Common use of Creation of Additional Partnership Interests Clause in Contracts

Creation of Additional Partnership Interests. Additional Partnership Interests may be created and issued to existing Partners or to other Persons, and such other Persons may be admitted to the Partnership as Partners, only with the express prior approval of the Management Committee, and without the consent of any Partner or any other Person being required, and, if so approved, only on such terms and conditions as the Management Committee may determine at the time of such approval or admission. The terms of admission or issuance must specify the applicable Percentage Interests of the new and existing Partners and may provide for the creation of different classes or groups of Partners having different rights, powers and duties, including rights, powers and duties that are senior in preference to existing Partners. The Management Committee may determine the rights, classes and duties of any such class or group of Partners without the vote or consent of any Partner or any other Person and may amend this Agreement as necessary to reflect the rights, classes and duties of any such class or group of Partners without the vote or consent of any Partner or any other Person. Any such admission shall be effective only after the new Partner has executed and delivered to each other Partner an instrument containing the notice address of the new Partner, the new Partner’s ratification of this Agreement and agreement to be bound by it, and its confirmation that the representations and warranties in Section 3.2 are true and correct with respect to it. The provisions of this Section 3.4 shall not apply to Dispositions of Partnership Interests or admissions of Assignees in connection therewith, such matters being governed by Section 3.3.

Creation of Additional Partnership Interests. Additional Partnership Interests may be created and issued to existing Partners or to other Persons, and such other Persons may be admitted to the Partnership as Partners, only with the express prior approval of the Management Committee, and without the consent of any Partner or any other Person being required, and, if so approved, only on such terms and conditions as the Management Committee may determine at the time of such approval or admission. The terms of admission or issuance must specify the applicable Percentage Interests of the new and existing Partners and may provide for the creation of different classes or groups of Partners having different rights, powers and duties, including rights, powers and duties that are senior in preference to existing Partners. The Management Committee may determine the rights, classes and duties of any such class or group of Partners without the vote or consent of any Partner or any other Person and may amend this Agreement as necessary to reflect the rights, classes and duties of any such class or group of Partners without the vote or consent of any Partner or any other Person. Any such admission shall be effective only after the new Partner has executed and delivered to each other Partner an instrument containing the notice address of the new Partner, the new Partner’s ratification of this Agreement and agreement to be bound by it, and its confirmation that the representations and warranties in Section 3.2 are true and correct with respect to it. The provisions of this Section 3.4 3.5 shall not apply to Dispositions of Partnership Interests or admissions of Assignees in connection therewith, such matters being governed by Section 3.3.