Departing Interest definition

Departing Interest has the meaning assigned to such term in Section 13.3(a).
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Departing Interest references to "Operating General Partner" in the MLP Partnership Agreement are hereby changed to "Subsidiary", references to "Operating Partnership" in the MLP Partnership Agreement are hereby changed to "Subsidiary" and references to "Operating Partnership Agreement" in the MLP Partnership Agreement are hereby changed to "Subsidiary Agreement".
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Examples of Departing Interest in a sentence

  • Subject to Section 13.3(b), the Departing Partner shall, as of the effective date of its departure, cease to share in any allocations or distributions with respect to its Departing Interest and Partnership income, gain, loss, deduction and credit will be prorated and allocated as set forth in Section 5.2(g).

  • For purposes of this Section 13.3(a), the fair market value of the Departing Interest shall be determined by agreement between the Departing Partner and its successor or, failing agreement within 30 days after the effective date of such Departing Partner’s departure, by an independent investment banking firm or other independent expert selected by the Departing Partner and its successor, which, in turn, may rely on other experts and the determination of which shall be conclusive as to such matter.

  • For purposes of this Agreement, conversion of the Departing Interest to Class A Common Units will be characterized as if the General Partner contributed its Departing Interest to the Partnership in exchange for the newly-issued Class A Common Units.

  • Any Incentive Distribution Units or Class F Units included in the Departing Interest shall be cancelled and not reissued.

  • Any Incentive Distribution Units included in the Departing Interest shall be cancelled and not reissued.