable law.  The costs of
liquidation shall be borne as a Partnership expense.  Until final
distribution, the liquidator shall continue to manage the Partnership assets
with all of the power and authority of the General Partner.  The steps
to be accomplished by the liquidator are as follows:

       

      (a)    as
promptly as possible after dissolution and again after final liquidation, the
liquidator shall cause a proper accounting to be made by a recognized firm of
certified public accountants of the Partnership’s assets, liabilities, and
operations through the last day of the calendar month in which the dissolution
shall have occurred or the final liquidation shall be completed, as
applicable;

       

       

      
        
          
          

        

        
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      (b)    the
liquidator shall pay all of the debts and liabilities of the Partnership
(including, without limitation, all expenses incurred in liquidation and any
advances made by the General Partner pursuant to Section 4.03) or
otherwise make adequate provision therefor (including, without limitation, the
establishment of a cash escrow fund for contingent liabilities in such amount
and for such term as the liquidator may reasonably determine); and

       

      (c)    all
remaining assets of the Partnership shall be distributed to the Partners as
follows:

       

      (i)    the fair
market value of the property shall be determined and the capital accounts of the
Partners shall be adjusted to reflect the manner in which the unrealized income,
gain, loss, and deduction inherent in such property (that has not been reflected
in the capital accounts previously) would be allocated among the Partners if
there were a taxable disposition of such property for the fair market value of
such property on the Vesting Date; and

       

      (ii)    the
Partnership property shall be distributed among the Partners in accordance with
the positive capital account balances of the Partners, as determined after
taking into account all capital account adjustments for the taxable year of the
Partnership during which the liquidation of the Partnership occurs (other than
those made by reason of this clause); and such distributions shall be made by
the end of the taxable year of the Partnership during which the liquidation of
the Partnership occurs (or, if later, within 90 days after the date of such
liquidation).  While the General Partner has the right to sell EPD
Units as noted in Section 5.04,
and subject to the restrictions set forth in Section 5.05, it
is the intent of the General Partner upon liquidation and termination of the
Partnership to distribute EPD Units to the Partners rather than sell the EPD
Units and distribute the cash proceeds of such sale to the
Partners.

       

      For
purposes of this Section 11.02(c), the
“fair market value” of each EPD Unit held by the Partnership on the Vesting Date
shall be equal to the average of the closing sale prices per applicable EPD
Unit, as the case may be, for the 20 trading days ending on the Vesting Date
(or, if no closing sale price is reported, the average of the bid and asked
prices) as reported in the composite transactions for the principal United
States securities exchange on which the applicable EPD Units are traded or if
the applicable EPD Units, as the case may be, are not listed on a national or
regional stock exchange, as reported by the OTC Bulletin Board or other
applicable quotation service.  All distributions in kind to the
Partners shall be made subject to the liability of each distributee for costs,
expenses, and liabilities theretofore incurred or for which the Partnership
shall have committed prior to the date of termination and such costs, expenses,
and liabilities shall be allocated to such distributee pursuant to this Section 11.02.  The
distribution of property to a Partner in accordance with the provisions of this
Section 11.02
shall constitute a complete return to the Partner of its Capital Contributions
and a complete distribution to the Partner of its interest in the Partnership
and all the Partnership’s property and shall constitute a compromise to which
all Partners have consented within the meaning of Section 17-502(b) of the
Act.

       

      11.03 Cancellation of
Certificate.  Upon
completion of the distribution of Partnership assets as provided herein, the
Partnership shall be terminated, and the General Partner (or, if there shall be
no General Partner, the Limited Partners) shall cause the cancellation of the

       

      
        
          
          

        

        
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        Certificate
and any other filings made pursuant to Section 2.05 and
shall take such other actions as may be necessary to terminate the
Partnership.

