Document:

exv10w1

 

Exhibit 10.1

CONTRIBUTION, CONVEYANCE AND ASSUMPTION AGREEMENT

 

BY AND AMONG

 

ENTERPRISE PRODUCTS OPERATING L.P.,

 

DEP HOLDINGS, LLC,

 

DUNCAN ENERGY PARTNERS L.P.,

 

DEP OLPGP, LLC

 

AND

 

DEP OPERATING PARTNERSHIP, L.P.

 

DATED AS OF [___________], 2007

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I DEFINITIONS; RECORDATION	 	 	3	 
	1.1
	 	Definitions	 	 	3	 
	 
	 	 	 	 	 	 
	ARTICLE II THE OFFERING AND RELATED TRANSACTIONS	 	 	5	 
	2.1
	 	Contribution by EPD OLP to MLP of the Subject Interests	 	 	5	 
	2.2
	 	Public Cash Contribution	 	 	5	 
	2.3
	 	MLP Receipt of Cash Contribution	 	 	5	 
	2.4
	 	MLP Cash Distribution to EPD OLP	 	 	5	 
	2.5
	 	Conveyance and Contribution by MLP to OLP of the Subject Interests	 	 	5	 
	 
	 	 	 	 	 	 
	ARTICLE III ASSUMPTION OF CERTAIN LIABILITIES	 	 	6	 
	3.1
	 	Assumption of Subject Liabilities by MLP	 	 	6	 
	3.2
	 	Assumptions of Subject Liabilities by OLP	 	 	6	 
	3.3
	 	General Provisions Relating to Assumption of Liabilities	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE IV FURTHER ASSURANCES	 	 	6	 
	4.1
	 	Further Assurances	 	 	6	 
	4.2
	 	Other Assurances	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE V MISCELLANEOUS	 	 	7	 
	5.1
	 	Order of Completion of Transactions	 	 	7	 
	5.2
	 	Headings; References; Interpretation	 	 	7	 
	5.3
	 	Successors and Assigns	 	 	7	 
	5.4
	 	No Third Party Rights	 	 	7	 
	5.5
	 	Counterparts	 	 	7	 
	5.6
	 	Governing Law	 	 	8	 
	5.7
	 	Assignment of Agreement	 	 	8	 
	5.8
	 	Amendment or Modification	 	 	8	 
	5.9
	 	Director and Officer Liability	 	 	8	 
	5.10
	 	Severability	 	 	8	 
	5.11
	 	Integration	 	 	8	 

-i-

 

 

CONTRIBUTION, CONVEYANCE AND ASSUMPTION AGREEMENT

     THIS CONTRIBUTION, CONVEYANCE AND ASSUMPTION AGREEMENT (this “Agreement”) dated as of
[________], 2007, is made and entered into by and among Enterprise Products Operating L.P., a
Delaware limited partnership (“EPD OLP”), DEP Holdings, LLC, a Delaware limited liability
company (the “General Partner”), Duncan Energy Partners L.P., a Delaware limited
partnership (“MLP”), DEP Operating Partnership, L.P., a Delaware limited partnership
(“OLP”), and DEP OLPGP, LLC, a Delaware limited liability company (“OLP GP”). The
above-named entities are sometimes referred to in this Agreement each as a “Party” and
collectively as the “Parties.” Certain capitalized terms used are defined in Article I
hereof.

RECITALS

     WHEREAS, the General Partner and EPD OLP have formed MLP, pursuant to the Delaware Revised
Uniform Limited Partnership Act (the “Delaware LP Act”), for the purpose of engaging in any
business activity that is approved by the General Partner and that lawfully may be conducted by a
limited partnership organized pursuant to the Delaware LP Act.

     WHEREAS, in order to accomplish the objectives and purposes in the preceding recital, the
following actions have been taken prior to the date hereof:

     1. EPD OLP formed the General Partner, under the terms of the Delaware Limited Liability
Company Act (the “Delaware LLC Act”), to which EPD OLP contributed $1,000 in exchange for a
100% membership interest in the General Partner.

     2. The General Partner and EPD OLP formed MLP, under the terms of the Delaware LP Act, to
which the General Partner contributed $60 and EPD OLP contributed $2,940.00 in exchange for a 2%
general partner interest and 98% limited partner interest, respectively in MLP.

     3. MLP formed OLP GP, under the terms of the Delaware LLC Act, to which MLP contributed $1,000
in exchange for a 100% membership interest in OLP GP.

     4. OLP GP and MLP formed the OLP, under the terms of the Delaware LP Act, to which OLP GP
contributed $0.01 and MLP contributed $999.99 in exchange for a 0.001% general partner interest and
99.999% limited partner interest, respectively in OLP.

     5. EPD OLP and EPD OLPGP formed Mont Belvieu Caverns, L.P., a Delaware limited partnership
(“Mont Belvieu LP”), under the terms of the Delaware LP Act, to which EPD OLPGP contributed
$0.01 and EPD OLP contributed $999.99 in exchange for a 0.001% general partner interest and 99.999%
limited partner interest, respectively in Mont Belvieu Caverns LP.

     6. EPD OLP formed South Texas NGL Pipelines, LLC, a Delaware limited liability company
(“South Texas NGL”), under the terms of the Delaware LLC Act, to which EPD OLP contributed
$1,000 in exchange for a 100% membership interest in South Texas NGL.

 

 

     7. Mont Belvieu LP filed the necessary certificates and documents, under the terms of the
applicable laws of the State of Delaware and under the Delaware LP Act and the Delaware LLC Act,
pursuant to which Mont Belvieu LP was converted into a Delaware limited liability company named
Mont Belvieu Caverns, LLC (“Mont Belvieu LLC”).

     WHEREAS, concurrently with the consummation of the transactions contemplated hereby (the
“Closing”), each of the following matters shall occur:

     1. EPD OLP, EPD OLPGP, Enterprise Products Texas Operating, LP, a Texas limited partnership
(“Texas Operating”) and Mont Belvieu LLC will enter into a Contribution, Conveyance and
Assumption Agreement whereby EPD OLP and Texas Operating will convey the Mont Belvieu East, West
and North storage assets and certain contracts to Mont Belvieu LLC.

     2. EPD OLP, Enterprise GC, L.P., a Delaware limited partnership (“Enterprise GC”),
Enterprise Holding III, LLC, Enterprise GTM Holdings LP, Enterprise GTMGP, LLC and South Texas NGL
will enter into a Contribution, Conveyance and Assumption Agreement whereby EPD OLP and Enterprise
GC will convey the South Texas NGL assets to South Texas NGL.

     3. MLP, OLP and certain other OLP subsidiaries will enter into the Credit Facility, to, among
other things, allow OLP to borrow up to $300 million under the Credit Facility for general
partnership purposes, including acquisitions.

     4. Each of Acadian Gas, LLC, a Delaware limited liability company (“Acadian Gas”),
South Texas NGL, Sabine LP, Lou-Tex LP and Mont Belvieu LLC will distribute its cash on hand, if
any, to its respective members and partners.

     5. EPD OLP will contribute the following equity interests in its subsidiaries to MLP: (a) 66%
membership interest in Acadian Gas, (b) 66% membership interest in South Texas NGL, (c) 66% general
partner interest in Sabine LP, (d) 66% general partner interest in Lou-Tex LP and a (e) 66%
membership interest in Mont Belvieu LLC (collectively, the “Subject Interests”)

     6. The General Partner will contribute its respective interest in the Subject Interests to MLP
in exchange for a continuation of the General Partner’s 2% general partner interest in MLP.

