Effect of Admission as a Substitute Limited Partner. A transferee who has become a substitute Limited Partner has, to the extent of the Transferred Partnership Interest, all the rights, powers and benefits of, and is subject to the obligations, restrictions and liabilities of a Partner under, the Certificate, this Agreement and the Act. Upon admission of a transferee as a substitute Limited Partner, the transferor of the Partnership Interest so held by the substitute Limited Partner shall cease to be a Partner of the Partnership to the extent of such Transferred Partnership Interest. In connection with any Exchange or exercise of the Call Right with respect to Class A Units pursuant to Section 7.9, PAGP shall upon completion of such transaction automatically be admitted as a substitute Limited Partner with respect to the Class A Units that are the subject of such transaction.
Appears in 5 contracts
Samples: Limited Partnership Agreement (Plains Gp Holdings Lp), Limited Partnership Agreement (Plains Gp Holdings Lp), Limited Partnership Agreement (Plains All American Pipeline Lp)
