Conversion of Incentive Distribution Rights and Economic General Partner Interest Sample Clauses

Conversion of Incentive Distribution Rights and Economic General Partner Interest. As of the date hereof, pursuant to the Equity Restructuring Agreement, the Incentive Distribution Rights held by the General Partner and the economic general partner interest in the Partnership held by the General Partner will be automatically converted into 172,500,000 Common Units and a non-economic General Partner Interest. Effective immediately following the aforementioned transactions, the Incentive Distribution Rights shall no longer exist and the General Partner Interest shall be a noneconomic general partner interest. The conversion of the Incentive Distribution Rights held by the General Partner and the economic general partner interest into the Common Units and the non-economic General Partner Interest shall be deemed to happen simultaneously, with the effect that Spectra Energy Partners (DE) GP, LP was at all times the general partner of the Partnership.
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