Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E Preferred Units is less than the aggregate Series E Liquidation Value of such Series E Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E Preferred Unit is equal to the Series E Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E Preferred Units is less than the aggregate Series E Liquidation Value of such Series E Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.
Appears in 3 contracts
Sources: Contribution Agreement (American Midstream Partners, LP), Contribution Agreement (Southcross Energy Partners, L.P.), Contribution Agreement (American Midstream Partners, LP)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the PartnershipPartnership Agreement, either voluntary or involuntary, the Record Holders of the Series E B Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesAssignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Units (but subject to the rights of the holders of Outstanding Series C A Preferred Units and Series D Preferred Units as with respect to which the Series E Preferred Units are pari passuA Liquidation Preference Amount pursuant to Paragraph 15 of the Supplemental Terms Annex A), the positive value balance in each such holder’s Capital Account in respect of such Series E B Preferred Units. At least ten (10) days prior to any liquidation or winding up of the Partnership under Section 12.4 of the Partnership Agreement, the Partnership shall provide to the Record Holders of the Series B Preferred Units an estimate of the Capital Account in respect of each Series B Preferred Unit after giving effect to the allocations described in the Partnership Agreement including this Paragraph 16 of this Supplemental Terms Annex (other than Supplemental Terms Annex A in respect of any Outstanding Series A Preferred Units). If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E B Preferred Units is less than the aggregate Series E B Liquidation Value Amount of such Series E B Preferred Units, then notwithstanding anything to the contrary contained in the Partnership Agreement (other than Supplemental Terms Annex A in respect of any Outstanding Series A Preferred Units) including this AgreementSupplemental Terms Annex, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain income, gain, loss or deduction shall be allocated to all Unitholders then holding Series E B Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E B Preferred Unit is equal to the Series E B Liquidation Value Amount (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E B Preferred Units is less than the aggregate Series E B Liquidation Value Amount of such Series E B Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain income, gain, loss or deduction for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E B Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E B Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E B Liquidation Value Amount (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as After such allocations have been made to the Outstanding Series E B Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d)) of the Partnership Agreement, as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.
Appears in 2 contracts
Sources: Amendment No. 2 to First Amended and Restated Agreement of Limited Partnership (Black Stone Minerals, L.P.), Series B Preferred Unit Purchase Agreement (Black Stone Minerals, L.P.)
Liquidation Value. In Notwithstanding anything to the contrary in this Agreement, in the event of any liquidation, dissolution and or winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders holders of the Series E 1 Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesUnitholders, prior and in preference to any distribution of any assets of the Partnership to the Record Holders holders of any other class or series of Partnership Interests (Units other than Series A Preferred Units, Series C Preferred Units and Series the Class D Preferred Units as to which provided in Section 4.15(l) or the Series Class E Preferred Units are pari passuas provided in Section 4.17(l), the positive value in each such holder’s Capital Account in respect of such Series E 1 Preferred Units. If in the year of such liquidation and liquidation, dissolution or winding up, or sale, exchange or other disposition up of all or substantially all of the assets of the Partnership, any such Record Holderholder’s Capital Account in respect of such Series E 1 Preferred Units is less than the aggregate Series E 1 Preferred Unit Liquidation Value of such Series E 1 Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E 1 Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E 1 Preferred Unit is equal to the Series E 1 Preferred Unit Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up of any such Record Holderholder’s Capital Account in respect of such Series E 1 Preferred Units is less than the aggregate Series E 1 Preferred Unit Liquidation Value of such Series E 1 Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 Schedule K-1s have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E 1 Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E 1 Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E 1 Preferred Unit Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.
Appears in 2 contracts
Sources: Agreement of Limited Partnership (Enbridge Energy Partners Lp), Contribution Agreement (Enbridge Energy Partners Lp)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesAssignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Interests, the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E A Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E A Preferred Units shall become entitled to receive any distributions in respect of the Series E A Preferred Units that are accrued and unpaid as of the date of such distribution in distribution, and shall have the status of, and shall be entitled to all remedies available to, a creditor of the Partnership, and such entitlement of the Record Holders of the Series A Preferred Units to such accrued and unpaid distributions shall have priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Assignees; provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E A Preferred Units.