     7. The public, through the Underwriters, will contribute $[243.4] million net of the
underwriters’ discounts and commissions and structuring fees (the “Offering Proceeds”), to
MLP in exchange for 13,000,000 Common Units representing a 62.8% limited partner interest in MLP.

     8. MLP will use the Offering Proceeds to (a) pay the underwriting discounts and commissions
and structuring fees (which may be withheld by the underwriters from the Offering Proceeds as
payment thereof), (b) pay transaction expenses associated with the transactions contemplated by
this Agreement in the amount of approximately $[2.9] million (exclusive of the underwriters’
discounts and commissions and structuring fees and net of a

-2-

 

reimbursement for certain expenses received from the underwriters), (c) distribute
approximately $[221.6] million to EPD OLP as a portion of the cash consideration, (d) provide
approximately $[18.9] million to make a capital contribution to South Texas NGL in connection with
the planned expansions to the South Texas NGL pipline and (e) issue 7,301,571 Common Units to EPD
OLP as partial consideration for the Subject Interests.

     9. MLP will contribute the Subject Interests to OLP as a capital contribution.

     10. OLP will distribute $[198.9] million out of the borrowed funds of approximately $[200]
million to MLP (of which 0.001% of such distribution will be made to MLP on behalf of OLP GP) and
MLP, in turn will distribute $[198.9] million to EPD OLP as partial consideration for the
contribution of the Subject Interests.

     11. If the Underwriters exercise their option to purchase up to an additional 1,950,000 Common
Units, MLP shall use proceeds of that exercise, net of the applicable underwriters’ discounts and
commissions and structuring fees, to redeem an equal number of Common Units owned by EPD OLP.

     12. The agreements of limited partnership and the limited liability company agreements of the
aforementioned entities will be amended and restated to the extent necessary to reflect the
applicable matters set forth above and as contained in this Agreement.

     NOW, THEREFORE, in consideration of their mutual undertakings and agreements hereunder, the
Parties undertake and agree as follows:

ARTICLE I

DEFINITIONS; RECORDATION

     1.1      Definitions. Capitalized terms used herein and not defined elsewhere in this Agreement shall
have the meanings given such terms as is set forth below.

     “Acadian Gas” has the meaning assigned to such term in the recitals.

     “affiliate” means, with respect to a specified person, any other person controlling,
controlled by or under common control with that first person. As used in this definition, the term
“control” includes (i) with respect to any person having voting securities or the equivalent and
elected directors, managers or persons performing similar functions, the ownership of or power to
vote, directly or indirectly, voting securities or the equivalent representing 50% or more of the
power to vote in the election of directors, managers or persons performing similar functions, (ii)
ownership of 50% or more of the equity or equivalent interest in any person and (iii) the ability
to direct the business and affairs of any person by acting as a general partner, manager or
otherwise.

     “Agreement” has the meaning assigned to such term in the first paragraph of this
Agreement.

     “Common Units” has the meaning assigned to such term in the MLP Agreement.

-3-

 

     “Delaware LLC Act” has the meaning assigned to such term in the recitals.

     “Delaware LP Act” has the meaning assigned to such term in the recitals.

     “Effective Date” means [                    ], 2007.

     “EPD OLP” has the meaning assigned to such term in the first paragraph of this
Agreement.

     “EPD OLPGP” means Enterprise Products OLPGP, Inc., a Delaware corporation.

     “General Partner” has the meaning assigned to such term in the first paragraph of this
Agreement.

     “Laws” means any and all laws, statutes, ordinances, rules or regulations promulgated
by a governmental authority, orders of a governmental authority, judicial decisions, decisions of
arbitrators or determinations of any governmental authority or court.

     “Lou-Tex LP” means Enterprise Lou-Tex Propylene Pipeline L.P., a Texas limited
partnership.

     “MLP” has the meaning assigned to such term in the first paragraph of this Agreement.

     “MLP Agreement” means the Amended and Restated Agreement of Limited Partnership, dated
as of [                    ], 2007, of the MLP.

     “Mont Belvieu LLC” has the meaning assigned to such term in the recitals.

     “Mont Belvieu LP” has the meaning assigned to such term in the recitals.

     “OLP” has the meaning assigned to such term in the first paragraph of this Agreement.

     “OLP GP” has the meaning assigned to such term in the first paragraph of this
Agreement.

     “Party and Parties” have the meanings assigned to such terms in the first paragraph of
this Agreement.

     “Prospectus” means the prospectus (File No. 333-138371) filed by the Partnership with
the Securities and Exchange Commission on November 2, 2006, in connection with the Partnership’s
initial public offering.

     “Sabine LP” means Sabine Propylene Pipeline L.P, a Texas limited partnership.

     “South Texas NGL” has the meaning assigned to such term in the recitals.

     “Subject Interests” has the meaning assigned to such term in the recitals.

     “Subject Liabilities” means all obligations and liabilities relating to the Subject
Interests.

-4-

 

ARTICLE II

THE OFFERING AND RELATED TRANSACTIONS

     2.1      Contribution by EPD OLP to MLP of the Subject Interests. EPD OLP hereby grants, contributes,
transfers, assigns and conveys to MLP, its successors and assigns, for its and their own use
forever, the Subject Interests, and MLP hereby accepts the distribution of the Subject Interests
from EPD OLP as an additional capital contribution in exchange for 7,301,571 Common Units
representing a 35.2% limited partner interest in MLP.

     TO HAVE AND TO HOLD the Subject Interests unto MLP, its successors and assigns, together with
all and singular the rights and appurtenances thereto in anywise belonging, subject, however, to
the terms and conditions stated in this Agreement, forever.

     2.2     Public Cash Contribution. The Parties acknowledge the cash contribution of the Offering
Proceeds from the public through the underwriters, to MLP in connection with the Offering in
exchange for 13,000,000 Common Units representing a 62.8% limited partner interest in MLP, which
cash contribution is being made and which Common Units are being issued immediately after the
effective time of the contribution and transfer of the Subject Interests to the MLP.

     2.3     MLP Receipt of Cash Contribution. MLP acknowledges receipt of the Offering Proceeds in cash
as a capital contribution to MLP, and the Parties acknowledge that MLP has used all of such capital
contributions to (a) pay the underwriting discounts and commissions and structuring fees (which may
be withheld by the underwriters from the Offering Proceeds as payment thereof), (b) pay transaction
expenses associated with the transactions contemplated by this Agreement in the amount of
approximately $2.9 million, (c) distribute approximately $         million to EPD OLP as a portion
of the cash consideration and reimbursement for capital expenditures relating to the Subject
Interests and (d) provide approximately $         million to make a capital contribution to South
Texas NGL in connection with the planned expansions to the South Texas NGL pipeline.

     2.4
     MLP Cash Distribution to EPD OLP.
The Parties acknowledge the distribution by MLP of $        
million and the receipt by EPD OLP of such amount from MLP. A portion of the above distributions
has been made to satisfy the reimbursement for capital expenditures of EPD OLP.

     2.5     Conveyance and Contribution by MLP to OLP of the Subject Interests. MLP hereby grants,
contributes, transfers, assigns and conveys to OLP, its successors and assigns, for its and their
own use forever, all of its rights, title and interest in and to the Subject Interests and OLP
hereby accepts the Subject Interests as an additional capital contribution.

