WPZ Interest Restructuring Clause Samples

WPZ Interest Restructuring. Effective as of the Closing: (a) The Partnership is hereby issuing the WPZ Interest Restructuring Common Units to the General Partner as consideration for the IDR Waiver and the WPZ General Partner Interest Recapitalization pursuant to the Partnership Agreement Amendment contemplated by Section 2(b), and the performance by the General Partner of its other obligations hereunder, and the General Partner hereby accepts the WPZ Interest Restructuring Common Units from the Partnership. (b) The General Partner is hereby contributing cash in an amount equal to the Cash Purchase Common Unit Purchase Price to the Partnership, and in exchange therefore the Partnership is hereby issuing to the General Partner the Cash Purchase Common Units. (c) The General Partner is executing and delivering to the Partnership and causing to be adopted the Partnership Agreement Amendment in order to reflect the IDR Waiver and the WPZ General Partner Interest Recapitalization.