Common use of At the Option of the Partnership Clause in Contracts

At the Option of the Partnership. At any time following the fourth anniversary of the Series A Issuance Date, the Partnership shall have the option at any time, but not more than once per Quarter, to convert all or any portion of the Series A Preferred Units then outstanding into a number of Common Units determined by multiplying the number of Series A Preferred Units to be converted by the Series A Conversion Rate. Fractional Common Units shall not be issued to any Person pursuant to this Section 5.14(b)(vi)(B) (each fractional Common Unit shall be rounded down with the remainder being paid an amount in cash based on the Closing Price of Common Units on the Trading Day immediately preceding the Series A Forced Conversion Notice Date). Notwithstanding the foregoing, in order for the Partnership to exercise such option:

Appears in 8 contracts

Samples: Agreement (MPLX Lp), Andx Merger Agreement (MPLX Lp), Partnership Interests Restructuring Agreement (MPLX Lp)

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At the Option of the Partnership. At any time following the fourth second anniversary of the Initial Series A Issuance Date, the Partnership Partnership, in its sole discretion, shall have the option right at any time, but not more than once per Quarter, to convert all or any portion of the then outstanding Series A Preferred Units then outstanding into a number of Common Units determined by multiplying the number of Series A Preferred Units to be converted by the Series A Conversion Rate. Fractional Common Units shall not be issued to any Person person pursuant to this Section 5.14(b)(vi)(B5.11(c)(vii)(B) (each fractional Common Unit shall be rounded down with the remainder being paid an amount in cash based on the Closing Price of Common Units on the Trading Day immediately preceding the Series A Forced Conversion Notice Datesuch date of conversion). Notwithstanding the foregoing, in order for the Partnership to exercise such option:,

Appears in 6 contracts

Samples: Exchange Agreement (KNOT Offshore Partners LP), KNOT Offshore Partners LP, Series a Preferred Unit Purchase Agreement (KNOT Offshore Partners LP)

At the Option of the Partnership. At any time following the fourth anniversary of the Series A Issuance Date, the Partnership shall have the option at any time, but not more than once per Quarter, to convert all or any portion of the Series A Preferred Units then outstanding Outstanding into a number of Common Units determined by multiplying the number of Series A Preferred Units to be converted by the Series A Conversion Rate. Fractional Common Units shall not be issued to any Person pursuant to this Section 5.14(b)(vi)(B) (each fractional Common Unit shall be rounded down with the remainder being paid an amount in cash based on the Closing Price of Common Units on the Trading Day immediately preceding the Series A Forced Conversion Notice Date). Notwithstanding the foregoing, in order for the Partnership to exercise such option:

Appears in 3 contracts

Samples: Registration Rights Agreement (MPLX Lp), MPLX Lp, www.lw.com

At the Option of the Partnership. At any time following the fourth anniversary of the Series A Issuance DateDecember 1, 2019, the Partnership shall have the option at any time, but not more than once per Quarter, to convert all or any portion of the Series A Preferred Units then outstanding Outstanding into a number of Common Units determined by multiplying the number of Series A Preferred Units to be converted by the Series A Conversion RateRate at such time. Fractional Common Units shall not be issued to any Person pursuant to this Section 5.14(b)(vi)(B5.11(b)(vi)(B) (each fractional Common Unit shall be rounded down with the remainder being paid an amount in cash based on the Closing Price of Common Units on the Trading Day immediately preceding the Series A Forced Conversion Notice Date). Notwithstanding the foregoing, in order for the Partnership to exercise such option:

Appears in 2 contracts

Samples: Agreement (Dominion Energy Midstream Partners, LP), Agreement (Dominion Midstream Partners, LP)

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At the Option of the Partnership. At any time following the fourth second anniversary of the Series A Issuance Date, the Partnership Partnership, in its sole discretion, shall have the option right at any time, but not more than once per Quarter, to convert all or any portion of the then outstanding Series A Preferred Units then outstanding into a number of Common Units determined by multiplying the number of Series A Preferred Units to be converted by the Series A Conversion Rate. Fractional Common Units shall not be issued to any Person person pursuant to this Section 5.14(b)(vi)(B5.11(c)(vii)(B) (each fractional Common Unit shall be rounded down with the remainder being paid an amount in cash based on the Closing Price of Common Units on the Trading Day immediately preceding the Series A Forced Conversion Notice Datesuch date of conversion). Notwithstanding the foregoing, in order for the Partnership to exercise such option:,

Appears in 1 contract

Samples: Registration Rights Agreement (KNOT Offshore Partners LP)

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