Appears in 2 contracts
Sources: Limited Partnership Agreement (Southcross Energy Partners, L.P.), Limited Partnership Agreement (Southcross Energy Partners, L.P.)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership12.4, either voluntary or involuntary, the Record Holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesAssignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Interests, the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. At least 10 days prior to any liquidation or winding up of the Partnership under Section 12.4, the Partnership shall provide to the Record Holders of the Series A Preferred Units an estimate of the Capital Account in respect of each Series A Preferred Unit after giving effect to the allocations described in this Section 5.11(b)(x). If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E Liquidation Value A Accrued Amount of such Series E A Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit is equal to the Series E Liquidation Value A Accrued Amount (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E Liquidation Value A Accrued Amount of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E Liquidation Value A Accrued Amount (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as After such allocations have been made to the Outstanding Series E A Preferred Units, any remaining Net Termination Gain or Net Termination Loss items of income, gain, loss and deduction shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E A Preferred Units shall become entitled to receive any distributions Series A Unpaid Distributions in respect of the Series E A Preferred Units that are accrued and unpaid as of the date of such distribution in dissolution, and shall have the status of, and shall be entitled to all remedies available to, a creditor of the Partnership with respect to such Series A Unpaid Distributions, and such entitlement of the Record Holders of the Series A Preferred Units to such Series A Unpaid Distributions shall have priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Assignees; provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions Series A Unpaid Distributions to any Record Holder(s) of Series E A Preferred Units.
Appears in 2 contracts
Sources: Limited Partnership Agreement (Phillips 66 Partners Lp), Partnership Interests Restructuring Agreement (Phillips 66)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E B Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesAssignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Interests, the positive value in each such holder’s Capital Account in respect of such Series E B Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E B Preferred Units is less than the aggregate Series E B Liquidation Value of such Series E B Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E B Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E B Preferred Unit is equal to the Series E B Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E B Preferred Units is less than the aggregate Series E B Liquidation Value of such Series E B Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E B Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E B Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E B Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as After such allocations have been made to the Outstanding Series E B Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E B Preferred Units shall become entitled to receive any distributions in respect of the Series E B Preferred Units that are accrued and unpaid as of the date of such distribution in distribution, and shall have the status of, and shall be entitled to all remedies available to, a creditor of the Partnership, and such entitlement of the Record Holders of the Series B Preferred Units to such accrued and unpaid distributions shall have priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Assignees; provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E B Preferred Units.
Appears in 2 contracts
Sources: Agreement of Limited Partnership (EnLink Midstream Partners, LP), Convertible Preferred Unit Purchase Agreement (EnLink Midstream Partners, LP)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E C Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C D Preferred Units and Series D E Preferred Units as to which the Series E C Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E C Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E C Preferred Units is less than the aggregate Series E C Liquidation Value of such Series E C Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E C Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E C Preferred Unit is equal to the Series E C Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv5.15(b)(iv) and Section 5.15(b)(iv5.16(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E C Preferred Units is less than the aggregate Series E C Liquidation Value of such Series E C Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership 94 shall be reallocated to all Unitholders then holding Series E C Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E C Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E C Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv5.15(b)(iv) and Section 5.15(b)(iv5.16(b)(iv). At such time as such allocations have been made to the Outstanding Series E C Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E C Preferred Units shall become entitled to receive any distributions in respect of the Series E C Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C D Preferred Units and Series D E Preferred Units as to which the Series E C Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E C Preferred Units.
Appears in 1 contract
Sources: Contribution Agreement (Southcross Energy Partners, L.P.)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership12.4, either voluntary or involuntary, the Record Holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesAssignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Interests, the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. At least 10 days prior to any liquidation or winding up of the Partnership under Section 12.4, the Partnership shall provide to the Record Holders of the Series A Preferred Units an estimate of the Capital Account in respect of each Series A Preferred Unit after giving effect to the allocations described in this Section 5.11(b)(x). If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E Liquidation Value A Accrued Amount of such Series E A Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit is equal to the Series E Liquidation Value A Accrued Amount (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E Liquidation Value A Accrued Amount of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E Liquidation Value A Accrued Amount (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as After such allocations have been made to the Outstanding Series E A Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E A Preferred Units shall become entitled to receive any distributions Series A Unpaid Distributions in respect of the Series E A Preferred Units that are accrued and unpaid as of the date of such distribution in dissolution, and shall have the status of, and shall be entitled to all remedies available to, a creditor of the Partnership with respect to such Series A Unpaid Distributions, and such entitlement of the Record Holders of the Series A Preferred Units to such Series A Unpaid Distributions shall have priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Assignees; provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions Series A Unpaid Distributions to any Record Holder(s) of Series E A Preferred Units.
