Issuance of Class B Units. On the Closing Date, the Partnership shall issue 2,521,570 Class B Units to the Initial Class B Holder. The Capital Account of such Class B Units shall be $0 as of the Closing Date and will constitute a profits interest in the Partnership for federal income tax purposes.
Appears in 3 contracts
Sources: Limited Partnership Agreement (Energy Transfer LP), Limited Partnership Agreement, Limited Partnership Agreement (Energy Transfer Equity, L.P.)