Conversion of Interest. Upon the General Partner ceasing to be a General Partner of the Partnership, its General Partner Percentage Interest in Distributions and Allocations of Net Income and Net Loss shall be converted to a Limited Partner Percentage Interest, subject to the same terms and conditions as other Limited Partner Percentage Interests except that the Percentage Interest shall retain the same subordination characteristics as when held by the General Partner. The converted Percentage Interest shall give the former General Partner Limited Partner voting rights. Upon the removal, withdrawal, and conversion of the General Partner, the former General Partner shall retain its Limited Partnership Percentage Interest.
Appears in 4 contracts
Samples: Limited Partnership Agreement (Investment Grade R.E. Income Fund, L.P.), Limited Partnership Agreement (Investment Grade R.E. Income Fund, L.P.), Limited Partnership Agreement (Investment Grade R.E. Income Fund, L.P.)
