Examples of Special GP Units in a sentence
If the Special General Partner desires to transfer Special GP Units, Common GP Units or Subordinated GP Units to Persons who are not Affiliates of the Special General Partner, the Special General Partner shall give notice to the Managing General Partner prior to effecting any such transfer.
The transfer of such converted Special GP Units, Common GP Units and Subordinated GP Units shall be governed by the provisions of this Agreement relating to transfer of Limited Partner Interests as if such Special GP Units, Common GP Units and Subordinated GP Units were Special LP Units, Common LP Units or Subordinated LP Units, respectively.
Upon the transfer of the Special GP Units pursuant to this Section 3.1, the Special General Partner will become a limited partner of the Partnership and cease to be a general partner of the Partnership, and Sections 5.5 and 5.6 of the Original Partnership Agreement will be of no force and effect.
The Partnership agrees to refund the initial $1,000 contributed by each of the Special General Partner and CR promptly following the issuance of Special GP Units and Special LP Units described above and any Partnership Interest acquired with such $1,000, other than the Managing General Partner interest, which shall be continued as described above, shall be redeemed and cancelled and of no further effect.
WHEREAS, pursuant to the Amended Contribution Agreement, CVR Special GP, LLC (the “Special GP”) contributed all of its Special GP Units representing general partner interests in the Partnership to the Partnership in exchange for Common LP Units representing limited partner interests in the Partnership and is thereby no longer a general partner of the Partnership.
The Partnership agrees to refund the initial $1,000 contributed by each of the Special General Partner and the Organizational Limited Partner promptly following the issuance of Special GP Units and Special LP Units described above.
The Special General Partner will contribute 30,303,000 Special GP Units to the Partnership in exchange for 99.9% of the Sponsor Consideration; 4.