ENTERPRISE PRODUCTS PARTNERS L.P. 9,500,000 Common Units Representing Limited Partner Interests UNDERWRITING AGREEMENT
Exhibit 1.1
ENTERPRISE PRODUCTS PARTNERS L.P.
9,500,000 Common Units
Representing Limited Partner Interests
Representing Limited Partner Interests
January 7, 2010
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated
Barclays Capital Inc.
Citigroup Global Markets Inc.
UBS Securities LLC
▇▇▇▇▇ Fargo Securities, LLC
As Representatives of the several
Underwriters named in Schedule I to the Underwriting Agreement,
Barclays Capital Inc.
Citigroup Global Markets Inc.
UBS Securities LLC
▇▇▇▇▇ Fargo Securities, LLC
As Representatives of the several
Underwriters named in Schedule I to the Underwriting Agreement,
c/o Morgan ▇▇▇▇▇▇▇ & Co. Incorporated
▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Ladies and Gentlemen:
Enterprise Products Partners L.P., a Delaware limited partnership (the “Partnership”),
proposes to issue and sell 9,500,000 common units (the “Firm Units”), each representing a
limited partner interest in the Partnership (the “Common Units”), to the underwriters
listed on Schedule I hereto (the “Underwriters”). In addition, the Partnership
proposes to grant to the Underwriters an option to purchase up to an additional 1,425,000 Common
Units, on the terms and for the purposes set forth in Section 2 (the “Option Units”). The
Firm Units and the Option Units, if purchased, are hereinafter collectively called the
“Units.” Capitalized terms used but not defined herein shall have the same meanings given
them in the Partnership Agreement (as defined herein).
This is to confirm the agreement among the Partnership, Enterprise Products OLPGP, Inc., a
Delaware corporation and managing member of the Operating LLC (as defined below) (the
“OLPGP”), and Enterprise Products Operating LLC, a Texas limited liability company (the
“Operating LLC” and collectively with the Partnership and the OLPGP, the “Enterprise
Parties”), and the Underwriters concerning the purchase of the Firm Units and the Option Units
from the Partnership by the Underwriters.
1. Representations, Warranties and Agreements of the Enterprise Parties. Each of the
Enterprise Parties, jointly and severally, represents and warrants to, and agrees with, the
Underwriters that:
(a) A registration statement on Form S-3 (File No. 333-145709) relating to the Units (i) has
been prepared by the Partnership pursuant to the requirements of the Securities Act of 1933, as
amended (the “Securities Act”), and the rules and regulations (the “Rules and
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Regulations”) of the Securities and Exchange Commission (the “Commission”) thereunder;
(ii) has been filed with the Commission under the Securities Act; and (iii) is effective under the
Securities Act. Copies of such registration statement and any amendment thereto have been made
available by the Partnership to you as the representatives (the “Representatives”) of the
Underwriters. As used in this Agreement:
(i) “Applicable Time” means 8:40 a.m. (New York City time) on the date of this
Agreement;
(ii) “Base Prospectus” means the base prospectus included in the Registration
Statement at the Applicable Time;
(ii) “Effective Date” means any date as of which any part of such registration
statement relating to the Units became, or is deemed to have become, effective under the
Securities Act in accordance with the Rules and Regulations (including for the avoidance of
doubt, any effective date with respect to the Underwriters);
(iii) “Issuer Free Writing Prospectus” means each “free writing prospectus” (as
defined in Rule 405 of the Rules and Regulations) or “issuer free writing prospectus” (as
defined in Rule 433 of the Rules and Regulations) prepared by or on behalf of the
Partnership or used or referred to by the Partnership in connection with the offering of the
Units;
(iv) “Preliminary Prospectus” means any preliminary prospectus relating to the
Units included in such registration statement or filed with the Commission pursuant to Rule
424(b) of the Rules and Regulations, including the Base Prospectus and any preliminary
prospectus supplement thereto relating to the Units;
(v) “Pricing Disclosure Package” means (i) the Base Prospectus, (ii) the
Preliminary Prospectus as amended or supplemented as of the Applicable Time, and (iii) the
pricing information and the Issuer Free Writing Prospectus, if any, identified in
Schedule II hereto;
(vi) “Prospectus” means the final prospectus relating to the Units, including
the Base Prospectus and any prospectus supplement thereto relating to the Units, as filed
with the Commission pursuant to Rule 424(b) of the Rules and Regulations; and
(vii) “Registration Statement” means, collectively, the various parts of the
registration statement referred to in this Section 1(a), each as amended as of the Effective
Date for such part, including any Preliminary Prospectus or the Prospectus and all exhibits
to such registration statement.
Any reference to any Preliminary Prospectus, the Pricing Disclosure Package or the Prospectus shall
be deemed to refer to and include any documents incorporated by reference therein pursuant to Form
S-3 under the Securities Act as of the date of such Preliminary Prospectus or
the Prospectus, as the case may be, or in the case of the Pricing Disclosure Package, as of the
Applicable Time. Any reference to the “most recent Preliminary Prospectus” shall be deemed
to refer to the latest Preliminary Prospectus included in the Registration Statement or filed
pursuant
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to Rule 424(b) on or prior to the date hereof. Any reference to any amendment or
supplement to any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include
any document filed under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), after the date of such Preliminary Prospectus or the Prospectus, as the case may be, and
incorporated by reference in such Preliminary Prospectus or the Prospectus, as the case may be; and
any reference to any amendment to the Registration Statement shall be deemed to include the most
recent annual report of the Partnership on Form 10-K filed with the Commission pursuant to Section
13(a) or 15(d) of the Exchange Act after the original Effective Date that is incorporated by
reference in the Registration Statement. The Commission has not issued any order preventing or
suspending the use of any Preliminary Prospectus or the Prospectus or suspending the effectiveness
of the Registration Statement, and no proceeding or examination for such purpose has been
instituted or, to the Partnership’s knowledge, threatened by the Commission. The Commission has
not notified the Partnership of any objection to the use of the form of the Registration Statement.
(b) Well-Known Seasoned Issuer and Not an Ineligible Issuer. The Partnership was at the time of
the initial filing of the Registration Statement and continues to be a “well-known seasoned issuer”
(as defined in Rule 405 under the Securities Act) eligible to use an “automatic shelf registration
statement” (as defined in Rule 405 under the Securities Act) for the registration of the Units,
including not having been an “ineligible issuer” (as defined in Rule 405 under the Securities Act)
at any such time or date. The Partnership has not received from the Commission any notice pursuant
to Rule 401(g)(2) under the Securities Act objecting to the use of the automatic shelf registration
statement form. The Registration Statement is not the subject of a pending proceeding or
examination under Section 8(d) or 8(e) of the Securities Act, and the Partnership is not the
subject of a pending proceeding under Section 8A of the Securities Act in connection with the
offering of the Units.
(c) Form of Documents. The Registration Statement conformed and will conform in all material
respects on each Effective Date and on the applicable Delivery Date, and any amendment to the
Registration Statement filed after the date hereof will conform in all material respects when
filed, to the requirements of the Securities Act and the Rules and Regulations. The most recent
Preliminary Prospectus conformed, and the Prospectus will conform, in all material respects when
filed with the Commission pursuant to Rule 424(b) to the requirements of the Securities Act and the
Rules and Regulations. The documents incorporated by reference in any Preliminary Prospectus or
the Prospectus conformed, and any further documents so incorporated will conform, when filed with
the Commission, in all material respects to the requirements of the Exchange Act or the Securities
Act, as applicable, and the rules and regulations of the Commission thereunder.
(d) Registration Statement. The Registration Statement did not, as of each Effective Date,
contain an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading; provided that no
representation or warranty is made as to information contained in or omitted from the Registration
Statement in reliance upon and in conformity with written information furnished to
the Partnership through the Representatives by or on behalf of any Underwriter specifically
for inclusion therein, which information is specified in Section 8(b).
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(e) Prospectus. The Prospectus will not, as of its date and on the applicable Delivery Date,
contain an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not
misleading; provided that no representation or warranty is made as to information contained in or
omitted from the Prospectus in reliance upon and in conformity with written information furnished
to the Partnership through the Representatives by or on behalf of any Underwriter specifically for
inclusion therein, which information is specified in Section 8(b).
(f) Documents Incorporated by Reference. The documents incorporated by reference in any
Preliminary Prospectus or the Prospectus did not, and any further documents filed and incorporated
by reference therein will not, when filed with the Commission, contain an untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading.
(g) Pricing Disclosure Package. The Pricing Disclosure Package did not, as of the Applicable
Time, contain an untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided that no representation or warranty is made as to information contained in
or omitted from the Pricing Disclosure Package in reliance upon and in conformity with written
information furnished to the Partnership through the Representatives by or on behalf of any
Underwriters specifically for inclusion therein, which information is specified in Section 8(b).
(h) Issuer Free Writing Prospectus and Pricing Disclosure Package. Each Issuer Free Writing
Prospectus (including, without limitation, any road show that is a free writing prospectus under
Rule 433), when considered together with the Pricing Disclosure Package as of the Applicable Time,
did not contain an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading; provided that no representation or warranty is made as to information
contained in or omitted from any Issuer Free Writing Prospectus in reliance upon and in conformity
with written information furnished to the Partnership through the Representatives by or on behalf
of any Underwriters specifically for inclusion therein, which information is specified in Section
8(b).
(i) Each Issuer Free Writing Prospectus. Each Issuer Free Writing Prospectus conformed or
will conform in all material respects to the requirements of the Securities Act and the Rules and
Regulations on the date of first use, and the Partnership has complied with any filing requirements
applicable to such Issuer Free Writing Prospectus pursuant to the Rules and Regulations. The
Partnership has not made any offer relating to the Units that would constitute an Issuer Free
Writing Prospectus without the prior written consent of the Representatives, except as set forth on
Schedule V hereto. The Partnership has retained in accordance with the Rules and
Regulations all Issuer Free Writing Prospectuses that were not required to be filed pursuant to the
Rules and Regulations (it being understood that, as of the date hereof, the
Partnership has not retained any Issuer Free Writing Prospectus for the three-year period
required thereby). Each Issuer Free Writing Prospectus does not and will not include any
information that conflicts with the information contained in the Registration Statement or the
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Pricing Disclosure Package, including any document incorporated therein and any prospectus
supplement deemed to be a part thereof that has not been superseded or modified. The foregoing
sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based
upon and in conformity with written information furnished to the Partnership by the Underwriters
through the Representatives specifically for inclusion therein, which information consists solely
of the information specified in Section 8(b).
(j) Formation and Qualification of the Partnership Entities. Each of Enterprise Products GP, LLC,
a Delaware limited liability company (the “General Partner”), the Partnership, the OLPGP,
the Operating LLC and their respective subsidiaries listed on Schedule III hereto (each, a
“Partnership Entity” and collectively, the “Partnership Entities,” and the
subsidiaries of the Partnership listed on Schedule III hereto, the “Subsidiaries”)
has been duly formed or incorporated, as the case may be, and is validly existing in good standing
under the laws of its respective jurisdiction of formation or incorporation, as the case may be,
with all corporate, 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
and, in the case of the General Partner and the OLPGP, to act as general partner of the Partnership
and managing member of the Operating LLC, respectively, in each case in all material respects as
described in the Registration Statement, the Pricing Disclosure Package and the Prospectus. Each
Partnership Entity is duly registered or qualified to do business and is in good standing as a
foreign corporation, limited liability company or limited partnership, as the case may be, in each
jurisdiction in which its ownership or lease of property or the conduct of its businesses requires
such qualification or registration, except where the failure to so qualify or register would not,
individually or in the aggregate, have a material adverse effect on the condition (financial or
otherwise), results of operations, business or prospects of the Partnership Entities taken as a
whole (a “Material Adverse Effect”) or subject the limited partners of the Partnership to
any material liability or disability.
(k) Ownership of General Partner. Enterprise GP Holdings L.P., a Delaware limited partnership
(“EPE”), owns 100% of the issued and outstanding membership interests in the General
Partner; such membership interests have been duly authorized and validly issued in accordance with
the limited liability company agreement of the General Partner, as amended and/or restated on or
prior to the date hereof (the “GP LLC Agreement”); and EPE owns such membership interests
free and clear of all liens, encumbrances, security interests, equities, charges or claims other
than those in favor of lenders of EPE.
(l) Ownership of General Partner Interest in the Partnership. The General Partner is the sole
general partner of the Partnership with a 2.0% general partner interest in the Partnership
(including the right to receive Incentive Distributions (as defined in the Partnership Agreement)
(the “Incentive Distribution Rights”)); such general partner interest has been duly
authorized and validly issued in accordance with the agreement of limited partnership of the
Partnership, as amended and/or restated on or prior to the date hereof (the “Partnership
Agreement”); and the General Partner owns such general partner interest free and clear of all
liens, encumbrances, security interests, equities, charges or claims.
(m) Ownership of the OLPGP. The Partnership owns 100% of the issued and outstanding capital stock
in the OLPGP; such capital stock has been duly authorized and validly
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issued in accordance with the
bylaws of the OLPGP, as amended or restated on or prior to the date hereof (the “OLPGP
Bylaws”), and the certificate of incorporation of the OLPGP, as amended and restated on or
prior to the date hereof (the “OLPGP Certificate of Incorporation”), and is fully paid and
non-assessable; and the Partnership owns such capital stock free and clear of all liens,
encumbrances, security interests, equities, charges or claims.
(n) Ownership of Operating LLC. The OLPGP owns 0.001% of the membership interests in the
Operating LLC and the Partnership owns 99.999% of the membership interests in the Operating LLC;
such membership interests have been duly authorized and validly issued in accordance with the
agreement of limited liability company agreement of the Operating LLC, as amended and/or restated
on or prior to the date hereof (the “Operating LLC Agreement”) and are fully paid and
non-assessable (except as such non-assessability may be affected by Section 101.206 of the Texas
Business Organization Code (the “Texas Act”)); and the OLPGP and the Partnership own such
membership interests free and clear of all liens, encumbrances, security interests, equities,
charges or claims.
