Consideration for Units. No Units shall be issued other than as fully paid and non-assessable. A Unit shall not be fully paid until the consideration therefore has been received in full by or on behalf of the Partnership. The consideration for any Unit shall be paid in money or in property or in past services that are not less in value than the fair equivalent of the money that the Partnership would have received if the Unit had been issued for money. In determining whether property or past services are the fair equivalent of consideration paid in money, the Partnership GP may take into account reasonable charges and expenses of organization and reorganization and payments for property and past services reasonably expected to benefit the Partnership.
Appears in 2 contracts
Samples: Amended and Restated Limited Partnership Agreement, Limited Partnership Agreement
Consideration for Units. No Units shall be issued other than as fully paid and non-assessable. A Unit shall not be fully paid until the consideration therefore has been received in full by or on behalf of the Partnership. The consideration for any Unit shall be paid in money or in property or in past services that are not less in value than the fair equivalent of the money that the Partnership would have received if the Unit had been issued for money. In determining whether property or past services are the fair equivalent of consideration paid in money, the Partnership GP may take into account reasonable charges and expenses of organization and reorganization and payments for property and past services reasonably expected to benefit the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement, Amended and Restated Limited Partnership Agreement
Consideration for Units. No Units shall be issued other than as fully paid and non-assessable. A Unit shall not be fully paid until the consideration therefore has been received in full by or on behalf of the Partnership. The consideration for any Unit shall be paid in money or in property or in past services that are not less in value than the fair equivalent of the money that the Partnership would have received if the Unit had been issued for money. In determining whether property or past services are the fair equivalent of consideration paid in money, the Partnership GP may take into account reasonable charges and expenses of organization and reorganization and payments for property and past services reasonably expected to benefit the Partnership.Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement
