GP Interest definition

GP Interest means: (i) with respect to any limited partnership, a unit of general partnership interest in such partnership; and (ii) with respect to a McNeil Partnership, the units of general partnership interest held by the general partner of such McNeil Partnership and all of the rights in respect thereof, including not only the general partner's proportionate interest of the profits and losses of that McNeil Partnership based on the general partner's capital contribution but also the rights and other assets (if any) corresponding to such McNeil Partnership which are being contributed to the applicable New GP LLC at the direction of the Company in accordance with Article II hereof.

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GP Interest has the meaning set forth in Section 4.3(a).

GP Interest means the Partnership Interest held by the General Partner in its capacity as such.

Examples of GP Interest in a sentence

• The Servicer shall prepare and file, on behalf of the holder of the GP Interest, all tax returns, tax elections, financial statements and such annual or other reports of the Issuer as are necessary for preparation of tax reports as provided in Article V of the Trust Agreement, including without limitation forms 1099 and 1066.

• As of the date hereof, other than the Existing Units, the WMLP Incentive Distribution Rights, the WMLP GP Interest and the TexNew Mex Units, neither Unitholder is a Record Holder nor owns beneficially any (i) units or voting securities of WMLP, (ii) securities of WMLP convertible into or exchangeable for units or voting securities of WMLP or (iii) options or other rights to acquire from WMLP any units, voting securities or securities convertible into or exchangeable for units or voting securities of WMLP.

• Parent GP is the sole record and beneficial owner of the Parent GP Interest, and such Parent GP Interest has been duly authorized and validly issued in accordance with applicable laws and the Parent Partnership Agreement.

• Other than its ownership of the GP Interest and the IDRs, the General Partner will not, at the Closing Time and each Date of Delivery, own, directly or indirectly, any equity or long-term debt securities of any corporation, partnership, limited liability company, joint venture, association or other entity.

• The holder of the GP Interest is authorized to modify the allocations in this paragraph if necessary or appropriate, in its sole discretion, for the allocations to fairly reflect the economic income, gain or loss to the holder of the GP Interest, the Certificateholders, or as otherwise required by the Code.

More Definitions of GP Interest

GP Interest means the General Partner’s general partner interest in the Partnership. “GP Unit” means a unit representing the GP Interest.

GP Interest has the meaning set forth in the Recitals of this Agreement.

GP Interest shall have the meaning assigned to such term in Section 2.7.

GP Interest has the meaning set forth in the recitals.

GP Interest has the meaning set forth in the recitals to this Agreement.

GP Interest means an interest in the Partnership issued pursuant to this Agreement to a Person in its capacity as the General Partner.

GP Interest means the ownership interest of the general partner in the Company (in its capacity as general partner).