(o) Capitalization. As of the date hereof and immediately prior to the issuance of Units pursuant
to this Agreement, the issued and outstanding limited partner interests of the Partnership consist
of 610,440,641 Common Units (including 4,520,431 Class B Units). All of such outstanding Common
Units, Class B Units and the limited partner interests represented thereby have been duly
authorized and validly issued in accordance with the Partnership Agreement and are fully paid (to
the extent required under the 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”) and as otherwise disclosed in
the Prospectus); and as of the date hereof and immediately prior to the issuance of Units pursuant
to this Agreement, Enterprise Products Company (“Enterprise Products”), ▇▇▇ ▇. ▇▇▇▇▇▇ and their
affiliates (including EPE) collectively beneficially own 191,363,613 Common Units (including
4,520,431 Class B Units) free and clear of all liens, encumbrances, security interests, equities,
charges or claims, other than liens in favor of lenders of Enterprise Products and its affiliates.
(p) Valid Issuance of the Units. At the First Delivery Date or the Second Delivery Date, as the
case may be, the Firm Units or the Option Units, as the case may be, and the limited partner
interests represented thereby, will be duly authorized by the Partnership and, when issued and
delivered to the Underwriters against payment therefor in accordance with the terms hereof, will be
validly issued, fully paid (to the extent required under the 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 LP Act and as otherwise disclosed in the Pricing Disclosure Package).
(q) No Preemptive Rights, Registration Rights or Options. There are no preemptive rights or other
rights to subscribe for or to purchase, nor any restriction upon the voting or transfer of, any
partnership or membership interests or capital stock in the Partnership Entities, in each case
pursuant to the organizational documents or any agreement or other instrument to which any
Partnership Entity is a party or by which any of them may be bound, except for such rights as have
been effectively complied with or waived. Neither the filing of the Registration
Statement nor the offering or sale of the Units as contemplated by this Agreement gives rise
to any rights for or relating to the registration of any Common Units or other securities of the
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Partnership or any of its Subsidiaries, except for such rights as have been effectively complied
with or waived. Except for options granted pursuant to employee benefits plans, qualified unit
option plans or other employee compensation plans and rights to purchase Common Units under the
Partnership’s distribution reinvestment plan (the “DRIP”) or rights to purchase securities
pursuant to the governing documents of the Partnership Entities or the Amended and Restated Omnibus
Agreement among Enterprise Products Operating LLC, DEP Holdings, LLC, ▇▇▇▇▇▇ Energy Partners L.P.,
DEP OLPGP, LLC, DEP Operating Partnership, L.P., Enterprise ▇▇▇-▇▇▇ Propylene Pipeline L.P., Sabine
Propylene Pipeline L.P., Acadian Gas, LLC, Mont Belvieu Caverns, LLC, South Texas NGL Pipelines,
LLC, Enterprise Holding III, LLC, Enterprise Texas Pipeline LLC, Enterprise Intrastate L.P. and
Enterprise GC, LP, dated as of February 5, 2007, as amended, there are no outstanding options or
warrants to purchase any partnership or membership interests or capital stock in any Partnership
Entity.
(r) Authority. Each of the Enterprise Parties has all requisite right, power and authority to
execute and deliver this Agreement and to perform its respective obligations hereunder. The
Partnership has all requisite power and authority to issue, sell and deliver the Units in
accordance with and upon the terms and conditions set forth in this Agreement, the Partnership
Agreement, the Registration Statement, the Pricing Disclosure Package and the Prospectus. All
action required to be taken by the Enterprise Parties or any of their security holders, partners or
members for (i) the due and proper authorization, execution and delivery of this Agreement, (ii)
the authorization, issuance, sale and delivery of the Units and (iii) the consummation of the
transactions contemplated hereby has been duly and validly taken.
(s) Ownership of Subsidiaries. All of the outstanding shares of capital stock, partnership
interests or membership interests, as the case may be, of each Subsidiary have been duly and
validly authorized and issued, and are fully paid and non-assessable (except as such
non-assessability may be affected by Sections 17-303, 17-607 or 17-804 of the Delaware LP Act, in
the case of partnership interests, or Sections 18-607 or 18-804 of the Delaware Limited Liability
Company Act, as amended (the “Delaware LLC Act”), in the case of membership interests, and except
as otherwise disclosed in the Pricing Disclosure Package and the Prospectus). Except as described
in the Pricing Disclosure Package and the Prospectus, the Partnership and the Operating LLC, as the
case may be, directly or indirectly, owns the shares of capital stock, partnership interests or
membership interests in each Subsidiary as set forth on Schedule III hereto free and clear
of all liens, encumbrances (other than contractual restrictions on transfer contained in the
applicable constituent documents), security interests, equities, charges, claims or restrictions
upon voting or any other claim of any third party. None of the Enterprise Parties has any
subsidiaries other than as set forth on Schedule III hereto that, individually or in the
aggregate, would be deemed to be a “significant subsidiary” as such term is defined in Rule
405 of the Securities Act.
(t) Authorization, Execution and Delivery of Agreement. This Agreement has been duly authorized
and validly executed and delivered by each of the Enterprise Parties.
(u) Authorization, Execution and Enforceability of Agreements. (i) The GP LLC Agreement has been
duly authorized, executed and delivered by EPE and is a valid and legally
binding agreement of EPE, enforceable against EPE in accordance with its terms, (ii) the
Partnership Agreement has been duly authorized, executed and delivered by the General Partner
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and
is a valid and legally binding agreement of the General Partner, enforceable against the General
Partner in accordance with its terms; and (iii) the Operating LLC Agreement has been duly
authorized, executed and delivered by each of the OLPGP and the Partnership and is a valid and
legally binding agreement of each of the OLPGP and the Partnership, enforceable against each of the
OLPGP and the Partnership in accordance with its terms; provided that, with respect to each such
agreement listed in this Section (u)(i)-(iii), the enforceability thereof may be limited by
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating
to or affecting creditors’ rights generally and by general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law).
(v) No Conflicts or Violations. None of the (i) offering, issuance and sale by the Partnership of
the Units, (ii) the execution, delivery and performance of this Agreement by the Enterprise
Parties, or (iii) 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 Partnership Entities, (B) 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 Partnership Entities is a
party or by which any of them or any of their respective properties or assets may be bound, (C)
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 Partnership Entities or any of their respective properties or assets, or (D) results or will
result in the creation or imposition of any lien, charge or encumbrance upon any property or assets
of any of the Partnership Entities, which conflicts, breaches, violations, defaults or liens, in
the case of clauses (B) or (D), would, individually or in the aggregate, have a Material Adverse
Effect or would materially impair the ability of any of the Enterprise Parties to perform their
obligations under this Agreement.
(w) 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 Partnership Entities or any of their respective properties is required in
connection with (i) the offering, issuance and sale by the Partnership of the Units in the manner
contemplated in this Agreement and in the Registration Statement, the Pricing Disclosure Package
and the Prospectus, (ii) the execution, delivery and performance of this Agreement by the
Enterprise Parties or (iii) the consummation by the Enterprise Parties of the transactions
contemplated by this Agreement, except for (A) such consents required under the Securities Act, the
Exchange Act (all of which have been obtained) and state securities or Blue Sky laws in connection
with the purchase and distribution of the Units by the Underwriters and (B) such consents that have
been, or prior to any such Delivery Date will be, obtained.
(x) No Default. None of the Partnership Entities is (i) in violation of its 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, (ii) in violation of any law, statute, ordinance, administrative or
governmental rule or regulation applicable to it or of any order, judgment, decree or injunction of
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any court or governmental agency or body having jurisdiction over it or has failed to obtain any
license, permit, certificate, franchise or other governmental authorization or permit necessary to
the ownership of its property or to the conduct of its business, or (iii) in breach, default (and
no event that, with notice or lapse of time or both, would constitute such a default has occurred
or is continuing) or violation in the performance of any obligation, agreement or condition
contained in any bond, debenture, note or any other evidence of indebtedness or in any agreement,
indenture, lease or other instrument to which it is a party or by which it or any of its properties
may be bound, which breach, default or violation, in the case of clause (ii) or (iii), would, if
continued, have a Material Adverse Effect, or could materially impair the ability of any of the
Partnership Entities to perform their obligations under this Agreement.
(y) Independent Registered Public Accounting Firm. Deloitte & Touche LLP, who has audited the
audited financial statements contained or incorporated by reference in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, is an independent registered public accounting
firm with respect to the Partnership and the General Partner within the meaning of the Securities
Act and the applicable rules and regulations thereunder adopted by the Commission and the Public
Company Accounting Oversight Board (United States) (the “PCAOB”).
(z) Financial Statements. The historical financial statements (including the related notes and
supporting schedule) contained or incorporated by reference in the Registration Statement, the
Pricing Disclosure Package and the Prospectus, (i) comply in all material respects with the
applicable requirements under the Securities Act and the Exchange Act (except that certain
supporting schedules are omitted), (ii) present fairly in all material respects the financial
position, results of operations and cash flows of the entities purported to be shown thereby on the
basis stated therein at the respective dates or for the respective periods, and (iii) have been
prepared in accordance with accounting principles generally accepted in the United States of
America consistently applied throughout the periods involved, except to the extent disclosed
therein. The other financial information of the General Partner and the Partnership and its
subsidiaries, including non-GAAP financial measures, if any, contained or incorporated by reference
in the Registration Statement, the Pricing Disclosure Package and the Prospectus has been derived
from the accounting records of the General Partner, the Partnership and its subsidiaries, and
fairly presents the information purported to be shown thereby. Nothing has come to the attention
of any of the Partnership Entities that has caused them to believe that the statistical and
market-related data included in the Registration Statement, the Pricing Disclosure Package and the
Prospectus is not based on or derived from sources that are reliable and accurate in all material
respects.
(aa) No Distribution of Other Offering Materials. None of the Partnership Entities has distributed
or, prior to the completion of the distribution of the Units, will distribute, any offering
material in connection with the offering and sale of the Units other than the Registration
Statement, any Preliminary Prospectus, the Prospectus, any Issuer Free Writing Prospectus to which
the Representatives have consented in accordance with Sections 1(i), 5(l) or 5(m) and any Issuer
Free Writing Prospectus set forth on Schedule V hereto and any other materials, if any,
permitted by the Securities Act, including Rule 134 of the Rules and Regulations.
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(bb) Conformity to Description of Units. The Units, when issued and delivered against payment
therefor as provided herein, will conform in all material respects to the descriptions thereof
contained or incorporated by reference in the Registration Statement, the Pricing Disclosure
Package and the Prospectus.
(cc) Certain Transactions. Except as disclosed in the Prospectus and the Pricing Disclosure
Package, subsequent to the respective dates as of which such information is given in the
Registration Statement and the Pricing Disclosure Package, (i) none of the Partnership Entities has
incurred any liability or obligation, indirect, direct or contingent, or entered into any
transactions, not in the ordinary course of business, that, individually or in the aggregate, is
material to the Partnership Entities, taken as a whole, and (ii) there has not been any material
change in the capitalization or material increase in the long-term debt of the Partnership
Entities, or any dividend or distribution of any kind declared, paid or made by the Partnership on
any class of its partnership interests.
(dd) No Omitted Descriptions; Legal Descriptions. There are no legal or governmental proceedings
pending or, to the knowledge of the Enterprise Parties, threatened or contemplated, against any of
the Partnership Entities, or to which any of the Partnership Entities is a party, or to which any
of their respective properties or assets is subject, that are required to be described in the
Registration Statement, the Pricing Disclosure Package or the Prospectus but are not described as
required, and there are no agreements, contracts, indentures, leases or other instruments that are
required to be described in the Registration Statement, the Pricing Disclosure Package or the
Prospectus or to be filed as an exhibit to the Registration Statement that are not described or
filed as required by the Securities Act or the Rules and Regulations or the Exchange Act or the
rules and regulations thereunder. The statements included in or incorporated by reference into the
Registration Statement, the Pricing Disclosure Package and the Prospectus under the headings
“Description of Our Common Units,” “Cash Distribution Policy,” “Description of Our Partnership
Agreement,” “Material Tax Consequences” and “Material U.S. Tax Consequences,” insofar as such
statements summarize legal matters, agreements, documents or proceedings discussed therein, are
accurate and fair summaries of such legal matters, agreements, documents or proceedings.
(ee) Title to Properties. Each Partnership Entity has good and indefeasible title to all real and
personal property which are material to the business of the Partnership Entities, in each case free
and clear of all liens, encumbrances, claims and defects and imperfections of title except such as
(A) do not materially affect the value of such property and do not materially interfere with the
use made and proposed to be made of such property by the Partnership Entities, (B) could not
reasonably be expected to have a Material Adverse Effect or (C) are described, and subject to the
limitations contained, in the Pricing Disclosure Package.
(ff) Rights-of-Way. Each of the Partnership Entities has such consents, easements, rights-of-way
or licenses from any person (“rights-of-way”) as are necessary to conduct its business in
the manner described in the Pricing Disclosure Package and the Prospectus, subject to such
qualifications as may be set forth in the Pricing Disclosure Package and except for such
rights-of-way the failure of which to have obtained would not have, individually or in the
aggregate, a Material Adverse Effect; each of the Partnership Entities has fulfilled and performed
all its material obligations with respect to such rights-of-way and no event has occurred which
10
allows, or after notice or lapse of time would allow, revocation or termination thereof or
would result in any impairment of the rights of the holder of any such rights-of-way, except for
such revocations, terminations and impairments that will not have a Material Adverse Effect,
subject in each case to such qualification as may be set forth in the Pricing Disclosure Package
and the Prospectus; and, except as described in the Pricing Disclosure Package and the Prospectus,
none of such rights-of-way contains any restriction that is materially burdensome to the
Partnership Entities, taken as a whole.