     TO HAVE AND TO HOLD the Subject Interests unto OLP, its successors and assigns, together with
all and singular the rights and appurtenances thereto in anywise belonging, subject, however, to
the terms and conditions stated in this Agreement, forever.

-5-

 

ARTICLE III

ASSUMPTION OF CERTAIN LIABILITIES

     3.1     Assumption of Subject Liabilities by MLP. In connection with the contribution by EPD OLP of
the Subject Interests to MLP, as set forth in Section 2.1 above, MLP hereby assumes and
agrees to duly and timely pay, perform and discharge all of the Subject Liabilities, to the full
extent that EPD OLP has been heretofore or would have been in the future obligated to pay, perform
and discharge the Subject Liabilities were it not for such distribution and the execution and
delivery of this Agreement; provided, however, that said assumption and agreement to duly and
timely pay, perform and discharge the Subject Liabilities shall not (i) increase the obligation of
MLP with respect to the Subject Liabilities beyond that of EPD OLP, (ii) waive any valid defense
that was available to EPD OLP with respect to the Subject Liabilities or (iii) enlarge any rights
or remedies of any third party under any of the Subject Liabilities.

     3.2     Assumptions of Subject Liabilities by OLP. In connection with the contribution by MLP of the
Subject Interests to OLP, as set forth in Section 2.5 above, OLP hereby assumes and agrees
to duly and timely pay, perform and discharge all of the Subject Liabilities, to the full extent
that MLP has been heretofore or would have been in the future obligated to pay, perform and
discharge the Subject Liabilities were it not for such distribution and the execution and delivery
of this Agreement; provided, however, that said assumption and agreement to duly and timely pay,
perform and discharge the Subject Liabilities shall not (i) increase the obligation of OLP with
respect to the Subject Liabilities beyond that of MLP, (ii) waive any valid defense that was
available to MLP with respect to the Subject Liabilities or (iii) enlarge any rights or remedies of
any third party under any of the Subject Liabilities.

     3.3     General Provisions Relating to Assumption of Liabilities. Notwithstanding anything to the
contrary contained in this Agreement including, without limitation, the terms and provisions of
this Article III, none of the Parties shall be deemed to have assumed, and the Subject Interests
have not and are not being distributed or contributed, as the case may be, subject to, any liens or
security interests securing consensual indebtedness covering such Subject Interests, and all such
liens and security interests shall be deemed to be excluded from the assumptions of liabilities
made under this Article III.

ARTICLE IV

FURTHER ASSURANCES

     4.1     Further Assurances. From time to time after the date hereof, and without any further
consideration, the Parties agree to execute, acknowledge and deliver all such additional deeds,
assignments, bills of sale, conveyances, instruments, notices, releases, acquittances and other
documents, and will do all such other acts and things, all in accordance with applicable Law, as
may be necessary or appropriate (a) more fully to assure that the applicable Parties own all of the
properties, rights, titles, interests, estates, remedies, powers and privileges granted by this
Agreement, or which are intended to be so granted, (b) more fully and effectively to vest in the
applicable Parties and their respective successors and assigns beneficial and record title to the
interests contributed and assigned by this Agreement or intended so to be and (c) to more fully and
effectively carry out the purposes and intent of this Agreement.

-6-

 

     4.2     Other Assurances. From time to time after the date hereof, and without any further
consideration, each of the Parties shall execute, acknowledge and deliver all such additional
instruments, notices and other documents, and will do all such other acts and things, all in
accordance with applicable Law, as may be necessary or appropriate to more fully and effectively
carry out the purposes and intent of this Agreement. It is the express intent of the Parties that
MLP or its subsidiaries own the Subject Interests that are identified in this Agreement and in the
Prospectus.

ARTICLE V

MISCELLANEOUS

     5.1     Order of Completion of Transactions. The transactions provided for in Article II and Article
III of this Agreement shall be completed on the Effective Date in the following order:

     First, the transactions provided for in Article II shall be completed in the order set forth
therein; and

     Second, the transactions provided for in Article III shall be completed in the order set forth
therein.

     5.2     Headings; References; Interpretation. All Article and Section headings in this Agreement are
for convenience only and shall not be deemed to control or affect the meaning or construction of
any of the provisions hereof. The words “hereof,” “herein” and “hereunder” and words of similar
import, when used in this Agreement, shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. All references herein to Articles and Sections shall,
unless the context requires a different construction, be deemed to be references to the Articles
and Sections of this Agreement, respectively. All personal pronouns used in this Agreement,
whether used in the masculine, feminine or neuter gender, shall include all other genders, and the
singular shall include the plural and vice versa. The use herein of the word “including” following
any general statement, term or matter shall not be construed to limit such statement, term or
matter to the specific items or matters set forth immediately following such word or to similar
items or matters, whether or not non-limiting language (such as “without limitation,” “but not
limited to,” or words of similar import) is used with reference thereto, but rather shall be deemed
to refer to all other items or matters that could reasonably fall within the broadest possible
scope of such general statement, term or matter.

     5.3     Successors and Assigns. The Agreement shall be binding upon and inure to the benefit of the
Parties signatory hereto and their respective successors and assigns.

     5.4     No Third Party Rights. Except as provided herein, nothing in this Agreement is intended to or
shall confer upon any person other than the Parties, and their respective successors and permitted
assigns, any rights, benefits, or remedies of any nature whatsoever under or by reason of this
Agreement and no person is or is intended to be a third party beneficiary of any of the provisions
of this Agreement.

     5.5     Counterparts. This Agreement may be executed in any number of counterparts, all of which
together shall constitute one agreement binding on the parties hereto.

-7-

 

     5.6     Governing Law. This Agreement shall be governed by, and construed in accordance with, the
Laws of the State of Texas applicable to contracts made and to be performed wholly within such
state without giving effect to conflict of law principles thereof, except to the extent that it is
mandatory that the Law of some other jurisdiction, wherein the interests are located, shall apply.

     5.7     Assignment of Agreement. Neither this Agreement nor any of the rights, interests, or
obligations hereunder may be assigned by any Party without the prior written consent of each of the
Parties.

     5.8     Amendment or Modification. This Agreement may be amended or modified from time to time only
by the written agreement of all the Parties hereto and affected thereby.

     5.9     Director and Officer Liability. Except to the extent that they are a party hereto, the
directors, managers, officers, partners and securityholders of the Parties and their respective
affiliates shall not have any personal liability or obligation arising under this Agreement
(including any claims that another party may assert).

     5.10     Severability. If any term or other provision of this Agreement is invalid, illegal, or
incapable of being enforced under applicable Law or public policy, all other conditions and
provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated herein are not affected in any manner
adverse to any Party. Upon such determination that any term or other provision of this Agreement
is invalid, illegal, or incapable of being enforced, the Parties shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the Parties as closely as possible in
a mutually acceptable manner in order that the transactions contemplated herein are consummated as
originally contemplated to the fullest extent possible.

     5.11     Integration. This Agreement and the instruments referenced herein supersede any and all
previous understandings or agreements among the Parties, whether oral or written, with respect to
their subject matter. This Agreement and such instruments contain the entire understanding of the
Parties with respect to the subject matter hereof and thereof. No understanding, representation,
promise or agreement, whether oral or written, is intended to be or shall be included in or form
part of this Agreement or any such instrument unless it is contained in a written amendment hereto
or thereto and executed by the Parties hereto or thereto after the date of this Agreement or such
instrument.

[The Remainder of this Page is Intentionally Blank]

-8-

 

     IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the date
first above written.

