Common use of Effect on Interests Clause in Contracts

Effect on Interests. At the Effective Time, by virtue of the Merger and without any action on the part of the holder of any Units, the equity interests in Purchaser or the general partner interest in the Partnership:

Effect on Interests. At the Effective Time, by virtue of the Merger and without any action on the part of the holder of any Units, the equity interests in Purchaser or the general partner interest in the Partnership: (a) Membership interests of Purchaser. Each issued and outstanding membership interest in Purchaser shall be converted into one newly issued Unit of the Survivor.