TEPPCO PARTNERS LP
AGREEMENT OF LIMITED PARTNERSHIP OF VAL VERDE GAS
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<TYPE>EX-10.48
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<FILENAME>h98782exv10w48.htm
<DESCRIPTION>AGREEMENT OF LIMITED PARTNERSHIP OF VAL VERDE GAS
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<P align="right"><FONT size="2"><B>EXHIBIT 10.48</B></FONT>


<P align="center"><FONT size="2"><B>AGREEMENT OF LIMITED PARTNERSHIP<BR>
OF<BR>
VAL VERDE GAS GATHERING COMPANY, L.P.</B></FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement of Limited Partnership (this &#147;Agreement&#148;) of Val Verde Gas
Gathering Company, L.P. (the &#147;Partnership&#148;), dated as of May&nbsp;29, 2002 (the
&#147;Effective Date&#148;) is entered into by and among TEPPCO NGL Pipelines, LLC, a
Delaware limited liability company, as general partner, and TEPPCO Midstream
Companies, L.P. (&#147;TEPPCO Midstream&#148;), as the sole limited partner.
</FONT>
<P align="center"><FONT size="2"><B>ARTICLE I<BR>
DEFINITIONS</B></FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following definitions shall for all purposes, unless otherwise clearly
indicated to the contrary, apply to the terms used in this Agreement.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Certificate of Limited Partnership&#148; </I>means the Certificate of Limited
Partnership filed with the Secretary of State of the State of Delaware as
described in the first sentence of Section&nbsp;2.5, as amended and restated from
time to time.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Delaware Act&#148; </I>means the Delaware Revised Uniform Limited Partnership Act,
as amended from time to time, and any successor to such act.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;General Partner&#148; </I>means TEPPCO NGL Pipelines, LLC, a Delaware limited
liability company, in its capacity as the general partner of the Partnership,
and any successor to TEPPCO NGL Pipelines, LLC, as general partner.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Limited Partner&#148; </I>means TEPPCO Midstream or any assignee or successor of
TEPPCO Midstream.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Partner&#148; </I>means the General Partner or any Limited Partner and <I>&#147;Partners&#148;</I>
means the General Partner and the Limited Partner.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Partnership&#148; </I>means Val Verde Gas Gathering Company, L.P., a Delaware
limited partnership.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Percentage Interest&#148; </I>means, 99.999% with respect to the Limited Partner,
and 0.001% with respect to the General Partner.
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<P align="center"><FONT size="2"><B>ARTICLE II<BR>
ORGANIZATIONAL MATTERS</B></FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.1 Formation</B>. Subject to the provisions of this Agreement,
the General Partner and the Limited Partner have formed the Partnership as a
limited partnership pursuant to the provisions of the Delaware Act. The
General Partner and the Limited Partner hereby enter into this Agreement to set
forth the rights and obligations of the Partners and certain matters related
thereto. Except as expressly provided herein to the contrary, the rights and
obligations of the Partners and the administration, dissolution and termination
of the Partnership shall be governed by the Delaware Act.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.2 Name</B>. The name of the Partnership shall be, and the business
of the Partnership shall be conducted under the name of &#147;Val Verde Gas
Gathering Company, L.P.&#148;
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.3 Principal Office; Registered Office</B>
</FONT>
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        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The principal office of the Partnership shall be at 2929 Allen
Parkway, Suite&nbsp;3200, Houston, Texas 77019 or such other place as the
General Partner may from time to time designate to the Limited Partner.
The Partnership may maintain offices at such other places as the General
Partner deems advisable.</FONT></TD>
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        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The address of the Partnership&#146;s registered office in the State
of Delaware shall be c/o 1209 Orange Street, Wilmington, Delaware 19801
and the name of the Partnership&#146;s registered agent for service of process
at such address shall be The Corporation Trust Company.</FONT></TD>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.4 Term</B>. The Partnership commenced its existence on the
effective date of the filing of the Certificate and shall continue in existence
until it is dissolved and terminated as provided herein.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.5 Organization Certificate</B>. A Certificate of Limited
Partnership of the Partnership has been filed by the General Partner with the
Secretary of State of the State of Delaware as required by the Delaware Act.
The General Partner shall cause to be filed such
other certificates or documents as may be required for the formation,
operation and qualification of a limited partnership in the State of Delaware
and any state in which the Partnership may elect to do business. The General
Partner shall thereafter file any necessary amendments to the Certificate of
Limited Partnership and any such other certificates and documents and do all
things requisite to the maintenance of the Partnership as a limited partnership
(or as a partnership in which the Limited Partners have limited liability)
under the laws of Delaware and any state or jurisdiction in which the
Partnership may elect to do business.
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<P align="center"><FONT size="2"><B>ARTICLE III<BR>
PURPOSE</B></FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose and business of the Partnership shall be to engage in any
lawful activity for which limited partnerships may be organized under the
Delaware Act.