	 	 	 	 	 
	 	ENTERPRISE PRODUCTS OPERATING L.P.

 	 
	 	By:  	ENTERPRISE PRODUCTS OLPGP, INC.,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name 	 
	 	 	Title 	 
	 
	 
	 	DEP HOLDINGS, LLC

 	 
	 	By:  	 	 
	 	 	Richard H. Bachmann 	 
	 	 	President and Chief Executive Officer 	 
	 
	 
	 	DUNCAN ENERGY PARTNERS L.P.

 	 
	 	By:  	DEP HOLDINGS, LLC, its General Partner
 	 
	 	 	 	 
	 	By:  	
 	 
	 	 	Richard H. Bachmann 	 
	 	 	President and Chief Executive Officer 	 
	 
	 
	 	DEP OPERATING PARTNERSHIP, L.P.

 	 
	 	By:  	DEP OLPGP, LLC, its General Partner
 	 
	 	 	 	 
	 	By:  	
 	 
	 	 	Name 	 
	 	 	Title 	 
	 
	 
	 	DEP OLPGP, LLC

 	 
	 	By:  	 	 
	 	 	Name 	 
	 	 	Title 	 
	 

Signature Page to Contribution, Conveyance and Assumption Agreementexv10w8

 

Exhibit 10.8

CONTRIBUTION, CONVEYANCE AND

ASSUMPTION AGREEMENT

BY AND AMONG

ENTERPRISE PRODUCTS OPERATING L.P.

ENTERPRISE PRODUCTS OLPGP, INC.

ENTERPRISE PRODUCTS TEXAS OPERATING, L.P.

AND

MONT BELVIEU CAVERNS, LLC

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	ARTICLE I DEFINITIONS; RECORDATION	 	 	1	 
	 	1.1	 	 	Definitions

	 	 	1	 
	 	1.2	 	 	Schedules

	 	 	3	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE II THE CONVEYANCE	 	 	3	 
	 	2.1	 	 	Contribution and Conveyance of the Mont Belvieu Assets by
EP Texas to MBLLC

	 	 	3	 
	 	2.2	 	 	Distribution of MBLLC Interests

	 	 	3	 
	 	2.3	 	 	EPOLP Contribution of Mont Belvieu North Assets to MBLLC

	 	 	4	 
	 	2.4	 	 	Specific Conveyances

	 	 	4	 
	 	2.5	 	 	Excluded Assets

	 	 	4	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE III ASSUMPTION OF CERTAIN LIABILITIES	 	 	4	 
	 	3.1	 	 	Assumption of Mont Belvieu Asset Liabilities by MBLLC

	 	 	4	 
	 	3.2	 	 	General Provisions Relating to Assumption of Liabilities

	 	 	4	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE IV TITLE MATTERS	 	 	5	 
	 	4.1	 	 	Encumbrances

	 	 	5	 
	 	4.2	 	 	Disclaimer of Warranties; Subrogation; Waiver

	 	 	5	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE V FURTHER ASSURANCES	 	 	7	 
	 	5.1	 	 	Further Assurances

	 	 	7	 
	 	5.2	 	 	Other Assurances

	 	 	7	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE VI POWER OF ATTORNEY	 	 	8	 
	 	6.1	 	 	EP Texas

	 	 	8	 
	 	6.2	 	 	EPOLP

	 	 	8	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE VII MISCELLANEOUS	 	 	8	 
	 	7.1	 	 	Order of Completion of Transactions

	 	 	8	 
	 	7.2	 	 	Consents; Restriction on Assignment

	 	 	9	 
	 	7.3	 	 	Costs

	 	 	9	 
	 	7.4	 	 	Headings; References; Interpretation

	 	 	9	 
	 	7.5	 	 	Successors and Assigns

	 	 	10	 
	 	7.6	 	 	No Third Party Rights

	 	 	10	 
	 	7.7	 	 	Counterparts

	 	 	10	 
	 	7.8	 	 	Governing Law

	 	 	10	 
	 	7.9	 	 	Severability

	 	 	10	 
	 	7.10	 	 	Deed; Bill of Sale; Assignment

	 	 	10	 
	 	7.11	 	 	Amendment or Modification

	 	 	10	 
	 	7.12	 	 	Integration

	 	 	10	 

-i-

 

 

CONTRIBUTION, CONVEYANCE AND ASSUMPTION AGREEMENT

     THIS CONTRIBUTION, CONVEYANCE AND ASSUMPTION AGREEMENT, dated as of ___, 2007 (this
“Agreement”), is entered into by and among ENTERPRISE PRODUCTS OPERATING L.P., a Delaware
limited partnership (“EPOLP”), ENTERPRISE PRODUCTS OLPGP, INC., a Delaware corporation
(“EPOLPGP”), ENTERPRISE PRODUCTS TEXAS OPERATING L.P., a Delaware limited partnership (“EP
Texas”), and MONT BELVIEU CAVERNS, LLC, a Delaware limited liability company (“MBLLC”).
The foregoing shall be referred to individually as a “Party” and collectively as the
“Parties.” Certain capitalized terms used are defined in ARTICLE I hereof.

RECITALS

	 	1.	 	WHEREAS, Enterprise Products OLPGP, Inc., a Delaware corporation
(“EPOLPGP”), as general partner, and EPOLP, as limited partner, formed Mont
Belvieu Caverns, L.P. (“MBLP”) pursuant to the Delaware Revised Uniform Limited
Partnership Act (the “Delaware LP Act”) for the purpose of owning and operating certain
storage assets and related facilities;
	 
	 	2.	 	WHEREAS, EPOLPGP and EPOLP filed the necessary certificates and documents,
under the terms of the applicable laws of the State of Delaware and under the Delaware
LP Act and the Delaware Limited Liability Company Act (the “Delaware LLC Act”),
pursuant to which MBLP was converted into a Delaware limited liability company named
MBLLC;
	 
	 	3.	 	WHEREAS, EP Texas will convey the MBLLC East/West Assets (as defined herein) to
MBLLC as a capital contribution with MBLLC assuming the Mont Belvieu East/West Asset
Liabilities (as defined herein);
	 
	 	4.	 	WHEREAS, EP Texas will distribute its membership interest in MBLLC to EPOLPGP
(1%) and EPOLP (99%); and
	 
	 	5.	 	WHEREAS, EPOLP will contribute the Mont Belvieu North Assets (as defined
herein) to MBLLC with MBLLC assuming the Mont Belvieu North Liabilities (as defined
herein) in exchange for the continuation of its 99.999% membership interest.

     NOW, THEREFORE, in consideration of their mutual undertakings and agreements hereunder, the
Parties undertake and agree as follows:

ARTICLE I

DEFINITIONS; RECORDATION

     1.1 Definitions. The following capitalized terms have the meanings given below.

     “Agreement” has the meaning assigned to such term in the first paragraph of this
Agreement.

 

 

     “Delaware LLC Act” has the meaning assigned to such term in the second recital of this
Agreement.

     “Delaware LP Act” has the meaning assigned to such term in the first recital of this
Agreement.

     “Effective Date” means ___, 2007.

     “Effective Time” means the time when the transactions contemplated by Article
II hereof have been consummated.

     “EPOLP” has the meaning assigned to such term in the first paragraph of this
Agreement.

     “EPOLPGP” has the meaning assigned to such term in the first recital of this
Agreement.

     “EP Texas” has the meaning assigned to such term in the first paragraph of this
Agreement.

