Substitute General Partner. Upon the occurrence of a Trigger Event with respect to a General Partner at any time prior to the Vulcan GP Date, then such General Partner shall immediately cease to be a General Partner and shall no longer have any right or authority to act on behalf of the Partnership as a General Partner. In such event, such General Partner shall be treated for all purposes as a Limited Partner and the remaining General Partner shall be the sole General Partner. In the event of Trigger Events with respect both of the initial General Partners, then DWI II shall, without any further action on the part of the Partners or the Partnership, become the sole General Partner and concurrently therewith, the Partnership shall convert all shares of Common Stock held by the Partnership to Class A Stock and shall continue without dissolution.
Appears in 3 contracts
Samples: Formation Agreement, Formation Agreement (DreamWorks Animation SKG, Inc.), DreamWorks Animation SKG, Inc.
Substitute General Partner. Upon the occurrence of a Trigger Event with respect to a General Partner at any time prior to the Vulcan GP Date, then such General Partner shall immediately cease to be a General Partner and shall no longer have any right or authority to act on behalf of the Partnership as a General Partner. In such event, such General Partner shall be treated for all purposes as a Limited Partner and the remaining General Partner shall be the sole General Partner. In the event of Trigger Events with respect both of the initial General Partners, then DWI II [Vulcan] shall, without any further action on the part of the Partners or the Partnership, become the sole General Partner and concurrently therewith, the Partnership shall convert all shares of Common Stock held by the Partnership to Class A Stock and shall continue without dissolution.
Appears in 1 contract
Samples: Partnership Agreement (DreamWorks Animation SKG, Inc.)
