Common use of Approval Procedures Clause in Contracts

Approval Procedures. Any matter requiring the consent or approval of all or any portion of the Partners shall be deemed to be approved if Partners entitled to vote thereon holding the requisite number of Units consent in writing pursuant to the terms of this Agreement to the proposed action. In lieu thereof, such a matter shall be submitted to the Partners entitled to vote thereon in the following manner: (a) Within thirty (30) days of the proper proposal of the matter, the General Partner shall send notice of the proposal, the text thereof, and a ballot to each Partner entitled to vote thereon by first class United States mail at the address contained in the records of the Partnership. (b) The notice shall set forth the recommendation of the General Partner, if any, with respect to the passage or rejection of the proposal and a brief explanation of the reasons therefor. (c) The ballot supplied with the notice of the proposal shall state that the vote of each Partner is due at the offices of the Partnership in writing on a date certain which shall be no less than ten (10) and no more than thirty (30) days from the date of the notice (which shall be the date of the postmark of such notice) and shall provide that those Partners whose ballots are not received by said date shall be deemed to have voted in accordance with the recommendation of the General Partner or, in the case of a proposal on which the General Partner has not expressed a recommendation, shall provide that those Partners whose ballots are not received by said date shall be deemed to have voted against the proposal. (d) A matter requiring the consent of a specified portion or portions of the Partners in addition to the consent of the Partners as a whole may be voted upon using the same notice and ballot, and it shall not be necessary for a Partner to xxxx and return multiple ballots to vote in more than one capacity. (e) If consent is given or the proposal is passed in accordance with the foregoing procedure, the General Partner is expressly authorized and directed to take such action as may be specified in the consent or proposal.

Approval Procedures. Any matter requiring the consent or approval of all or any portion of the Partners shall be deemed to be approved if Partners entitled to vote thereon holding the requisite number of Units consent in writing pursuant to the terms of this Agreement to the proposed action. In lieu thereof, such a matter shall be submitted to the Partners entitled to vote thereon in the following manner: (a) Within thirty (30) days of the proper proposal of the matter, the General Partner shall send notice of the proposal, the text thereof, and a ballot to each Partner entitled to vote thereon by first class United States mail at the address contained in the records of the Partnership. (b) The notice shall set forth the recommendation of the General Partner, if any, with respect to the passage or rejection of the proposal and a brief explanation of the reasons therefor. (c) The ballot supplied with the notice of the proposal shall state that the vote of each Partner is due at the offices of the Partnership in writing on a date certain which shall be no less than ten (10) and no more than thirty (30) days from the date of the notice (which shall be the date of the postmark of such notice) and shall provide that those Partners whose ballots are not received by said date shall be deemed to have voted in accordance with the recommendation of the General Partner or, in the case of a proposal on which the General Partner has not expressed a recommendation, shall provide that those Partners whose ballots are not received by said date shall be deemed to have voted against the proposal. (d) A matter requiring the consent of a specified portion or portions of the Partners in addition to the consent of the Partners as a whole may be voted upon using the same notice and ballot, and it shall not be necessary for a Partner to xxxx mxxx and return multiple ballots to vote in more than one capacity. (e) If consent is given or the proposal is passed in accordance with the foregoing procedure, the General Partner is expressly authorized and directed to take such action as may be specified in the consent or proposal.