ETE COMMON UNIT PURCHASE AGREEMENT by and among ENTERPRISE PRODUCTS PARTNERS, L.P., ENTERPRISE ETE LLC and THE PURCHASERS NAMED ON SCHEDULE A HERETO
Exhibit 99.7
Execution Copy
by and among
ENTERPRISE PRODUCTS PARTNERS, L.P.,
ENTERPRISE ETE LLC
and
THE PURCHASERS NAMED ON SCHEDULE A HERETO
39
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
Section 1.1 Definitions |
1 | |||
ARTICLE II |
||||
AGREEMENT TO SELL AND PURCHASE |
||||
Section 2.1 Sale and Purchase |
4 | |||
Section 2.2 Closing; Delivery of and Payment for the Purchased Units |
5 | |||
Section 2.3 Mutual Conditions |
5 | |||
Section 2.4 Each Purchaser’s Conditions |
5 | |||
Section 2.5 Conditions of the Enterprise Parties |
6 | |||
Section 2.6 Enterprise Parties Deliveries |
6 | |||
Section 2.7 Purchaser Deliveries |
7 | |||
Section 2.8 Independent Nature of Purchasers’ Obligations and Rights |
7 | |||
ARTICLE III |
||||
REPRESENTATIONS AND WARRANTIES OF THE ENTERPRISE PARTIES |
||||
Section 3.1 Existence |
7 | |||
Section 3.2 Authorization, Enforceability |
7 | |||
Section 3.3 ETE Common Unit Ownership; Entity Ownership |
8 | |||
Section 3.4 No Conflict |
8 | |||
Section 3.5 No Consents |
8 | |||
Section 3.6 No Rights of First Refusal |
9 | |||
Section 3.7 Litigation |
9 | |||
Section 3.8 Certain Fees |
9 | |||
Section 3.9 No Side Agreements |
9 | |||
Section 3.10 No Registration |
9 | |||
Section 3.11 Matters Pertaining to ETE and the Purchased Units |
9 | |||
ARTICLE IV |
||||
REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS |
||||
Section 4.1 Existence |
10 | |||
Section 4.2 Authorization, Enforceability |
10 | |||
Section 4.3 No Breach |
10 | |||
Section 4.4 Certain Fees |
10 |
i
ARTICLE V |
||||
COVENANTS |
||||
Section 5.1 Taking of Necessary Action |
11 | |||
Section 5.2 Lock-Up Agreement |
11 | |||
ARTICLE VI |
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INDEMNIFICATION |
||||
Section 6.1 Indemnification by the Enterprise Parties |
11 | |||
Section 6.2 Indemnification by Purchasers |
12 | |||
Section 6.3 Indemnification Procedure |
12 | |||
ARTICLE VII |
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MISCELLANEOUS |
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Section 7.1 Interpretation |
13 | |||
Section 7.2 Survival of Provisions |
13 | |||
Section 7.3 No Waiver; Modifications in Writing |
14 | |||
Section 7.4 Binding Effect; Assignment |
14 | |||
Section 7.5 Communications |
14 | |||
Section 7.6 Entire Agreement |
15 | |||
Section 7.7 Governing Law |
15 | |||
Section 7.8 Execution in Counterparts |
15 | |||
Section 7.9 Termination |
15 | |||
Section 7.10 Costs and Expenses |
16 | |||
Schedule A — List of Purchasers and Allocations |
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Schedule B — Notice and Contact Information |
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Exhibit A — Form of Opinion of Xxxxxxx Xxxxx LLP |
ii
This ETE COMMON UNIT PURCHASE AGREEMENT, dated as of May 22, 2011 (this “Agreement”),
is by and among ENTERPRISE PRODUCTS PARTNERS L.P., a Delaware limited partnership
(“Enterprise”), ENTERPRISE ETE LLC, a Delaware limited liability company and wholly-owned
subsidiary of Enterprise (“Enterprise ETE,” and together with Enterprise, the
“Enterprise Parties”), on the one hand, and each of the purchasers listed on Schedule
A hereof (each a “Purchaser” and collectively, the “Purchasers”), on the other
hand.
WHEREAS, pursuant to that certain Securities Purchase Agreement, dated as of May 7, 2007, by
and among Xxx X. Xxxxx (“Xxxxx”), Avatar Holdings LLC, Avatar Investments LP, Natural Gas
Partners VI, L.P. (“NGP”), Xxx Xxxx, MHT Properties, Ltd., P. Xxxxx Xxxxx Holdings LP, LE
GP, LLC and Enterprise GP Holdings, L.P., Enterprise GP Holdings, L.P. acquired 38,976,090 common
units representing beneficial interests in Energy Transfer Equity, L.P., a Delaware limited
partnership (“ETE,” and such common units the “ETE Common Units”);
WHEREAS, in connection with the purchase and sale of the ETE Common Units, ETE, Enterprise GP
Holdings, L.P., Xxxxx and NGP entered into that certain Unitholder Rights and Restrictions
Agreement, dated May 7, 2007, detailing certain rights and restrictions of the parties thereto in
connection with the purchase and sale of the ETE Common Units (the “Rights Agreement”);
WHEREAS, on November 22, 2010, in connection with the merger of Enterprise GP Holdings, L.P.
with and into Enterprise ETE and subsequent contribution of the membership interests of Enterprise
ETE to Enterprise Products Operating LLC, Enterprise ETE became the record holder of the ETE Common
Units; and
WHEREAS, Enterprise desires to cause Enterprise ETE to sell to the Purchasers, and the
Purchasers desire to purchase from Enterprise ETE, certain of the ETE Common Units, in accordance
with the provisions of this Agreement.
NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and
for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the Enterprise Parties, jointly and severally, and each of the Purchasers, severally and not
jointly, hereby agree as follows:
ARTICLE I
DEFINITIONS
Section 1.1 Definitions. As used in this Agreement, and unless the context requires a different
meaning, the following terms have the meanings indicated:
“Affiliate” means, with respect to any Person, any other Person that directly or
indirectly through one or more intermediaries controls, is controlled by or is under common control
with,
the Person in question. As used herein, the term “control” means the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise.
“Agreement” has the meaning set forth in the introductory paragraph.
“Business Day” means a day other than (i) a Saturday or Sunday or (ii) any day on
which banks located in New York, New York, U.S.A. are authorized or obligated to close.
“Closing” has the meaning specified in Section 2.2(a).
“Closing Date” has the meaning specified in Section 2.2(a).
“Commission” means the United States Securities and Exchange Commission.
“Xxxxx” has the meaning set forth in the recitals.
“Delaware LLC Act” means the Delaware Limited Liability Company Act, as amended.
“Delaware LP Act” has the meaning set forth in Section 3.2(a).
“Enterprise” has the meaning set forth in the introductory paragraph.
“Enterprise Entities” means each of the General Partner, Enterprise, Enterprise ETE,
the OLPGP, the Operating LLC and their respective Subsidiaries.
“Enterprise ETE” has the meaning set forth in the introductory paragraph.
“ETE Common Units” has the meaning set forth in the recitals.
“Enterprise Parties” has the meaning set forth in the introductory paragraph.
“Enterprise Related Parties” has the meaning specified in Section 6.2.
“ETE” has the meaning set forth in the recitals.
“ETE Partnership Agreement” means the agreement of limited partnership of ETE, as
amended and/or restated on or prior to the date hereof.
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, and the rules and regulations of the Commission promulgated thereunder.
“General Partner” means Enterprise Products Holdings LLC, the general partner of
Enterprise.
