Amendments on Admission or Withdrawal of Partners Clause Samples

Amendments on Admission or Withdrawal of Partners. (a) Upon the acceptance of the related Subscription Agreement by the General Partner, each such Person whose Subscription Agreement was thus accepted shall thereby be admitted as a Limited Partner to the Partnership without requiring the consent or any other action of such Person or of any other Limited Partner. (b) Amendments to admit a Substituted Limited Partner shall be adopted if the conditions specified in Section 11.03 and/or 11.06 hereof shall have been satisfactorily complied with and the amendment shall have been signed by the General Partner and by the Person to be substituted or added, and if a Partner is to be substituted, by the assigning Unit Holder or his attorney-in-fact. (c) Amendments to reflect the designation of an additional or successor General Partner shall be adopted if the conditions specified in Article 10 hereof shall have been satisfactorily completed and the amendment shall have been signed by such additional or successor General Partner. (d) Amendments to withdraw or remove any General Partner, if the business of the Partnership is continued, shall be adopted if the conditions specified in Article 10 hereof shall have been satisfactorily completed and the amendment shall have been signed by the successor or remaining General Partner(s).

Amendments on Admission or Withdrawal of Partners. (a) If this Agreement shall be amended as a result of adding or substituting a Limited Partner, the amendment to this Agreement shall be signed by the General Partner and by the person to be substituted or added. (b) If this Agreement shall be amended to reflect the designation of an additional or successor General Partner, such amendment shall be signed by the other General Partner(s), if any, and by such additional or successor General Partner. (c) If this Agreement shall be amended to reflect the withdrawal of a General Partner and the business of the Partnership is continued, such amendment shall be signed by the remaining or successor General Partner(s). (d) Notwithstanding the foregoing, no amendment to this Agreement shall, without KBLP's consent, adversely affect KBLP's rights to Liquidated Damages in the circumstances described in Sections 4.11 and 5.8, or to receive the Special Final Distribution in the event of an election by the Partnership to make such a distribution as set forth in Section 4.9.