(gg) Permits. Each of the Partnership Entities has such permits, consents, licenses, franchises,
certificates and authorizations of governmental or regulatory authorities (“permits”) as
are necessary to own or lease its properties and to conduct its business in the manner described in
the Pricing Disclosure Package and the Prospectus, subject to such qualifications as may be set
forth in the Pricing Disclosure Package and the Prospectus and except for such permits that, if not
obtained, would not have, individually or in the aggregate, a Material Adverse Effect; each of the
Partnership Entities has fulfilled and performed all its material obligations with respect to such
permits in the manner described, and subject to the limitations contained in the Pricing Disclosure
Package and the Prospectus, and no event has occurred that would prevent the permits from being
renewed or reissued or that allows, or after notice or lapse of time would allow, revocation or
termination thereof or results or would result in any impairment of the rights of the holder of any
such permit, except for such non-renewals, non-issues, revocations, terminations and impairments
that would not, individually or in the aggregate, have a Material Adverse Effect. None of the
Partnership Entities has received notification of any revocation or modification of any such permit
or has any reason to believe that any such permit will not be renewed in the ordinary course.
(hh) Books and Records; Accounting Controls. The Partnership Entities (i) make and keep books,
records and accounts that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of assets, and (ii) maintain systems of internal accounting controls sufficient to
provide reasonable assurances that (A) transactions are executed in accordance with management’s
general or specific authorization; (B) transactions are recorded as necessary to permit preparation
of financial statements in conformity with accounting principles generally accepted in the United
States of America and to maintain accountability for assets; (C) access to assets is permitted only
in accordance with management’s general or specific authorization; and (D) the recorded
accountability for assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.
(ii) Related Party Transactions. No relationship, direct or indirect, exists between or among the
Partnership Entities on the one hand, and the directors, officers, partners, customers or suppliers
of the General Partner and its affiliates (other than the Partnership Entities) on the other hand,
which is required to be described in the Pricing Disclosure Package and the Prospectus and which is
not so described.
(jj) Environmental Compliance. There has been no storage, generation, transportation, handling,
treatment, disposal or discharge of any kind of toxic or other wastes or other hazardous substances
by any of the Partnership Entities (or, to the knowledge of the Enterprise Parties, any other
entity (including any predecessor) for whose acts or omissions any of the Partnership Entities is
or could reasonably be expected to be liable) at, upon or from any
11
of the property now or previously owned or leased by any of the Partnership Entities or upon
any other property, in violation of any statute or any ordinance, rule, regulation, order,
judgment, decree or permit or which would, under any statute or any ordinance, rule (including rule
of common law), regulation, order, judgment, decree or permit, give rise to any liability, except
for any violation or liability that could not reasonably be expected to have, individually or in
the aggregate with all such violations and liabilities, a Material Adverse Effect; and there has
been no disposal, discharge, emission or other release of any kind onto such property or into the
environment surrounding such property of any toxic or other wastes or other hazardous substances
with respect to which any of the Enterprise Parties has knowledge, except for any such disposal,
discharge, emission or other release of any kind which could not reasonably be expected to have,
individually or in the aggregate with all such discharges and other releases, a Material Adverse
Effect.
(kk) Insurance. The Partnership Entities maintain insurance covering their properties, operations,
personnel and businesses against such losses and risks as are reasonably adequate to protect them
and their businesses in a manner consistent with other businesses similarly situated. Except as
disclosed in the Pricing Disclosure Package and the Prospectus, none of the Partnership Entities
has received notice from any insurer or agent of such insurer that substantial capital improvements
or other expenditures will have to be made in order to continue such insurance; all such insurance
is outstanding and duly in force on the date hereof and will be outstanding and duly in force on
each Delivery Date.
(ll) Litigation. There are no legal or governmental proceedings pending to which any Partnership
Entity is a party or of which any property or assets of any Partnership Entity is the subject that,
individually or in the aggregate, if determined adversely to such Partnership Entity, could
reasonably be expected to have a Material Adverse Effect; and to the knowledge of the Enterprise
Parties, no such proceedings are threatened or contemplated by governmental authorities or
threatened by others.
(mm) No Labor Disputes. No labor dispute with the employees that are engaged in the business of
the Partnership or its subsidiaries exists or, to the knowledge of the Enterprise Parties, is
imminent or threatened that is reasonably likely to result in a Material Adverse Effect.
(nn) Intellectual Property. Each Partnership Entity owns or possesses adequate rights to use all
material patents, patent applications, trademarks, service marks, trade names, trademark
registrations, service ▇▇▇▇ registrations, copyrights, licenses and know-how (including trade
secrets and other unpatented and/or unpatentable proprietary or confidential information, systems
or procedures) necessary for the conduct of their respective businesses; and the conduct of their
respective businesses will not conflict in any material respect with, and no Partnership Entity has
received any notice of any claim of conflict with, any such rights of others.
(oo) Investment Company. None of the Partnership Entities is now, or after sale of the Units to be
sold by the Partnership hereunder and application of the net proceeds from such sale as described
in the most recent Preliminary Prospectus under the caption “Use of Proceeds” will be, an
“investment company” or a company “controlled by” an “investment company”
within the meaning of the Investment Company Act of 1940, as amended (the “Investment Company
Act”).
12
(pp) Absence of Certain Actions. No action has been taken and no statute, rule, regulation or
order has been enacted, adopted or issued by any governmental agency or body which prevents the
issuance or sale of the Units in any jurisdiction; no injunction, restraining order or order of any
nature by any federal or state court of competent jurisdiction has been issued with respect to any
Partnership Entity which would prevent or suspend the issuance or sale of the Units or the use of
the Pricing Disclosure Package in any jurisdiction; no action, suit or proceeding is pending
against or, to the knowledge of the Enterprise Parties, threatened against or affecting any
Partnership Entity before any court or arbitrator or any governmental agency, body or official,
domestic or foreign, which could reasonably be expected to interfere with or adversely affect the
issuance of the Units or in any manner draw into question the validity or enforceability of this
Agreement or any action taken or to be taken pursuant hereto; and the Partnership has complied with
any and all requests by any securities authority in any jurisdiction for additional information to
be included in the most recent Preliminary Prospectus.
(qq) Other Sales; No Stabilizing Transactions. The Partnership has not sold or issued any Common
Units during the six-month period preceding the date of the Prospectus other than (i) Common Units
issued pursuant to the Enterprise Products Unit Purchase Plan or any employee benefit plans,
qualified options plans or other employee compensation plans, (ii) Common Units issued pursuant to
the Partnership’s DRIP or pursuant to outstanding options, rights or warrants described in the most
recent Preliminary Prospectus, or (iii) as otherwise disclosed in the Pricing Disclosure Package.
None of the General Partner, the Partnership or any of their affiliates has taken, directly or
indirectly, any action designed to or which has constituted or which would reasonably be expected
to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the
price of any securities of the Partnership to facilitate the sale or resale of the Units.
(rr) Form S-3. The conditions for the use of Form S-3 by the Partnership, as set forth in the
General Instructions thereto, have been satisfied.
(ss) Disclosure Controls. The General Partner and the Partnership have established and maintain
disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under
the Exchange Act) which (i) are designed to ensure that material information relating to the
Partnership, including its consolidated subsidiaries, is made known to the General Partner’s
principal executive officer and its principal financial officer by others within those entities,
particularly during the periods in which the periodic reports required under the Exchange Act are
being prepared; (ii) have been evaluated for effectiveness as of the end of the period covered by
the Partnership’s most recent annual report filed with the Commission; and (iii) are effective in
achieving reasonable assurances that the Partnership’s desired control objectives as described in
Item 9A of the Partnership’s Annual Report on Form 10-K for the period ended December 31, 2008 (the
“2008 Annual Report”) have been met.
(tt) No Deficiency in Internal Controls. Based on the evaluation of its internal controls and
procedures conducted in connection with the preparation and filing of the 2008 Annual Report,
neither the Partnership nor the General Partner is aware of (i) any significant deficiencies or
material weaknesses in the design or operation of its internal controls over financial reporting
(as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that are likely to adversely
affect the Partnership’s ability to record, process, summarize and report
13
financial data; or (ii) any fraud, whether or not material, that involves management or other
employees who have a role in the Partnership’s internal controls over financial reporting.
(uu) No Changes in Internal Controls. Since the date of the most recent evaluation of the
disclosure controls and procedures described in Section 1(tt) hereof, there have been no
significant changes in the Partnership’s internal controls that materially affected or are
reasonably likely to materially affect the Partnership’s internal controls over financial
reporting.
(vv) ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act. The principal executive officer and principal financial officer of the
General Partner have made all certifications required by the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002 (the
“▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act”) and any related rules and regulations promulgated by the Commission,
and the statements contained in any such certification are complete and correct. The Partnership
and the General Partner are otherwise in compliance in all material respects with all applicable
provisions of the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act that are effective.
Any certificate signed by any officer of any Enterprise Party and delivered to the
Representatives or counsel for the Underwriters pursuant to this Agreement shall be deemed a
representation and warranty by the Enterprise Parties signatory thereto, as to the matters covered
thereby, to each Underwriter.
2. Purchase of the Firm Units.
(a) On the basis of the representations and warranties contained in, and subject to the terms
and conditions of, this Agreement, the Partnership agrees to sell to the several Underwriters, and
each of the Underwriters, severally and not jointly, agrees to purchase from the Partnership, at a
purchase price of $31.43 per Unit, the amount of the Firm Units set forth opposite that
Underwriter’s name in Schedule I hereto.
(b) On the basis of the representations and warranties contained in, and subject to the terms
and conditions of, this Agreement, the Partnership hereby grants an option to the Underwriters to
purchase up to 1,425,000 Option Units at the same purchase price per Unit as the Underwriters shall
pay for the Firm Units. Said option may be exercised only to cover over-allotments in the sale of
the Firm Units by the Underwriters. Said option may be exercised in whole or in part at any time
on or before the 30th day after the date of the Prospectus upon written or facsimile notice by the
Underwriters to the Partnership setting forth the number of Option Units as to which the
Underwriters are exercising the option and the settlement date. Each Underwriter agrees, severally
and not jointly, to purchase the number of Option Units (subject to such adjustments to eliminate
fractional Units as the Representatives may determine) that bears the same proportion to the total
number of Option Units to be sold on such Delivery Date as the number of Firm Units set forth in
Schedule I hereto opposite the name of such Underwriter bears to the total number of Firm
Units.
(c) The Partnership shall not be obligated to deliver any of the Units to be delivered on any
Delivery Date, as the case may be, except upon payment for all the Units to be purchased on such
Delivery Date as provided herein.
3. Offering of Units by the Underwriters. It is understood that the Underwriters propose
to offer the Units for sale to the public as set forth in the Prospectus.
14
4. Delivery of and Payment for the Units. Delivery of and payment for the Firm Units
(including any Option Units provided for in Section 2(b) hereof that have been exercised) shall be
made at the ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇, beginning at 10:00 A.M., New York City
time, on January 12, 2010 or such other date and time and place as shall be determined by agreement
between the Representatives and the Partnership (such date and time of delivery and payment for the
Firm Units being herein called the “First Delivery Date”). Delivery of the Firm Units shall be
made to the Underwriters against payment by the Underwriters of the purchase price thereof to or
upon the order of the Partnership by wire transfer in immediately available funds to an account
specified by the Partnership. Delivery of the Firm Units shall be made in book-entry form through
the Full Fast Program of the facilities of The Depository Trust Company (“DTC”) unless the
Underwriters 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 the
Underwriters.
If the option provided for in Section 2(b) hereof is exercised after the third business day
prior to the First Delivery Date, the Partnership will deliver the Option Units (at the expense of
the Partnership) to the Underwriters at the place and on the date specified by the Representatives
in the noticed given pursuant to Section 2(b) hereof (which shall be within five business days
after exercise of said option) (the “Second Delivery Date”, and together with the First
Delivery Date, each a “Delivery Date”) against payment by the Underwriters of the purchase
price thereof to or upon the order of the Partnership by wire transfer payable in same-day funds to
an account specified by the Partnership. If settlement for the Option Units occurs after the First
Delivery Date, the Partnership will deliver to the Underwriters on the settlement date for the
Option Units, and the obligation of the Underwriters to purchase the Option Units shall be
conditioned upon receipt of, supplemental opinions, certificates and letters confirming as of such
date the opinions, certificates and letters delivered on the Closing Date pursuant to Section 7
hereof.
5. Further Agreements of the Parties. Each of the Enterprise Parties covenants and
agrees with the Underwriters:
(a) Preparation of Prospectus and Registration Statement. (i) To prepare the Prospectus in a
form approved by the Underwriters and to file such Prospectus pursuant to Rule 424(b) under the
Securities Act not later than Commission’s close of business on the second business day following
the execution and delivery of this Agreement or, if applicable, such earlier time as may be
required by Rule 430A(a)(3) under the Securities Act; (ii) to make no further amendment or any
supplement to the Registration Statement or to the Prospectus except as permitted herein; (iii) to
advise the Underwriters, promptly after it receives notice thereof, of the time when any amendment
to the Registration Statement has been filed or becomes effective or any supplement to the
Prospectus or any amended Prospectus has been filed and to furnish the Underwriters with copies
thereof; (iv) to advise the Underwriters promptly after it receives notice thereof of the issuance
by the Commission of any stop order or of any order preventing or suspending the use of the
Prospectus or any Issuer Free Writing Prospectus, of the suspension of the qualification of the
Units for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding
for any such purpose or of any request by the Commission for the amending or supplementing of the
Registration Statement, the Prospectus or any Issuer Free Writing Prospectus or for additional
information; and (v) in the event of the issuance of any stop order or of any order preventing or
suspending the use of the Prospectus or any Issuer Free
15
Writing Prospectus or suspending any such qualification, to use promptly its best efforts to
obtain its withdrawal.
(b) Copies of Registration Statements. To furnish promptly to the Underwriters and to counsel
for the Underwriters, upon request, a conformed copy of the Registration Statement as originally
filed with the Commission, and each amendment thereto filed with the Commission, including all
consents and exhibits filed therewith.
(c) Exchange Act Reports. To file promptly all reports and any definitive proxy or
information statements required to be filed by the Partnership with the Commission pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act (“Exchange Act Reports”) subsequent
to the date of the Prospectus and for so long as the delivery of a prospectus (or in lieu thereof,
the notice referred to in Rule 173(a) of the Rules and Regulations) is required in connection with
the offering or sale of the Units.