“Governmental Authority” means, with respect to a particular Person, any country,
state, county, city and political subdivision in which such Person or such Person’s Property is
located or that exercises valid jurisdiction over any such Person or such Person’s Property, and
any court, agency, department, commission, board, bureau or instrumentality of any of them and any
monetary authority that exercises valid jurisdiction over any such Person or such Person’s
2
Property. Unless otherwise specified, all references to Governmental Authority herein with respect
to the Enterprise Parties mean a Governmental Authority having jurisdiction over the Enterprise
Entities or any of their respective Properties.
“Indemnified Party” has the meaning specified in Section 6.3.
“Indemnifying Party” has the meaning specified in Section 6.3.
“Law” means any federal, state, local or foreign order, writ, injunction, judgment,
settlement, award, decree, statute, law, rule or regulation.
“Lien” means any interest in Property securing an obligation owed to, or a claim by, a
Person other than the owner of the Property, whether such interest is based on the common law,
statute or contract, and whether such obligation or claim is fixed or contingent, and including the
lien or security interest arising from a mortgage, encumbrance, pledge, security agreement,
conditional sale or trust receipt or a lease, consignment or bailment for security purposes. For
the purpose of this Agreement, a Person shall be deemed to be the owner of any Property that it has
acquired or holds subject to a conditional sale agreement, or leases under a financing lease or
other arrangement pursuant to which title to the Property has been retained by or vested in some
other Person in a transaction intended to create a financing.
“Lock-Up Period” has the meaning set forth in Section 5.2.
“OLPGP” means Enterprise Products OLPGP, Inc., a Delaware corporation and managing
member of Operating LLC.
“Operating LLC” means Enterprise Products Operating LLC, a Texas limited liability
company.
“Person” means an individual or a corporation, limited liability company, partnership,
joint venture, trust, unincorporated organization, association, government agency or political
subdivision thereof or other form of entity.
“Property” means any interest in any kind of property or asset, whether real, personal
or mixed, or tangible or intangible.
“Purchased Units” means, the 4,450,000 ETE Common Units to be sold hereunder, and with
respect to a particular Purchaser, the number of ETE Common Units equal to the aggregate Purchase
Price set forth opposite such Purchaser’s name under the column titled “Purchase Price” set forth
on Schedule A hereto divided by the Unit Price.
“Purchase Price” means, with respect to a particular Purchaser, the amount set forth
opposite such Purchaser’s name under the column titled “Purchase Price” set forth on Schedule
A hereto.
“Purchaser” and “Purchasers” have the meanings set forth in the introductory
paragraph.
“Purchaser Related Parties” has the meaning specified in Section 6.1.
3
“Representatives” of any Person means the Affiliates, officers, directors, managers,
employees, agents, counsel, accountants, investment bankers and other representatives of such
Person.
“Rights Agreement” has the meaning set forth in the recitals.
“Securities Act” means the Securities Act of 1933, as amended from time to time, and
the rules and regulations of the Commission promulgated thereunder.
“Subsidiary” means, with respect to any Person, (a) a corporation of which more than
50% of the voting power of shares entitled (without regard to the occurrence of any contingency) to
vote in the election of directors or other governing body of such corporation is owned, directly or
indirectly, at the date of determination, by such Person, by one or more Subsidiaries of such
Person or a combination thereof, (b) a partnership (whether general or limited) in which such
Person or a Subsidiary of such Person is, at the date of determination, a general or limited
partner of such partnership, but only if more than 50% of the partnership interests of such
partnership (considering all of the partnership interests of the partnership as a single class) is
owned, directly or indirectly, at the date of determination, by such Person, by one or more
Subsidiaries of such Person, or a combination thereof, or (c) any other Person (other than a
corporation or a partnership) in which such Person, one or more Subsidiaries of such Person, or a
combination thereof, directly or indirectly, at the date of determination, has (i) at least a
majority ownership interest or (ii) the power to elect or direct the election of a majority of the
directors or other governing body of such Person.
“Transaction Documents” means the Purchase Agreement and any other agreements or
instruments executed and delivered by the Parties hereunder.
“Unit Price” has the meaning specified in Section 2.1(b).
ARTICLE II
AGREEMENT TO SELL AND PURCHASE
Section 2.1 Sale and Purchase.
(a) Subject to the terms and conditions hereof, Enterprise ETE hereby agrees to sell, and
Enterprise agrees to cause Enterprise ETE to sell, to each Purchaser and each Purchaser hereby
agrees, severally and not jointly, to purchase from Enterprise ETE, its respective Purchased Units,
and each Purchaser agrees, severally and not jointly, to pay Enterprise ETE the Unit Price for each
Purchased Unit as set forth in paragraph (b) below. The obligations of each Purchaser under this
Agreement are independent of the obligations of each other Purchaser, and the failure or waiver of
performance by any Purchaser does not excuse performance by any other Purchaser or by the
Enterprise Parties.
(b) The amount per ETE Common Unit each Purchaser will pay to Enterprise ETE to purchase the
Purchased Units (the “Unit Price”) hereunder shall be $37.88.
4
Section 2.2 Closing; Delivery of and Payment for the Purchased Units. Subject to the terms
and conditions hereof, the consummation of the purchase and sale of the Purchased Units hereunder
(the “Closing”) shall take place at the offices of Xxxxxxx Xxxxx LLP, Houston, Texas, or
such other location as mutually agreed by the parties, on May 26, 2011 (the date of such closing,
the “Closing Date”).
(b) Delivery of the Purchased Units attributable to each Purchaser shall be made to such
Purchaser against payment by such Purchaser of the purchase price thereof to or upon the order of
Enterprise ETE by wire transfer in immediately available funds to an account specified by
Enterprise. Delivery of the Purchased Units shall be made in book-entry form with the transfer
agent of ETE unless the Purchaser shall otherwise instruct. Time shall be of the essence, and
delivery at the time and place specified pursuant to this Agreement is a further condition of the
obligation of such Purchaser.
Section 2.3 Mutual Conditions. The respective obligations of each party to consummate the
purchase and sale of the Purchased Units shall be subject to the satisfaction on or prior to the
Closing Date of each of the following conditions (any or all of which may be waived by a party on
behalf of itself in writing, in whole or in part, to the extent permitted by applicable Law):
(a) no Law shall have been enacted or promulgated, and no action shall have been taken, by any
Governmental Authority of competent jurisdiction that temporarily, preliminarily or permanently
restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions
contemplated hereby or makes the transactions contemplated hereby illegal; and
(b) there shall not be pending any suit, action or proceeding by any Governmental Authority
seeking to restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement.
Section 2.4 Each Purchaser’s Conditions. The obligation of each Purchaser to consummate the
purchase of its Purchased Units shall be subject to the satisfaction on or prior to the Closing
Date of each of the following conditions (any or all of which may be waived by a particular
Purchaser on behalf of itself in writing with respect to its Purchased Units, in whole or in part,
to the extent permitted by applicable Law):
(a) Each Enterprise Party shall have performed and complied with the covenants and agreements
contained in this Agreement that are required to be performed and complied with by such Enterprise
Party on or prior to the Closing Date;
(b) The representations and warranties of the Enterprise Parties contained in this Agreement
shall be true and correct when made and as of the Closing Date (except that
representations of the Enterprise Parties made as of a specific date shall be required to be
true and correct as of such date only); and
(c) The Enterprise Parties shall have delivered, or caused to be delivered, to the Purchasers
at the Closing, the closing deliveries described in Section 2.6.
