Examples of General Partner Units in a sentence
Upon issuance in connection with the Closing, the Unit Consideration and the New General Partner Units will be validly issued, fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware Revised Limited Partnership Act) and free of any preemptive or similar rights.
The Parties acknowledge that the Partnership has issued the Additional General Partner Units to the General Partner.
The MLP shall use the Net Funding Amount to purchase the Treasury Securities on the Closing Date maturing as to principal and interest at such times and in such amounts as MLP GP determines will be sufficient to pay the Initial Quarterly Distribution on the Initial Common Units and General Partner Units.
At the close of business on October 18, 2018, the issued and outstanding Limited Partner Interests and General Partner Interests of the Partnership consisted of (i) 69,262,070 Common Units, (ii) 1,413,511 General Partner Units and (iii) the Incentive Distribution Rights.
Immediately prior to the effectiveness of this Agreement, the General Partner was the sole owner of the Incentive Distribution Rights and the General Partner Interest (as defined in the Fourth Amended and Restated Partnership Agreement), which was evidenced by General Partner Units.