Appears in 1 contract
Liquidation Value. In Notwithstanding anything to the contrary in this Agreement, in the event of any liquidation, dissolution and or winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders holders of the Series E 1 Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesUnitholders, prior and in preference to any distribution of any assets of the Partnership to the Record Holders holders of any other class or series of Partnership Interests (Units other than Series A Preferred Units, Series C Preferred Units and Series the Class D Preferred Units as to which the Series E Preferred Units are pari passuprovided in Section 4.15(l), the positive value in each such holder’s Capital Account in respect of such Series E 1 Preferred Units. If in the year of such liquidation and liquidation, dissolution or winding up, or sale, exchange or other disposition up of all or substantially all of the assets of the Partnership, any such Record Holderholder’s Capital Account in respect of such Series E 1 Preferred Units is less than the aggregate Series E 1 Preferred Unit Liquidation Value of such Series E 1 Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E 1 Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E 1 Preferred Unit is equal to the Series E 1 Preferred Unit Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up of any such Record Holderholder’s Capital Account in respect of such Series E 1 Preferred Units is less than the aggregate Series E 1 Preferred Unit Liquidation Value of such Series E 1 Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 Schedule K- 1s have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E 1 Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E 1 Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E 1 Preferred Unit Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E C Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E C Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E C Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E C Preferred Units is less than the aggregate Series E C Liquidation Value of such Series E C Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E C Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E C Preferred Unit is equal to the Series E C Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences sentence of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv5.12(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E C Preferred Units is less than the aggregate Series E C Liquidation Value of such Series E C Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E C Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E C Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E C Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences sentence of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E C Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E C Preferred Units shall become entitled to receive any distributions in respect of the Series E C Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E C Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E C Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement (American Midstream Partners, LP)
Liquidation Value. In Notwithstanding anything to the contrary in this Agreement, in the event of any liquidation, dissolution and or winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders holders of the Series E 1 Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesUnitholders, prior and in preference to any distribution of any assets of the Partnership to the Record Holders holders of any other class or series of Partnership Interests (Units other than Series A Preferred Units, Series C Preferred Units and Series the Class D Preferred Units as to which provided in Section 4.15(l) or the Series Class E Preferred Units are pari passuas provided in Section 4.17(l), the positive value in each such holder’s Capital Account in respect of such Series E 1 Preferred Units. If in the year of such liquidation and liquidation, dissolution or winding up, or sale, exchange or other disposition up of all or substantially all of the assets of the Partnership, any such Record Holderholder’s Capital Account in respect of such Series E 1 Preferred Units is less than the aggregate Series E 1 Preferred Unit Liquidation Value of such Series E 1 Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E 1 Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E 1 Preferred Unit is equal to the Series E 1 Preferred Unit Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up of any such Record Holderholder’s Capital Account in respect of such Series E 1 Preferred Units is less than the aggregate Series E 1 Preferred Unit Liquidation Value of such Series E 1 Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(speriod (s) with respect to which IRS Form 1065 Schedules K-1 Schedule K-1s have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E 1 Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E 1 Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E 1 Preferred Unit Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement
Liquidation Value. In the event of any liquidation, dissolution liquidation and winding up of the Partnership Company under Section 12.4 10.3 or a sale, exchange or other disposition of all or substantially all of the assets of the PartnershipCompany, either voluntary or involuntary, the Record Holders holders of the Series E Preferred Class B Units shall be entitled to receive, out of the assets of the Partnership Company available for distribution to the Partners Members or any assigneesAssignees, after the liquidating distribution to the holders of the Series A Preferred Units has been paid in full pursuant to Section 5.12(b)(iv), but prior and in preference to any distribution of any assets of the Partnership Company to the Record Holders holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Company Securities, the positive value in each such holder’s Capital Account in respect of such Series E Preferred Class B Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the PartnershipCompany, any such Record Holderholder’s Capital Account in respect of such Series E Preferred Class B Units is less than the aggregate Series E Class B Liquidation Value of such Series E Preferred Class B Units, then notwithstanding anything to the contrary contained in this Agreement, and after any allocation to the holders of the Series A Preferred Units pursuant to Section 5.12(b)(iv), but prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E Preferred Class B Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E Preferred Class B Unit is equal to the Series E Class B Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holderholder’s Capital Account in respect of such Series E Preferred Class B Units is less than the aggregate Series E Class B Liquidation Value of such Series E Preferred Class B Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership Company shall be reallocated from all Unitholders then holding Common Units, Pro Rata, to all Unitholders then holding Series E Preferred Class B Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E Preferred Class B Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E Class B Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.
Appears in 1 contract
Sources: Limited Liability Company Agreement (Copano Energy, L.L.C.)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E C Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and the Series D Preferred Units as to which the Series E C Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E C Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E C Preferred Units is less than the aggregate Series E C Liquidation Value of such Series E C Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E C Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E C Preferred Unit is equal to the Series E C Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv5.12(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E C Preferred Units is less than the aggregate Series E C Liquidation Value of such Series E C Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E C Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E C Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E C Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E C Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E C Preferred Units shall become entitled to receive any distributions in respect of the Series E C Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and the Series D Preferred Units as to which the Series E C Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E C Preferred Units.