5
Section 2.5 Conditions of the Enterprise Parties. The obligation of the Enterprise Parties to
consummate the sale of the Purchased Units to a Purchaser shall be subject to the satisfaction on
or prior to the Closing Date of each of the following conditions with respect to such Purchaser
(any or all of which may be waived by Enterprise in writing, in whole or in part, to the extent
permitted by applicable Law):
(a) The representations and warranties of such Purchaser contained in this Agreement shall be
true and correct when made and as of the Closing Date (except that representations of such
Purchaser made as of a specific date shall be required to be true and correct as of such date
only); and
(b) Such Purchaser shall have delivered, or caused to be delivered, to the Enterprise Parties
at the Closing such Purchaser’s closing deliveries described in Section 2.7.
By accepting delivery of the Purchased Units in a manner described in Section 2.2(b),
each Purchaser shall be deemed to have represented to the Enterprise Parties that such Purchaser
has performed and complied with the covenants and agreements contained in this Agreement that are
required to be performed and complied with by it on or prior to the Closing Date; and the
representations and warranties of such Purchaser contained in this Agreement are true and correct
as of the Closing Date (except that representations and warranties made as of a specific date shall
be required to be true and correct as of such date only).
Section 2.6 Enterprise Parties Deliveries. At the Closing, subject to the terms and conditions
hereof, the Enterprise Parties will deliver, or cause to be delivered, to each Purchaser:
(a) Satisfactory evidence from the transfer agent that the Purchased Units have been
transferred to each Purchaser, free and clear of any Liens, other than transfer restrictions under
the ETE Partnership Agreement, and without any restrictive legend thereon;
(b) A cross-receipt executed by the Enterprise Parties and delivered to such Purchaser
certifying that it has received the Purchase Price from such Purchaser as of the Closing Date;
(c) An opinion addressed to the Purchasers from Xxxxxxx Xxxxx LLP, legal counsel to the
Enterprise Parties, dated as of the Closing, in the form and substance attached hereto as
Exhibit A; and
(d) A certificate, dated the Closing Date and signed by the Chief Executive Officer and the
Chief Financial Officer of the General Partner, on behalf of Enterprise, in their capacities as
such, stating that:
(i) Each Enterprise Party has performed and complied with the covenants and agreements
contained in this Agreement that are required to be performed and complied with by it on or
prior to the Closing Date; and
(ii) The representations and warranties of the Enterprise Parties contained in this
Agreement are true and correct as of the Closing Date (except that representations
6
and warranties made as of a specific date shall be required to be true and correct as of such
date only).
Section 2.7 Purchaser Deliveries. At the Closing, subject to the terms and conditions hereof,
each Purchaser will deliver, or cause to be delivered, to the Enterprise Parties:
(a) Payment to Enterprise ETE of the Purchase Price set forth opposite such Purchaser’s name
under the column titled “Purchase Price” on Schedule A hereto by wire transfer of
immediately available funds to an account designated by Enterprise, which account must be
designated in writing at least two Business Days prior to the Closing Date; and
(b) A cross-receipt executed by such Purchaser and delivered to the Enterprise Parties
certifying that it has received its Purchased Units as of the Closing Date.
Section 2.8 Independent Nature of Purchasers’ Obligations and Rights. The obligations of each
Purchaser herein are several and not joint with the obligations of any other Purchaser, and no
Purchaser shall be responsible in any way for the performance of the obligations of any other
Purchaser herein. Nothing contained herein, and no action taken by any Purchaser pursuant thereto,
shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or
any other kind of entity, or create a presumption that the Purchasers are in any way acting in
concert or as a group with respect to such obligations or the transactions contemplated hereby.
Each Purchaser shall be entitled to independently protect and enforce its rights, including without
limitation, the rights arising out of this Agreement, and it shall not be necessary for any other
Purchaser to be joined as an additional party in any proceeding for such purpose.
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THE ENTERPRISE PARTIES
The Enterprise Parties, jointly and severally, represent and warrant to each Purchaser as
follows:
Section 3.1 Existence. Each Enterprise Party has been duly formed and is validly existing in good
standing under the laws of its respective jurisdiction of formation, with all limited liability
company or partnership, as the case may be, power and authority necessary to own or hold its
properties and conduct the businesses in which it is engaged, in each case in all material
respects.
Section 3.2 Authorization, Enforceability. Each Enterprise Party has all necessary limited
liability company or partnership power and authority to execute, deliver and perform its
obligations under this Agreement and to consummate the transactions contemplated hereby, and the
execution, delivery and performance by each Enterprise Party of this Agreement has been duly
authorized by all necessary action on the part of each Enterprise Party; and this Agreement
constitutes the legal, valid and binding obligation of each Enterprise Party, enforceable in
accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
fraudulent transfer and similar laws affecting creditors’ rights generally
7
or by general principles
of equity, including principles of commercial reasonableness, fair dealing and good faith.
Section 3.3 ETE Common Unit Ownership; Entity Ownership.
(a) As of the date hereof and immediately prior to the sale of ETE Common Units pursuant to
this Agreement, Enterprise ETE is the holder of record of all of the Purchased Units, and
Enterprise ETE (or its predecessor) has continuously held of record such Purchased Units since May
7, 2007. Enterprise ETE has, and immediately prior to the Closing will have, good and valid title
to the Purchased Units. To the knowledge of the Enterprise Parties, all of the Purchased Units and
the limited partner interests represented thereby have been duly authorized and validly issued in
accordance with the ETE Partnership Agreement and are fully paid (to the extent required under the
ETE Partnership Agreement) and non-assessable (except as such non-assessability may be affected by
Sections 17-303, 17-607 or 17-804 of the Delaware Revised Uniform Limited Partnership Act, as
amended (the “Delaware LP Act”).
(b) Upon delivery of the Purchase Price, Enterprise ETE will convey to the Purchaser on the
Closing Date the Purchased Units free and clear of any Liens other than Liens set forth in the ETE
Partnership Agreement.
(c) Enterprise ETE is an indirect wholly owned subsidiary of the Enterprise.
Section 3.4 No Conflict. None of (i) the offering and sale by the Enterprise Parties of the
Purchased Units, (ii) the execution, delivery and performance of this Agreement by the Enterprise
Parties, or (iii) the consummation of the transactions contemplated hereby (A) conflicts or will
conflict with or constitutes or will constitute a violation of the certificate of limited
partnership or agreement of limited partnership, certificate of formation or limited liability
company agreement, certificate or articles of incorporation or bylaws or other organizational
documents of any of the Enterprise Entities, (B) conflicts with or will conflict with or
constitutes or will constitute a breach or violation of, or a default (or an event that, with
notice or lapse of time or both, would constitute a default) under, the Rights Agreement, (C)
conflicts or will conflict with or constitutes or will constitute a breach or violation of, or a
default (or an event that, with notice or lapse of time or both, would constitute such a default)
under, any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or
instrument to which any of the Enterprise Entities is a party or by which any of them or any of
their respective properties or assets may be bound, or
(D) violates or will violate any statute, law or regulation or any order, judgment, decree or
injunction of any court, arbitrator or governmental agency or body having jurisdiction over any of
the Enterprise Entities or any of their respective properties or assets, which conflicts, breaches,
violations, defaults or liens, in the case of clause (C), would, individually or in the aggregate,
materially impair the ability of any of the Enterprise Parties to perform their obligations under
this Agreement.
Section 3.5 No Consents. No permit, consent, approval, authorization, order, registration, filing
or qualification (“consent”) of or with any court, governmental agency or body having
jurisdiction over the Enterprise Entities or any of their respective properties is required in
connection with (i) the offering and sale by the Enterprise Parties of the Purchased Units in the
manner contemplated in this Agreement, (ii) the execution, delivery and
8
performance of this
Agreement by the Enterprise Parties or (iii) the consummation by the Enterprise Parties of the
transactions contemplated by this Agreement, other than filings by the Enterprise Parties required
under Section 13 and Section 16 under the Exchange Act.
