General Partner Interest. The General Partner Interest is a non-economic interest and does not include any rights to profits or losses or any rights to receive distributions from operations or upon the liquidation or winding-up of the Partnership.
General Partner Interest. On the Effective Date, the General Partner retained the General Partner Interest in the Partnership, subject to all of the rights, privileges and duties of the General Partner under this Agreement.
General Partner Interest. A number of Partnership Units held by the General Partner equal to one percent (1%) of all outstanding Partnership Units from time to time shall be deemed to be the Partnership Units of the General Partner and shall be the General Partner Interest. All other Partnership Units held by the General Partner shall be deemed to be Limited Partner Interests and shall be held by the General Partner in its capacity as a Limited Partner in the Partnership.
General Partner Interest. The General Partner Interest issued and outstanding immediately prior to the Effective Time shall remain outstanding in the Surviving Entity and the General Partner shall continue as the sole general partner of the Surviving Entity and the sole record and beneficial owner of the general partner interest in the Surviving Entity.
General Partner Interest. Effective at the Closing, the General Partner’s 2% economic general partner interest in the Partnership shall hereby convert to a non-economic general partner interest in the Partnership.
General Partner Interest. The general partner interest of the General Partner as general partner of each Operating Partnership outstanding immediately prior to the LP Mergers Effective Time shall not be converted, cancelled nor extinguished and shall remain outstanding following the LP Mergers Effective Time, and the General Partner shall continue as the general partner of each Operating Partnership.
General Partner Interest. TEPPCO GP is the sole general partner of TEPPCO MLP. TEPPCO GP is the sole record and beneficial owner of the general partner interest in TEPPCO MLP, and such general partner interest has been duly authorized and validly issued in accordance with the TEPPCO Partnership Agreement. Except for any Encumbrances arising under the governing documents of any TEPPCO Party, applicable securities Laws or this Agreement, TEPPCO GP owns such general partner interest free and clear of any Encumbrances.
General Partner Interest. The 20 Units held by the General Partner immediately prior to the Effective Time (including any Units issued with respect thereto in connection with any stock split effected by the Company) shall be deemed to be the “GP UNITS” and shall be the General Partnership Interest. All other Units held by the Company shall be deemed to be Limited Partner Interests and shall be held by the General Partner in its capacity as a Limited Partner in the Partnership.
General Partner Interest. The General Partner shall not be permitted to transfer its General Partner Interest except (i) to an Affiliate of the General Partner, (ii) in connection with a sale of all or substantially all of the General Partner's assets, or (iii) in connection with a merger, consolidation or other business combination involving the General partner; provided, that the foregoing transfers shall be permitted if the Person succeeding as General Partner pursuant to clause (i), (ii) or (iii) above assumes all of the obligations of the General Partner under the Partnership Agreement.
General Partner Interest. The Partnership shall have at least one (1), but may have more than one (1), General Partner. The Partnership shall have only one (1) General Partner designated as Principal General Partner. Except as otherwise specifically stated herein or as the context may otherwise require, the Principal General Partner, in its sole and absolute discretion and without the consent of the Limited Partners or other General Partner(s), if any, shall have all of the powers and obligations granted to or imposed on the General Partner hereunder. The action or inaction, as the case may be, of the Principal General Partner with respect to any of the powers or obligations granted to or imposed on the General Partner hereunder shall be deemed an exercise of the powers and performance of the obligations generally delegated to the General Partner hereunder. For purposes of clarity and not in limitation of the foregoing, all references in this Agreement to the “General Partner” shall be references to the Principal General Partner except as the context may otherwise require.