     “Excluded Assets” has the meaning assigned to such term in Section 2.5.

     “Excluded Liabilities” has the meaning assigned to such term in Section 3.2.

     “Laws” means any and all laws, statutes, ordinances, rules or regulations promulgated
by a governmental authority, orders of a governmental authority, judicial decisions, decisions of
arbitrators or determinations of any governmental authority or court.

     “Mont Belvieu Asset Liabilities” shall mean all liabilities and obligations relating
to the Mont Belvieu Assets. The Mont Belvieu Asset Liabilities shall not include the Excluded
Liabilities.

     “Mont Belvieu Assets” means the Mont Belvieu East/West Assets and the Mont Belvieu
North Assets, collectively.

     “Mont Belvieu East/West Assets” has the meaning assigned to such term in Section
2.1.

     “Mont Belvieu East/West Liabilities” shall mean all liabilities and obligations
relating to the Mont Belvieu East/West Assets.

     “Mont Belvieu North Assets” has the meaning assigned to such term in Section
2.3.

     “Mont Belvieu North Liabilities” shall mean all liabilities and obligations relating
to the Mont Belvieu North Assets.

     “MBLLC” has the meaning assigned to such term in the first paragraph of this
Agreement.

     “Party and Parties” have the meanings assigned to such terms in the first paragraph of
this Agreement.

-2-

 

     “Registration Statement” means the registration statement on Form S-1 (File No.
333-138371) filed by Duncan Energy Partners L.P.

     “Restriction” has the meaning assigned to such term in Section 7.2.

     “Restriction Asset” has the meaning assigned to such term in Section 7.2.

     “Specific Conveyances” has the meaning assigned to such term in Section 2.4.

     1.2 Schedules. The following schedules are attached hereto:

	 	(a)	 	Schedule 2.1 — List of Mont Belvieu East/West Assets
	 
	 	(b)	 	Schedule 2.3 — List of Mont Belvieu North Assets
	 
	 	(c)	 	Schedule 2.5 — List of Excluded Assets

ARTICLE II

THE CONVEYANCE

     2.1 Contribution and Conveyance of the Mont Belvieu Assets by EP Texas to MBLLC. EP Texas
hereby grants, contributes, transfers, assigns and conveys to MBLLC, its successors and assigns,
for its and their own use forever, all of its right, title and interest in and to all of the assets
described on Schedule 2.1 (the “Mont Belvieu East/West Assets”), and MBLLC hereby
accepts the Mont Belvieu East/West Assets, as a contribution to the capital of MBLLC, in exchange
for membership interests in MBLLC, subject to all matters to be contained in the instruments of
conveyance covering the Mont Belvieu East/West Assets to evidence such contribution and conveyance,
if any. The Mont Belvieu East/West Assets shall not include the Excluded Assets.

     TO HAVE AND TO HOLD the Mont Belvieu East/West Assets unto MBLLC, its successors and assigns,
together with all and singular the rights and appurtenances thereto in anywise belonging, subject,
however, to the terms and conditions stated in this Agreement, and in such instruments of
conveyance, forever.

     2.2 Distribution of MBLLC Interests. EP Texas hereby distributes, transfers and assigns all
of its right, title and interest in and to its MBLLC membership interests one percent (1%) to
EPOLPGP and ninety nine percent (99%) to EPOLP, respectively, and EPOLPGP and EPOLP each accept
such membership interest distributed by EP Texas.

     TO HAVE TO HOLD, said membership interest in MBLP unto each of EPOLPGP and EPOLP,
respectively, their successors and assigns, together with all and singular the rights and
appurtenances thereto in anywise belonging, subject, however, to the terms and conditions stated
in this Agreement.

-3-

 

     2.3 EPOLP Contribution of Mont Belvieu North Assets to MBLLC. EPOLP hereby grants,
contributes, transfers, assigns and conveys to MBLLC, its successors and assigns, for its and their
own use forever, all of its right, title and interest in and to all of the assets described on
Schedule 2.3 (the “Mont Belvieu North Assets”) and MBLLC hereby accepts the Mont
Belvieu North Assets as a contribution to the capital of MBLLC, in exchange for a continuation of
the 99.999% membership interest held by EPOLP, subject to all matters to be contained in the
instruments of conveyance covering the Mont Belvieu North Assets to evidence such contribution and
conveyance, if any. The Mont Belvieu North Assets shall not include the Excluded Assets.

     To HAVE TO HOLD, the Mont Belvieu North Assets unto MBLLC, its successors and assigns,
together with all and singular the rights and appurtenances thereto in anywise belonging, subject,
however, to the terms and conditions stated in this Agreement, and in such instruments of
conveyance, forever.

     2.4 Specific Conveyances. To further evidence the contributions of the Mont Belvieu Assets
reflected in this Agreement, EP Texas and EPOLP may have executed and delivered to MBLLC certain
conveyance, assignment and bill of sale instruments (the “Specific Conveyances”). The
Specific Conveyances shall evidence and perfect such contribution and conveyance made by this
Agreement and shall not constitute a second conveyance of any assets or interests therein and shall
be subject to the terms of this Agreement.

     2.5 Excluded Assets. Notwithstanding anything contained in Article II to the
contrary, neither EP Texas nor EPOLP shall grant, contribute, transfer, assign or convey to MBLLC
(or cause to be granted, contributed, transferred, assigned or conveyed), and MBLLC shall neither
assume, purchase nor acquire from EP Texas or EPOLP any of the assets described on Schedule
2.5 (collectively, the “Excluded Assets”).

ARTICLE III

ASSUMPTION OF CERTAIN LIABILITIES

     3.1 Assumption of Mont Belvieu Asset Liabilities by MBLLC. In connection with the respective
contributions by EP Texas and EPOLP of the Mont Belvieu Assets to MBLLC, as set forth in
Sections 2.1 and 2.3 above, MBLLC hereby assumes and agrees to duly and timely pay,
perform and discharge all of the Mont Belvieu Asset Liabilities, to the full extent that EP Texas
or EPOLP, respectively, has been heretofore or would have been in the future obligated to pay,
perform and discharge the Mont Belvieu Asset Liabilities were it not for such contributions and the
execution and delivery of this Agreement; provided, however, that said assumption and agreement to
duly and timely pay, perform and discharge the Mont Belvieu Asset Liabilities shall not (a)
increase the obligation of MBLLC with respect to the Mont Belvieu Asset Liabilities beyond that of
EP Texas or EPOLP, respectively, (b) waive any valid defense that was available to EP Texas or
EPOLP, respectively, with respect to the Mont Belvieu Asset Liabilities or (c) enlarge any rights
or remedies of any third party under any of the Mont Belvieu Asset Liabilities.

-4-

 

     3.2 General Provisions Relating to Assumption of Liabilities.

          (a) Notwithstanding any other provisions of this Agreement to the contrary, EP Texas, EPOLP
and MBLLC agree that MBLLC shall not be obligated to, and shall not, assume any liabilities or
obligations related to the Excluded Assets (collectively, the “Excluded Liabilities”).

          (b) Notwithstanding anything to the contrary contained in this Agreement including, without
limitation, the terms and provisions of this ARTICLE III, MBLLC shall not be deemed to have
assumed, and the Mont Belvieu Assets have not been or are not being contributed subject to, any
liens or security interests securing consensual indebtedness covering any of the Mont Belvieu
Assets, and all such liens and security interests shall be deemed to be excluded from the
assumptions of liabilities made under this ARTICLE III.

