Successor General Partner. Any transferee of GP Units pursuant to Section 11.1 shall automatically be admitted to the Partnership as the successor General Partner, and the transferor of such GP Units shall, if it has also transferred all Partnership Interests evidenced by the Incentive Compensation Agreement, automatically cease to be the General Partner, effective at the time provided in Section 12.3. No such transfer shall be deemed a withdrawal pursuant to Article XIII.
Appears in 5 contracts
Samples: Agreement (Buckeye Partners L P), Agreement (Buckeye GP Holdings L.P.), Credit Agreement (Buckeye Partners L P)
Successor General Partner. Any transferee of GP Units pursuant to Section 11.1 shall automatically be admitted to the Partnership as the successor General Partner, and the transferor of such GP Units shall, if it has also transferred all Partnership Interests evidenced by the Incentive Compensation Agreement, shall automatically cease to be the General Partner, effective at the time provided in Section 12.3. No such transfer shall be deemed a withdrawal pursuant to Article XIII.
Appears in 4 contracts
Samples: Agreement (Buckeye Partners L P), Buckeye Partners L P, Buckeye Partners L P
Successor General Partner. Any transferee of GP Units pursuant to Section 11.1 shall automatically be admitted to the Partnership as the successor General Partner, and the transferor of such GP Units shall, if it has also transferred all Partnership Interests evidenced by the Incentive Compensation Agreement, shall automatically cease to be the General Partner, effective at the time provided in Section 12.3. No such transfer shall be deemed a withdrawal pursuant to Article XIII.. ARTICLE XII Admission of Initial, Substituted and Additional Limited Partners and Successor General Partner
Appears in 1 contract
Samples: Agreement (Buckeye Partners L P)
Successor General Partner. Any transferee of GP Units pursuant to Section 11.1 shall automatically be admitted to the Partnership as the successor General Partner, and the transferor of such GP Units shall, if it has also transferred all Partnership Interests evidenced by the Incentive Compensation Agreement, shall automatically cease to be the General Partner, effective at the time provided in Section 12.3. No Any such transfer successor General Partner shall be deemed a withdrawal pursuant to Article XIIIcontinue the business of the Partnership.
Appears in 1 contract
Samples: New England Investment Companies L P
