Consideration for Contribution. In consideration for the contribution of the Limited Partner Interest to the Partnership, the Partnership hereby (a) continues the Company’s 1% general partner interest in the Partnership and (b) issues, grants, contributes, bargains, sells, conveys, assigns, transfers, sets over and delivers to the Company 3,912,750 Common Units which, after giving effect to (i) the withdrawal of LPL Investments as the organizational limited partner of the Partnership as provided in Section 4.2 of the Partnership Agreement, and (ii) the sale of 17,390,000 Preference Units pursuant to the Underwriting Agreement (or 19,129,000 Preference Units if the over-allotment option provided for in the Underwriting Agreement is exercised in full), will represent an approximate 18.18% limited partner interest in the Partnership (or an approximate 16.81% limited partner interest in the Partnership if the over-allotment option provided for in the Underwriting Agreement is exercised in full).
Appears in 2 contracts
Sources: Contribution, Conveyance and Assumption Agreement, Contribution, Conveyance and Assumption Agreement (Enbridge Energy Partners Lp)