25. Section 5.14(b)(v)(A) is hereby amended and restated as follows:
(A) Except as provided in Section 5.14(b)(v)(B) below, the Outstanding Series C Preferred Units shall have voting rights that are identical to the voting rights of the Common Units and shall vote with the Common Units as a single class, so that each Outstanding Series C Preferred Unit will be entitled to one vote for each Common Unit into which such Series C Preferred Unit is then convertible on each matter with respect to which each Common Unit is entitled to vote. Each reference in this Agreement to a vote of Record Holders of Common Units shall be deemed to be a reference to the holders of Common Units, Series A Preferred Units, Series B Units, Series C Preferred Units, and Series D Preferred Units on an “as if” converted basis, and the definition of “Unit Majority” shall correspondingly be construed to mean at least a majority of the Common Units, the Series A Preferred Units, the Series B Units, the Series C Preferred Units, and Series D Preferred Units, on an “as if” converted basis, voting together as a single class during any period in which any Series C Preferred Units are Outstanding.
26. Article V is hereby amended to add a new Section 5.15 as follows:
Appears in 1 contract
Sources: Fifth Amended and Restated Agreement of Limited Partnership (American Midstream Partners, LP)
Liquidation Value. In the event of any liquidation, dissolution and or winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesUnitholders, prior and in preference to any distribution of any assets of the Partnership to the Record Holders holders of any other class or series of Partnership Interests Securities (other than Series A Preferred Units, Series C Preferred which includes the Class H Units and Series D Preferred Units as to which the Series E Preferred Units are pari passuClass I Units), the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. If in the year of such liquidation and liquidation, dissolution or winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, up any such Record Holderholder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit then Outstanding is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holderholder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 Schedule K-1s have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence then Outstanding is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders holders of the Series E A Preferred Units shall become entitled to receive any accrued and unpaid distributions in respect of the Series E A Preferred Units, if any, and shall have the status of, and shall be entitled to all remedies available to, a creditor of the Partnership, and such entitlement of the holders of the Series A Preferred Units that are to such accrued and unpaid as of the date of such distribution in distributions shall have priority over any entitlement of any other Partners or Assignees Unitholders with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Unitholders; provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) the holders of the Series E A Preferred Units.
Appears in 1 contract
Sources: Second Amended and Restated Agreement of Limited Partnership (Energy Transfer Partners, L.P.)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E B Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesAssignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Interests, the positive value in each such holder’s Capital Account in respect of such Series E B Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E B Preferred Units is less than the aggregate Series E B Liquidation Value of such Series E B Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E B Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E B Preferred Unit is equal to the Series E B Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E B Preferred Units is less than the aggregate Series E B Liquidation Value of such Series E B Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E B Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E B Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E B Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as After such allocations have been made to the Outstanding Series E B Preferred UnitsUnits (and then to the Outstanding Series C Preferred Units pursuant to Section 5.11(b)(v), if applicable), any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E B Preferred Units shall become entitled to receive any distributions in respect of the Series E B Preferred Units that are accrued and unpaid as of the date of such distribution in distribution, and shall have the status of, and shall be entitled to all remedies available to, a creditor of the Partnership, and such entitlement of the Record Holders of the Series B Preferred Units to such accrued and unpaid distributions shall have priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Assignees; provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E B Preferred Units.
Appears in 1 contract
Sources: Agreement of Limited Partnership (EnLink Midstream Partners, LP)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D E Preferred Units as to which the Series E A Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv5.12(b)(iv) and Section 5.15(b)(iv5.13(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv5.13(b)(iv). At such time as such allocations have been made to the Outstanding Series E A Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E A Preferred Units shall become entitled to receive any distributions in respect of the Series E A Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D E Preferred Units as to which the Series E A Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E A Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement (American Midstream Partners, LP)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E D Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Units or the Series C Preferred Units and Series D Preferred Units as to which the Series E D Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E D Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E D Preferred Units is less than the aggregate Series E D Liquidation Value of such Series E D Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E D Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E D Preferred Unit is equal to the Series E D Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv5.12(b)(iv) and Section 5.15(b)(iv5.14(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E D Preferred Units is less than the aggregate Series E D Liquidation Value of such Series E D Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E D Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E D Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E D Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv5.14(b)(iv). At such time as such allocations have been made to the Outstanding Series E D Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E D Preferred Units shall become entitled to receive any distributions in respect of the Series E D Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Units and the Series C Preferred Units and Series D Preferred Units as to which the Series E D Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E D Preferred Units.