(d) Copies of Documents to the Underwriters. To deliver promptly to the Underwriters such
number of the following documents as the Underwriters shall reasonably request: (i) conformed
copies of the Registration Statement as originally filed with the Commission and each amendment
thereto (in each case excluding exhibits), (ii) each Preliminary Prospectus, the Prospectus and any
amended or supplemented Prospectus, (iii) each Issuer Free Writing Prospectus and (iv) any document
incorporated by reference in any Preliminary Prospectus or the Prospectus; and, if the delivery of
a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) of the Rules and
Regulations) is required at any time after the date hereof in connection with the offering or sale
of the Units or any other securities relating thereto and if at such time any events shall have
occurred as a result of which the Prospectus as then amended or supplemented would include an
untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made when such
Prospectus is delivered (or when such Prospectus is filed with the Commission in the case of a
notice referred to in Rule 173(a) of the Rules and Regulations delivered in lieu thereof), not
misleading, or, if for any other reason it shall be necessary to amend or supplement the Prospectus
or to file under the Exchange Act any document incorporated by reference in the Prospectus in
order to comply with the Securities Act or the Exchange Act or with a request from the Commission,
to notify the Underwriters immediately thereof and to promptly prepare and, subject to Section 5(e)
hereof, file with the Commission an amended Prospectus or supplement to the Prospectus which will
correct such statement or omission or effect such compliance.
(e) Filing of Amendment or Supplement. To file promptly with the Commission any amendment to
the Registration Statement or the Prospectus, any supplement to the Prospectus or any new,
replacement registration statement that may, in the judgment of the Partnership or the
Underwriters, be required by the Securities Act or the Exchange Act or requested by the Commission.
Prior to filing with the Commission any amendment to the Registration Statement, any supplement to
the Prospectus or any new, replacement registration statement, any document incorporated by
reference in the Prospectus or any Prospectus pursuant to Rule 424 of the Rules and Regulations, to
furnish a copy thereof to the Underwriters and counsel for the Underwriters and not to file any
such document to which the Underwriters shall reasonably object after having been given reasonable
notice of the proposed filing thereof unless the Partnership is required by
16
law to make such filing. The Partnership will furnish to the Underwriters such number of
copies of such new registration statement, amendment or supplement as the Underwriters may
reasonably request and use its commercially reasonable efforts to cause such new registration
statement or amendment to be declared effective as soon as practicable. In any such case, the
Partnership will promptly notify the Representatives of such filings and effectiveness.
(f) Reports to Security Holders. As soon as practicable after the First Delivery Date, to
make generally available to the Partnership’s security holders an earnings statement of the
Partnership and its Subsidiaries (which need not be audited) complying with Section 11(a) of the
Securities Act and the Rules and Regulations (including, at the option of the Partnership, Rule
158).
(g) Copies of Reports. For a period of two years following the date hereof, to furnish to the
Underwriters copies of all materials furnished by the Partnership to its security holders and all
reports and financial statements furnished by the Partnership to the principal national securities
exchange upon which the Units may be listed pursuant to requirements of or agreements with such
exchange or to the Commission pursuant to the Exchange Act or any rule or regulation of the
Commission thereunder, in each case to the extent that such materials, reports and financial
statements are not publicly filed with the Commission.
(h) Blue Sky Laws. Promptly to take from time to time such actions as the Underwriters may
reasonably request to qualify the Units for offering and sale under the securities or Blue Sky laws
of such jurisdictions as the Underwriters may designate and to continue such qualifications in
effect for so long as required for the resale of the Units; and to arrange for the determination of
the eligibility for investment of the Units under the laws of such jurisdictions as the
Underwriters may reasonably request; provided that no Partnership Entity shall be obligated to
qualify as a foreign corporation in any jurisdiction in which it is not so qualified or to file a
general consent to service of process in any jurisdiction.
(i) Lock-up Period; Lock-up Letters. For a period of 45 days from the date of the Prospectus
(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 Common Units
or securities convertible into, or exchangeable for Common Units, or sell or grant options, rights
or warrants with respect to any Common Units or securities convertible into or exchangeable for
Common Units (other than the grant of options pursuant to option plans existing on the date
hereof), 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 Common Units, whether
any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common
Units or other securities, in cash or otherwise, (iii) file or cause to be filed a registration
statement, including any amendments, with respect to the registration of any Common Units or
securities convertible, exercisable or exchangeable into Common Units (other than any registration
statement on Form S-8 or as otherwise excepted from this lock-up provision) or (iv) publicly
disclose the intention to do any of the foregoing, in each case without the prior written consent
of ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated; provided, however, that the foregoing restrictions do not
apply to: (A) the issuance and sale of Common Units by the Partnership to the Underwriters in
connection with the public offering contemplated by this
17
Agreement, (B) the issuance and sale of Common Units, phantom units, restricted units and
options by the Partnership to employees and directors of Enterprise Products and its affiliates
under the Enterprise Unit Purchase Plan, the Enterprise Products 1998 Long-Term Incentive Plan, as
amended, the Enterprise Products 2008 Long-Term Incentive Plan, as amended, and the Enterprise
Products GP, LLC 1999 Long-Term Incentive Plan, including sales pursuant to “cashless-broker”
exercises of options to purchase Common Units in accordance with such plans as consideration for
the exercise price and withholding taxes applicable to such exercises, (C) the issuance and sale of
Common Units issued pursuant to the Partnership’s DRIP, or (D) the filing of a “universal” shelf
registration statement on Form S-3, including both debt and equity securities, and any amendments
thereto, which registration statement may also include Common Units of selling unitholders;
provided, that (1) the Enterprise Parties shall otherwise remain subject to the restrictions set
forth in this Section 5(i) with respect to any Common Units or any securities convertible into, or
exercisable or exchangeable for, Common Units registered thereunder, (2) such registration
statement and amendments if so filed shall contain only a generic and undetermined plan of
distribution with respect to such securities during the Lock-Up Period, and (3) any selling
unitholders registering Common Units under such registration statement shall agree in writing to be
subject to the lock-up provisions set forth in the form of letter attached as Exhibit C
hereto. Each person listed on Schedule IV, including each executive officer and director
of the General Partner, shall furnish to the Underwriters, prior to or on the date of this
Agreement, a letter or letters, substantially in the form of Exhibit C hereto.
(j) Application of Proceeds. To apply the net proceeds from the sale of the Units as set
forth in the Pricing Disclosure Package and the Prospectus.
(k) Investment Company. To take such steps as shall be necessary to ensure that no
Partnership Entity shall become an “investment company” as defined in the Investment Company Act.
(l) Issuer Free Writing Prospectuses. Not to make any offer relating to the Units that would
constitute an Issuer Free Writing Prospectus without the prior written consent of the
Representatives.
(m) Retention of Issuer Free Writing Prospectuses. To retain in accordance with the Rules and
Regulations all Issuer Free Writing Prospectuses not required to be filed pursuant to the Rules and
Regulations; and if at any time after the date hereof and prior to any Delivery Date, any events
shall have occurred as a result of which any Issuer Free Writing Prospectus, as then amended or
supplemented, would conflict with the information in the Registration Statement, the most recent
Preliminary Prospectus or the Prospectus or, when considered together with the most recent
Preliminary Prospectus, would include an untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, or, if for any other reason it shall be necessary to
amend or supplement any Issuer Free Writing Prospectus, to notify the Representatives and, upon
their reasonable request or as required by the Rules and Regulations, to file such document and to
prepare and furnish without charge to each Underwriter as many copies as the Representatives may
from time to time reasonably request of an amended or supplemented Issuer Free Writing Prospectus
that will correct such conflict, statement or omission or effect such compliance.
18
(n) NYSE Listing. Prior to and on the First Delivery Date, to ensure the Units have been approved
for listing on the New York Stock Exchange, subject only to official notice of issuance.
(o) Stabilization. To not directly or indirectly take any action designed to or which constitutes
or which might reasonably be expected to cause or result in, under the Exchange Act or otherwise,
stabilization or manipulation of the price of any security of the Partnership to facilitate the
sale or resale of the Units.
6. Expenses. The Partnership agrees to pay (a) the costs incident to the authorization,
issuance, sale and delivery of the Units and any taxes payable in that connection; (b) the costs
incident to the preparation, printing and filing under the Securities Act of the Registration
Statement and any amendments and exhibits thereto; (c) the costs of printing and distributing the
Registration Statement as originally filed and each amendment thereto and any post-effective
amendments thereof (including, in each case, exhibits), the Prospectus and any amendment or
supplement to the Prospectus and the Pricing Disclosure Package, all as provided in this Agreement;
(d) the costs of producing and distributing this Agreement, any underwriting and selling group
documents and any other related documents in connection with the offering, purchase, sale and
delivery of the Units; (e) the filing fees incident to securing the review, if applicable, by the
Financial Industry Regulatory Authority Inc. of the terms of sale of the Units; (f) any applicable
listing or other similar fees; (g) the fees and expenses of preparing, printing and distributing a
Blue Sky Memorandum (including related fees and expenses of counsel to the Underwriters); (h) the
cost of printing certificates representing the Units; (i) the costs and charges of any transfer
agent or registrar; (j) the costs and expenses of the Partnership relating to investor
presentations on any “road show” undertaken in connection with the marketing of the offering of the
Units, including, without limitation, expenses associated with the production of road show slides
and graphics, fees and expenses of any consultants engaged in connection with the road show
presentations with the prior approval of the Partnership, travel and lodging expenses of the
representatives and officers of the Partnership and any such consultants; and (k) all other costs
and expenses incident to the performance of the obligations of the Partnership under this
Agreement; provided that, except as provided in this Section 6 and in Section 12 hereof, the
Underwriters shall pay their own costs and expenses, including the costs and expenses of its
counsel, any transfer taxes on the Units which it may sell and the expenses of advertising any
offering of the Units made by the Underwriters.
7. Conditions of Underwriters’ Obligations. The respective obligations of the
Underwriters hereunder are subject to the accuracy, on the date hereof, at the Applicable Time and
on each Delivery Date, of the representations and warranties of the Enterprise Parties contained
herein, to the accuracy of the statements of the Enterprise Parties and the officers of the General
Partner made in any certificates delivered pursuant hereto, to the performance by each of the
Enterprise Parties of its obligations hereunder and to each of the following additional terms and
conditions:
(a) The Prospectus shall have been timely filed with the Commission in accordance with Section
5(a) of this Agreement; no stop order suspending the effectiveness of the Registration Statement or
preventing or suspending the use of the Prospectuses or any Issuer Free Writing Prospectuses or any
part thereof shall have been issued and no proceeding for that
19
purpose shall have been initiated or threatened by the Commission; any request of the
Commission for inclusion of additional information in the Registration Statement or the Prospectus
or otherwise shall have been complied with to the reasonable satisfaction of the Underwriters; and
the Commission shall not have notified the Partnership of any objection to the use of the form of
the Registration Statement.
(b) The Underwriters shall not have discovered and disclosed to the Partnership on or prior to
such Delivery Date that the Registration Statement, the Prospectus or the Pricing Disclosure
Package, or any amendment or supplement thereto, contains an untrue statement of a fact which, in
the opinion of counsel for the Underwriters, is material or omits to state any fact which, in the
opinion of such counsel, is material and is required to be stated therein or in the documents
incorporated by reference therein or is necessary to make the statements therein not misleading.
(c) All corporate, partnership and limited liability company proceedings and other legal
matters incident to the authorization, execution and delivery of this Agreement, the authorization,
execution and filing of the Registration Statement, any Preliminary Prospectus, the Prospectus and
any Issuer Free Writing Prospectus, and all other legal matters relating to this Agreement and the
transactions contemplated hereby shall be reasonably satisfactory in all material respects to
counsel for the Underwriters, and the Partnership shall have furnished to such counsel all
documents and information that they or their counsel may reasonably request to enable them to pass
upon such matters.
(d) ▇▇▇▇▇▇▇ ▇▇▇▇▇ LLP shall have furnished to the Underwriters its written opinion, as counsel
for the Enterprise Parties, addressed to the Underwriters and dated such Delivery Date, in form and
substance satisfactory to the Underwriters, substantially to the effect set forth in Exhibit
A hereto.
(e) ▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇, Esq., shall have furnished to the Underwriters his written opinion,
as Corporate Counsel of the Enterprise Parties, addressed to the Underwriters and dated such
Delivery Date, in form and substance reasonably satisfactory to the Underwriters, substantially to
the effect set forth in Exhibit B hereto.
(f) The Underwriters shall have received from ▇▇▇▇▇▇ & ▇▇▇▇▇▇ L.L.P., counsel for the
Underwriters, such opinion or opinions, dated such Delivery Date, with respect to such matters as
the Underwriters may reasonably require, and the Partnership shall have furnished to such counsel
such documents and information as they may reasonably request for the purpose of enabling them to
pass upon such matters.
(g) At the time of execution of this Agreement, the Underwriters shall have received from
Deloitte & Touche LLP a letter or letters, in form and substance satisfactory to the Underwriters,
addressed to the Underwriters and dated the date hereof (i) confirming that they are an independent
registered public accounting firm within the meaning of the Securities Act and are in compliance
with the applicable rules and regulations thereunder adopted by the Commission and the PCAOB, and
(ii) stating that, as of the date hereof (or, with respect to matters involving changes or
developments since the respective dates as of which specified financial information is given in the
Pricing Disclosure Package and the Prospectus, as of a date
20
not more than five days prior to the date hereof), the conclusions and findings of such firm
with respect to the financial information and other matters ordinarily covered by accountants’
“comfort letters” to underwriters in connection with registered public offerings.
