The Book of Jargon® – Master Limited Partnerships is one in a series of practice area and industry-specific glossaries published by Latham & Watkins.
The definitions provide an introduction to each term and may raise complex legal issues on which specific legal advice is required. The terms are also subject to change as applicable laws and customary practice evolve. As a general matter, this glossary was drafted from a US practice perspective.
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The information contained herein is not legal advice and should not be construed as such.
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Accretive,Adjusted EBITDA or EBITDAX,Adjusted Operating Surplus,Adjusted Property,Agreed Value,Assignee,Associate,Available Cash,Board of Directors,Book-Down Event,Book-Tax Disparity,Book-Up Event,Call Right,Capex,Capital Account,Capital Contribution,Capital Expenditures,Capital Improvement,Capital Surplus,Carrying Value,Cash Available for Distribution,Cash Distribution Forecast,Cash Reserves,Certificate of Limited Partnership,Citizenship Eligibility Trigger,Commences Commercial Service,Common Unit Arrearage,Common Unit,Conflicts Committee,Contributed Property,Current Market Price,Current Yield,D&A,DCF,DD&A,Delaware Revised Uniform Limited Partnership Act,Depreciation Recapture Income,Distributable Cash Flow,Distributed Cash Flow,Distribution Coverage Ratio,Distribution Yield,Distribution,Dropdown,DRULPA,EBITDA,EBITDAX,Eligibility Certificate,Eligible Holder,Estimated Maintenance Capital Expenditures,Expansion Capital Expenditures,Fee-Based,FERC,General Partner Interest,General Partner Unit,General Partner,GP,Group Member,High Splits,Holder,IDR Reset Common Units,IDR Reset Election,IDR Reset Rights,IDR Tiers,IDR,Incentive Distribution Rights,Incentive Distributions,Ineligible Holder,Initial Common Units,Initial Distribution Rate,Initial Limited Partners,Initial Unit Price,Interim Capital Transactions,Investment Capital Expenditures,IRC,K-1,Limited Call Right,Limited Partner Interest,Limited Partner,Limited Partnership Agreement,Liquidation Date,LLC Agreement,LLC,LP,Maintenance Capital Expenditures,Master Limited Partnership,Mineral or Natural Resource,Minimum Quarterly Distribution,MLP,MQD,Natural Resource-Related Income,Net Agreed Value,Net Termination Gain/Loss,Non-Accretive,Non-Citizen Assignee,Notional General Partner Unit,OLP,Omnibus Agreement,Operating Expenditures,Operating Limited Partnership,Operating Subsidiary,Operating Surplus Basket,Operating Surplus,Organic Growth Capital Expenditures,Outstanding Units,Parity Units,Partnership Agreement,Partnership Group,Partnership Interest,Partnership Security,Partnership,Pass-Through Taxation,Per Unit Capital Amount,Percentage Interest,Preferred Units,PTP,Publicly Traded Partnership,QI,Qualified Activities,Qualifying Income,Quarterly Required Distribution,Recapture Income,Record Date,Record Holder,Redeemable Interests,Redemptive Shoe,SEC,Section 7704 (IRC),Special Approval,Sponsor,Structuring Fee,Subordinated Unit,Subordination Period,Substituted Limited Partner,Synthetic MLP,Target Distribution Levels,Tax Shield,UBTI,Unit Majority,Unit,Unitholder,Unrealized Gain / Loss,Unrecovered Capital,Unrelated Business Taxable Income,Variable MLP,Voting Rights,Waterfall,Working Capital Borrowings,Working Capital Facility