Appears in 1 contract
Sources: Fifth Amended and Restated Agreement of Limited Partnership (American Midstream Partners, LP)
Liquidation Value. In Notwithstanding anything to the contrary in this Agreement, in the event of any liquidation, dissolution and or winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders holders of the Series E 1 Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesUnitholders, prior and in preference to any distribution of any assets of the Partnership to the Record Holders holders of any other class or series of Partnership Interests (Units other than Series A Preferred Units, Series C Preferred Units and Series the Class D Preferred Units as to which the Series E Preferred Units are pari passuprovided in Section 4.15(l), the positive value in each such holder’s Capital Account in respect of such Series E 1 Preferred Units. If in the year of such liquidation and liquidation, dissolution or winding up, or sale, exchange or other disposition up of all or substantially all of the assets of the Partnership, any such Record Holderholder’s Capital Account in respect of such Series E 1 Preferred Units is less than the aggregate Series E 1 Preferred Unit Liquidation Value of such Series E 1 Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E 1 Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E 1 Preferred Unit is equal to the Series E 1 Preferred Unit Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up of any such Record Holderholder’s Capital Account in respect of such Series E 1 Preferred Units is less than the aggregate Series E 1 Preferred Unit Liquidation Value of such Series E 1 Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 Schedule K-1s have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E 1 Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E 1 Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E 1 Preferred Unit Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement (Enbridge Energy Partners Lp)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Active 344679592 Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and the Series D Preferred Units as to which the Series E A Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E A Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E A Preferred Units shall become entitled to receive any distributions in respect of the Series E A Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and the Series D Preferred Units as to which the Series E A Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E A Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement (American Midstream Partners, LP)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and the Series D Preferred Units as to which the Series E A Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E A Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E A Preferred Units shall become entitled to receive any distributions in respect of the Series E A Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and the Series D Preferred Units as to which the Series E A Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E A Preferred Units.
16. Section 5.12(b)(v)(A) is hereby amended and restated as follows:
(A) Except as provided in Section 5.12(b)(v)(B) below, the Outstanding Series A Preferred Units shall have voting rights that are identical to the voting rights of the Common Units and shall vote with the Common Units as a single class, so that each Outstanding Series A Preferred Unit will be entitled to one vote for each Common Unit into which such Series A Preferred Unit is then convertible on each matter with respect to which each Common Unit is entitled to vote. Each reference in this Agreement to a vote of Record Holders of Common Units shall be deemed to be a reference to the holders of Common Units, Series A Preferred Units, Series B Units, Series C Preferred Units, and Series D Preferred Units on an “as if” converted basis, and the definition of “Unit Majority” shall correspondingly be construed to mean at least a majority of the Common Units, the Series A Preferred Units, the Series B Units, the Series C Preferred Units, and the Series D Preferred Units, on an “as if” converted basis, voting together as a single class during any period in which any Series A Preferred Units are Outstanding.
17. The reference to “Series C Warrant” in Section 5.12(b)(viii)(E) is hereby changed to “Series C Warrant or the Series D Warrant” and the reference to “either Warrant” in such Section is hereby changed to “any Warrant”.
18. The third sentence of Section 5.14(a) is hereby amended and restated as follows: The Series C Preferred Units shall be considered pari passu as to allocations and distributions with the Series A Preferred Units and the Series D Preferred Units.
19. The last sentence of Section 5.14(b)(i)(A) is hereby amended and restated as follows: Allocations to Series C Preferred Units pursuant to this Section 5.14(b)(i)(A), to Series A Preferred Units pursuant to Section 5.12(b)(i)(A), and to Series D Preferred Units pursuant to Section 5.15(b)(i)(A) shall be made Pro Rata.
20. The last sentence of Section 5.14(b)(i)(B) is hereby amended and restated as follows: Allocations to Series C Preferred Units pursuant to this Section 5.14(b)(i)(B), to Series A Preferred Units pursuant to Section 5.12(b)(i)(B), and to Series D Preferred Units pursuant to Section 5.15(b)(i)(B) shall be made Pro Rata.
21. The last sentence of Section 5.14(b)(i)(C) is hereby amended and restated as follows: Allocations to Series C Preferred Units pursuant to this Section 5.14(b)(i)(C), to Series A Preferred Units pursuant to Section 5.12(b)(i)(C), and to Series D Preferred Units pursuant to Section 5.15(b)(i)(C) shall be made Pro Rata.