(h) With respect to the letter or letters of Deloitte & Touche LLP referred to in the
preceding paragraph and delivered to the Underwriters concurrently with the execution of this
Agreement (the “initial letters”), such accounting firm shall have furnished to the
Underwriters a letter (the “bring-down letter”) of Deloitte & Touche LLP, addressed to the
Underwriters and dated such Delivery Date, (i) confirming that they are an independent registered
public accounting firm within the meaning of the Securities Act and are in compliance with the
applicable rules and regulations thereunder adopted by the Commission and the PCAOB, (ii) stating
that, as of the date of the bring-down letter (or, with respect to matters involving changes or
developments since the respective dates as of which specified financial information is given in the
Prospectus, as of a date not more than five days prior to the date of the bring-down letter), the
conclusions and findings of such firm with respect to the financial information and other matters
covered by the initial letters and (iii) confirming in all material respects the conclusions and
findings set forth in the initial letters.
(i) The Partnership shall have furnished to the Underwriters a certificate, dated such
Delivery Date, of the chief executive officer and the chief financial officer of the General
Partner stating that: (i) such officers have carefully examined the Registration Statement, the
Prospectus and the Pricing Disclosure Package; (ii) in their opinion, (1) the Registration
Statement, including the documents incorporated therein by reference, as of the most recent
Effective Date, (2) the Prospectus, including any documents incorporated by reference therein, as
of the date of the Prospectus and as of such Delivery Date, and (3) the Pricing Disclosure Package,
as of the Applicable Time, did not and do not include any untrue statement of a material fact and
did not and do not omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; (iii) as of such
Delivery Date, the representations and warranties of the Enterprise Parties in this Agreement are
true and correct; (iv) the Enterprise Parties have complied with all their agreements contained
herein and satisfied all conditions on their part to be performed or satisfied hereunder on or
prior to such Delivery Date; (v) no stop order suspending the effectiveness of the Registration
Statement has been issued and no proceedings for that purpose have been instituted or, to the best
of such officer’s knowledge, are threatened; (vi) the Commission has not notified the Partnership
of any objection to the use of the form of the Registration Statement or any post-effective
amendment thereto; (vii) since the date of the most recent financial statements included or
incorporated by reference in the Prospectus, there has been no Material Adverse Effect, whether or
not arising from transactions in the ordinary course of business, except as set forth in or
contemplated in the Pricing Disclosure Package; and (viii) since the Effective Date, no event has
occurred that is required under the Rules and Regulations or the Securities Act to be set forth in
a supplement or amendment to the Registration Statement, the Prospectus or any Issuer Free Writing
Prospectus that has not been so set forth.
(j) If any event shall have occurred on or prior to such Delivery Date that requires the
Partnership under Section 5(e) of this Agreement to prepare an amendment or supplement to the
Prospectus, such amendment or supplement shall have been prepared, the Underwriters shall have been
given a reasonable opportunity to comment thereon as provided in Section 5(e) hereof,
21
and copies thereof shall have been delivered to the Underwriters reasonably in advance of such
Delivery Date.
(k) No action shall have been taken and no statute, rule, regulation or order shall have been
enacted, adopted or issued by any governmental agency or body which would, as of such Delivery
Date, prevent the issuance or sale of the Units; and no injunction, restraining order or order of
any other nature by any federal or state court of competent jurisdiction shall have been issued as
of such Delivery Date which would prevent the issuance or sale of the Units.
(l) Except as described in the Pricing Disclosure Package and the Prospectus, (i) neither the
Partnership nor any of its subsidiaries shall have sustained, since the date of the latest audited
financial statements included or incorporated by reference in the Pricing Disclosure Package and
the Prospectus, any loss or interference with its business from fire, explosion, flood or other
calamity, whether or not covered by insurance, or from any labor dispute or court or governmental
action, order or decree or (ii) since such date there shall not have been any change in the capital
or long-term debt of the Partnership or any of its subsidiaries or any change, or any development
involving a prospective change, in or affecting the condition (financial or otherwise), results of
operations, unitholders’ equity, properties, management, business or prospects of the Partnership
and its subsidiaries taken as a whole, the effect of which, in any such case described in clause
(i) or (ii), is, in the judgment of the Representatives, so material and adverse as to make it
impracticable or inadvisable to proceed with the public offering or the delivery of the Units being
delivered on such Delivery Date on the terms and in the manner contemplated in the Pricing
Disclosure Package and the Prospectus.
(m) Subsequent to the execution and delivery of this Agreement there shall not have occurred
any of the following: (i) trading in the Common Units shall have been suspended by the Commission
or the New York Stock Exchange, (ii) trading in securities generally on the New York Stock Exchange
or the American Stock Exchange shall have been suspended or materially limited or the settlement of
such trading generally shall have been materially disrupted or minimum prices shall have been
established on the New York Stock Exchange, (iii) a banking moratorium shall have been declared by
federal or New York State authorities, (iv) a material disruption in commercial banking or
clearance services in the United States, (v) the United States shall have become engaged in
hostilities, there shall have been an escalation in hostilities involving the United States or
there shall have been a declaration of a national emergency or war by the United States or (vi) a
calamity or crisis the effect of which on the financial markets is such as to make it, in the sole
judgment of the Representatives, impracticable or inadvisable to proceed with the offering or
delivery of the Units being delivered on such Delivery Date on the terms and in the manner
contemplated in the Pricing Disclosure Package and the Prospectus.
(n) The New York Stock Exchange shall have approved the Units for listing, subject only to
official notice of issuance.
(o) The Lock-Up Agreements between the Representatives and the persons listed on Schedule
IV, delivered to the Representatives on or before the date of this Agreement, shall be in full
force and effect on such Delivery Date, except to the extent waived, released, suspended or
terminated in writing by the Representatives.
22
All such opinions, certificates, letters and documents mentioned above or elsewhere in this
Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form
and substance reasonably satisfactory to the Underwriters and to counsel for the Underwriters.
8. Indemnification and Contribution.
(a) Each of the Enterprise Parties, jointly and severally, agrees to indemnify and hold
harmless each Underwriter, the directors, officers, employees and agents of any Underwriter,
affiliates of any Underwriter who have, or who are alleged to have, participated in the
distribution of the Units as underwriters, and each person who controls any Underwriter or any such
affiliate within the meaning of either the Securities Act or the Exchange Act from and against any
and all losses, claims, damages or liabilities, joint or several, to which that Underwriter,
director, officer, employee, agent, affiliate or controlling person may become subject under the
Securities Act, the Exchange Act or other Federal or state statutory law or regulation, at common
law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement, any Preliminary Prospectus, the Prospectus,
the Pricing Disclosure Package, any Issuer Free Writing Prospectus or in any amendment or
supplement thereto, or (ii) the omission or the alleged omission to state in the Registration
Statement, any Preliminary Prospectus, the Prospectus, the Pricing Disclosure Package, any Issuer
Free Writing Prospectus or in any amendment or supplement thereto any material fact required to be
stated therein or necessary to make the statements therein not misleading; and agrees to reimburse
each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by
them in connection with investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the Enterprise Parties will not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is based upon any such
untrue statement or alleged untrue statement or omission or alleged omission made therein in
reliance upon and in conformity with written information furnished to the Enterprise Parties by the
Underwriters through the Representatives specifically for inclusion therein, which information
consists solely of the information specified in Section 8(b). This indemnity agreement will be in
addition to any liability which the Enterprise Parties may otherwise have.
(b) Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless each
Enterprise Party, the directors of the General Partner, the respective officers of the General
Partner who signed the Registration Statement, and each person who controls the Enterprise Parties
within the meaning of either the Securities Act or the Exchange Act to the same extent as the
foregoing indemnity from the Partnership to the Underwriters, but only with reference to written
information relating to the Underwriters furnished to the Partnership by the Underwriters through
the Representatives specifically for inclusion in the documents referred to in the foregoing
indemnity. This indemnity agreement will be in addition to any liability which the Underwriters
may otherwise have. The Enterprise Parties acknowledge that the following statements set forth in
the most recent Preliminary Prospectus and the Prospectus: (A) the names of the Underwriters, (B)
the last paragraph of the cover page regarding delivery of the Units and (C) under the heading
“Underwriting,” (1) the sentence relating to concessions, (2) the paragraphs (including the bullet
points contained therein) under the heading “Price Stabilization,
23
Short Positions and Penalty Bids,” and (3) the paragraphs under the heading “Electronic
Distribution,” constitute the only information furnished in writing by or on behalf of the
Underwriters for inclusion in any Preliminary Prospectus, the Registration Statement, the
Prospectus, any Issuer Free Writing Prospectuses or in any amendment or supplement thereto.
(c) Promptly after receipt by an indemnified party under this Section 8 of notice of any claim
or the commencement of any action, such indemnified party will, if a claim in respect thereof is to
be made against the indemnifying party under this Section 8, notify the indemnifying party in
writing of the claim or the commencement thereof; but the failure so to notify the indemnifying
party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the
extent it did not otherwise learn of such action and such failure results in the forfeiture by the
indemnifying party of substantive rights and defenses and (ii) will not, in any event, relieve the
indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to
appoint counsel of the indemnifying party’s choice at the indemnifying party’s expense to represent
the indemnified party in any action for which indemnification is sought (in which case the
indemnifying party shall not thereafter be responsible for the reasonable fees, costs and expenses
of any separate counsel retained by the indemnified party or parties except as set forth below);
provided, however, that such counsel shall be reasonably satisfactory to the indemnified party.
Notwithstanding the indemnifying party’s election to appoint counsel to represent the indemnified
party in an action, the indemnified party shall have the right to employ separate counsel
(including local counsel), and the indemnifying party shall bear the reasonable fees, costs and
expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to
represent the indemnified party would present such counsel with a conflict of interest, (ii) the
actual or potential defendants in, or targets of, any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably concluded that
there may be legal defenses available to it and/or other indemnified parties which are different
from or additional to those available to the indemnifying party, (iii) the indemnifying party shall
not have employed counsel reasonably satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of the institution of such action or (iv)
the indemnifying party shall authorize the indemnified party to employ separate counsel at the
expense of the indemnifying party. An indemnifying party will not, without the prior written
consent of the indemnified parties, settle or compromise or consent to the entry of any judgment
with respect to any pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified parties are
actual or potential parties to such claim or action) unless such settlement, compromise or consent
includes an unconditional release of each indemnified party from all liability arising out of such
claim, action, suit or proceeding and does not contain any statement as to or an admission of
fault, culpability or failure to act by or on behalf of any indemnified party.
(d) In the event that the indemnity provided in this Section 8 is unavailable to or
insufficient to hold harmless an indemnified party for any reason, the Enterprise Parties and the
Underwriters agree to contribute to the aggregate losses, claims, damages and liabilities
(including legal or other expenses reasonably incurred in connection with investigating or
defending same) (collectively, the “Losses”) to which the Enterprise Parties and the
Underwriters may be subject in such proportion as is appropriate to reflect the relative benefits
24
received by the Enterprise Parties on the one hand and by the Underwriters on the other from
the offering of the Units; provided, however, that in no case shall (i) any Underwriter be
responsible for any amount in excess of the amount by which the total price of the Units
underwritten by it and distributed to the public were offered to the public exceeds the amount of
any damages which such Underwriter has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. If the allocation provided by the
immediately preceding sentence is unavailable for any reason, the Enterprise Parties and the
Underwriters shall contribute in such proportion as is appropriate to reflect not only such
relative benefits but also the relative fault of the Enterprise Parties on the one hand and of the
Underwriters on the other in connection with the statements or omissions which resulted in such
Losses as well as any other relevant equitable considerations. Benefits received by the Enterprise
Parties shall be deemed to be equal to the total net proceeds from the Offering (before deducting
expenses) received by it, and benefits received by the Underwriters shall be deemed to be equal to
the total underwriting discounts and commissions, in each case as set forth on the cover page of
the Prospectus. Relative fault shall be determined by reference to, among other things, whether
any untrue or any alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information provided by the Enterprise Parties on the one hand
or the Underwriters on the other, the intent of the parties and their relative knowledge, access to
information and opportunity to correct or prevent such untrue statement or omission. The
Enterprise Parties and each of the Underwriters agree that it would not be just and equitable if
contribution were determined by pro rata allocation or any other method of allocation which does
not take account of the equitable considerations referred to above. Notwithstanding the provisions
of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person who
controls any Underwriter within the meaning of either the Securities Act or the Exchange Act and
each director, officer, employee and agent of any Underwriter shall have the same rights to
contribution as the Underwriters, and each person who controls the Enterprise Parties within the
meaning of either the Securities Act or the Exchange Act, each officer of the General Partner who
shall have signed the Registration Statement and each director of the General Partner shall have
the same rights to contribution as the Enterprise Parties, subject in each case to the applicable
terms and conditions of this paragraph (d).
9. No Fiduciary Duty. Each Enterprise Party hereby acknowledges that each Underwriter is
acting solely as an underwriter in connection with the purchase and sale of the Units. Each
Enterprise Party further acknowledges that each Underwriter is acting pursuant to a contractual
relationship created solely by this Agreement entered into on an arm’s-length basis and in no event
do the parties intend that each Underwriter acts or be responsible as a fiduciary to any of the
Partnership Entities, their management, unitholders, creditors or any other person in connection
with any activity that each Underwriter may undertake or have undertaken in furtherance of the
purchase and sale of the Units, either before or after the date hereof. Each Underwriter hereby
expressly disclaims any fiduciary or similar obligations to any of the Partnership Entities, either
in connection with the transactions contemplated by this Agreement or any matters leading up to
such transactions, and the Enterprise Parties hereby confirm their understanding and agreement to
that effect. The Enterprise Parties and the Underwriters agree that they are each responsible for
making their own independent judgments with respect to any such transactions and that any opinions
or views expressed by the Underwriters to any of the
25
Partnership Entities regarding such transactions, including but not limited to any opinions or
views with respect to the price or market for the Units, do not constitute advice or
recommendations to any of the Partnership Entities. Each Enterprise Party hereby waives and
releases, to the fullest extent permitted by law, any claims that any Enterprise Party may have
against each Underwriter with respect to any breach or alleged breach of any fiduciary or similar
duty to any of the Partnership Entities in connection with the transactions contemplated by this
Agreement or any matters leading up to such transactions.