Section 3.6 No Rights of First Refusal. Neither the execution of this Agreement nor the sale of
the Purchased Units as contemplated by this Agreement gives rise to any rights of first refusal,
rights of first offer or similar rights under any agreement to which either Enterprise Party is a
party that would entitle any Person to purchase or otherwise acquire any of the Purchased Units or
require that an offer to purchase or acquire any of the Purchased Units be made to any Person.
Section 3.7 Litigation. As of the date hereof, there are no legal or governmental proceedings
pending to which any Enterprise Party is a party which challenges the validity of any of this
Agreement or the right of the Enterprise Parties to enter into this Agreement or to consummate the
transactions contemplated hereby and, to the knowledge of Enterprise, no such proceedings are
threatened by Governmental Authorities or others.
Section 3.8 Certain Fees. Except for the fees payable to Citigroup Global Markets Inc., no fees
or commissions are or will be payable by the Enterprise Parties to brokers, finders, or investment
bankers with respect to the sale of any of the Purchased Units or the consummation of the
transaction contemplated by this Agreement. The Enterprise Parties, jointly and severally, agree
to indemnify and hold harmless the Purchaser from and against any and all claims, demands, or
liabilities for broker’s, finder’s, placement, or other similar fees or commissions incurred by the
Enterprise Parties in connection with the sale of the Purchased Units or the consummation of the
transactions contemplated by this Agreement.
Section 3.9 No Side Agreements.
There are no agreements by, among or between the Enterprise Parties or any of their
Affiliates, on the one hand, and any Purchaser or any of their Affiliates, on the other hand, with
respect to the transactions contemplated hereby other than this Agreement nor promises or
inducements for future transactions between or among any of such parties.
Section 3.10 No Registration. The sale of the Purchased Units pursuant to this Agreement is exempt
from registration requirements of the Securities Act under Section 4(1) thereunder.
Section 3.11 Matters Pertaining to ETE and the Purchased Units.
(a) The Enterprise Parties have no knowledge of any material fact, condition or information
pertaining to ETE and its Subsidiaries not disclosed in the reports of ETE filed under Section 13
or 15(d) of the Exchange Act, as applicable.
(b) Neither of the Enterprise Parties is, nor has an Enterprise Party been during the
preceding three months, an “affiliate” of ETE, as such term is defined in both Rule 144(a)(1) and
Rule 405 of the Securities Act.
(c) The Enterprise Parties have no knowledge of any failure on behalf of ETE to (i) file any
reports under Section 13 or 15(d) of the Exchange Act, as applicable, during the 12
9
months preceding the date hereof, other than Form 8-K reports, or (ii) submit electronically and post on
its corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T, during the 12 months preceding the date hereof.
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS
Each Purchaser, severally and not jointly, hereby represents and warrants to the Enterprise
Parties that:
Section 4.1 Existence. Such Purchaser is duly organized and validly existing and in
good standing under the Laws of its jurisdiction of organization, with all requisite power and
authority to own, lease, use and operate its Properties and to conduct its business as currently
conducted.
Section 4.2 Authorization, Enforceability. Such Purchaser has all necessary
corporate, limited liability company or partnership power and authority to execute, deliver and
perform its obligations under this Agreement and to consummate the transactions contemplated
hereby, and the execution, delivery and performance by such Purchaser of this Agreement has been
duly authorized by all necessary action on the part of such Purchaser; and this Agreement
constitutes the legal, valid and binding obligation of such
Purchaser, enforceable in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, fraudulent transfer and similar laws affecting creditors’ rights
generally or by general principles of equity, including principles of commercial reasonableness,
fair dealing and good faith.
Section 4.3 No Breach. The execution, delivery and performance of this Agreement by
such Purchaser and the consummation by such Purchaser of the transactions contemplated hereby will
not (a) conflict with or result in a breach or violation of any of the terms or provisions of, or
constitute a default under, any material agreement to which such Purchaser is a party or by which
such Purchaser is bound or to which any of the property or assets of such Purchaser is subject, (b)
conflict with or result in any violation of the provisions of the organizational documents of such
Purchaser, or (c) violate any statute, order, rule or regulation of any court or governmental
agency or body having jurisdiction over such Purchaser or the property or assets of such Purchaser,
except in the cases of clauses (a) and (c), for such conflicts, breaches, violations or defaults as
would not prevent the consummation of the transactions contemplated by this Agreement.
Section 4.4 Certain Fees. No fees or commissions are or will be payable by such
Purchaser to brokers, finders, or investment bankers with respect to the purchase of any of the
Purchased Units or the consummation of the transaction contemplated by this Agreement. Such
Purchaser agrees that it will indemnify and hold harmless the Enterprise Parties from and against
any and all claims, demands, or liabilities for broker’s, finder’s, placement, or other similar
fees or commissions incurred by such Purchaser in connection with the purchase of the Purchased
Units or the consummation of the transactions contemplated by this Agreement.
10
ARTICLE V
COVENANTS
Section 5.1 Taking of Necessary Action. Each of the parties hereto shall use its
commercially reasonable efforts promptly to take or cause to be taken all action and promptly to do
or cause to be done all things necessary, proper or advisable under applicable Law and regulations
to consummate and make effective the transactions contemplated by this Agreement. Without limiting
the foregoing, the Enterprise Parties and each Purchaser shall use its commercially reasonable
efforts to make all filings and obtain all consents of Governmental Authorities that may be
necessary or, in the reasonable opinion of the other parties, as the case may be, advisable for the
consummation of the transactions contemplated by this Agreement.
Section 5.2 Lock-Up Agreement. The Enterprise Parties agree, for a period of 45 days
from the date of this Agreement (the “Lock-Up Period”), not to, directly or indirectly, (i)
offer for sale, sell, pledge or otherwise dispose of (or enter into any transaction or device that
is designed to, or could be expected to,
result in the disposition by any person at any time in the future of) any ETE Common Units or
securities convertible into, or exchangeable for ETE Common Units, or sell or grant options, rights
or warrants with respect to any ETE Common Units or securities convertible into or exchangeable for
ETE Common Units (other than the grant of options pursuant to option plans existing on the date
hereof or additional sales of ETE Common Units to any of the Purchasers at a price of no less than
the Purchase Price), or (ii) enter into any swap or other derivatives transaction that transfers to
another, in whole or in part, any of the economic benefits or risks of ownership of such ETE Common
Units, whether any such transaction described in clause (i) or (ii) above is to be settled by
delivery of ETE Common Units or other securities, in cash or otherwise, (iii) request or demand
that a registration statement be filed, including any amendments, with respect to the registration
of any ETE Common Units or securities convertible, exercisable or exchangeable into ETE Common
Units or (iv) publicly disclose the intention to do any of the foregoing.
ARTICLE VI
INDEMNIFICATION
Section 6.1 Indemnification by the Enterprise Parties. Each of the Enterprise
Parties, jointly and severally, agrees to indemnify each Purchaser and its officers, directors,
managers, general partners, employees and agents (collectively, “Purchaser Related
Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings
(including any investigations, litigation or inquiries), demands, and causes of action, and, in
connection therewith, and promptly upon demand, pay or reimburse each of them for all costs,
losses, liabilities, damages, or expenses of any kind or nature whatsoever, including, without
limitation, the reasonable fees and disbursements of counsel and all other reasonable expenses
incurred in connection with investigating, defending or preparing to defend any such matter that
may be incurred by them or asserted against or involve any of them as a result of, arising out of,
or in any way related to the breach of any of the representations, warranties or covenants of the
Enterprise Parties contained herein, provided that such claim for indemnification relating to a
11
breach of the representations or warranties is made prior to the expiration of such representations
or warranties; and provided further, that no Purchaser Related Party shall be entitled to recover
special, consequential (including lost profits or diminution in value) or punitive damages.
