Interest of Departing Partner and Successor General Partner. The Partnership Interest of a Departing Partner departing as a result of withdrawal or removal pursuant to Section 12.1 or 12.2 shall (unless it is otherwise required to be converted into Common Units pursuant to Section 13.3(b) of the MLP Agreement) be purchased by the successor to the Departing Partner for cash in the manner specified in the MLP Agreement. Such purchase (or conversion into Common Units, as applicable) shall be a condition to the admission to the Partnership of the successor as the General Partner. Any successor General Partner shall indemnify the Departing General Partner as to all debts and liabilities of the Partnership arising on or after the effective date of the removal of the Departing Partner.
Appears in 6 contracts
Samples: Ferrellgas Partners Finance Corp, www.sec.gov, Partnership Agreement (Ferrellgas Finance Corp)
Interest of Departing Partner and Successor General Partner. The Partnership Interest of a Departing Partner departing as a result of withdrawal or removal pursuant to Section 12.1 or 12.2 shall (unless it is otherwise required to be converted into Common Units pursuant to Section 13.3(b) of the MLP Agreement) be purchased by the successor to the Departing Partner for cash in the manner specified in the MLP Agreement. Such purchase (or conversion into Common Units, as applicable) shall be a condition to the admission to the Partnership of the successor as the General Partner. Any successor General Partner shall indemnify the Departing General Partner as to all debts and liabilities of the Partnership arising on or after the effective date of the withdrawal or removal of the Departing Partner.
Appears in 4 contracts
Samples: Star Gas Finance Co, Agreement (Ap Eagle Finance Corp), Amerigas Partners Lp
Interest of Departing Partner and Successor General Partner. (a) The Partnership Interest of a Departing Partner departing as a result of withdrawal or removal pursuant to Section 12.1 11.1 or 12.2 11.2 shall (unless it is otherwise required to be converted into Common Units pursuant to Section 13.3(b11.3(b) of the MLP Agreement) be purchased by the successor to the Departing Partner for cash in the manner specified in the MLP Agreement. Such purchase (or conversion into Common Units, as applicable) shall be a condition to the admission to the Partnership of the successor as the General Partner. Any successor General Partner shall indemnify the Departing General Partner as to all debts and liabilities of the Partnership arising on or after the effective date of the withdrawal or removal of the Departing Partner.
Appears in 2 contracts
Samples: Cornerstone Propane Partners Lp, Cornerstone Propane Partners Lp
Interest of Departing Partner and Successor General Partner. (a) The Partnership Interest of a Departing Partner departing as a result of withdrawal or removal pursuant to Section 12.1 11.1 or 12.2 11.2 shall (unless it is otherwise required to be converted into Common Units pursuant to Section 13.3(b11.3(c) of the MLP Agreement) be purchased by the successor to the Departing Partner for cash in the manner specified in the MLP Agreement. Such purchase (or conversion into Common Units, as applicable) shall be a condition to the admission to the Partnership of the successor as the General Partner. Any successor General Partner shall indemnify the Departing General Partner as to all debts and liabilities of the Partnership arising on or after the effective date of the withdrawal or removal of the Departing Partner.
Appears in 1 contract
Samples: Enterprise Products Partners L P