22. The last sentence of Section 5.14(b)(i)(D) is hereby amended and restated as follows: Allocations to Series C Preferred Units pursuant to this Section 5.14(b)(i)(D), to Series A Preferred Units pursuant to Section 5.12(b)(i)(D), and to Series D Preferred Units pursuant to Section 5.15(b)(i)(D) shall be made Pro Rata.
23. Section 5.14(b)(ii)(D) is hereby amended and restated as follows:
Appears in 1 contract
Sources: Fifth Amended and Restated Agreement of Limited Partnership (American Midstream Partners, LP)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E C Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and the Series D Preferred Units as to which the Series E C Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E C Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E C Preferred Units is less than the aggregate Series E C Liquidation Value of such Series E C Preferred Units, then notwithstanding anything to the contrary Active 344679592 contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E C Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E C Preferred Unit is equal to the Series E C Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv5.12(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E C Preferred Units is less than the aggregate Series E C Liquidation Value of such Series E C Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E C Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E C Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E C Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E C Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E C Preferred Units shall become entitled to receive any distributions in respect of the Series E C Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and the Series D Preferred Units as to which the Series E C Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E C Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement (American Midstream Partners, LP)
Liquidation Value. In the event of any liquidation, dissolution and or winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders holders of the Series E 1 Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesUnitholders, prior and in preference to any distribution of any assets of the Partnership to the Record Holders holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E 1 Preferred Units. If in the year of such liquidation and liquidation, dissolution or winding up, or sale, exchange or other disposition up of all or substantially all of the assets of the Partnership, any such Record Holderholder’s Capital Account in respect of such Series E 1 Preferred Units is less than the aggregate Series E 1 Preferred Unit Liquidation Value of such Series E 1 Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E 1 Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E 1 Preferred Unit is equal to the Series E 1 Preferred Unit Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up of any such Record Holderholder’s Capital Account in respect of such Series E 1 Preferred Units is less than the aggregate Series E 1 Preferred Unit Liquidation Value of such Series E 1 Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 Schedule K-1s have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E 1 Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E 1 Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E 1 Preferred Unit Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement (Enbridge Energy Partners Lp)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D C Preferred Units as to which the Series E Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E Preferred Units is less than the aggregate Series E Liquidation Value of such Series E Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E Preferred Unit is equal to the Series E Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv5.11(b)(iv) and Section 5.15(b)(iv5.12(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E Preferred Units is less than the aggregate Series E Liquidation Value of such Series E Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv5.11(b)(iv) and Section 5.15(b)(iv5.12(b)(iv). At such time as such allocations have been made to the Outstanding Series E Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D C Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement (American Midstream Partners, LP)
Liquidation Value. In the event of any liquidation, dissolution liquidation and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesAssignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Securities or General Partner Interests, the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holderholder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units (including Series A PIK Preferred Units), Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit then Outstanding is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holderholder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 Schedule K-1s have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E A Preferred Units (including Series A PIK Preferred Units), Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence then Outstanding is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E A Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners and Assignees pursuant to Section 6.1(c) or Section 6.1(d), as the case may be; provided, however, that, solely for the purpose of such allocations pursuant to Sections 6.1(c)(i)(C) — (G), the Outstanding Series A Preferred Units (including Series A PIK Preferred Units) shall be treated as having been converted into the applicable number of Common Units (solely with respect to the right of Common Units to receive allocations pursuant to such Sections and not with respect to the determination as to which allocations cease to be made pursuant to such Sections). At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders holders of the Series E A Preferred Units shall become entitled to receive any distributions in respect of the Series E A Preferred Units that are accrued and unpaid as of the date of such distribution in distribution, if any, and shall have the status of, and shall be entitled to all remedies available to, a creditor of the Partnership, and such entitlement of the holders of the Series A Preferred Units to such accrued and unpaid distributions shall have priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Assignees; provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) holder or holders of Series E A Preferred Units.
Appears in 1 contract
Sources: Amendment No. 3 to Sixth Amended and Restated Agreement of Limited Partnership (Crosstex Energy Lp)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E Preferred Units is less than the aggregate Series E Liquidation Value of such Series E Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E Preferred Unit is equal to the Series E Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E Preferred Units is less than the aggregate Series E Liquidation Value of such Series E Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership 131 shall be reallocated to all Unitholders then holding Series E Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.
Appears in 1 contract
Sources: Contribution Agreement (Southcross Energy Partners, L.P.)