10. Defaulting Underwriters. If, on any Delivery Date, any Underwriter defaults in the
performance of its obligations under this Agreement, the remaining non-defaulting Underwriters
shall be obligated to purchase the Units that the defaulting Underwriter agreed but failed to
purchase on such Delivery Date in the respective proportions which the number of Firm Units set
forth opposite the name of each remaining non-defaulting Underwriter in Schedule I hereto bears to
the total number of Firm Units set forth opposite the names of all the remaining non-defaulting
Underwriters in Schedule I hereto; provided, however, that the remaining non-defaulting
Underwriters shall not be obligated to purchase any of the Units on such Delivery Date if the total
number of Units that the defaulting Underwriter or Underwriters agreed but failed to purchase on
such date exceeds 10% of the total number of Units to be purchased on such Delivery Date, and any
remaining non-defaulting Underwriters shall not be obligated to purchase more than 110% of the
number of Units that it agreed to purchase on such Delivery Date pursuant to the terms of Section
2. If the foregoing maximums are exceeded, the remaining non-defaulting Underwriters, or those
other underwriters satisfactory to the Representatives who so agree, shall have the right, but
shall not be obligated, to purchase, in such proportion as may be agreed upon among them, all the
Units to be purchased on such Delivery Date. If the remaining Underwriters or other underwriters
satisfactory to the Representatives do not elect to purchase the Units that the defaulting
Underwriter or Underwriters agreed but failed to purchase on such Delivery Date, this Agreement
(or, with respect to any Second Delivery Date, the obligation of the Underwriters to purchase, and
of the Partnership to sell, the Option Units) shall terminate without liability on the part of any
non-defaulting Underwriters or the Partnership, except that the Partnership will continue to be
liable for the payment of expenses to the extent set forth in Sections 6 and 12. As used in this
Agreement, the term “Underwriter” includes, for all purposes of this Agreement unless the context
requires otherwise, any party not listed in Schedule I hereto that, pursuant to this Section 10,
purchases Units that a defaulting Underwriter agreed but failed to purchase.
Nothing contained herein shall relieve a defaulting Underwriter of any liability it may have
to the Partnership for damages caused by its default. If other Underwriters are obligated or agree
to purchase the Units of a defaulting or withdrawing Underwriter, either the Representatives or the
Partnership may postpone the Delivery Date for up to seven full business days in order to effect
any changes that in the opinion of counsel for the Partnership or counsel for the Underwriters may
be necessary in the Registration Statement, the Prospectus or in any other document or arrangement.
11. Termination. The obligations of the Underwriters hereunder may be terminated by the
Representatives by notice given to and received by the Partnership prior to delivery of and payment
for the Firm Units if, prior to that time, any of the events described in Sections 7(l) or
26
7(m) shall have occurred or if the Underwriters shall decline to purchase the Units for any
reason permitted under this Agreement.
12. Reimbursement of Underwriters’ Expenses. If the sale of the Units provided for herein
is not consummated because any condition to the obligations of the Underwriters set forth in
Section 7 hereof is not satisfied, because of any termination pursuant to Section 7(m)(i) hereof or
because of any refusal, inability or failure on the part of any Enterprise Party to perform any
agreement herein or comply with any provision hereof other than by reason of a default by the
Underwriters, the Partnership will reimburse the Underwriters, severally through the
Representatives, on demand for all reasonable out-of-pocket expenses (including reasonable fees and
disbursements of counsel) that shall have been incurred by the Underwriters in connection with the
proposed purchase and sale of the Units. If this Agreement is terminated pursuant to Section 10
hereof by reason of the default of one or more of the Underwriters, the Partnership shall not be
obligated to reimburse any defaulting Underwriter on account of such Underwriter’s expenses.
13. Research Analyst Independence. Each of the Enterprise Parties acknowledges that the
Underwriters’ research analysts and research departments are required to be independent from their
respective investment banking divisions and are subject to certain regulations and internal
policies, and that such Underwriters’ research analysts may hold views and make statements or
investment recommendations and/or publish research reports with respect to each of the Enterprise
Parties and/or the offering that differ from the views of their respective investment banking
divisions. Each of the Enterprise Parties hereby waives and releases, to the fullest extent
permitted by law, any claims that the Enterprise Parties may have against the Underwriters with
respect to any conflict of interest that may arise from the fact that the views expressed by their
independent research analysts and research departments may be different from or inconsistent with
the views or advice communicated to the Partnership by such Underwriters’ investment banking
divisions. Each of the Enterprise Parties acknowledges that each of the Underwriters is a full
service securities firm and as such from time to time, subject to applicable securities laws, may
effect transactions for its own account or the account of its customers and hold long or short
positions in debt or equity securities of the companies that may be the subject of the transactions
contemplated by this Agreement.
14. Issuer Information. Each Underwriter severally agrees that such Underwriter, without
the prior written consent of the Partnership, has not used or referred to publicly and shall not
use or refer to publicly any “free writing prospectus” (as defined in Rule 405 but excluding any
Issuer Free Writing Prospectus identified on Schedule V hereto and any electronic road show
constituting a free writing prospectus under Rule 433) required to be filed by the Partnership with
the Commission or retained by the Partnership under Rule 433. Any such free writing prospectus
consented to by the Representatives or the Partnership is hereinafter referred to as a “Permitted
Free Writing Prospectus.” The Partnership agrees that (x) it has treated and will treat, as the
case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and (y) it
has complied and will comply, as the case may be, with the requirements of Rules 164 and 433
applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the
Commission, legending and record keeping.
27
15. Notices. All statements, requests, notices and agreements hereunder shall be in
writing, and: if to the Underwriters, shall be delivered or sent by mail or facsimile transmission
to each of (i) ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated, ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇,
Attention: Equity Capital Markets Syndicate Desk; (ii) Barclays Capital Inc., ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇, Attention: Syndicate Registration (Fax: ▇▇▇-▇▇▇-▇▇▇▇); (iii) Citigroup Global
Markets Inc. General Counsel (Fax: ▇▇▇-▇▇▇-▇▇▇▇) and confirmed to the General Counsel, Citigroup
Global Markets Inc., at ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: General Counsel;
(iv) UBS Securities LLC, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇, Attention: Syndicate Department; and
(v) ▇▇▇▇▇ Fargo Securities, LLC, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇, Attention: Equity Syndicate
Department (Fax: ▇▇▇-▇▇▇-▇▇▇▇);
(a) if to the Enterprise Parties, shall be delivered or sent by mail or facsimile transmission
to Enterprise Products Partners L.P., ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇,
Attention: Chief Legal Officer (Fax: (▇▇▇) ▇▇▇-▇▇▇▇);
provided, however, that any notice to any Underwriter pursuant to Section 8(c) shall be delivered
or sent by mail, telex or facsimile transmission to such Underwriters at its address set forth in
its acceptance telex to the Underwriters, which address will be supplied to any other party hereto
by the Underwriters upon request. Any such statements, requests, notices or agreements shall take
effect at the time of receipt thereof.
The Enterprise Parties shall be entitled to rely upon any request, notice, consent or
agreement given or made by the Representatives on behalf of the Underwriters.
16. Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit
of and be binding upon the Underwriters, the Enterprise Parties and their respective successors.
This Agreement and the terms and provisions hereof are for the sole benefit of only those persons,
except as provided in Section 8 with respect to affiliates, officers, directors, employees,
representatives, agents and controlling persons of the Partnership, the Operating LLC and the
Underwriters. Nothing in this Agreement is intended or shall be construed to give any person,
other than the persons referred to in this Section 16, any legal or equitable right, remedy or
claim under or in respect of this Agreement or any provision contained herein.
17. Survival. The respective indemnities, representations, warranties and agreements of the Enterprise Parties
and the Underwriters contained in this Agreement or made by or on behalf on them, respectively,
pursuant to this Agreement or any certificate delivered pursuant hereto, shall survive the delivery
of and payment for the Units and shall remain in full force and effect, regardless of any
termination or cancellation of this Agreement or any investigation made by or on behalf of any of
them or any person controlling any of them. The Underwriters acknowledge and agree that the
obligations of the Enterprise Parties hereunder are non-recourse to the General Partner.
18.
Definition of the Terms “Business Day” and “Subsidiary”. For purposes of this
Agreement, (a) “business day” means any day on which the New York Stock Exchange, Inc. is open for
trading and (b) “affiliate” and “subsidiary” have their respective meanings set forth in Rule 405
of the Rules and Regulations.
28
19. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.
20. Jurisdiction; Venue. The parties hereby consent to (i) nonexclusive jurisdiction in
the courts of the State of New York located in the City and County of New York or in the United
States District Court for the Southern District of New York, (ii) nonexclusive personal service
with respect thereto, and (iii) personal jurisdiction, service and venue in any court in which any
claim arising out of or in any way relating to this Agreement is brought by any third party against
the Underwriters or any indemnified party. Each of the parties (on its behalf and, to the extent
permitted by applicable law, on behalf of its limited partners and affiliates) waives all right to
trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or
otherwise) in any way arising out of or relating to this Agreement. The parties agree that a final
judgment in any such action, proceeding or counterclaim brought in any such court shall be
conclusive and binding upon the parties and may be enforced in any other courts to the jurisdiction
of which the parties is or may be subject, by suit upon such judgment.
21. Counterparts. This Agreement may be executed in one or more counterparts and, if
executed in more than one counterpart, the executed counterparts shall each be deemed to be an
original but all such counterparts shall together constitute one and the same instrument.
22. Amendments. No amendment or waiver of any provision of this Agreement, nor any
consent or approval to any departure therefrom, shall in any event be effective unless the same
shall be in writing and signed by the parties hereto.
23. Headings. The headings herein are inserted for convenience of reference only and are
not intended to be part of, or to affect the meaning or interpretation of, this Agreement.
[Signature page follows.]
29
If the foregoing correctly sets forth the agreement among the Enterprise Parties and the
Underwriters, please indicate your acceptance in the space provided for that purpose below.
| Very truly yours, ENTERPRISE PRODUCTS PARTNERS L.P. By: Enterprise Products GP, LLC, its general partner |
||||
| By: | /s/ W. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |||
| W. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | ||||
| Executive Vice President and Chief Financial Officer | ||||
| ENTERPRISE PRODUCTS OLPGP, INC. |
||||
| By: | /s/ W. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |||
| W. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | ||||
| Executive Vice President and Chief Financial Officer | ||||
| ENTERPRISE PRODUCTS OPERATING LLC By: Enterprise Products OLPGP, Inc., its sole manager |
||||
| By: | /s/ W. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |||
| W. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | ||||
| Executive Vice President and Chief Financial Officer | ||||
Signature Page to Underwriting Agreement
For themselves and as Representatives
of the several Underwriters named
in Schedule I hereto.
of the several Underwriters named
in Schedule I hereto.
| By: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & CO. INCORPORATED |
||||
| By: | /s/ ▇▇▇▇ ▇▇▇▇▇▇▇ | |||
| Name: | ▇▇▇▇ ▇▇▇▇▇▇▇ | |||
| Title: | Vice President | |||
| By: BARCLAYS CAPITAL INC. |
||||
| By: | /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇ | |||
| Name: | ▇▇▇▇▇▇▇▇ ▇▇▇▇ | |||
| Title: | Vice President | |||
| By: CITIGROUP GLOBAL MARKETS INC. |
||||
| By: | /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ | |||
| Name: | ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ | |||
| Title: | Director | |||
| By: UBS SECURITIES LLC |
||||
| By: | /s/ ▇▇▇▇▇▇ ▇▇▇▇ | |||
| Name: | ▇▇▇▇▇▇ ▇▇▇▇ | |||
| Title: | Executive Director | |||
| By: | /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ | |||
| Name: | ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ | |||
| Title: | Associate Director | |||
| By: ▇▇▇▇▇ FARGO SECURITIES, LLC |
||||
| By: | /s/ ▇▇▇▇▇ ▇▇▇▇▇▇ | |||
| Name: | ▇▇▇▇▇ ▇▇▇▇▇▇ | |||
| Title: | Director | |||
Signature Page to Underwriting Agreement
Schedule I
| Number of Firm Units | ||||
| Underwriters | to be Purchased | |||
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated |
1,336,270 | |||
Barclays Capital Inc. |
1,336,270 | |||
Citigroup Global Markets Inc. |
1,336,270 | |||
UBS Securities LLC |
1,336,270 | |||
▇▇▇▇▇ Fargo Securities, LLC |
1,336,270 | |||
▇▇▇▇▇▇▇, ▇▇▇▇▇ & Co. |
570,000 | |||
▇.▇. ▇▇▇▇▇▇ Securities Inc. |
570,000 | |||
▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇
Incorporated |
570,000 | |||
▇▇▇▇▇▇▇ ▇▇▇▇▇ & Associates, Inc. |
380,000 | |||
RBC Capital Markets Corporation |
380,000 | |||
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ and Company |
185,250 | |||
▇▇▇▇▇▇ ▇▇▇▇▇▇ & Company, Inc. |
81,700 | |||
▇▇▇▇▇▇▇▇▇▇▇ & Co., Inc. |
81,700 | |||
TOTAL |
9,500,000 | |||
Schedule I
Schedule II
Additional Pricing Disclosure Package
Pricing Information:
Number of Units:
|
9,500,000 Firm Units or, if the Underwriters exercise in full their option to purchase additional Units granted in Section 2 hereof, 1,425,000 Units. | |
Public offering price for the Units: |
$32.42 per Unit |
Schedule II
Schedule III
Subsidiaries of the Operating LLC
| Ownership Interest | ||||||
| Jurisdiction of | Percentage | |||||
| Subsidiary | Formation | (direct or indirect) | ||||
DEP Holdings, LLC |
Delaware | 100.00 | % | |||
▇▇▇▇▇▇ Energy Partners L.P. |
Delaware | (1 | ) | |||
DEP Operating Partnership, L.P. |
Delaware | (2 | ) | |||
Enterprise Gas Processing, LLC |
Delaware | 100.00 | % | |||
Enterprise GTMGP, LLC |
Delaware | 100.00 | % | |||
Enterprise GTM Holdings L.P. |
Delaware | 100.00 | % | |||
Enterprise Holding III LLC |
Delaware | (3 | ) | |||
Enterprise Products GTM, LLC |
Delaware | 100.00 | % | |||
Enterprise Field Services, LLC |
Delaware | 100.00 | % | |||
Enterprise Texas Pipeline LLC |
Texas | (4 | ) | |||
Mapletree, LLC |
Delaware | 100.00 | % | |||
Mid-America Pipeline Company, LLC |
Delaware | 100.00 | % | |||
Jonah Gas Gathering Company |
Wyoming | 100.00 | % | |||
Texas Eastern Products Pipeline Company, LLC |
Delaware | 100.00 | % | |||
TEPPCO Partners, L.P. |
Delaware | 100.00 | % | |||
TE Products Pipeline Company, LLC |
Texas | 100.00 | % | |||
| (1) | 33,783,587 common units (currently representing approximately 58% of the outstanding limited partner interests) and 414,319 notational general partner units (representing an approximate 0.7% general partner interest). | |
| (2) | Indirect ownership interest proportionate to the Partnership’s interest in ▇▇▇▇▇▇ Energy Partners L.P. | |
| (3) | Indirect ownership interest proportionate to the Partnership’s interest in ▇▇▇▇▇▇ Energy Partners L.P. | |
| (4) | Indirect ownership interest of a 49% voting membership interest, and indirect ownership interest in the other 51% voting membership interest proportionate to the Partnership’s interest in ▇▇▇▇▇▇ Energy Partners L.P. The economic interests of these membership interests include tiered preference distributions and priority returns. |
Schedule III
Schedule IV
Affiliates, Executive Officers
and Directors Subject to Lock-Up Agreements
and Directors Subject to Lock-Up Agreements
Enterprise Products Company
Enterprise Products Holdings, Inc.
