Energy Transfer 2010 Annual Report Download - page 155

Failure to comply with the various restrictive and affirmative covenants of our revolving credit facilities and
the note agreements related to the HOLP Notes could require us to pay debt balances prior to scheduled
maturity and could negatively impact the Operating Companies’ ability to incur additional debt and/or our
ability to pay distributions.
We were in compliance with all requirements, tests, limitations, and covenants related to our debt
agreements as of December 31, 2010.
7. PARTNERS’ CAPITAL:
Limited Partner Units
Limited Partner interests are represented by Common and Class E Units that entitle the holders thereof to
the rights and privileges specified in the Partnership Agreement. As of December 31, 2010, there were
issued and outstanding 193,212,590 Common Units representing an aggregate 98.2% Limited Partner
interest in us. There are also 8,853,832 Class E Units outstanding that are reported as treasury units, which
units are entitled to receive distributions in accordance with their terms.
No person is entitled to preemptive rights in respect of issuances of equity securities by us, except that ETP
GP has the right, in connection with the issuance of any equity security by us, to purchase equity securities
on the same terms as equity securities are issued to third parties sufficient to enable ETP GP and its
affiliates to maintain the aggregate percentage equity interest in us as ETP GP and its affiliates owned
immediately prior to such issuance.
IDRs represent the contractual right to receive an increasing percentage of quarterly distributions of
Available Cash (as defined in our Partnership Agreement) from operating surplus after the minimum
quarterly distribution has been paid. Please read “Quarterly Distributions of Available Cash” below. ETP
GP owns all of the IDRs.
Common Units
The change in Common Units was as follows:
Years Ended December 31,
2010 2009 2008
Number of Common Units, beginning of period 179,274,747 152,102,471 142,069,957
Common Units issued in connection with public offerings 20,700,000 23,575,000 9,662,500
Common Units issued in connection with certain
acquisitions – 1,450,076 53,893
Common Units issued in connection with the equity
distribution program 5,194,287 1,891,691 –
Issuance of Common Units under equity incentive plans 317,386 255,509 316,121
Redemption of Common Units in connection with MEP
Transaction (See Note 4) (12,273,830) – –
Number of Common Units, end of period 193,212,590 179,274,747 152,102,471
Our Common Units are registered under the Securities Exchange Act of 1934 (as amended) and are listed
for trading on the NYSE. Each holder of a Common Unit is entitled to one vote per unit on all matters
presented to the Limited Partners for a vote. In addition, if at any time any person or group (other than our
General Partner and its affiliates) owns beneficially 20% or more of all Common Units, any Common Units
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