Common use of Certain Limitations of the General Partner Clause in Contracts

Certain Limitations of the General Partner. Without obtaining the affirmative vote of a Majority in Interest of the Class A Limited Partners, voting as a separate class, the General Partner shall not do or permit any of the following acts on behalf of the Partnership unless otherwise specifically stated herein: (i) Act in contravention of this Agreement; (ii) Except as provided in Article X, do any act which would make it impossible to carry on the ordinary business of the Partnership; (iii) Confess a judgment against the Partnership; (iv) Execute or deliver any assignment for the benefit of the creditors of the Partnership; (v) Impose a lien, lease, security interest, easement, liability or otherwise encumber Partnership Property, other than the Senior Security Interest and the Class A Security Interest; or (vi) sell or dispose of all or substantially all of the assets of the Partnership Property in a transaction outside of the Partnership's ordinary course of business, provided that the Partnership shall not be required to obtain such affirmative vote in the event that Mercantile is selling or disposing of all or substantially all of its assets pursuant to the same or a related transaction.

Appears in 2 contracts

Samples: Limited Partnership Agreement (BPK Resources Inc), Limited Partnership Agreement (BPK Resources Inc)

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Certain Limitations of the General Partner. Without obtaining the ----------------------------------------------- affirmative vote of a Majority in Interest of the Class A Limited Partners, voting as a separate class, the General Partner shall not do or permit any of the following acts on behalf of the Partnership unless otherwise specifically stated herein: (i) Act in contravention of this Agreement; (ii) Except as provided in Article X, do any act which would make it impossible to carry on the ordinary business of the Partnership; (iii) Confess a judgment against the Partnership; (iv) Execute or deliver any assignment for the benefit of the creditors of the Partnership; (v) Impose a lien, lease, security interest, easement, liability or otherwise encumber Partnership Property, other than the Senior Security Interest and the Class A Security Interest; or (vi) sell or dispose of all or substantially all of the assets of the Partnership Property in a transaction outside of the Partnership's ordinary course of business, provided that the Partnership shall not be required to obtain such affirmative vote in the event that Mercantile is selling or disposing of all or substantially all of its assets pursuant to the same or a related transaction.

Appears in 1 contract

Samples: Limited Partnership Agreement (North American Natural Gas Inc)

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Certain Limitations of the General Partner. Without obtaining the -------------------------------------------- affirmative vote of a Majority in Interest of the Class A Limited Partners, voting as a separate class, the General Partner shall not do or permit any of the following acts on behalf of the Partnership unless otherwise specifically stated herein: (i) Act in contravention of this Agreement; (ii) Except as provided in Article X, do any act which would make it impossible to carry on the ordinary business of the Partnership; (iii) Confess a judgment against the Partnership; (iv) Execute or deliver any assignment for the benefit of the creditors of the Partnership; (v) Impose a lien, lease, security interest, easement, liability or otherwise encumber Partnership Property, other than the Senior Security Interest and the Class A Security Interest; or (vi) sell or dispose of all or substantially all of the assets of the Partnership Property in a transaction outside of the Partnership's ordinary course of business, provided that the Partnership shall not be required to obtain such affirmative vote in the event that Mercantile is selling or disposing of all or substantially all of its assets pursuant to the same or a related transaction.

Appears in 1 contract

Samples: Limited Partnership Agreement (North American Natural Gas Inc)

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