Enterprise GP Holdings L.P.
DD Securities LLC
DFI Delaware Holdings ▇.▇.
▇▇▇▇▇▇ Family 2000 Trust
▇▇▇▇▇▇ Family 1998 Trust
Enterprise Unit L.P.
Enterprise Products Unit L.P.
Enterprise Products Holdings, Inc.
Enterprise GP Holdings L.P.
DD Securities LLC
DFI Delaware Holdings ▇.▇.
▇▇▇▇▇▇ Family 2000 Trust
▇▇▇▇▇▇ Family 1998 Trust
Enterprise Unit L.P.
Enterprise Products Unit L.P.
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
E. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇ ▇. ▇▇▇▇▇▇▇, III
▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
▇▇▇ ▇. ▇▇▇▇▇▇
W. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
▇▇▇ ▇. ▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
A. ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇
E. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇ ▇. ▇▇▇▇▇▇▇, III
▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
▇▇▇ ▇. ▇▇▇▇▇▇
W. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
▇▇▇ ▇. ▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
A. ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Schedule IV
Schedule V
Issuer Free Writing Prospectuses
other than those to which the Underwriters provided their consent
other than those to which the Underwriters provided their consent
None.
Schedule V
EXHIBIT A
FORM OF ISSUER’S COUNSEL OPINION
1. Each of the General Partner, the Partnership, the Operating LLC and the OLPGP is validly
existing in good standing as a limited liability company, limited partnership or corporation, as
applicable, under the laws of the State of Delaware or the State of Texas, as the case may be.
2. Each of the General Partner, the Partnership, the Operating LLC and the OLPGP has all
necessary limited liability company, limited partnership or corporate, as the case may be, power
and authority to (i) execute and deliver, and incur and perform all of its obligations under, the
Underwriting Agreement and (ii) own or lease its properties and conduct its businesses and, in the
case of the General Partner, to act as the general partner of the Partnership and, in the case of
the OLPGP, to act as the sole manager of the Operating LLC, in each case in all material respects
as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.
Each of the General Partner, the Partnership and the OLPGP is duly registered or qualified as a
foreign limited liability company, limited partnership or corporation, as the case may be, for the
transaction of business under the laws of the State of Texas.
3. The General Partner is the sole general partner of the Partnership with a 2.0% general
partner interest in the Partnership (including the right to receive Incentive Distributions (as
defined in the Partnership Agreement)); such general partner interest has been duly authorized and
validly issued in accordance with the Partnership Agreement; and the General Partner owns such
general partner interest free and clear of all liens, encumbrances (except restrictions on
transferability contained in the Partnership Agreement or as described in the Prospectus), security
interests, charges or claims, in each case, (A) in respect of which a financing statement under the
Uniform Commercial Code of the State of Delaware naming the General Partner as debtor is on file in
the office of the Secretary of State of the State of Delaware or (B) otherwise known to such
counsel without independent investigation, other than those created by or arising under Sections
17-303, 17-607 or 17-804 of the Delaware LP Act.
4. To the knowledge of such counsel, EPE owns 100% of the issued and outstanding membership
interests in the General Partner; such membership interests have been duly authorized and validly
issued in accordance with the GP LLC Agreement.
5. The Partnership owns 100% of the issued and outstanding capital stock in the OLPGP; such
capital stock has been duly authorized and validly issued in accordance with the OLPGP Bylaws and
the OLPGP Certificate of Incorporation; and the Partnership owns such capital stock free and clear
of all liens, encumbrances, security interests, charges or claims, in each case, (A) in respect of
which a financing statement under the Uniform Commercial Code of the State of Delaware naming the
Partnership as debtor is on file in the office of the Secretary of State of the State of Delaware
or (B) otherwise known to such counsel without independent investigation.
6. (i) The OLPGP owns 0.001% of the membership interests of the Operating LLC and the
Partnership owns 99.999% of the membership interests of the Operating LLC; such
A-1
membership interests have been duly authorized and validly issued in accordance with the
Operating LLC Agreement; and the OLPGP and the Partnership own such membership interests free and
clear of all liens, encumbrances (except restrictions on transferability contained in the Operating
LLC Agreement or as described in the Prospectus), security interests, charges or claims, in each
case, (A) in respect of which a financing statement under the Uniform Commercial Code of the State
of Delaware naming the OLPGP or the Partnership as debtor is on file in the office of the Secretary
of State of the State of Delaware or (B) otherwise known to such counsel without independent
investigation, other than those created by or arising under Section 101.206 of the Texas Act.
7. (i) The GP LLC Agreement has been duly authorized, executed and delivered by EPE and is a
valid and legally binding agreement of EPE, enforceable against EPE in accordance with its terms;
(ii) the Partnership Agreement has been duly authorized, executed and delivered by the General
Partner and is a valid and legally binding agreement of the General Partner, enforceable against
the General Partner in accordance with its terms; and (iii) the Operating LLC Agreement has been
duly authorized, executed and delivered by each of the OLPGP and the Partnership and is a valid and
legally binding agreement of each of the OLPGP and the Partnership, enforceable against each of
them in accordance with its terms; provided that, with respect to each such agreement, the
enforceability thereof may be limited by (A) applicable bankruptcy, insolvency, moratorium,
fraudulent conveyance, fraudulent transfer and similar laws relating to or affecting creditors’
rights generally, (B) principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law), (C) public policy limitations, (D) applicable law relating to
fiduciary duties, and (E) indemnification and an implied covenant of good faith and fair dealing.
8. As of the date hereof and immediately prior to the issuance of the Units pursuant to the
Underwriting Agreement, there were 610,440,641 issued and outstanding Common Units (including
4,520,431 Class B Units).
9. The Units and the limited partner interests represented thereby have been duly authorized
by the Partnership and, when issued and delivered to the Underwriters against payment therefor in
accordance with the terms of the Underwriting Agreement, will be validly issued, fully paid (to the
extent required under the 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 LP Act and
as described in the Pricing Disclosure Package).
10. Except for rights that have been effectively complied with, satisfied or waived, there are
no preemptive rights or other rights to subscribe for or to purchase, nor any restriction upon the
voting or transfer of, any partnership or membership interests or capital stock in the Enterprise
Parties, in each case pursuant to the organizational documents of such entity. To such counsel’s
knowledge, neither the filing of the Registration Statement nor the offering or sale of the Units
as contemplated by the Underwriting Agreement gives rise to any rights for or relating to the
registration of any Common Units or other securities of the Partnership, other than as have been
effectively complied with, satisfied or waived.
11. The Partnership has all requisite partnership power and authority to issue, sell and
deliver the Units in accordance with and upon the terms and conditions set forth in the
A-2
Underwriting Agreement, the Partnership Agreement, the Registration Statement, the Pricing
Disclosure Package and the Prospectus.
12. The Underwriting Agreement has been duly authorized and validly executed and delivered by
each of the Enterprise Parties.
13. None of (i) the offering, issuance and sale by the Partnership of the Units, (ii) the
execution, delivery and performance of the Underwriting Agreement by the Enterprise Parties, or
(iii) the consummation by the Enterprise Parties of the transactions contemplated thereby (A)
constituted, 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 or (B) resulted, results or will result in any violation of (i) the
Delaware LP Act, (ii) the Delaware LLC Act, (iii) the Delaware General Corporation Law (the
“DGCL”), (iv) the applicable laws of the State of Texas or (v) the applicable laws of the United
States of America; which violations, in the case of clause (B), would, individually or in
the aggregate, have a material adverse effect on the financial condition, business or results of
operations of the Partnership Entities, taken as a whole or could materially impair the ability of
any of the Enterprise Parties to perform its obligations under the Underwriting Agreement;
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.
14. No Governmental Approval, which has not been obtained or taken and is not in full force
and effect, is required to authorize, or in connection with, (i) the offering, issuance and sale by
the Partnership of the Units, (ii) the execution, delivery and performance of the Underwriting
Agreement by the Enterprise Parties or (iii) the consummation of the transactions contemplated by
the Underwriting Agreement, except for such consents required under state securities or “Blue Sky”
laws, as to which such counsel need not express any opinion. As used in this paragraph,
“Governmental Approval” means any consent, approval, license, authorization or validation
of, or filing, recording or registration with, any executive, legislative, judicial, administrative
or regulatory body of the State of Texas, the State of Delaware or the United States of America,
pursuant to (i) the applicable laws of the State of Texas, (ii) the applicable laws of the United
States of America, (iii) the Delaware LP Act, (iv) the Delaware LLC Act or (v) the DGCL.
15. The statements under the captions “Description of Our Common Units,” “Cash Distribution
Policy” and “Description of Our Partnership Agreement” in each of the Pricing Disclosure Package
and the Prospectus, insofar as such statements purport to summarize certain provisions of documents
and legal matters referred to therein, fairly summarize such provisions and legal matters in all
material respects, subject to the qualifications and assumptions stated therein; and the Common
Units conform in all material respects to the description set forth under “Description of Our
Common Units” in each of the Pricing Disclosure Package and the Prospectus.
16. The statements under the captions “Material Tax Consequences” and “Material U.S. Tax
Consequences” in each of the Pricing Disclosure Package and the Prospectus, insofar
A-3
as they refer to statements of law or legal conclusions, fairly summarize the matters referred
to therein in all material respects, subject to the qualifications and assumptions stated therein.
17. The opinion of ▇▇▇▇▇▇▇ ▇▇▇▇▇ LLP that is filed as Exhibit 8.1 on Form 8-K (filed with the
Commission on [ ], 2010) is confirmed and the Underwriters may rely upon such opinion as
if it were addressed to them.
18. None of the Partnership Entities is, or will be after application of the net proceeds of
the offering of the Units as described in the Prospectus, an “investment company” within the
meaning of said term as used in the Investment Company Act of 1940, as amended.
19. Any required filing of any Preliminary Prospectus and the Prospectus pursuant to Rule
424(b) and of any Issuer Free Writing Prospectus pursuant to Rule 433 has been made in the manner
and within the time period required by such Rule.
Such counsel shall state that the Registration Statement became effective under the Securities
Act upon filing on August 27, 2007; to the knowledge of such counsel, no stop order suspending the
effectiveness of the Registration Statement has been issued and, to such counsel’s knowledge based
on such oral communication with the Commission, no proceedings for that purpose have been
instituted or are pending or threatened by the Commission.
In addition, such counsel shall state that they have participated in conferences with officers
and other representatives of the General Partner and the Partnership, the independent registered
public accounting firm for the General Partner and the Partnership, your counsel and your
representatives, at which the contents of the Registration Statement, the Pricing Disclosure
Package and the Prospectus and related matters were discussed, and, although such counsel has not
independently verified and are not passing upon, and do not assume any responsibility for the
accuracy, completeness or fairness of, the statements contained or incorporated by reference in the
Registration Statement, the Pricing Disclosure Package and the Prospectus (except as and to the
extent set forth in opinions 15 and 16 above), on the basis of the foregoing
(relying to a limited extent with respect to factual matters upon statements by officers and
representatives of the General Partner and the Partnership and their subsidiaries):
(a) such counsel confirms that, in their opinion, each of the Registration Statement,
as of the latest Effective Date, the Pricing Disclosure Package, as of the Applicable Time,
and the Prospectus, as of its date, appeared on its face to be appropriately responsive, in
all material respects, to the requirements of the Securities Act and the Rules and
Regulations (except that such counsel need not make a statement with respect to Regulation
S-T) and
(b) no facts have come to such counsel’s attention that have led them to believe that
(i) the Registration Statement, as of the latest Effective Date, contained an untrue
statement of a material fact or omitted to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; (ii) the Pricing
Disclosure Package, as of the Applicable Time, contained an untrue statement of a material
fact or omitted to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; or (iii) the
A-4
Prospectus, as of its date and as of the Delivery Date, contained or contains an untrue
statement of a material fact or omitted or omits to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were
made, not misleading;
it being understood that such counsel expresses no statement or belief in this letter with
respect to (A) the financial statements and related schedules, including the notes and schedules
thereto and the auditor’s report thereon, (B) any other financial or accounting data, included or
incorporated or deemed incorporated by reference in, or excluded from, the Registration Statement,
the Prospectus or the Pricing Disclosure Package, and (C) representations and warranties and other
statements of fact included in the exhibits to the Registration Statement or to the documents
incorporated by reference in the Registration Statement.