Notwithstanding anything to the contrary, consequential damages shall not be deemed to include
diminution in value of the Purchased Units, which is specifically included in damages covered by
Purchaser Related Parties’ indemnification.
Section 6.2 Indemnification by Purchasers. Each Purchaser agrees, severally and not
jointly, to indemnify the Enterprise Parties and their respective officers, directors, managers,
general partners, employees and agents (collectively, “Enterprise Related Parties”) from,
and hold each of them harmless against, any and all actions, suits, proceedings (including any
investigations, litigation or inquiries), demands, and causes of action, and, in connection
therewith, and promptly upon demand, pay or reimburse
each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature
whatsoever, including, without limitation, the reasonable fees and disbursements of counsel and all
other reasonable expenses incurred in connection with investigating, defending or preparing to
defend any such matter that may be incurred by them or asserted against or involve any of them as a
result of, arising out of, or in any way related to the breach of any of the representations,
warranties or covenants of such Purchaser contained herein, provided that such claim for
indemnification relating to a breach of the representations and warranties is made prior to the
expiration of such representations and warranties; and provided further, that no Enterprise Related
Party shall be entitled to recover special, consequential (including lost profits or diminution in
value) or punitive damages.
Section 6.3 Indemnification Procedure. Promptly after any Enterprise Related Party or
Purchaser Related Party (hereinafter, the “Indemnified Party”) has received notice of any
indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third
person, which the Indemnified Party believes in good faith is an indemnifiable claim under this
Agreement, the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying
Party”) written notice of such claim or the commencement of such action, suit or proceeding,
but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any
liability it may have to such Indemnified Party hereunder except to the extent that the
Indemnifying Party is materially prejudiced by such failure. Such notice shall state the nature and
the basis of such claim to the extent then known. The Indemnifying Party shall have the right to
defend and settle, at its own expense and by its own counsel who shall be reasonably acceptable to
the Indemnified Party, any such matter as long as the Indemnifying Party pursues the same
diligently and in good faith. If the Indemnifying Party undertakes to defend or settle, it shall
promptly notify the Indemnified Party of its intention to do so, and the Indemnified Party shall
cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in
the defense thereof and the settlement thereof. Such cooperation shall include, but shall not be
limited to, furnishing the Indemnifying Party with any books, records and other information
reasonably requested by the Indemnifying Party and in the Indemnified Party’s possession or
control. Such cooperation of the Indemnified Party
shall be at the cost of the Indemnifying Party.
After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to
defend or settle any such asserted liability, and for so long as the Indemnifying Party diligently
pursues such defense, the Indemnifying Party shall not be liable for any additional legal expenses
incurred by the Indemnified Party in connection with any defense or settlement of such asserted
liability; provided, however, that the Indemnified Party
12
shall be entitled (i) at its expense, to
participate in the defense of such asserted liability and the negotiations of the settlement
thereof and (ii) if (A) the Indemnifying Party has failed to assume the defense or employ counsel
reasonably acceptable to the Indemnified Party or (B) if the defendants in any such action include
both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party shall
have concluded that there may be reasonable defenses available to the Indemnified Party that are
different from or in addition to those available to the Indemnifying Party or if the interests of
the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying
Party, then the Indemnified Party shall have the right to select a separate counsel and to assume
such legal defense and otherwise to participate in the defense of such action, with the expenses
and fees of such separate counsel and other expenses related to such participation to be reimbursed
by the Indemnifying Party as incurred.
Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle
any indemnified claim without the consent of the Indemnified Party, unless the settlement thereof
imposes no liability or obligation on, and includes a complete release from liability of, and does
not include any admission of wrongdoing or malfeasance by, the Indemnified Party.
ARTICLE VII
MISCELLANEOUS
Section 7.1 Interpretation. Article, Section, Schedule, and Exhibit references are to
this Agreement, unless otherwise specified. All references to instruments, documents, contracts,
and agreements are references to such instruments, documents, contracts, and agreements as the same
may be amended, supplemented, and otherwise modified from time to time, unless otherwise specified.
The word “including” shall mean “including but not limited to.” Whenever any party has an
obligation under this Agreement, the expense of complying with that obligation shall be an expense
of such party unless otherwise specified. Whenever any determination, consent, or approval is to be
made or given by any Purchaser, such action shall be in such Purchaser’s sole discretion unless
otherwise specified in this Agreement. If any provision in this Agreement is held to be illegal,
invalid, not binding, or unenforceable, such provision shall be fully severable and this Agreement
shall be construed and enforced as if such illegal, invalid, not binding, or unenforceable
provision had never comprised a part of hereof, and the remaining provisions shall remain in full
force and effect. This Agreement been reviewed and negotiated by sophisticated parties with
access to legal counsel and shall not be construed against the drafter.
Section 7.2 Survival of Provisions. The representations and warranties set forth in
Sections 3.2, 3.3, 3.4, 3.5, 3.8, 3.9, 3.10, 3.11, 4.2 and 4.4 shall survive the execution and
delivery of this Agreement indefinitely, and the other representations and warranties set forth
hereunder shall survive for a period of 12 months, in each case following the Closing Date,
regardless of any investigation made by or on behalf of the Enterprise Parties or any Purchaser.
The covenants made in this Agreement shall survive the Closing of the transactions described herein
and remain operative and in full force and effect regardless of acceptance of any of the Purchased
Units and payment therefor and repayment, conversion, exercise or repurchase thereof.
13
Section 7.3 No Waiver; Modifications in Writing.
(a) Delay. No failure or delay on the part of any party in exercising any right,
power, or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, power, or remedy preclude any other or further exercise thereof or the
exercise of any other right, power, or remedy. The remedies provided for herein are cumulative and
are not exclusive of any remedies that may be available to a party at law or in equity or
otherwise.
(b) Amendment; Specific Waiver. Except as otherwise provided herein, no amendment,
waiver, consent, modification, or termination of any provision of this Agreement shall be effective
unless signed by each of the parties hereto affected by such amendment, waiver, consent,
modification, or termination. Any amendment, supplement or modification of or to any provision of
this Agreement, any waiver of any provision of this Agreement, and any consent to any departure by
the Enterprise Parties from the terms of any provision of this Agreement shall be effective only in
the specific instance and for the specific purpose for which made or given. Except where notice is
specifically required by this Agreement, no notice to or demand on any Enterprise Party in any case
shall entitle such Enterprise Party to any other or further notice or demand in similar or other
circumstances.
Section 7.4 Binding Effect; Assignment.
(a) Binding Effect. This Agreement shall be binding upon the Enterprise Parties, the
Purchasers, and their respective successors and permitted assigns. Except as expressly provided in
this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any
Person other than the parties to this Agreement and their respective successors and permitted
assigns.
(b) Assignment of Rights. All or any portion of the rights and obligations of any
Purchaser under this Agreement may be transferred by such Purchaser to any Affiliate of such
Purchaser without the consent of the Enterprise Parties. No portion of the rights and obligations
of any Purchaser under this Agreement may be transferred by such Purchaser to a non-Affiliate
without the written consent of the Enterprise Parties (which consent shall not be unreasonably
withheld by the Enterprise Parties).
Section 7.5 Communications. All notices and demands provided for hereunder shall be
in writing and shall be given by registered or certified mail, return receipt requested, facsimile,
air courier guaranteeing overnight delivery, via electronic mail, or personal delivery to the
following addresses:
(a) | If to any Purchaser: |
To the respective address listed on Schedule B hereof
with a copy to:
Xxxxx X. Xxxxx, Esq.