Liquidation Value. In the event of any liquidation, dissolution and or winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders holders of the Series E 1 Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesUnitholders, prior and in preference to any distribution of any assets of the Partnership to the Record Holders holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E 1 Preferred Units. If in the year of such liquidation and liquidation, dissolution or winding up, or sale, exchange or other disposition up of all or substantially all of the assets of the Partnership, any such Record Holderholder’s Capital Account in respect of such Series E 1 Preferred Units is less than the aggregate Series E 1 Preferred Unit Liquidation Value of such Series E 1 Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E 1 Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E 1 Preferred Unit is equal to the Series E 1 Preferred Unit Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up of any such Record Holderholder’s Capital Account in respect of such Series E 1 Preferred Units is less than the aggregate Series E 1 Preferred Unit Liquidation Value of such Series E 1 Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(speriod (s) with respect to which IRS Form 1065 Schedules K-1 Schedule K-1s have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E 1 Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E 1 Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E 1 Preferred Unit Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E D Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and or Series D E Preferred Units as to which the Series E D Preferred Units are pari passu), the positive value in each such holder’s Capital Account 112 in respect of such Series E D Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E D Preferred Units is less than the aggregate Series E D Liquidation Value of such Series E D Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E D Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E D Preferred Unit is equal to the Series E D Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv5.16(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E D Preferred Units is less than the aggregate Series E D Liquidation Value of such Series E D Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E D Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E D Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E D Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv5.16(b)(iv). At such time as such allocations have been made to the Outstanding Series E D Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E D Preferred Units shall become entitled to receive any distributions in respect of the Series E D Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D E Preferred Units as to which the Series E D Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E D Preferred Units.
Appears in 1 contract
Sources: Contribution Agreement (Southcross Energy Partners, L.P.)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E D Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Units or the Series C Preferred Units and Series D Preferred Units as to which the Series E D Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E D Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E D Preferred Units is less than the aggregate Series E D Liquidation Value of such Series E D Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E D Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E D Preferred Unit is equal to the Series E D Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv5.12(b)(iv) and Section 5.15(b)(iv5.14(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E D Preferred Units is less than the aggregate Series E D Liquidation Value of such Series E D Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E D Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E D Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E D Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Active 344679592 Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv5.14(b)(iv). At such time as such allocations have been made to the Outstanding Series E D Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E D Preferred Units shall become entitled to receive any distributions in respect of the Series E D Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Units and the Series C Preferred Units and Series D Preferred Units as to which the Series E D Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E D Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement (American Midstream Partners, LP)
Liquidation Value. In the event of any liquidation, dissolution liquidation and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesAssignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Securities, the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holderholder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holderholder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E A Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders holders of the Series E A Preferred Units shall become entitled to receive any distributions in respect of the Series E A Preferred Units that are accrued and unpaid as of the date of such distribution in distribution, if any, and shall have the status of, and shall be entitled to all remedies available to, a creditor of the Partnership, and such entitlement of the holders of the Series A Preferred Units to such accrued and unpaid distributions shall have priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Assignees; provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) holder or holders of Series E A Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement (K-Sea Transportation Partners Lp)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership12.4, either voluntary or involuntary, the Record Holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assigneesAssignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Interests, the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. At least 10 days prior to any liquidation or winding up of the Partnership under Section 12.4, the Partnership shall provide to the Record Holders of the Series A Preferred Units an estimate of the Capital Account in respect of each Series A Preferred Unit after giving effect to the allocations described in this Section 5.11(b)(x). If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E Liquidation Value A Accrued Amount of such Series E A Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit is equal to the Series E Liquidation Value A Accrued Amount (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E Liquidation Value A Accrued Amount of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E Liquidation Value A Accrued Amount (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as After such allocations have been made to the Outstanding Series E A Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.to
Appears in 1 contract
Sources: Limited Partnership Agreement (Phillips 66 Partners Lp)
Liquidation Value. In the event of any liquidation, dissolution liquidation and winding up of the Partnership Company under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership11.3, either voluntary or involuntary, the Record Holders holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Partnership Company available for distribution to the Partners Members or any assigneesAssignees, prior and in preference to any distribution of any assets of the Partnership Company to the Record Holders holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Company Interests, the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holderholder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value Preference of such Series E A Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit is equal to the Series E A Liquidation Value Preference (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holderholder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value Preference of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership Company shall be reallocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E A Liquidation Value Preference (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.
Appears in 1 contract
Sources: Limited Liability Company Agreement (Atlas Energy Group, LLC)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A C Preferred Units, Series C D Preferred Units and Series D E Preferred Units as to which the Series E A Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A 71 Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv5.14(b)(iv), Section 5.14(b)(iv5.15(b)(iv) and Section 5.15(b)(iv5.16(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv5.14(b)(iv), Section 5.14(b)(iv5.15(b)(iv) and Section 5.15(b)(iv5.16(b)(iv). At such time as such allocations have been made to the Outstanding Series E A Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E A Preferred Units shall become entitled to receive any distributions in respect of the Series E A Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A C Preferred Units, Series C D Preferred Units and Series D E Preferred Units as to which the Series E A Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E A Preferred Units.
