Examples of General Partner Interests in a sentence
At the request of an Eligible Employee and the discretion of the General Partner, Interests may be assigned by such Eligible Employee, or sold directly by the Partnership, to a Qualified Participant of an Eligible Employee.
For example, when the last sentence of the first paragraph of Section 5.1 provides for “the affirmative vote or written consent of the General Partners owning at least a majority of the General Partnership Interests”, this shall be interpreted to mean the GP Representatives that control at least a majority of the General Partner Interests.
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.
To maximize the Plan Administrator’s ability to realize on the potential value of the Debtor’s indirect interest in these waterfalls, the Debtors have negotiate Section 6.15 of the Plan entitled “Mandatory Transfer of General Partner Interests in Northlight Partnerships.
It stated:The Partnership shall have two (2) classes of Partnership Interests:―General Partnership Interests‖, [sic] and ―Limited Partnership Interests.‖ Limited Partnership Interests and General Partner Interests shall bereflected by the issuance of units (―Units‖).