Conversion of Interest. Immediately upon the General Partner’s ceasing to be General Partner following the admission of a new General Partner pursuant to Section 10.01(c), the former General Partner’s interest in the Partnership as a General Partner shall be converted into the interest of a Limited Partner in the Partnership having the same economic rights as specified for the General Partner herein immediately prior to its ceasing to be a General Partner, and such General Partner shall automatically and without further action be admitted to the Partnership as a Limited Partner.
Appears in 16 contracts
Samples: Agreement (Teppco Partners Lp), Agreement (Enterprise Products Partners L P), Agreement (Enterprise Products Partners L P)
Conversion of Interest. Immediately upon Simultaneously with the General Partner’s ceasing to be General Partner following the admission of a new General Partner pursuant to Section 10.01(c), the former General Partner’s interest in Partnership Interest as the Partnership as a General Partner shall be automatically is converted into the interest that of a Limited Partner in having a Sharing Ratio equal to the Partnership having Sharing Ratio of the same economic rights former General Partner as specified for the General Partner herein immediately prior to its ceasing to be a the General Partner, and such the General Partner shall automatically and without further action be is admitted to the Partnership as a Limited Partner.
Appears in 6 contracts
Samples: Agreement (Goodman Distribution, Inc.), Agreement (Goodman Distribution, Inc.), Duncan Energy Partners L.P.
Conversion of Interest. Immediately upon the General Partner’s 's ceasing to be General Partner following the admission of a new General Partner pursuant to Section 10.01(c), the former General Partner’s 's interest in the Partnership as a General Partner shall be converted into the interest of a Limited Partner in the Partnership having the same economic rights as specified for the General Partner herein immediately prior to its ceasing to be a General Partner, and such General Partner shall automatically and without further action be admitted to the Partnership as a Limited Partner.
Appears in 3 contracts
Samples: Management and Operation (Enterprise Products Partners L P), Enterprise Products Partners L P, Enterprise Products Partners L P
Conversion of Interest. Immediately upon Simultaneously with the General Partner’s ceasing to be General Partner following the admission of a new General Partner pursuant to Section 10.01(c), the former General Partner’s interest in the Partnership Interest as a General Partner shall be converted into the interest of a Limited Partner in the Partnership having the same economic rights as specified for the General Partner herein automatically is converted into that of a limited partner having a Sharing Ratio equal to the Sharing Ratio of the former General Partner as the General Partner immediately prior to its ceasing to be a the General Partner, and such the General Partner shall automatically and without further action be is admitted to the Partnership as a Limited Partner.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Rosetta Resources Offshore, LLC), Agreement (Rosetta Resources Offshore, LLC), Agreement (WUS Holding, L.L.C.)
Conversion of Interest. Immediately upon Simultaneously with the General Partner’s ceasing to be General Partner following the admission of a new General Partner pursuant to Section 10.01(c) or (d), the former General Partner’s interest in Partnership Interest as the Partnership as a General Partner shall be automatically is converted into the interest that of a Limited Partner in having a Percentage Interest equal to the Partnership having Percentage Interest of the same economic rights former General Partner as specified for the General Partner herein immediately prior to its ceasing to be a the General Partner, and such the General Partner shall automatically and without further action be is admitted to the Partnership as a Limited Partner.
Appears in 2 contracts
Samples: Duncan Energy Partners L.P., Duncan Energy Partners L.P.
Conversion of Interest. Immediately upon the Simultaneously with a General Partner’s 's ceasing to be a General Partner following the admission of a new General Partner pursuant to Section 10.01(c)Partner, the former General Partner’s interest in the 's Partnership Interest as a General Partner shall be converted into the interest that of a Limited Partner in the Partnership having a Sharing Ratio equal to the same economic rights as specified for the Sharing Ratio of such former General Partner herein as a General Partner immediately prior to its ceasing to be a General Partner, and such General Partner shall automatically and without further action be admitted to the Partnership as a Limited Partner.
Appears in 1 contract
Samples: Imco Recycling Inc