      

       

      ARTICLE XII

       

      GENERAL
PROVISIONS

       

      12.01 Offset.  In
the event that any sum is payable to any Partner pursuant to this Agreement, any
amounts owed by such Partner to the Partnership shall be deducted from said sum
before payment to said Partner.

       

      12.02 Notices.  All
notices or requests or consents provided for or permitted to be given pursuant
to this Agreement must be in writing and must be given (a) by depositing same in
the United States mail, addressed to the Person to be notified, postpaid, and
registered or certified with return receipt requested or (b) by delivering such
notice by courier or in person to such party.  Notices given or served
pursuant hereto shall be effective two Business Days after such deposit, or upon
receipt if delivered in person to the person to be notified.  All
notices to be sent to a Partner shall be sent to or made at the address given on
the Power of Attorney executed by the Partner and delivered to the General
Partner on the date hereof or in the instrument described in Section 3.03(c),
3.04, or 10.01(c), or such
other address as such Partner may specify by notice to the General
Partner.  Any notice to the Partnership shall be given to the General
Partner.

       

      12.03 Entire Agreement;
Supersede.  This
Agreement constitutes the entire agreement of the Partners relating to the
matters contained herein and supersedes all prior contracts or agreements,
whether oral or written, among the parties hereto with respect to such
matters.

       

      12.04 Effect of Waiver or
Consent.  No
waiver or consent, express or implied, by any Person with respect to any breach
or default by any other Person of its obligations hereunder shall be deemed or
construed to be a consent or waiver with respect to any other breach or default
by such other Person of the same or any other obligations of such other Person
hereunder.  Failure on the part of any Person to complain of any act
or omission of any other Person, or to declare any other Person in default,
irrespective of how long such failure continues, shall not constitute a waiver
by such Person of its rights hereunder until the applicable limitation period
has run.

       

      12.05 Amendment or
Modification.  This
Agreement may be amended or modified from time to time only by a written
instrument executed by the General Partner; provided, however, that (a) the vesting
and distribution provisions of this Agreement may be amended or modified only by
a written instrument executed by the General Partner, the Class A Limited
Partner and a Required Interest, and (b) no amendment or modification reducing a
Partner’s Sharing Points (other than to reflect changes otherwise provided
hereby) or increasing its duties or adversely affecting its limited liability
shall be effective without such Partner’s consent.

       

      12.06 Binding Effect; Joinder of
Additional Parties.  Subject
to the restrictions on Dispositions set forth herein, this Agreement shall be
binding upon and shall inure to the benefit of the Partners, as well as the
respective heirs, legal representatives, successors, and assigns of such
Partners.

       

      
        
          
          

        

        
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      12.07 Construction.  THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, EXCLUDING ANY CONFLICTS-OF-LAW RULE OR PRINCIPLE THAT MIGHT
REFER THE GOVERNANCE OR CONSTRUCTION OF THIS AGREEMENT TO THE LAWS OF ANOTHER
JURISDICTION.  The headings in this Agreement are inserted for
convenience and identification only and are not intended to describe, interpret,
define, or limit the scope, extent, or intent of this Agreement or any provision
hereof.  Whenever the context requires, the gender of all words used
in this Agreement shall include the masculine, feminine, and
neuter.  All references to Articles and Sections refer to articles and
sections of this Agreement.  All sums and amounts payable or to be
payable pursuant to the provisions of this Agreement shall be payable in coin or
currency of the United States of America that, at the time of payment, is legal
tender for the payment of public and private debts in the United States of
America.  If any provision of this Agreement or the application
thereof to any Person or circumstance shall be held invalid or unenforceable to
any extent, the remainder of this Agreement and the application of such
provision to other Persons or circumstances shall not be affected thereby and
shall be enforced to the greatest extent permitted by law.

       

      12.08 Further
Assurances.  In
connection with this Agreement, as well as all transactions contemplated by this
Agreement, each Partner agrees to execute and deliver such additional documents
and instruments and to perform such additional acts as may be necessary or
appropriate to effectuate, carry out, and perform all of the terms, provisions,
and conditions of this Agreement and all such transactions.

