Examples of OLP Agreement in a sentence
The OLP GP is the sole general partner of the Operating LP and owns a 0.001% general partner interest in the Operating LP; such general partner interest has been duly authorized and validly issued in accordance with the partnership agreement of the Operating LP (the “OLP Agreement”); and the OLP GP owns such general partner interest free and clear of all Liens, other than those created by or arising under the Delaware LP Act, the OLP Agreement or the Credit Facility.
The Partnership owns a 99.999% limited partner interest in the Operating LP; such interest has been duly authorized and validly issued in accordance with the OLP Agreement, and are fully paid (to the extent required under the OLP Agreement) and nonassessable (except as such nonassessability may be affected by matters described in Section 17-607 of the Delaware LP Act).
In addition, upon dissolution of the Partnership pursuant to Section 13.1(f), if Operating OLP is reconstituted pursuant to Section 13.2 of the Operating OLP Agreement, the reconstituted Operating OLP may, within 180 days after such event of dissolution, as the Limited Partner, elect to reconstitute the Partnership in accordance with the immediately preceding sentence.
Except pursuant to the terms of the Pledge Agreement, the Subordinated LP Units received by Howell Crude pursuant to Section 2 xx xxis Agreement shall not be transferred to any Person nor shall any Subordinated LP Units be transferred to Howell Crude until the special disxxxxxxion pursuant to Section 6.9 of the OLP Agreement has been made.
Except pursuant ------------------------------------------- to the terms of the Pledge Agreement, the Subordinated LP Units received by Xxxxxx Crude pursuant to Section 2 of this Agreement shall not be transferred --------- to any Person nor shall any Subordinated LP Units be transferred to Xxxxxx Crude until the special distribution pursuant to Section 6.9 of the OLP Agreement has been made.
Pursuant to Section 7.13 of the Third Amended OLP Agreement, the GP hereby makes a Conversion Election with respect to its Incentive Compensation Payments in the OLP and such Incentive Compensation Payments are hereby converted thereunder into incentive distribution rights in the OLP (the "Converted OLP Incentive Distribution Rights").
Each of the partners of the MLP and the OLP that is a party hereto hereby agrees to execute and deliver the Fourth Amended OLP Agreement and the Fourth Amended MLP Agreement, as applicable, on the date of this Agreement.
Except pursuant to the terms of the Pledge Agreement, the Subordinated LP Units received by Howell Crude pursuant to Section 2 of this Agreement shall not xx xxansferred to any Person nor shall any Subordinated LP Units be transferred to Howell Crude until the special distribution pursuant to Sectiox 0.0 of the OLP Agreement has been made.
The MLP shall pay all expenses arising out of the contributions, assignments and deliveries to be made hereunder, including the expenses of amending and restating the Third Amended MLP Agreement and the Third Amended OLP Agreement as contemplated by Article III hereof.
The General Partner shall manage the business and affairs of the Partnership on behalf of the Partnership in accordance and subject to the provisions of Article VII of each of the OLP Agreement and the MLP Agreement.