ARTICLE IV

TITLE MATTERS

     4.1 Encumbrances.

          (a) Except to the extent provided in Section 3.2 or any other document executed in
connection with this Agreement, the contribution and conveyance (by operation of Law or otherwise)
of the Mont Belvieu Assets as reflected in this Agreement are made expressly subject to all
recorded encumbrances, agreements, defects, restrictions, and adverse claims covering the Mont
Belvieu Assets and all Laws, rules, regulations, ordinances, judgments and orders of governmental
authorities or tribunals having or asserting jurisdiction over the Mont Belvieu Assets and
operations conducted thereon or therewith, in each case to the extent the same are valid and
enforceable and affect the Mont Belvieu Assets, including, without limitation, (i) all matters that
a current on the ground survey, title insurance commitment or policy, or visual inspection of the
Mont Belvieu Assets would reflect, (ii) the applicable liabilities assumed in Article III,
and (iii) all matters contained in the Specific Conveyances.

          (b) To the extent that certain jurisdictions in which the Mont Belvieu Assets are located may
require that documents be recorded in order to evidence the transfers of title reflected in this
Agreement, then the provisions set forth in Section 4.1(a) immediately above shall also be
applicable to the conveyances under such documents.

     4.2 Disclaimer of Warranties; Subrogation; Waiver.

          (a) EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION
WITH THIS AGREEMENT, THE PARTIES ACKNOWLEDGE AND AGREE THAT NONE OF THE PARTIES HAS MADE, DOES NOT
MAKE, AND EACH SUCH PARTY SPECIFICALLY NEGATES AND DISCLAIMS, ANY REPRESENTATIONS, WARRANTIES,
PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS,
IMPLIED OR STATUTORY, ORAL OR WRITTEN, PAST OR PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR
CONDITION OF THE MONT BELVIEU ASSETS INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL, GEOLOGY OR
ENVIRONMENTAL CONDITION OF THE MONT BELVIEU ASSETS GENERALLY, INCLUDING THE PRESENCE OR LACK OF
HAZARDOUS SUBSTANCES

-5-

 

OR OTHER MATTERS ON THE MONT BELVIEU ASSETS, (B) THE INCOME TO BE DERIVED FROM THE MONT
BELVIEU ASSETS, (C) THE SUITABILITY OF THE MONT BELVIEU ASSETS FOR ANY AND ALL ACTIVITIES AND USES
THAT MAY BE CONDUCTED THEREON, (D) THE COMPLIANCE OF OR BY THE MONT BELVIEU ASSETS OR THEIR
OPERATION WITH ANY LAWS (INCLUDING WITHOUT LIMITATION ANY ZONING, ENVIRONMENTAL PROTECTION,
POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS), OR (E) THE HABITABILITY,
MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE MONT
BELVIEU ASSETS. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN
CONNECTION WITH THIS AGREEMENT, THE PARTIES ACKNOWLEDGE AND AGREE THAT EACH HAS HAD THE OPPORTUNITY
TO INSPECT THE MONT BELVIEU ASSETS, AND EACH IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE MONT
BELVIEU ASSETS AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY ANY OF THE PARTIES. EXCEPT
TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS
AGREEMENT, NONE OF THE PARTIES IS LIABLE OR BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN
STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE MONT BELVIEU ASSETS FURNISHED BY ANY
AGENT, EMPLOYEE, SERVANT OR THIRD PARTY. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT
EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, EACH OF THE PARTIES ACKNOWLEDGES THAT TO
THE MAXIMUM EXTENT PERMITTED BY LAW, THE CONTRIBUTION OF THE MONT BELVIEU ASSETS AS PROVIDED FOR
HEREIN IS MADE IN AN “AS IS,” “WHERE IS” CONDITION WITH ALL FAULTS, AND THE MONT BELVIEU ASSETS ARE
CONTRIBUTED AND CONVEYED SUBJECT TO ALL OF THE MATTERS CONTAINED IN THIS SECTION. THIS SECTION
SHALL SURVIVE SUCH CONTRIBUTION AND CONVEYANCE OR THE TERMINATION OF THIS AGREEMENT. THE PROVISIONS
OF THIS SECTION HAVE BEEN NEGOTIATED BY THE PARTIES AFTER DUE CONSIDERATION AND ARE INTENDED TO BE
A COMPLETE EXCLUSION AND NEGATION OF ANY REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR
STATUTORY, WITH RESPECT TO THE MONT BELVIEU ASSETS THAT MAY ARISE PURSUANT TO ANY LAW NOW OR
HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT AS SET FORTH IN THIS AGREEMENT OR ANY OTHER DOCUMENT
EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT.

          (b) To the extent that certain jurisdictions in which the Mont Belvieu Assets are located may
require that documents be recorded in order to evidence the transfers of title reflected in this
Agreement, then the disclaimers set forth in Section 4.2(a) immediately above shall also be
applicable to the conveyances under such documents.

          (c) The contributions of the Mont Belvieu Assets made under this Agreement are made with full
right of substitution and subrogation of MBLLC, and all persons claiming by, through and under
MBLLC, to the extent assignable, in and to all covenants and warranties by the
predecessors-in-title of the parties contributing the Mont Belvieu Assets, and with full
subrogation of all rights accruing under applicable statutes of limitation and all rights of action
of warranty against all former owners of the Mont Belvieu Assets.

-6-

 

          (d) Each of the Parties agrees that the disclaimers contained in this Section 4.2 are
“conspicuous” disclaimers. Any covenants implied by statute or Law by the use of the words
“grant,” “convey,” “bargain,” “sell,” “assign,” “transfer,” “deliver,” or “set over” or any of them
or any other words used in this Agreement or any schedules hereto are hereby expressly disclaimed,
waived or negated.

          (e) Each of the Parties hereby waives compliance with any applicable bulk sales Law or any
similar Law in any applicable jurisdiction in respect of the transactions contemplated by this
Agreement.

ARTICLE V

FURTHER ASSURANCES

     5.1 Further Assurances. From time to time after the date hereof, and without any further
consideration, the Parties agree to execute, acknowledge and deliver all such additional deeds,
assignments, bills of sale, conveyances, instruments, notices, releases, acquittances and other
documents, and will do all such other acts and things, all in accordance with applicable Law, as
may be necessary or appropriate (a) more fully to assure that MBLLC own all of the properties,
rights, titles, interests, estates, remedies, powers and privileges granted by this Agreement, or
which are intended to be so granted, (b) more fully and effectively to vest in MBLLC and their
respective successors and assigns beneficial and record title to the interests contributed and
assigned by this Agreement or intended so to be and (c) to more fully and effectively carry out the
purposes and intent of this Agreement.

     5.2 Other Assurances. From time to time after the date hereof, and without any further
consideration, each of the Parties shall execute, acknowledge and deliver all such additional
instruments, notices and other documents, and will do all such other acts and things, all in
accordance with applicable Law, as may be necessary or appropriate to more fully and effectively
carry out the purposes and intent of this Agreement. Without limiting the generality of the
foregoing, the Parties acknowledge that the Parties have used their good faith efforts to attempt
to identify all of the assets being contributed to MBLLC as required in connection with this
Agreement. However, due to the age of some of those assets and the difficulties in locating
appropriate data with respect to some of the assets it is possible that assets intended to be
contributed to MBLLC were not identified and therefore are not included in the assets contributed
to MBLLC. It is the express intent of the Parties that MBLLC own all assets necessary to operate
the assets that are identified in this Agreement and in the Registration Statement. To the extent
any assets were not identified but are necessary to the operation of assets that were identified,
then the intent of the Parties is that all such unidentified assets are intended to be conveyed to
MBLLC. To the extent such assets are identified at a later date, the Parties shall take the
appropriate actions required in order to convey all such assets to MBLLC. Likewise, to the extent
that assets are identified at a later date that were not intended by the parties to be conveyed as
reflected in the Registration Statement, the Parties shall take the appropriate actions required in
order to convey all such assets to the appropriate party.