</FONT>
<P align="center"><FONT size="2"><B>ARTICLE IV<BR>
CAPITAL CONTRIBUTIONS</B></FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective as of the date hereof, the Limited Partner has delivered and
contributed to the Partnership, as a capital contribution $999.99, in exchange
for the Percentage Interest as limited partner of the Partnership.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective as of the date hereof, the General Partner has delivered and
contributed to the Partnership as a capital contribution $0.01, in exchange for
the Percentage Interest as the general partner of the Partnership.
</FONT>
<P align="center"><FONT size="2"><B>ARTICLE V<BR>
ALLOCATIONS; DISTRIBUTIONS</B></FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.1 Allocations</B>. Each item of income, gain, loss, deduction
and credit of the Partnership shall be allocated among the Partners in
accordance with their respective Percentage Interests.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.2 Distributions</B>. From time to time, but not less often than
quarterly, the General Partner shall review the Partnership&#146;s accounts to
determine whether distributions are appropriate. The General Partner may make
such cash distributions as it, in its sole discretion, may determine without
being limited to current or accumulated income or gains
from Partnership funds, including, without limitation, Partnership
revenues, capital contributions or borrowed funds; provided, however, that no
such distribution shall be made if, after giving effect thereto, the
liabilities of the Partnership exceed the fair market value of the assets of
the Partnership. In its sole discretion, the General Partner may, subject to
the foregoing proviso, also distribute to all the Partners other Partnership
property, or other securities of the Partnership or other entities. All
distributions by the General Partner shall be made in accordance with the
Percentage Interests of the Partners.
</FONT>
<P align="center"><FONT size="2"><B>ARTICLE VI<BR>
MANAGEMENT AND OPERATIONS OF BUSINESS</B></FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in this Agreement, all powers to
control and manage the business and affairs of the Partnership shall be vested
exclusively in the General Partner; the Limited Partner shall not have any
power to control or manage the business and affairs of the Partnership.
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<P align="center"><FONT size="2"><B>ARTICLE VII<BR>
RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS</B></FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Limited Partner shall have any liability under this Agreement.
</FONT>
<P align="center"><FONT size="2"><B>ARTICLE VIII<BR>
DISSOLUTION AND LIQUIDATION</B></FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Partnership shall dissolve and its affairs shall be wound upon the
unanimous agreement of the Partners to dissolve. All assets of the Partnership
shall be distributed to the Partners in proportion to their Percentage
Interests.
</FONT>
<P align="center"><FONT size="2"><B>ARTICLE IX<BR>
AMENDMENT OF PARTNERSHIP AGREEMENT</B></FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The General Partner may amend any provision of this Agreement without
the consent of the Limited Partners and may execute, swear to, acknowledge,
deliver, file and record whatever documents may be required in connection
therewith.
</FONT>
<P align="center"><FONT size="2"><B>ARTICLE X<BR>
GENERAL PROVISIONS</B></FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.1 Addresses and Notices</B>. Any notice to the Partnership,
the General Partner or the Limited Partner shall be deemed given if received by
it in writing at the principal office of the Partnership designated pursuant to
Section&nbsp;2.3(a).
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.2 Binding Effect</B>. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their successors and assigns.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.3 Integration</B>. This Agreement constitutes the entire agreement
among the parties pertaining to the subject matter hereof and supersedes all
prior agreements and understandings pertaining thereto.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.4 Severability</B>. If any provision of this Agreement is or
becomes invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions hereof, or of such
provision in other respects, shall not be affected thereby.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.5 Applicable Law</B>. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware.
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, this Agreement has been duly executed by the General
Partner and the Limited Partner as of the date first above written.
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        <TD colspan="3" align="left" valign="top"><FONT size="2"><B>TEPPCO NGL Pipelines, LLC</B>, a Delaware<BR>
limited liability company</FONT></TD>
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By:
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        <TD align="left" valign="top"><FONT size="2">/s/ ALLISON A. NELSON</FONT></TD>
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Name:<BR>
Title:
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        <TD align="left" valign="top"><FONT size="2">Allison A. Nelson<BR>
Assistant Secretary</FONT></TD>
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        <TD colspan="3" align="left" valign="top"><FONT size="2"><B>TEPPCO MIDSTREAM COMPANIES, L.P.</B>, a<BR>
Delaware limited partnership</FONT></TD>
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        <TD><FONT size="2">By:</FONT></TD>
        <TD colspan="3" align="left" valign="top"><FONT size="2">TEPPCO GP, Inc., its general partner</FONT></TD>
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</FONT></TD>
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        <TD align="left" valign="top"><FONT size="2">/s/ ALLISON A. NELSON</FONT></TD>
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Title:
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        <TD align="left" valign="top"><FONT size="2">Allison A. Nelson<BR>
Assistant Secretary</FONT></TD>
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