Dissolution and Liquidation
We will continue as a limited partnership until dissolved under our partnership agreement. We will dissolve upon:
the withdrawal, removal, bankruptcy or dissolution of our general partner, unless a successor general partner
is elected prior to or on the effective date of such withdrawal, removal, bankruptcy or dissolution and a withdrawal opinion of counsel is received by us;
an election to dissolve us by our general partner that is approved by the holders of a unit majority;
the entry of a decree of judicial dissolution of us pursuant to the provisions of the Delaware Act; or
the sale, exchange or other disposition of all or substantially all of the assets and properties of the
Upon (a) our dissolution following the withdrawal or removal of our general partner and the
failure of the partners to select a successor general partner, then within 90 days thereafter, or (b) our dissolution upon the bankruptcy or dissolution of our general partner, then, to the maximum extent permitted by law, within 180 days
thereafter, the holders of a unit majority may elect to reconstitute us and continue our business on the same terms and conditions set forth in our partnership agreement by forming a new limited partnership on terms identical to those set forth in
our partnership agreement and having as the successor general partner a person approved by the holders of a unit majority. Unless such an election is made within the applicable time period as set forth above, we shall conduct only activities
necessary to wind up our affairs.
Transfer of the General Partners General Partner Interest
Our general partner may transfer all or any of its general partner interest without unitholder approval. As a condition to such transfer,
(i) the transferee must agree to assume the rights and duties of the general partner under our partnership agreement and to be bound by the provisions of our partnership agreement, (ii) we must receive an opinion of counsel that such
transfer would not result in the loss of limited liability of any limited partner or of any limited partner of the Operating Partnership or cause us or the Operating Partnership to be treated as an association taxable as a corporation or otherwise
to be taxed as an entity for federal income tax purposes (to the extent not already so treated or taxed) and (iii) such transferee must also agree to purchase all (or the appropriate portion thereof, if applicable) of the partnership or
membership interest of our general partner as the general partner or managing member, if any, of each other member of the partnership group.
of Ownership Interests in Our General Partner
At any time, the members of our general partner may sell or transfer all or part of
their membership interests in our general partner to an affiliate or a third party without the approval of our unitholders.
Transfer of Incentive
Our general partner or any other holder of our incentive distribution rights may transfer any or all of its
incentive distribution rights without unitholder approval. As a condition to such transfer, the transferee must agree to be bound by the provisions of our partnership agreement.
Change of Management Provisions
partnership agreement contains specific provisions that are intended to discourage a person or group from attempting to remove ETP GP as our general partner or otherwise change management. If at any time any person or group (other than our general
partner or its affiliates) beneficially owns 20% or more of any outstanding partnership securities of any class then outstanding, all partnership securities owned by such person