-7-

 

ARTICLE VI

POWER OF ATTORNEY

     6.1 EP Texas. EP Texas hereby constitutes and appoints MBLLC and its successors and assigns,
its true and lawful attorney-in-fact with full power of substitution for it and in its name, place
and stead or otherwise on behalf of EP Texas and its successors and assigns, and for the benefit of
MBLLC and its successors and assigns, to demand and receive from time to time the Mont Belvieu
East/West Assets and to execute in the name of EP Texas and its successors and assigns, instruments
of conveyance, instruments of further assurance and to give receipts and releases in respect of the
same, and from time to time to institute and prosecute in the name of EP Texas for the benefit of
MBLLC as may be appropriate, any and all proceedings at law, in equity or otherwise which MBLLC and
its successors and assigns, may deem proper in order to (a) collect, assert or enforce any claims,
rights or titles of any kind in and to the Mont Belvieu East/West Assets, (b) defend and compromise
any and all actions, suits or proceedings in respect of any of the Mont Belvieu East/West Assets,
and (c) do any and all such acts and things in furtherance of this Agreement as MBLLC or its
successors or assigns shall deem advisable. EP Texas hereby declares that the appointments hereby
made and the powers hereby granted are coupled with an interest and are and shall be irrevocable
and perpetual and shall not be terminated by any act of EP Texas or its successors or assigns or by
operation of law.

     6.2 EPOLP. EPOLP hereby constitutes and appoints MBLLC and its successors and assigns, its
true and lawful attorney-in-fact with full power of substitution for it and in its name, place and
stead or otherwise on behalf of EPOLP and its successors and assigns, and for the benefit of MBLLC
and its successors and assigns, to demand and receive from time to time the Mont Belvieu North
Assets and to execute in the name of EPOLP and its successors and assigns, instruments of
conveyance, instruments of further assurance and to give receipts and releases in respect of the
same, and from time to time to institute and prosecute in the name of EPOLP for the benefit of
MBLLC as may be appropriate, any and all proceedings at law, in equity or otherwise which MBLLC and
its successors and assigns, may deem proper in order to (a) collect, assert or enforce any claims,
rights or titles of any kind in and to the Mont Belvieu North Assets, (b) defend and compromise any
and all actions, suits or proceedings in respect of any of the Mont Belvieu North Assets, and (c)
do any and all such acts and things in furtherance of this Agreement as MBLLC or its successors or
assigns shall deem advisable. EPOLP hereby declares that the appointments hereby made and the
powers hereby granted are coupled with an interest and are and shall be irrevocable and perpetual
and shall not be terminated by any act of EPOLP or its successors or assigns or by operation of
law.

ARTICLE VII

MISCELLANEOUS

     7.1 Order of Completion of Transactions. The transactions provided for in ARTICLE II and
ARTICLE III of this Agreement shall be completed on the Effective Date in the following order:

     First, the transactions provided for in ARTICLE II shall be completed in the order set
forth therein; and

-8-

 

     Second, the transactions provided for in ARTICLE III shall be completed in the order
set forth therein.

     7.2 Consents; Restriction on Assignment. If there are prohibitions against or conditions to
the contribution and conveyance of one or more of the Mont Belvieu Assets without the prior written
consent of third parties, including, without limitation, governmental agencies (other than consents
of a ministerial nature which are normally granted in the ordinary course of business), which if
not satisfied would result in a breach of such prohibitions or conditions or would give an outside
party the right to terminate rights of MBLLC to whom the applicable Mont Belvieu Assets were
intended to be conveyed with respect to such portion of the Mont Belvieu Assets (herein called a
“Restriction”), then any provision contained in this Agreement to the contrary
notwithstanding, the transfer of title to or interest in each such portion of the Mont Belvieu
Assets (herein called the “Restriction Asset”) pursuant to this Agreement shall not become
effective unless and until such Restriction is satisfied, waived or no longer applies. When and if
such a Restriction is so satisfied, waived or no longer applies, to the extent permitted by
applicable Law and any applicable contractual provisions, the assignment of the Restriction Asset
subject thereto shall become effective automatically as of the Effective Time, without further
action on the part of any Party. Each of the applicable Parties that were involved with the
conveyance of a Restriction Asset agree to use their reasonable best efforts to obtain on a timely
basis satisfaction of any Restriction applicable to any Restriction Asset conveyed by or acquired
by any of them. The description of any portion of the Mont Belvieu Assets as a “Restriction Asset”
shall not be construed as an admission that any Restriction exists with respect to the transfer of
such portion of the Mont Belvieu Assets. In the event that any Restriction Asset exists, the
applicable Party agrees to continue to hold such Restriction Asset in trust for the exclusive
benefit of the applicable Party to whom such Restriction Asset was intended to be conveyed and to
otherwise use its reasonable best efforts to provide such other Party with the benefits thereof,
and the party holding such Restriction Asset will enter into other agreements, or take such other
action as it may deem necessary, in order to ensure that the applicable Party to whom such
Restriction Asset was intended to be conveyed has the assets and concomitant rights necessary to
enable the applicable Party to operate such Restriction Asset in all material respects as it was
operated prior to the Effective Time.

     7.3 Costs. MBLLC shall pay all sales, use and similar taxes arising out of the contributions,
conveyances and deliveries to be made hereunder, and shall pay all documentary, filing, recording,
transfer, deed, and conveyance taxes and fees required in connection therewith. In addition, MBLLC
shall be responsible for all costs, liabilities and expenses (including court costs and reasonable
attorneys’ fees) incurred in connection with the satisfaction or waiver of any Restriction pursuant
to Section 7.2 to the extent such Restriction was disclosed to MBLLC on or before the
Effective Date.

     7.4 Headings; References; Interpretation. All Article and Section headings in this Agreement
are for convenience only and shall not be deemed to control or affect the meaning or construction
of any of the provisions hereof. The words “hereof,” “herein” and “hereunder” and words of similar
import, when used in this Agreement, shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. All references herein to Articles and Sections shall,
unless the context requires a different construction, be deemed to be references to the Articles
and Sections of this Agreement, respectively, and all such Schedules attached hereto

-9-

 

are hereby incorporated herein and made a part hereof for all purposes. All personal pronouns
used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all
other genders, and the singular shall include the plural and vice versa. The use herein of the word
“including” following any general statement, term or matter shall not be construed to limit such
statement, term or matter to the specific items or matters set forth immediately following such
word or to similar items or matters, whether or not non-limiting language (such as “without
limitation,” “but not limited to,” or words of similar import) is used with reference thereto, but
rather shall be deemed to refer to all other items or matters that could reasonably fall within the
broadest possible scope of such general statement, term or matter.

     7.5 Successors and Assigns. The Agreement shall be binding upon and inure to the benefit of
the Parties hereto and their respective successors and assigns.

