Admission of Investor Limited Partner Clause Samples

Admission of Investor Limited Partner. Bondowner Representative shall have received and approved in form and content reasonably satisfactory to Bondowner Representative the fully executed Partnership Agreement. The Partnership Agreement shall have been amended in a manner reasonably satisfactory to Bondowner Representative to admit Investor Limited Partner as a limited partner of Borrower and Bondowner Representative shall have received a first priority security interest in (i) the general partnership interest of the General Partner in Borrower; and (ii) Borrower and General Partner’s interests in the housing tax credit awarded to Borrower, insofar as such tax credits may be pledged as collateral under applicable law, all in form and substance reasonably acceptable to Bondowner Representative. The Partnership Documents shall obligate the Investor Limited Partner to make cash Capital Contributions in at least the amounts and at the times set forth in Section 1.1 above, subject to and in accordance with the terms and conditions of the Borrower’s Partnership Documents (which may include additional conditions precedent in addition to those set above and provide for adjustment of the amount of capital contributions due).

Admission of Investor Limited Partner. The Investor Limited Partner is ▇▇▇▇▇▇ admitted as a partner of the Partnership as of the date first above written.