       

      12.09 Indemnification.  To
the fullest extent permitted by law, each Partner shall indemnify the
Partnership and each other Partner and hold them harmless from and against all
losses, costs, liabilities, damages, and expenses (including, without
limitation, costs of suit and attorney’s fees) they may incur on account of any
breach by such indemnifying Partner of this Agreement.

       

      12.10 Waiver of Certain
Rights.  Each
Partner irrevocably waives any right it might have to maintain any action for
dissolution of the Partnership or to maintain any action for partition of the
property of the Partnership.

       

      12.11 Counterparts.  This
Agreement may be executed in any number of counterparts with the same effect as
if all signatory parties had signed the same document.  All
counterparts shall be construed together and shall constitute one and the same
instrument.

       

      12.12 Dispute
Resolution.

       

      (a)    If the
General Partner and one or more Limited Partners are unable to resolve any
controversy, dispute, claim or other matter in question arising out of, or
relating to, this Agreement, any provision hereof, the alleged breach hereof, or
in any way relating to the subject matter of this Agreement, or the relationship
between the parties created by this Agreement, including questions concerning
the scope and applicability of this Section 12.12,
whether sounding in contract, tort or otherwise, at law or in equity, under
state or federal law, whether provided by statute or common law, for damages or
any other relief (any such controversy, dispute, claim or other matter in
question, a “Dispute”), on or
before the 30th day 

       

      
        
          
          

        

        
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        following
the receipt by the General Partner or such Limited Partners of written notice of
such Dispute from the other party, which notice describes in reasonable detail
the nature of the Dispute and the facts and circumstances relating thereto, the
General Partner or such Limited Partners may, by delivery of written notice to
the other party, require that a representative of the General Partner and of
such Limited Partners meet at a mutually agreeable time and place in an attempt
to resolve such Dispute.  Such meeting shall take place on or before
the 15th day following the date of the notice requiring such meeting, and if the
Dispute has not been resolved within 15 days following such meeting, the General
Partner or such Limited Partners may cause such Dispute to be resolved by
binding arbitration in Houston, Texas, by submitting such Dispute for
arbitration within 30 days following the expiration of such 15-day
period.  This agreement to arbitrate shall be specifically enforceable
against the parties.

      

       

      (b)    It is the
intention of the parties that the arbitration shall be governed by and conducted
pursuant to the Federal Arbitration Act, as such Act is modified by this Section 12.12.  If
it is determined the Federal Arbitration Act is not applicable to this Agreement
(e.g., this Agreement does not evidence a transaction involving interstate
commerce), this agreement to arbitrate shall nevertheless be enforceable
pursuant to applicable State law.  While the arbitrators may refer to
the Commercial Arbitration Rules of the American Arbitration Association (the
“Rules”) for
guidance with respect to procedural matters, the arbitration proceeding shall
not be administered by the American Arbitration Association but instead shall be
self-administered by the parties until the arbitrators are selected and then the
proceeding shall be administered by the arbitrators.

       

      (c)    The
validity, construction, and interpretation of this agreement to arbitrate, and
all procedural aspects of the arbitration conducted pursuant to this agreement
to arbitrate, including but not limited to, the determination of the issues that
are subject to arbitration (i.e., arbitrability), the scope of the arbitrable
issues, allegations of “fraud in the inducement” to enter into this Agreement or
this arbitration provision, allegations of waiver, laches, delay or other
defenses to arbitrability, and the rules governing the conduct of the
arbitration (including the time for filing an answer, the time for the filing of
counterclaims, the times for amending the pleadings, the specificity of the
pleadings, the extent and scope of discovery, the issuance of subpoenas, the
times for the designation of experts, whether the arbitration is to be stayed
pending resolution of related litigation involving third parties not bound by
this arbitration agreement, the receipt of evidence, and the like), shall be
decided by the arbitrators.

