Common use of Continuation of Partnership Business Clause in Contracts

Continuation of Partnership Business. (a) Procedure if there is a Remaining General Partner. Upon the Withdrawal of a General Partner, the remaining General Partner or Partners, if any, shall promptly notify the Limited Partners of such Withdrawal. The remaining General Partner or Partners may elect to continue the Partnership business. If such General Partner or Partners so elect, the Limited Partners hereby elect to continue the business of the Partnership. If at any time The Xxxxx Company or a successor General Partner with substantial net worth shall Withdraw as a General Partner, the remaining General Partners or Partner may (but shall not be obligated to), propose for admission a Substitute General Partner or General Partners. Any such proposed Substitute General Partner shall, with the Consent of the other General Partners, and with the Consent of a majority in interest of the Investor Limited Partners, become a Substitute General Partner upon his or its execution of this Agreement. Provided that the Consent of a majority in interest of the Investor Limited Partners is obtained as specified in Section 13 hereof, the Investor Limited Partners hereby specifically and unanimously consent to such admission of a Substitute General Partner.

Continuation of Partnership Business. (a) Procedure if there is a Remaining General Partner. Upon the Withdrawal of a General Partner, the remaining General Partner or Partners, if any, shall promptly notify the Limited Partners of such Withdrawal. The remaining General Partner or Partners may elect to continue the Partnership business. If such General Partner or Partners so elect, the Limited Partners hereby elect to continue the business of the Partnership. If at any time The Xxxxx Krupp Company or a successor General Partner with substantial net worth shall Withdraw as a General Partner, the remaining General Partners or Partner may (but shall not be obligated to), propose for admission a Substitute General Partner or General Partners. Any such proposed Substitute General Partner shall, with the Consent of the other General Partners, and with the Consent of a majority in interest of the Investor Limited Partners, become a Substitute General Partner upon his or its execution of this Agreement. Provided that the Consent of a majority in interest of the Investor Limited Partners is obtained as specified in Section 13 hereof, the Investor Limited Partners hereby specifically and unanimously consent to such admission of a Substitute General Partner.

Continuation of Partnership Business. (a) Procedure if there is a Remaining General PartnerPROCEDURE IF THERE IS A REMAINING GENERAL PARTNER. Upon the Withdrawal of a General Partner, the remaining General Partner or Partners, if any, shall promptly notify the Limited Partners and Unitholders of such Withdrawal. The remaining General Partner or Partners may elect to continue the Partnership business. If such General Partner or Partners so elect, the Limited Partners hereby elect to continue the business of the Partnership. If at any time The Xxxxx Company Limited Partnership-IV or a successor General Partner with substantial net worth shall Withdraw as a General Partner, the remaining General Partners or Partner may (but shall not be obligated to), ) propose for admission a Substitute General Partner or General Partners, unless a Substitute General Partner shall have already been proposed by the Limited Partners pursuant to Section 13 hereof. Any such proposed Substitute General Partner shall, with the Consent specific written consent of the other General Partners, Partners and of the Limited Partners with the Consent of respect to not less than a majority in interest of the Investor Limited PartnersPartner Interests, become a Substitute General Partner upon his or its execution of this Agreement. Provided that the Consent of a majority in interest of the Investor Limited Partners is obtained as specified in Section 13 hereof, the Investor Limited Partners hereby specifically and unanimously consent to such admission of a Substitute General Partner.