Xxxxx Xxxxx LLP
00 Xxx Xxxxxxx Xxxx, Xxxxx 0000
Xxxxxx, XX 00000-0000
xxxxx.xxxxx@xxxxxxxxxx.xxx
Facsimile: 512.322.2556
Xxxxx X. Xxxxx, Esq.
Xxxxx Xxxxx LLP
00 Xxx Xxxxxxx Xxxx, Xxxxx 0000
Xxxxxx, XX 00000-0000
xxxxx.xxxxx@xxxxxxxxxx.xxx
Facsimile: 512.322.2556
14
(b) | If to the Enterprise Parties: |
Enterprise Products Partners, L.P.
0000 Xxxxxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, XX 00000
Attention: Chief Legal Officer
Facsimile: 713.381.6570
0000 Xxxxxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, XX 00000
Attention: Chief Legal Officer
Facsimile: 713.381.6570
or to such other address as the Enterprise Parties or such Purchaser may designate in writing. All
notices and communications shall be deemed to have been duly given: at the time delivered by hand,
if personally delivered; at the time of transmittal, if sent via electronic mail; upon actual
receipt if sent by certified mail, return receipt requested, or regular mail, if mailed; when
receipt acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air
courier guaranteeing overnight delivery.
Section 7.6 Entire Agreement. This Agreement is intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject matter contained herein
and therein. There are no restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein with respect to the rights granted by the Enterprise Parties or any of
its Affiliates or any Purchaser or any of its Affiliates set forth herein or therein. This
Agreement supersedes all prior agreements and understandings between the parties with respect to
such subject matter.
Section 7.7 Governing Law. This Agreement will be construed in accordance with and
governed by the laws of the State of New York.
Section 7.8 Execution in Counterparts. This Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed to be an original and all of which
counterparts, taken together, shall constitute but one and the same Agreement.
Section 7.9 Termination.
(a) Notwithstanding anything herein to the contrary, this Agreement may be terminated at any
time at or prior to the Closing by the written consent of the Purchasers that have agreed to
acquire a majority of the Purchased Units, upon a breach in any material respect by the Enterprise
Parties of any covenant or agreement set forth in this Agreement.
(b) Notwithstanding anything herein to the contrary, this Agreement shall automatically
terminate at any time at or prior to the Closing:
(i) if a statute, rule, order, decree or regulation shall have been enacted or
promulgated, or if any action shall have been taken by any Governmental Authority of
15
competent jurisdiction that permanently restrains, permanently precludes, permanently
enjoins or otherwise permanently prohibits the consummation of the transactions contemplated
by this Agreement or makes the transactions contemplated by this Agreement illegal; or
(ii) if the Closing shall not have occurred by May 27, 2011.
(c) In the event of the termination of this Agreement as provided in this Section 7.9,
this Agreement shall forthwith become null and void. In the event of such termination, there shall
be no liability on the part of any party hereto; provided that nothing herein shall relieve any
party from any liability or obligation with respect to any willful breach of this Agreement.
Section 7.10 Costs and Expenses. Each party shall be responsible for such party’s own
expenses in connection with this Agreement and the transactions contemplated hereby; provided, each
Purchaser agrees to pay to Xxxxx Xxxxx L.L.P. its pro rata portion of the legal fees and expenses
incurred by Xxxxx Xxxxx L.L.P., as counsel to certain Purchasers and for its role in facilitating
the process, in proportion to the aggregate number of Purchased Units set forth opposite the names
of such Purchasers on Schedule A.
[Signature pages follow.]
16
IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first
above written.
ENTERPRISE PRODUCTS PARTNERS L.P. |
||||
By: | Enterprise Products Holdings LLC, its general partner | |||
By: | /s/ W. Xxxxxxx Xxxxxx | |||
W. Xxxxxxx Xxxxxx | ||||
Executive Vice President and Chief Financial Officer | ||||
ENTERPRISE ETE LLC |
||||
By: | /s/ W. Xxxxxxx Xxxxxx | |||
W. Xxxxxxx Xxxxxx | ||||
Executive Vice President and Chief Financial Officer | ||||
Signature Page to Unit Purchase Agreement
KA FIRST RESERVE, LLC |
||||
By: | KA Fund Advisors, LLC, as Manager | |||
By: | /s/ Xxxxx X. Xxxxx | |||
Xxxxx X. Xxxxx | ||||
Senior Managing Director | ||||
XXXXX XXXXXXXX MLP INVESTMENT COMPANY |
||||
By: | KA Fund Advisors, LLC, as Manager | |||
By: | /s/ Xxxxx X. Xxxxx | |||
Xxxxx X. Xxxxx | ||||
Senior Managing Director | ||||
XXXXX XXXXXXXX ENERGY TOTAL RETURN FUND, INC. |
||||
By: | KA Fund Advisors, LLC, as Manager | |||
By: | /s/ Xxxxx X. Xxxxx | |||
Xxxxx X. Xxxxx | ||||
Senior Managing Director | ||||
XXXXX XXXXXXXX ENERGY DEVELOPMENT COMPANY |
||||
By: | KA Fund Advisors, LLC, as Manager | |||
By: | /s/ Xxxxx X. Xxxxx | |||
Xxxxx X. Xxxxx | ||||
Senior Managing Director | ||||
Signature Page to Unit Purchase Agreement
XXXXX XXXXXXXX MIDSTREAM INSTITUTIONAL FUND, LP |
||||
By: | KA Fund Advisors, LLC, as Manager | |||
By: | /s/ Xxxxx Xxxxxxxxxx | |||
Xxxxx Xxxxxxxxxx | ||||
General Counsel | ||||
XXXXX XXXXXXXX MLP FUND, LP |
||||
By: | KA Fund Advisors, LLC, as Manager | |||
By: | /s/ Xxxxx Xxxxxxxxxx | |||
Xxxxx Xxxxxxxxxx | ||||
General Counsel | ||||
Signature Page to Unit Purchase Agreement
AST ACADEMIC STRATEGIES ASSET ALLOCATION PORTFOLIO OF ADVANCED SERIES TRUST, by its Investment Sub-Adviser, Xxxxxxxx Associates, LLC |
||||
By: | /s/ Xxxxx Xxxx | |||
Xxxxx Xxxx | ||||
Managing Director and Portfolio Manager | ||||
Signature Page to Unit Purchase Agreement
PRUDENTIAL UTILITY FUND D/B/A PRUDENTIAL XXXXXXXX UTILITY FUND OF PRUDENTIAL SECTOR FUNDS, INC., by its Investment Sub-Adviser, Xxxxxxxx Associates, LLC |