       

      (d)    The rules
of arbitration of the Federal Arbitration Act, as modified by this Agreement,
shall govern procedural aspects of the arbitration; to the extent the Federal
Arbitration Act as modified by this Agreement does not address a procedural
issue, the arbitrators may refer for guidance to the Commercial Arbitration
Rules then in effect with the American Arbitration Association.  The
arbitrators may refer for guidance to the Federal Rules of Civil Procedure, the
Federal Rules of Civil Evidence, and the federal law with respect to the
discovery process, applicable legal privileges, and admissible
evidence.  In deciding the substance of the parties’ Dispute, the
arbitrators shall refer to the substantive laws of the State of Delaware for
guidance (excluding Delaware’s conflict-of-law rules or principles that might
call for the application of the law of another jurisdiction); provided, however, IT IS EXPRESSLY
AGREED THAT NOTWITHSTANDING ANY OTHER PROVISION IN THIS SECTION 12.12 TO
THE CONTRARY, THE ARBITRATORS SHALL HAVE ABSOLUTELY NO 

       

      
        
          
          

        

        
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        AUTHORITY
TO AWARD CONSEQUENTIAL DAMAGES (SUCH AS LOSS OF PROFIT), TREBLE, EXEMPLARY OR
PUNITIVE DAMAGES OF ANY TYPE UNDER ANY CIRCUMSTANCES REGARDLESS OF WHETHER SUCH
DAMAGES MAY BE AVAILABLE UNDER DELAWARE LAW, THE LAW OF ANY OTHER STATE, OR
FEDERAL LAW, OR UNDER THE FEDERAL ARBITRATION ACT, OR UNDER THE COMMERCIAL
ARBITRATION RULES OF THE AMERICAN ARBITRATION ASSOCIATION.  The
arbitrators shall have the authority to assess the costs and expenses of the
arbitration proceeding (including the arbitrators’ fees and expenses) against
either or both parties.  However, each party shall bear its own
attorneys fees and the arbitrators shall have no authority to award attorneys
fees.

      

       

      (e)    When a
Dispute has been submitted for arbitration, within 30 days of such submission,
the General Partner will choose an arbitrator, and such Limited Partners will
choose an arbitrator.  The two arbitrators shall select a third
arbitrator, failing agreement on which within 90 days of the original notice,
the General Partner and such Limited Partners (or either of them) shall apply to
any United States District Judge for the Southern District of Texas, who shall
appoint the third arbitrator.  While the third arbitrator shall be
neutral, the two party-appointed arbitrators are not required to be neutral and
it shall not be grounds for removal of either of the two party-appointed
arbitrators or for vacating the arbitrators’ award that either of such
arbitrators has past or present minimal relationships with the party that
appointed such arbitrator.  Evident partiality on the part of an
arbitrator exists only where the circumstances are such that a reasonable person
would have to conclude there in fact existed actual bias and a mere appearance
or impression of bias will not constitute evident partiality or otherwise
disqualify an arbitrator.  Minimal or trivial past or present
relationships between the neutral arbitrator and the party selecting such
arbitrator or any of the other arbitrators, or the failure to disclose such
minimal or trivial past or present relationships, will not by themselves
constitute evident partiality or otherwise disqualify any
arbitrator.  Upon selection of the third arbitrator, each of the three
arbitrators shall agree in writing to abide faithfully by the terms of this
agreement to arbitrate.  The three arbitrators shall make all of their
decisions by majority vote.  If one of the party-appointed arbitrators
refuses to participate in the proceedings or refuses to vote, the decision of
the other two arbitrators shall be binding.  If an arbitrator dies or
becomes physically incapacitated and is unable to fulfill his or her duties as
an arbitrator, the arbitration proceeding shall continue with a substitute
arbitrator selected as follows: if the incapacitated arbitrator is a
party-appointed arbitrator, the party shall promptly select a new arbitrator,
and if the incapacitated arbitrator is the neutral arbitrator, the two-party
appointed arbitrators shall select a substitute neutral arbitrator, failing
agreement on which the General Partner and such Limited Partners (or either of
them) shall apply to any United States District Judge for the Southern District
of Texas, who shall appoint the substitute neutral arbitrator.