     7.6 No Third Party Rights. The provisions of this Agreement are intended to bind the Parties
hereto as to each other and are not intended to and do not create rights in any other person or
confer upon any other person any benefits, rights or remedies and no person is or is intended to be
a third party beneficiary of any of the provisions of this Agreement.

     7.7 Counterparts. This Agreement may be executed in any number of counterparts, all of which
together shall constitute one agreement binding on the parties hereto.

     7.8 Governing Law. This Agreement shall be governed by, and construed in accordance with, the
Laws of the State of Texas applicable to contracts made and to be performed wholly within such
state without giving effect to conflict of law principles thereof, except to the extent that it is
mandatory that the Law of some other jurisdiction, wherein the interests are located, shall apply.

     7.9 Severability. If any of the provisions of this Agreement are held by any court of
competent jurisdiction to contravene, or to be invalid under, the Laws of any political body having
jurisdiction over the subject matter hereof, such contravention or invalidity shall not invalidate
the entire Agreement. Instead, this Agreement shall be construed as if it did not contain the
particular provision or provisions held to be invalid, and an equitable adjustment shall be made
and necessary provision added so as to give effect to the intention of the Parties as expressed in
this Agreement at the time of execution of this Agreement.

     7.10 Deed; Bill of Sale; Assignment. To the extent required and permitted by applicable Law,
this Agreement shall also constitute a “deed,” “bill of sale” or “assignment” of the Mont Belvieu
Assets.

     7.11 Amendment or Modification. This Agreement may be amended or modified from time to time
only by the written agreement of all the Parties hereto and affected thereby.

     7.12 Integration. This Agreement and the instruments referenced herein supersede all previous
understandings or agreements among the Parties, whether oral or written, with respect to its
subject matter. This Agreement and such instruments contain the entire understanding of the Parties
with respect to the subject matter hereof and thereof. No understanding, representation, promise or
agreement, whether oral or written, is intended to be or shall be included in or form part of this Agreement unless it is contained in a written amendment
hereto executed by the Parties hereto after the date of this Agreement.

-10-

 

     IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the date
first above written.

	 	 	 	 	 
	 	ENTERPRISE PRODUCTS OPERATING, L.P.,

a Delaware limited partnership

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ENTERPRISE PRODUCTS OLPGP, INC.,

a Delaware corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ENTERPRISE PRODUCTS TEXAS OPERATING, L.P.,

a Delaware limited partnership

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MONT BELVIEU CAVERNS, LLC,

a Delaware limited liability company

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Signature Page to Asset Contribution Agreement

 

 

SCHEDULE 2.1

LIST OF MONT BELVIEU EAST/WEST ASSETS

     The “Mont Belvieu East/West Assets” are described below and are collectively, in whole or in
part, hereinafter referred to as the “Storage Assets” or individually as a “Storage Asset”.

	A.	 	Storage and Brine Wells. The storage and brine wells identified on Exhibit “A” to
this Schedule 2.1 (collectively, the “Storage Wells”).
	 
	B.	 	Permits. To the extent transferable without termination, the environmental and other
governmental permits, licenses, orders, franchises, and related instruments or rights relating
to the ownership or operation of the Storage Assets (the “Permits”), including without
limitation, those listed on Exhibit “A” to this Schedule 2.1.
	 
	C.	 	Pipelines. The pipelines listed on Exhibit “A” to this Schedule 2.1 (the
“Pipelines”).
	 
	D.	 	Contracts. All contracts, leases and other agreements that relate primarily to the
ownership or operation of the Storage Assets, including without limitation, those described on
Exhibit “A” to this Schedule 2.1.
	 
	E.	 	Real Estate/Real Property Interests. The fee properties, leases, easements,
interests in real estate, licenses, permits and other agreements related to the operation of
the Storage Assets, including without limitation, those listed on Exhibit “A” to this Schedule
2.1.
	 
	F.	 	Warranties. To the extent transferable, all covenants and warranties to the extent
related to the Storage Assets, express or implied (including title warranties and
manufacturers’, suppliers’ and contractors’ warranties).
	 
	G.	 	Records. All books, records and files relating to the Storage Assets and the Mont
Belvieu East/West Asset Liabilities, including, without limitation, accounting records,
operating records, customer lists and information, charts, maps, surveys, drawings, prints and
any physical embodiment of the intellectual property interests relating to the Storage Assets
(the “Records”).
	 
	H.	 	Intellectual Property. All intellectual property interests identified on Exhibit
“A”, including all claims for infringement and other proprietary rights associated therewith.
	 
	I.	 	Other Personal Property. The personal property and equipment listed on Exhibit “A”.
	 
	J.	 	Other Assets. All cash, cash equivalents, accounts receivable, notes receivable,
other rights to receive payment and cash receipts arising from the ownership or operation of
the Storage Assets and attributable to revenue recognized after the Effective Time.

Schedule 2.1

 

 

EXHIBIT “A” TO SCHEDULE 2.1

MONT BELVIEU EAST/WEST ASSETS

Exhibit “A” to Schedule 2.1

 

 

SCHEDULE 2.3

LIST OF MONT BELVIEU NORTH ASSETS

     The “Mont Belvieu North Assets” are described below and are collectively, in whole or in part
referred to as the “Storage Assets” or individually as a “Storage Asset”.

	A.	 	Storage and Brine Wells. The storage and brine wells identified on Exhibit “A” to
this Schedule 2.3 (collectively, the “Storage Wells”).
	 
	B.	 	Permits. To the extent transferable without termination, the environmental and other
governmental permits, licenses, orders, franchises, and related instruments or rights relating
to the ownership or operation of the Storage Assets (the “Permits”), including without
limitation, those listed on Exhibit “A” to this Schedule 2.3.
	 
	C.	 	Pipelines. The pipelines listed on Exhibit “A” to this Schedule 2.3 (the
“Pipelines”).
	 
	D.	 	Contracts. All contracts, leases and other agreements that relate primarily to the
ownership or operation of the Storage Assets, including without limitation, those described on
Exhibit “A” to this Schedule 2.3.
	 
	E.	 	Real Estate/Real Property Interests. The fee properties, leases, easements,
interests in real estate, licenses, permits and other agreements related to the operation of
the Storage Assets, including without limitation, those listed on Exhibit “A” to this Schedule
2.3.
	 
	F.	 	Warranties. To the extent transferable, all covenants and warranties to the extent
related to the Storage Assets, express or implied (including title warranties and
manufacturers’, suppliers’ and contractors’ warranties).
	 
	G.	 	Records. All books, records and files relating to the Storage Assets and the Mont
Belvieu East/West Asset Liabilities, including, without limitation, accounting records,
operating records, customer lists and information, charts, maps, surveys, drawings, prints and
any physical embodiment of the intellectual property interests relating to the Storage Assets
(the “Records”).
	 
	H.	 	Intellectual Property. All intellectual property interests identified on Exhibit
“A”, including all claims for infringement and other proprietary rights associated therewith.
	 
	I.	 	Other Personal Property. The personal property and equipment listed on Exhibit “A”.
	 
	J.	 	Other Assets. All cash, cash equivalents, accounts receivable, notes receivable,
other rights to receive payment and cash receipts arising from the ownership or operation of
the Storage Assets and attributable to revenue recognized after the Effective Time.

Schedule 2.3

 

 

EXHIBIT “A” TO SCHEDULE 2.3

MONT BELVIEU NORTH ASSETS

Exhibit “A” to Schedule 2.3

 

 

SCHEDULE 2.5

LIST OF EXCLUDED ASSETS

     [TO COME]

Schedule 2.5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]