||||
By: | /s/ Xxxxx Xxxx | |||
Xxxxx Xxxx | ||||
Managing Director and Portfolio Manager |
Signature Page to Unit Purchase Agreement
CLEARBRIDGE ENERGY MLP FUND INC. |
||||
By: | ClearBridge Advisors, LLC | |||
By: | /s/ Xxxxxxx Xxxxxx Xxxxxxx | |||
Xxxxxxx Xxxxxx Xxxxxxx | ||||
Managing Director | ||||
Signature Page to Unit Purchase Agreement
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY |
||||
By: | /s/ Xxxxx X. Xxxxxx | |||
Xxxxx X. Xxxxxx | ||||
its Authorized Representative | ||||
Signature Page to Unit Purchase Agreement
THE XXXXXXX MLP TOTAL RETURN FUND |
||||
By: | Xxxxxxx MLP Asset Management, L.P. its investment advisor |
|||
By: | Swank Capital, LLC, its general partner | |||
By: | /s/ Xxxxx X. Xxxxx | |||
Xxxxx X. Xxxxx | ||||
Managing Member | ||||
THE XXXXXXX MLP OPPORTUNITY FUND I, LP |
||||
By: | Carbon County Partners I, LP | |||
By: | Carbon County GP I, LLC, its general partner | |||
By: | Xxxxxxx MLP Asset Management, LP, Member | |||
By: | Swank Capital, LLC, its general partner | |||
By: | /s/ Xxxxx X. Xxxxx | |||
Xxxxx X. Xxxxx | ||||
Managing Member | ||||
THE XXXXXXX XX STRATEGIES FUND, LP |
||||
By: | Carbon County Partners I, LP | |||
By: | Carbon County GP I, LLC, its general partner | |||
By: | Xxxxxxx MLP Asset Management, LP, Member | |||
By: | Swank Capital, LLC, its general partner | |||
By: | /s/ Xxxxx X. Xxxxx | |||
Xxxxx X. Xxxxx | ||||
Managing Member | ||||
THE XXXXXXX FUND, LP |
||||
By: | Xxxxxxx MLP Asset Management, L.P. its general partner |
|||
By: | Swank Capital, LLC, its general partner | |||
By: | /s/ Xxxxx X. Xxxxx | |||
Xxxxx X. Xxxxx | ||||
Managing Member | ||||
Signature Page to Unit Purchase Agreement
SWANK MLP CONVERGENCE FUND, LP |
||||
By: | Xxxxxxx MLP Asset Management, L.P. its general partner |
|||
By: | Swank Capital, LLC, its general partner | |||
By: | /s/ Xxxxx X. Xxxxx | |||
Xxxxx X. Xxxxx | ||||
Managing Member | ||||
Signature Page to Unit Purchase Agreement
Schedule A — List of Purchasers and Allocations
Purchaser | ETE Common Units | Purchase Price | ||||||
KA First Reserve, LLC |
1,451,390 | $ | 54,978,653.20 | |||||
Xxxxx Xxxxxxxx Midstream
Institutional Fund, LP |
65,972 | $ | 2,499,019.36 | |||||
Xxxxx Xxxxxxxx MLP Fund, LP |
65,972 | $ | 2,499,019.36 | |||||
Xxxxx Xxxxxxxx MLP Investment Company |
527,778 | $ | 19,992,230.64 | |||||
Xxxxx Xxxxxxxx Energy Total Return
Fund, Inc. |
131,944 | $ | 4,998,038.72 | |||||
Xxxxx Xxxxxxxx Energy Development
Company |
131,944 | $ | 4,998,038.72 | |||||
AST Academic Strategies Asset
Allocation Portfolio of Advanced
Series Trust |
76,500 | $ | 2,897,820.00 | |||||
Prudential Utility Fund d/b/a
Prudential Xxxxxxxx Utility Fund of
Prudential Sector Funds, Inc. |
598,500 | $ | 22,671,180.00 | |||||
ClearBridge Energy MLP Fund Inc. |
500,000 | $ | 18,940,000.00 | |||||
The Northwestern Mutual Life
Insurance Company |
500,000 | $ | 18,940,000.00 | |||||
The Xxxxxxx MLP Total Return Fund |
175,000 | $ | 6,629,000.00 | |||||
The Xxxxxxx MLP Opportunity Fund I,
LP |
150,000 | $ | 5,682,000.00 | |||||
The Xxxxxxx XX Strategies Fund, LP |
25,000 | $ | 947,000.00 | |||||
The Xxxxxxx Fund, LP |
30,000 | $ | 1,136,400.00 | |||||
The Swank MLP Convergence Fund, LP |
20,000 | $ | 757,600.00 | |||||
TOTAL: |
4,450,000 | $ | 168,566,000.00 |
Schedule A to Unit Purchase Agreement
Schedule B — Notice and Contact Information
KA First Reserve, LLC |
Xxxxx Xxxxxxxx Capital Advisors, L.P. | |
000 Xxxxx, Xxxxx 0000 | ||
Xxxxxxx, Xxxxx 00000 | ||
Attention: Xxxxx X. Xxxxx | ||
Facsimile: (000) 000-0000 | ||
xxxxxx@xxxxxxxxxxxx.xxx |
||
with a copy to: |
||
Xxxx Xxxxxx | ||
First Reserve Corporation | ||
000 Xxxxxx, Xxxxx 0000 | ||
Xxxxxxx XX 00000 | ||
Facsimile: (000) 000-0000 | ||
xxxxxxx@xxxxxxxxxxxx.xxx | ||
Xxxxx Xxxxxxxx Midstream Institutional Fund, LP |
Xxxxx Xxxxxxxx Capital Advisors, L.P. | |
0000 Xxxxxx xx xxx Xxxxx, Xxxxxx Xxxxx | ||
Xxx Xxxxxxx, XX 00000 | ||
Attention: Xxxxx Xxxxxxxxxx | ||
Facsimile: (310) 284-644 | ||
xxxxxxxxxxx@xxxxxxxxxxxx.xxx | ||
Xxxxx Xxxxxxxx MLP Fund, LP |
Xxxxx Xxxxxxxx Capital Advisors, L.P. | |
0000 Xxxxxx xx xxx Xxxxx, Xxxxxx Xxxxx | ||
Xxx Xxxxxxx, XX 00000 | ||
Attention: Xxxxx Xxxxxxxxxx | ||
Facsimile: (310) 284-644 | ||
xxxxxxxxxxx@xxxxxxxxxxxx.xxx | ||
Xxxxx Xxxxxxxx MLP Investment Company |
Xxxxx Xxxxxxxx Capital Advisors, L.P. | |
000 Xxxxx, Xxxxx 0000 | ||
Xxxxxxx, Xxxxx 00000 | ||
Attention: Xxxxx X. Xxxxx | ||
Facsimile: (000) 000-0000 | ||
xxxxxx@xxxxxxxxxxxx.xxx | ||
Xxxxx Xxxxxxxx Energy Total Return Fund, Inc. |
Xxxxx Xxxxxxxx Capital Advisors, L.P. | |
000 Xxxxx, Xxxxx 0000 | ||
Xxxxxxx, Xxxxx 00000 | ||
Attention: Xxxxx X. Xxxxx | ||
Facsimile: (000) 000-0000 | ||
xxxxxx@xxxxxxxxxxxx.xxx |
Schedule B to Unit Purchase Agreement
Xxxxx Xxxxxxxx Energy Development Company |
Xxxxx Xxxxxxxx Capital Advisors, L.P. | |
000 Xxxxx, Xxxxx 0000 | ||
Xxxxxxx, Xxxxx 00000 | ||
Attention: Xxxxx X. Xxxxx | ||
Facsimile: (000) 000-0000 | ||
xxxxxx@xxxxxxxxxxxx.xxx | ||
AST Academic Strategies Asset Allocation Portfolio of Advanced Series Trust | AST Academic Strategies Asset | |
Allocation Portfolio of Advanced | ||
Series Trust | ||
c/o Jennison Associates LLC | ||
000 Xxxxxxxxx Xxxxxx | ||
Xxx Xxxx, Xxx Xxxx 00000 | ||
Attn: Legal Department | ||
Facsimile: 000-000-0000 | ||
Prudential Utility Fund d/b/a Prudential Xxxxxxxx Utility Fund of Prudential Sector Funds, Inc. | Prudential Utility Fund d/b/a | |
Prudential Xxxxxxxx Utility Fund of | ||
Prudential Sector Funds, Inc. | ||
c/o Jennison Associates LLC | ||
000 Xxxxxxxxx Xxxxxx | ||
Xxx Xxxx, Xxx Xxxx 00000 | ||
Attn: Legal Department | ||
Facsimile: 000-000-0000 | ||
ClearBridge Energy MLP Fund Inc. |
ClearBridge Advisors, LLC | |
000 0xx Xxxxxx, 00xx XX | ||
Xxx Xxxx, Xxx Xxxx 00000 | ||
Attention: Xxxxxxx Xxxxxxx | ||
XXXxxxxxx@xxxxxxxxxxxxxxxxxxx.xxx | ||
