Common use of Conversion of the General Partner Interest and Cancellation of Incentive Distribution Rights Clause in Contracts

Conversion of the General Partner Interest and Cancellation of Incentive Distribution Rights. (a) Pursuant to this Agreement and the Sponsor Equity Restructuring Agreement, the General Partner Interest (as defined in the Original Restated Agreement) in the Partnership that existed immediately prior to the execution of this Agreement is hereby converted into a non- US-DOCS\91120841.12 economic general partner interest in the Partnership. As of the execution of this Agreement, the General Partner hereby continues as general partner of the Partnership and holds the General Partner Interest and the Partnership is hereby continued without dissolution.

Appears in 6 contracts

Samples: Agreement and Plan of Merger (Andeavor Logistics Lp), Sponsor Equity Restructuring Agreement (Andeavor Logistics Lp), Sponsor Equity Restructuring Agreement (Western Refining Logistics, LP)

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Conversion of the General Partner Interest and Cancellation of Incentive Distribution Rights. (a) Pursuant to this Agreement and the Sponsor Equity Partnership Restructuring Agreement, the General Partner Interest (as defined in the Original Restated Agreement) economic general partner interest in the Partnership that existed immediately prior to the execution of this Agreement and evidenced by General Partner Units is hereby converted into a non- USnon-DOCS\91120841.12 economic general partner interest General Partner Interest in the PartnershipPartnership and all of the General Partner Units are hereby redeemed by the Partnership and cancelled. As of the execution of this Agreement, the General Partner hereby continues as the general partner of the Partnership and holds the General Partner Interest and the Partnership is hereby continued without dissolution.

Appears in 4 contracts

Samples: Partnership Interests Restructuring Agreement (MPLX Lp), Partnership Interests Restructuring Agreement (Marathon Petroleum Corp), Partnership Interests Restructuring Agreement (Marathon Petroleum Corp)

Conversion of the General Partner Interest and Cancellation of Incentive Distribution Rights. (a) Pursuant to this Agreement and the Sponsor Equity Partnership Restructuring Agreement, the General Partner Interest (as defined in the Original Restated Agreement) in the Partnership that existed immediately prior to the execution of this Agreement and evidenced by General Partner Units is hereby converted into a non- USnon-DOCS\91120841.12 economic general partner interest General Partner Interest in the PartnershipPartnership and all of the General Partner Units are hereby cancelled. As of the execution of this Agreement, the General Partner hereby continues as the general partner of the Partnership and holds the General Partner Interest and the Partnership is hereby continued without dissolution.

Appears in 2 contracts

Samples: Partnership Interests Restructuring Agreement (Shell Midstream Partners, L.P.), Shell Midstream Partners, L.P.

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Conversion of the General Partner Interest and Cancellation of Incentive Distribution Rights. (a) Pursuant to this Agreement and the Sponsor Equity Restructuring Agreement, the General Partner Interest (as defined in the Original Restated Agreement) in the Partnership that existed immediately prior to the execution of this Agreement is hereby converted into a non- USnon-DOCS\91120841.12 economic general partner interest in the Partnership. As of the execution of this Agreement, the General Partner hereby continues as general partner of the Partnership and holds the General Partner Interest and the Partnership is hereby continued without dissolution.

Appears in 2 contracts

Samples: Andeavor Logistics Lp, Andeavor Logistics Lp

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