       

      (f)    The final
hearing shall be conducted within 120 days of the selection of the third
arbitrator.  The final hearing shall not exceed ten working days, with
each party to be granted one-half of the allocated time to present its case to
the arbitrators.  There shall be a transcript of the hearing before
the arbitrators.  The arbitrators shall render their ultimate decision
within 20 days of the completion of the final hearing completely resolving all
of the Disputes between the parties that are the subject of the arbitration
proceeding.  The arbitrators’ ultimate decision after final hearing
shall be in writing, but shall be as brief as possible, and the arbitrators
shall assign their reasons for their ultimate decision.  In the case
the arbitrators award any 

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

         

        monetary
damages in favor of either party, the arbitrators shall certify in their award
that they have not included any treble, exemplary or punitive
damages.

      

       

      (g)    The
arbitrators’ award shall, as between the parties to this Agreement and those in
privity with them, be final and entitled to all of the protections and benefits
of a final judgment, e.g., res
judicata (claim preclusion) and collateral estoppel (issue preclusion),
as to all Disputes, including compulsory counterclaims, that were or could have
been presented to the arbitrators.  The arbitrators’ award shall not
be reviewable by or appealable to any court, except to the extent permitted by
the Federal Arbitration Act.

       

      (h)    It is the
intent of the parties that the arbitration proceeding shall be conducted
expeditiously, without initial recourse to the courts and without interlocutory
appeals of the arbitrators’ decisions to the courts.  However, if a
party refuses to honor its obligations under this agreement to arbitrate, the
other party may obtain appropriate relief compelling arbitration in any court
having jurisdiction over the parties; the order compelling arbitration shall
require that the arbitration proceedings take place in Houston, Texas, as
specified above.  The parties may apply to any court for orders
requiring witnesses to obey subpoenas issued by the
arbitrators.  Moreover, any and all of the arbitrators’ orders and
decisions may be enforced if necessary by any court.  The arbitrators’
award may be confirmed in, and judgment upon the award entered by, any federal
or State court having jurisdiction over the parties.

       

      (i)    To the
fullest extent permitted by law, this arbitration proceeding and the arbitrators
award shall be maintained in confidence by the parties.  However, a
violation of this covenant shall not affect the enforceability of this
arbitration agreement or of the arbitrators’ award.

       

      (j)    A party’s
breach of this Agreement shall not affect this agreement to
arbitrate.  Moreover, the parties’ obligations under this arbitration
provision are enforceable even after this Agreement has
terminated.  The invalidity or unenforceability of any provision of
this arbitration agreement shall not affect the validity or enforceability of
the parties’ obligation to submit their Disputes to binding arbitration or the
other provisions of this agreement to arbitrate.

       

      12.13 No Effect on Employment
Relationship.  Nothing
in this Agreement shall confer upon any employee of the General Partner or any
Affiliate thereof any right to continued employment nor shall it interfere in
any way with the right of the General Partner or any of its Affiliates to
terminate the employment of any employee at any time.

       

      12.14 Legal
Representation.  This
Agreement and related documents have been prepared by Andrews Kurth LLP, as
counsel for the General Partner, and not as counsel for any other Partner or the
Partnership.  Each party other than the General Partner has been
advised to seek independent counsel in connection with this Agreement and the
related documents.

       

      [Signature
Pages to Follow.]

      
        
          
            
 

          

           

        

        
          28

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the Partners have executed this Agreement as of the date first
set forth above.

       

      
        
          	
                  GENERAL
      PARTNER:

                	
                  EPCO,
      INC.