In rendering such opinions, such counsel may (A) rely in respect of matters of fact upon
certificates of officers and employees for the Partnership Entities and of the transfer agent of
the Partnership and upon information obtained from public officials (to the extent such counsel
deems it appropriate), (B) assume that all documents submitted to them as originals are authentic,
that all copies submitted to them conform to the originals thereof, and that the signatures on all
documents examined by them are genuine, (C) state that their opinion is limited to the Delaware LP
Act, the Delaware LLC Act, the DGCL and the applicable laws of the State of Texas, the applicable
laws of the United States of America and, with respect to the opinion set forth in paragraph
16 above, United States federal income tax law, and with respect to the opinion set forth in
paragraph 18 above, the Investment Company Act of 1940, as amended, (D) state that they
express no opinion with respect to state securities or blue sky laws of any jurisdiction or with
respect to the anti-fraud provisions of the federal securities laws, (E) with respect to the
opinion expressed in paragraph 1 above as to the due qualification or registration under
the laws of the State of Texas as a foreign limited partnership, limited liability company or
corporation, as the case may be, of the General Partner, the Partnership, the Operating LLC and
OLPGP, state that such opinions are based solely on certificates of foreign qualification or
registration for each such entity provided by the Secretary of State of the State of Texas, and (F)
state that such counsel expresses no opinion with respect to (i) any permits to own or operate any
real or personal property or (ii) state or local tax statutes to which any of the limited partners
of the Partnership or any of the Enterprise Parties or the General Partner may be subject.
A-5
EXHIBIT B
FORM OF CORPORATE COUNSEL’S OPINION
1. Each of the Partnership Entities has been duly formed or incorporated, as the case may be,
and (other than the Enterprise Parties) is validly existing and in good standing under the laws of
its respective jurisdiction of formation with all necessary corporate, limited liability company or
limited partnership, as the case may be, power and authority to own or lease its properties and
conduct its business, in each case in all material respects as described in each of the Pricing
Disclosure Package and the Prospectus. Each of the Partnership Entities (other than the Enterprise
Parties) is duly registered or qualified as a foreign corporation, limited partnership or limited
liability company, as the case may be, for the transaction of business under the laws of each
jurisdiction in which its ownership or lease of property or the conduct of its businesses requires
such qualification or registration, except where the failure to so qualify or register would not,
individually or in the aggregate, have a Material Adverse Effect.
2. All of the outstanding shares of capital stock, partnership interests or membership
interests, as the case may be, of each of the Partnership Entities (other than the Enterprise
Parties) have been duly and validly authorized and issued in accordance with the applicable
constituent documents and are fully paid (to the extent required under the applicable constituent
documents) and non-assessable (except as such non-assessability may be affected by Sections 17-303,
17-607 and 17-804 of the Delaware LP Act, in the case of partnership interests in a Delaware
limited partnership, Sections 18-607 and 18-604 of the Delaware LLC Act, in the case of membership
interests in a Delaware limited liability company, Section 101.206 of the Texas Business
Organizations Code, in the case of membership interests in a Texas limited liability company, and
except as otherwise disclosed in the Pricing Disclosure Package and the Prospectus). Except as
described in each of the Pricing Disclosure Package and the Prospectus, the Operating LLC and/or
the Partnership, as the case may be, directly or indirectly, owns the shares of capital stock,
partnership interests or membership interests, as applicable, in each of the Partnership Entities
(other than the Enterprise Parties and the General Partner) as set forth on Schedule III to
the Underwriting Agreement, free and clear of any lien, charge, encumbrance (other than contractual
restrictions on transfer contained in the applicable constituent documents), security interest,
restriction upon voting or any other claim of any third party.
3. There are no preemptive or other rights to subscribe for or to purchase, nor any
restriction upon the voting or transfer of, any capital stock or partnership or membership
interests or capital stock (a) in the Partnership Entities (other than the Enterprise Parties), in
each case, pursuant to the organizational documents of any such entity or (b) in the Partnership
Entities pursuant to any agreement or other instrument known to such counsel to which any of them
is a party or by which any of them may be bound (other than the organizational documents of such
entity). To such counsel’s knowledge, neither the filing of the Registration Statement nor the
offering or sale of the Units as contemplated by the Underwriting Agreement gave or gives rise to
any rights for or relating to the registration of any Common Units or other securities of the
Partnership or any of its subsidiaries, other than as have been waived. To such counsel’s
knowledge, except for options granted pursuant to employee benefits plans, qualified unit option
plans or other employee compensation plans, rights to purchase Common Units under the Partnership’s
DRIP or rights to purchase securities pursuant to the governing documents of the
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Partnership Entities or the Amended and Restated Omnibus Agreement among Enterprise Products
Operating LLC, DEP Holdings, LLC, ▇▇▇▇▇▇ Energy Partners L.P., DEP OLPGP, LLC, DEP Operating
Partnership, L.P., Enterprise ▇▇▇-▇▇▇ Propylene Pipeline L.P., Sabine Propylene Pipeline L.P.,
Acadian Gas, LLC, Mont Belvieu Caverns, LLC, South Texas NGL Pipelines, LLC, Enterprise Holding
III, LLC, Enterprise Texas Pipeline LLC, Enterprise Intrastate L.P. and Enterprise GC, L.P., dated
as of February 5, 2007, as amended, there are no outstanding options or warrants to purchase any
partnership or membership interests or capital stock in any Partnership Entity.
4. Each of the Enterprise Parties has all requisite right, power and authority to execute and
deliver the Underwriting Agreement and to perform its respective obligations thereunder. The
Partnership has all requisite partnership power and authority to issue, sell and deliver the Units
in accordance with and upon the terms and conditions set forth in the Underwriting Agreement, the
Partnership Agreement, the Registration Statement, the Pricing Disclosure Package and the
Prospectus. All action required to be taken by the Enterprise Parties or any of their security
holders, partners or members for (i) the due and proper authorization, execution and delivery of
this Agreement, (ii) the authorization, issuance, sale and delivery of the Units and (iii) the
consummation of the transactions contemplated hereby has been duly and validly taken.
5. None of (i) the offering, issuance and sale by the Partnership of the Units, (ii) the
execution, delivery and performance of the Underwriting 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
Partnership Entities (other than the Enterprise Parties), (B) 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 known to such counsel to
which any of the Partnership Entities is a party or by which any of them or any of their respective
properties may be bound, or (C) will result, to the knowledge of such counsel, in any violation of
any judgment, order, decree, injunction, rule or regulation of any court, arbitrator or
governmental agency or body having jurisdiction over any of the Partnership Entities or any of
their assets or properties, or (D) results or will result in the creation or imposition of any
lien, charge or encumbrance upon any property or assets of any of the Partnership Entities, which
conflicts, breaches, violations, defaults or liens, in the case of clauses (B), (C) or (D), would,
individually or in the aggregate, have a material adverse effect on the financial condition,
business or results of operations of the Partnership Entities, taken as a whole, or could
materially impair the ability of any of the Enterprise Parties to perform its obligations under the
Underwriting Agreement.
6. To the knowledge of such counsel, (a) there is no legal or governmental proceeding pending
or threatened to which any of the Partnership Entities is a party or to which any of their
respective properties is subject that is required to be disclosed in the Pricing Disclosure Package
or the Prospectus and is not so disclosed and (b) there are no agreements, contracts or other
documents to which any of the Partnership Entities is a party that are required
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to be described in the Pricing Disclosure Package or the Prospectus or to be filed as exhibits
to the Registration Statement that are not described or filed as required.
In addition, such counsel shall state that he has participated in conferences with officers
and other representatives of the Partnership Entities, the independent registered public accounting
firm for the General Partner and the Partnership, your counsel and your representatives, at which
the contents of the Registration Statement, the Pricing Disclosure Package and the Prospectus and
related matters were discussed, and, although such counsel has not independently verified, is not
passing upon and does not assume any responsibility for the accuracy, completeness or fairness of,
the statements contained or incorporated by reference in, the Registration Statement, the Pricing
Disclosure Package and the Prospectus (except as and to the extent set forth in certain opinions
above), on the basis of the foregoing, no facts have come to such counsel’s attention that have led
him to believe that (relying to a limited extent with respect to factual matters upon statements by
officers and representatives of the General Partner and the Partnership and their subsidiaries):
(i) the Registration Statement, as of the latest Effective Date, contained an untrue
statement of a material fact or omitted to state a material fact required to be stated
therein or necessary to make the statements therein not misleading;
(ii) the Pricing Disclosure Package, as of the Applicable Time, contained an untrue
statement of a material fact or omitted to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not
misleading; or
(iii) the Prospectus, as of its date and as of the Delivery Date, contained or contains
an untrue statement of a material fact or omitted or omits to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading;
it being understood that such counsel expresses no statement or belief in this letter with
respect to (A) the financial statements and related schedules, including the notes and schedules
thereto and the auditor’s report thereon, any other financial or accounting data, included or
incorporated or deemed incorporated by reference in, or excluded from, the Registration Statement
or the Prospectus or the Pricing Disclosure Package, and (B) representations and warranties and
other statements of fact included in the exhibits to the Registration Statement or to the documents
incorporated by reference in the Registration Statement.
In rendering such opinion, such counsel may (A) rely on certificates of officers and
representatives of the Partnership Entities and upon information obtained from public officials (to
the extent such counsel deems it appropriate), (B) assume that all documents submitted to him as
originals are authentic, that all copies submitted to him conform to the originals thereof, and
that the signatures on all documents examined by him are genuine, (C) state that his opinion is
limited to federal laws, the Delaware LP Act, the Delaware LLC Act, the DGCL and the laws of the
State of Texas, and (D) state that such counsel expresses no opinion with respect to: (i) any
permits to own or operate any real or personal property, (ii) the title of any of the Partnership
Entities to any of their respective real or personal property, other than with regard to the
opinions
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set forth above regarding the ownership of capital stock, partnership interests and membership
interests, or with respect to the accuracy or descriptions of real or personal property or (iii)
state or local taxes or tax statutes to which any of the limited partners of the Partnership or any
of the Partnership Entities may be subject.
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EXHIBIT C
FORM OF LOCK-UP LETTER AGREEMENT
January 7, 2010
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated
Barclays Capital Inc.
Citigroup Global Markets Inc.
UBS Securities LLC
▇▇▇▇▇ Fargo Securities, LLC
As Representatives of the several
Underwriters named in Schedule I to the Underwriting Agreement,
Barclays Capital Inc.
Citigroup Global Markets Inc.
UBS Securities LLC
▇▇▇▇▇ Fargo Securities, LLC
As Representatives of the several
Underwriters named in Schedule I to the Underwriting Agreement,
c/o Morgan ▇▇▇▇▇▇▇ & Co. Incorporated
▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Ladies and Gentlemen:
The undersigned understands that you propose to enter into an Underwriting Agreement (the
“Underwriting Agreement”) with the Partnership providing for the purchase by you of common
units, each representing a limited partner interest (the “Units”) in the Partnership, and
that you propose to reoffer the Units to the public (the “Offering”). Capitalized terms
used but not defined herein have the meanings given to them in the Underwriting Agreement.
In consideration of the execution of the Underwriting Agreement by you, and for other good and
valuable consideration, the undersigned hereby irrevocably agrees that the undersigned will not,
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 Common Units or securities convertible into, or
exchangeable for Common Units, or sell or grant options, rights or warrants with respect to any
Common Units or securities convertible into or exchangeable for Common Units (other than the grant
of options pursuant to option plans existing on the date hereof), in each case owned by the
undersigned on the date of execution of this Lock-up Letter Agreement or on the date of the
completion of the Offering, 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 Common Units, whether any such transaction described in clause (i) or (ii) above is to be
settled by delivery of Common Units or other securities, in cash or otherwise, or (iii) publicly
disclose the intention to do any of the foregoing, in each case for a period of 45 days from the
date of the Prospectus without the prior written consent of ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated;
provided, however, that with respect to the undersigned, the foregoing restrictions do not apply to
(i) sales pursuant to “cashless-broker” exercises of options for Common Units in accordance with
the Partnership’s benefit plans as consideration for the exercise price and withholding taxes
applicable to such exercises and (ii) transfers to any trust for the direct or indirect benefit of
each person or the immediate family; provided that it shall be a condition to any such gift or
transfer that the transferee/donee agrees to be bound by the terms of the lock-up letter agreement
to the
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same extent as if the transferee/donee were a party hereto. “Immediate family” shall mean the
undersigned’s children, stepchildren, grandchildren, parents, stepparents, grandparents, spouse,
siblings, nieces, nephews, mothers-in-law, fathers-in-law, sons-in-law, daughters-in-law,
brothers-in-law and sisters-in-law, including adoptive relationships.
In furtherance of the foregoing, the Partnership and its Transfer Agent are hereby authorized
to decline to make any transfer of securities if such transfer would constitute a violation or
breach of this Lock-Up Letter Agreement.
It is understood that, if the Partnership notifies you that it does not intend to proceed with
the Offering, if the Underwriting Agreement does not become effective, or if the Underwriting
Agreement (other than the provisions thereof that survive termination) shall terminate or be
terminated prior to payment for and delivery of the Units, the undersigned will be released from
his obligations under this Lock-Up Letter Agreement.
The undersigned understands that the Partnership and you will proceed with the Offering in
reliance on this Lock-Up Letter Agreement.
Whether or not the Offering actually occurs depends on a number of factors, including market
conditions. Any Offering will only be made pursuant to an Underwriting Agreement, the terms of
which are subject to negotiation between the Partnership and you.
The undersigned hereby represents and warrants that the undersigned has full power and
authority to enter into this Lock-Up Letter Agreement and that, upon request, the undersigned will
execute any additional documents necessary in connection with the enforcement hereof. Any
obligations of the undersigned shall be binding upon the heirs and personal representatives, in the
case of individuals, or successors and assigns, in the case of nonnatural persons, of the
undersigned.
[Signature Page to Follow.]
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| Yours very truly, |
||||
| By: | ||||
| Name: | ||||
| Title: | ||||
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