Appears in 1 contract
Sources: Contribution Agreement (Southcross Energy Partners, L.P.)
Liquidation Value. In the event of any liquidation, dissolution liquidation and winding up of the Partnership Company under Section 12.4 10.3 or a sale, exchange or other disposition of all or substantially all of the assets of the PartnershipCompany, either voluntary or involuntary, the Record Holders holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Partnership Company available for distribution to the Partners Members or any assigneesAssignees, prior and in preference to any distribution of any assets of the Partnership Company to the Record Holders holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu)Company Securities, the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the PartnershipCompany, any such Record Holderholder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holderholder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership Company shall be reallocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E Preferred Units shall become entitled to receive any distributions in respect of the Series E Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E Preferred Units.
Appears in 1 contract
Sources: Limited Liability Company Agreement (Copano Energy, L.L.C.)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E C Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D E Preferred Units as to which the Series E C Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E C Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E C Preferred Units is less than the aggregate Series E C Liquidation Value of such Series E C Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E C Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E C Preferred Unit is equal to the Series E C Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences of Section 5.12 (b)(iv), Section 5.14(b)(iv5.11(b)(iv) and Section 5.15(b)(iv5.13(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E C Preferred Units is less than the aggregate Series E C Liquidation Value of such Series E C Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E C Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E C Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E C Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences of Section 5.12(b)(iv), Section 5.14(b)(iv5.11(b)(iv) and Section 5.15(b)(iv5.13(b)(iv). At such time as such allocations have been made to the Outstanding Series E C Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E C Preferred Units shall become entitled to receive any distributions in respect of the Series E C Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D E Preferred Units as to which the Series E C Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E C Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement (American Midstream Partners, LP)
Liquidation Value. In the event of any liquidation, dissolution and winding up of the Partnership under Section 12.4 or a sale, exchange or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Record Holders of the Series E A Preferred Units shall be entitled to receive, out of the assets of the Partnership available for distribution to the Partners or any assignees, prior and in preference to any distribution of any assets of the Partnership to the Record Holders of any other class or series of Partnership Interests (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E A Preferred Units are pari passu), the positive value in each such holder’s Capital Account in respect of such Series E A Preferred Units. If in the year of such liquidation and winding up, or sale, exchange or other disposition of all or substantially all of the assets of the Partnership, any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units, then notwithstanding anything to the contrary contained in this Agreement, and prior to any other allocation pursuant to this Agreement for such year and prior to any distribution pursuant to the preceding sentence, items of gross income and gain shall be allocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each Outstanding Series E A Preferred Unit is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the second sentences sentence of Section 5.12 (b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). If in the year of such liquidation, dissolution or winding up any such Record Holder’s Capital Account in respect of such Series E A Preferred Units is less than the aggregate Series E A Liquidation Value of such Series E A Preferred Units after the application of the preceding sentence, then to the extent permitted by applicable law and notwithstanding anything to the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated to all Unitholders then holding Series E A Preferred Units, Pro Rata, until the Capital Account in respect of each such Outstanding Series E A Preferred Unit after making allocations pursuant to this and the immediately preceding sentence is equal to the Series E A Liquidation Value (and no other allocation pursuant to this Agreement shall reverse the effect of such allocation), with such allocation being made Pro Rata with any allocation made pursuant to the third sentences sentence of Section 5.12(b)(iv), Section 5.14(b)(iv) and Section 5.15(b)(iv). At such time as such allocations have been made to the Outstanding Series E A Preferred Units, any remaining Net Termination Gain or Net Termination Loss shall be allocated to the Partners pursuant to Section 6.1(c) or Section 6.1(d), as the case may be. At the time of the dissolution of the Partnership, subject to Section 17-804 of the Delaware Act, the Record Holders of the Series E A Preferred Units shall become entitled to receive any distributions in respect of the Series E A Preferred Units that are accrued and unpaid as of the date of such distribution in priority over any entitlement of any other Partners or Assignees with respect to any distributions by the Partnership to such other Partners or Assignees (other than Series A Preferred Units, Series C Preferred Units and Series D Preferred Units as to which the Series E A Preferred Units are pari passu); provided, however, that the General Partner, as such, will have no liability for any obligations with respect to such distributions to any Record Holder(s) of Series E A Preferred Units.
Appears in 1 contract
Sources: Limited Partnership Agreement (American Midstream Partners, LP)