                	 
      
	 
      	 
      	 
      
	 
      	
                  By:      /s/ W. Randall
      Fowler             
      

                	 
      
	 
      	
                  W.
      Randall Fowler

                	 
      
	 
      	
                  President
      and Chief Executive Officer

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                  CLASS A LIMITED
      PARTNER:

                	
                  DFI
      DELAWARE HOLDINGS L.P.

                   

                	 
      
	 
      	
                  By:
      DFI Delaware General, LLC, general partner

                	 
      
	 
      	 
      	 
      
	 
      	
                  By:      /s/
      Darryl E.
      Smith          
               
      

                	 
	 
      	
                  Darryl
      E. Smith

                	 
      
	 
      	
                  Manager

                	 
      
	 
      	 
      	 
      
	
                  CLASS B LIMITED
      PARTNERS:

                	
                  All
      Class B Limited Partners initially admitted as Class B Limited Partners of
      the Partnership, pursuant to Powers of Attorney executed in favor of, and
      granted and delivered to the General Partner

                   

                	 
      
	 
      	
                  By:
      EPCO, INC.

                	 
      
	 
      	
                  (As
      attorney-in-fact for the Class B Limited

                	 
      
	 
      	
                  Partners
      pursuant to powers of attorney)

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  By:     
      /s/ W. Randall
      Fowler             
      

                	 
      
	 
      	
                  W.
      Randall Fowler

                	 
      
	 
      	
                  President
      and Chief Executive Officer

                	 
      

        

      

      
        
          
             

            Signature
Page to

            Agreement
of Limited Partnership of EPCO Unit L.P.

          

           

        

        
           

          
            

          

        

        
           

        

      

      Exhibit
A

       

      FORM
OF POWER OF ATTORNEY

       

      For
Executing Agreement of Limited Partnership of EPCO Unit L.P.

       

      Know all
by these presents, that the undersigned hereby constitutes and appoints EPCO,
Inc. and its authorized representatives the undersigned’s true and lawful
attorney-in-fact to:

       

      
        	
                 
      

              	
                (1)

              	
                execute
      for and on behalf of the undersigned as a limited partner thereunder that
      certain Agreement of Limited Partnership of EPCO Unit L.P. (the “Partnership
      Agreement”);

              

      

       

      
        	
                 
      

              	
                (2)

              	
                take
      any other action of any type whatsoever in connection with the foregoing
      that, in the opinion of each such attorney-in-fact, may be of benefit to,
      in the best interest of, or legally required of the undersigned, it being
      understood that the documents executed by the attorney-in-fact on behalf
      of the undersigned pursuant to this Power of Attorney shall be in such
      form and shall contain such terms and conditions as the attorney-in-fact
      may approve in the attorney-in-fact’s
  discretion.

              

      

       

      The
undersigned hereby grants to each attorney-in-fact full power and authority to
do and perform all and every act and thing whatsoever requisite, necessary or
proper to be done in the exercise of any of the rights and powers herein
granted, as fully to all intents and purposes as the undersigned might or could
do if personally present, with full power of substitution or revocation, hereby
ratifying and confirming all that the attorney-in-fact, or the attorney-in-facts
substitute or substitutes, shall lawfully do or cause to be done by virtue of
this Power of Attorney and the rights and powers herein granted.

       

      The
undersigned acknowledges and agrees by execution of this Power of Attorney that
the undersigned’s initial Sharing Points (as defined in the Partnership
Agreement) under the Partnership Agreement equal __________, which represents
___% of the total initial Sharing Points granted by the General Partner pursuant
to the Partnership Agreement.

       

      IN
WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be
executed as of the date written below.

       

      
 

      
        
          	 
      
	 
      
	
                  Signature

                
	 
      
	 
      
	
                  Type
      or Print Name

                
	 
      
	 
      
	
                  Date

                

        

       

       

      

      
        
          
             

            Exhibit A
– Page 1

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