The Northwestern Mutual Life Insurance Company |
The Northwestern Mutual Life | |
Insurance Company | ||
000 Xxxx Xxxxxxxxx Xxxxxx | ||
Xxxxxxxxx, Xxxxxxxxx 00000 | ||
Attention: Xxxx Xxxxxx | ||
Facsimilie: 414.665.7124 | ||
xxxxxxxxxx@xxxxxxxxxxxxxxxxxx.xxx |
||
with a copy to: | ||
Xxxxx Xxxxxxx | ||
Facsimilie: 000.000.0000 | ||
xxxxxxxxxxxx@xxxxxxxxxxxxxxxxxx.xxx |
Schedule B to Unit Purchase Agreement
The Xxxxxxx MLP Total Return Fund |
Swank Capital, LLC | |
Attn: Xxxxxx X. Xxxxxx | ||
0000 Xxxxxxx Xxxx, Xxxxx 000 | ||
Xxxxxx, XX 00000 | ||
xxxxxxx@xxxxxxxxxxxx.xxx |
||
with a copy to: |
||
Swank Capital, LLC | ||
Attn: Xxxxx Xxxxxxxxx | ||
0000 Xxxxxxx Xxxx, Xxxxx 000 | ||
Xxxxxx, XX 00000 | ||
xxxxxxxxxx@xxxxxxxxxxxx.xxx | ||
The Xxxxxxx MLP Opportunity Fund I, XX |
Xxxxx Capital, LLC | |
Attn: Xxxxxx X. Xxxxxx | ||
0000 Xxxxxxx Xxxx, Xxxxx 000 | ||
Xxxxxx, XX 00000 | ||
xxxxxxx@xxxxxxxxxxxx.xxx |
||
with a copy to: |
||
Swank Capital, LLC | ||
Attn: Xxxxx Xxxxxxxxx | ||
0000 Xxxxxxx Xxxx, Xxxxx 000 | ||
Xxxxxx, XX 00000 | ||
xxxxxxxxxx@xxxxxxxxxxxx.xxx | ||
The Xxxxxxx XX Strategies Fund, XX |
Xxxxx Capital, LLC | |
Attn: Xxxxxx X. Xxxxxx | ||
0000 Xxxxxxx Xxxx, Xxxxx 000 | ||
Xxxxxx, XX 00000 | ||
xxxxxxx@xxxxxxxxxxxx.xxx |
||
with a copy to: |
||
Swank Capital, LLC | ||
Attn: Xxxxx Xxxxxxxxx | ||
0000 Xxxxxxx Xxxx, Xxxxx 000 | ||
Xxxxxx, XX 00000 | ||
xxxxxxxxxx@xxxxxxxxxxxx.xxx |
Schedule B to Unit Purchase Agreement
The Xxxxxxx Fund, XX |
Xxxxx Capital, LLC | |
Attn: Xxxxxx X. Xxxxxx | ||
0000 Xxxxxxx Xxxx, Xxxxx 000 | ||
Xxxxxx, XX 00000 | ||
xxxxxxx@xxxxxxxxxxxx.xxx |
||
with a copy to: |
||
Swank Capital, LLC | ||
Attn: Xxxxx Xxxxxxxxx | ||
0000 Xxxxxxx Xxxx, Xxxxx 000 | ||
Xxxxxx, XX 00000 | ||
xxxxxxxxxx@xxxxxxxxxxxx.xxx | ||
The Swank MLP Convergence Fund, XX |
Xxxxx Capital, LLC | |
Attn: Xxxxxx X. Xxxxxx | ||
0000 Xxxxxxx Xxxx, Xxxxx 000 | ||
Xxxxxx, XX 00000 | ||
xxxxxxx@xxxxxxxxxxxx.xxx |
||
with a copy to: |
||
Swank Capital, LLC | ||
Attn: Xxxxx Xxxxxxxxx | ||
0000 Xxxxxxx Xxxx, Xxxxx 000 | ||
Xxxxxx, XX 00000 | ||
xxxxxxxxxx@xxxxxxxxxxxx.xxx |
Schedule B to Unit Purchase Agreement
Exhibit A — Form of Xxxxxxx Xxxxx LLP
1. Each of the Enterprise Parties is validly existing in good standing as a limited liability
company or limited partnership, as applicable, under the laws of the State of Delaware.
2. As of the date hereof immediately prior to the sale of ETE Common Units pursuant to this
Agreement, Enterprise ETE is the holder of record of the Purchased Units.
3. Upon the payment for the Purchased Units to be sold by Enterprise ETE in accordance with
this Agreement and the registration and delivery of such Purchased Units in the name of the
Purchaser in book-entry form on the books maintained by the transfer agent of ETE on behalf of ETE,
assuming the Purchaser has no “notice of an adverse claim” (within the meaning of Section 8-105 of
the Texas Uniform Commercial Code (the “UCC”) to such Purchased Units, the Purchaser will acquire
the Purchased Units as a “protected purchaser” (within the meaning of Section 8-303 of the UCC)
free of any “adverse claim” (within the meaning of Section 8-102(a)(1) of the UCC) with respect to
such securities.
4. This Agreement has been duly authorized and validly executed and delivered by each of the
Enterprise Parties.
5. None of (i) the offering and sale by the Enterprise Parties of the Purchased Units, (ii)
the execution, delivery and performance of this Transaction Documents by the Enterprise Parties, or
(iii) the consummation of the transactions contemplated thereby (A) conflicts or will conflict with
or constitutes or will constitute a violation of the certificate of limited partnership or
agreement of limited partnership, certificate of formation or limited liability company agreement,
certificate or articles of incorporation or bylaws or other organizational documents of any of the
Enterprise Parties, (B) conflicts with or will conflict with or constitutes or will constitute a
breach or violation of, or a default (or an event that, with notice or lapse of time or both, would
constitute a default) under, the Rights Agreement, (C) conflicts or will conflict with or
constitutes or will constitute a breach or violation of, or a default (or an event that, with
notice or lapse of time or both, would constitute such a default) under, (1) any agreement filed as
an exhibit to the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2010 or
any subsequent report filed by the Partnership under the Exchange Act and (2) any indenture,
mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which Enterprise
ETE is a party or by which it or its properties or assets may be bound, or (D) violates or will
violate any statute, law or regulation or any order, judgment, decree or injunction of any court,
arbitrator or governmental agency or body having jurisdiction over any of the Enterprise Parties or
any of their respective properties or assets, which conflicts, breaches, violations, defaults or
liens, in the case of clause (C), would, individually or in the aggregate, materially impair the
ability of any of the Enterprise Parties to perform their obligations under the Transaction
Documents; provided, however, that for purposes of this paragraph, such counsel expresses no
opinion with respect to federal or state securities laws or other antifraud laws.
6. Neither of the Enterprise Parties is, nor has an Enterprise Party been during the preceding
three months, an “affiliate” of ETE, as such term is defined in both Rule 144(a)(1) and Rule 405 of
the Securities Act.
Exhibit A to Unit Purchase Agreement
7. The sale of the Purchased Units by Enterprise ETE pursuant to the Agreement is exempt from
registration requirements of the Securities Act under Section 4(1) thereunder.
Exhibit A to Unit Purchase Agreement