Common use of Continuation and Reconstitution of Partnership Clause in Contracts

Continuation and Reconstitution of Partnership. If the Partnership is continued as provided in Sections 6.01, 6.02(a)(i) or (ii) then, as of the date of withdrawal, the Partner with respect to which an event of withdrawal under Sections 6.01 or 6.02 has occurred (or its successor in interest) (the “Withdrawing Partner”) shall have none of the powers of a Partner under the Agreement or applicable law and shall have only the rights and powers of an assignee of the interest of such Partner hereunder to share in any Partnership profits, losses and distributions in accordance with its interest in the Partnership and shall have no other rights, powers or liabilities of a Partner hereunder; provided, however, that any Withdrawing Partner shall remain subject to all of its obligations, liabilities, restrictions and remedies with respect to Capital Contributions, and shall remain subject to all restrictions provided for with respect to a Partner’s interest hereunder unless specifically otherwise agreed by all the remaining Partners.

Appears in 3 contracts

Samples: Limited Partnership Agreement (Exterran Energy Solutions, L.P.), Limited Partnership Agreement (Exterran Energy Solutions, L.P.), EES Leasing, LLC

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Continuation and Reconstitution of Partnership. If the ---------------------------------------------- Partnership is continued as provided in Sections 6.01, 6.02(a)(i) or (ii) then, ------------- ---------- ---- as of the date of withdrawal, the Partner with respect to which an event of withdrawal under Sections 6.01 or 6.02 has occurred (or its successor in ------------- ---- interest) (the "Withdrawing Partner") shall have none of the powers of a Partner under the Agreement or applicable law and shall have only the rights and powers of an assignee of the interest of such Partner hereunder to share in any Partnership profits, losses and distributions in accordance with its interest in the Partnership and shall have no other rights, powers or liabilities of a Partner hereunder; provided, however, that any Withdrawing Partner shall remain subject to all of its obligations, liabilities, restrictions and remedies with respect to Capital Contributions, and shall remain subject to all restrictions provided for with respect to a Partner’s 's interest hereunder unless specifically otherwise agreed by all the remaining Partners.

Appears in 2 contracts

Samples: Limited Partnership Agreement (Hanover Compressor Co /), Limited Partnership Agreement (Hanover Compressor Co /)

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Continuation and Reconstitution of Partnership. If the Partnership is continued as provided in Sections 6.01, 6.02(a)(i) or (ii) then, as of the date of withdrawal, the Partner with respect to which an event of withdrawal under Sections 6.01 or 6.02 has occurred (or its successor in interest) (the "Withdrawing Partner") shall have none of the powers of a Partner under the Agreement or applicable law and shall have only the rights and powers of an assignee of the interest of such Partner hereunder to share in any Partnership profits, losses and distributions in accordance with its interest in the Partnership and shall have no other rights, powers or liabilities of a Partner hereunder; provided, however, that any Withdrawing Partner shall remain subject to all of its obligations, liabilities, restrictions and remedies with respect to Capital Contributions, and shall remain subject to all restrictions provided for with respect to a Partner’s 's interest hereunder unless specifically otherwise agreed by all the remaining Partners.

Appears in 1 contract

Samples: Limited Partnership Agreement (Hanover Compression Lp)

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