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.

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

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

Examples of GP Interest in a sentence

A failure to advise the SXL GP Interest Owner of its election prior to the expiration of the ROFR Option Period shall be deemed to constitute an election not to acquire the SXL GP Interest.
The ETE Parties shall advise the SXL GP Interest Owner in writing (the “Purchase Right Acceptance Notice”) of their intent to purchase the SXL GP Interest prior to the expiration of the ROFR Option Period.
However, some arrangements are structured such that the IDRs are not a separate LP interest, but are embedded within the GP Interest.
As of the date hereof, other than the GP Interest and its indirect ownership interests in the Operating Subsidiary, the General Partner does not 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 purchase price for the SXL GP Interest shall be the fair market value of such interest.

More Definitions of GP Interest

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

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 means the management interest of the General Partner in the Partnership in its capacity as the general partner of the Partnership. The GP Interest does not have any rights to ownership or profit of the Partnership or any rights to receive any distributions from the operation or liquidation of the Partnership.

GP Interest. The 1% interest in the Trust held by TMS SPV, Inc., a Delaware corporation, pursuant to the Trust Agreement.