Common use of Admission of Additional or Replacement Partners Clause in Contracts

Admission of Additional or Replacement Partners. No person or entity shall be admitted as a new Partner of the Partnership, whether in addition to the existing Partners or in replacement of a Partner or Partners, unless all of the following requirements are satisfied: (a) each Partner must grant prior written consent to the admission of such person or entity as a new Partner; (b) such admission of a Partner must not violate the Loan Documents; and (c) such person or entity must execute a counterpart signature page to this Agreement and must make any required capital contributions to the Partnership in full. Each Partner is entitled to withhold consent to the admission of a new Partner for any reason or no reason.

Admission of Additional or Replacement Partners. No person or entity shall be admitted as a new Partner of the Partnership, whether in addition to the existing Partners or in replacement of a Partner or Partners, unless all of the following requirements are satisfied: (a) each Partner must grant prior written consent to the admission of such person or entity as a new Partner; and (b) such admission of a Partner must not violate the Loan Documents; and (c) such person or entity must execute a counterpart signature page to this Agreement and must make any required capital contributions to the Partnership in full. Each Partner is entitled to withhold consent to the admission of a new Partner for any reason or no reason.