Common use of Election of Successor General Partner Clause in Contracts

Election of Successor General Partner. If the General Partner withdraws from the Partnership pursuant to Section 12.1(b) or is removed pursuant to Section 12.2, the Partners may elect a Successor General Partner as the General Partner, by the affirmative vote of Limited Partners owning a Majority in Interest (or such greater percentage as required by applicable law) of the Percentage Interests owned by all Limited Partners. Any Person elected by the Partners to be Successor General Partner shall be admitted to the Partnership as Successor General Partner only upon the Partnership's receipt of a written assumption by such Person of all of the General Partner's rights and obligations hereunder (including the obligation to purchase the former General Partner's Percentage Interest pursuant to Section 12.4). If a Successor General Partner is admitted to the Partnership pursuant to this Section 12.3 on or before the effective date specified in the General Partner's notice of withdrawal pursuant to Section 12.1(b), such Successor General Partner shall continue the Partnership's business according to this Agreement.

Election of Successor General Partner. If the General Partner withdraws from the Partnership pursuant to Section 12.1(b) or is removed pursuant to Section 12.2, the Partners may elect a Successor General Partner as the General Partner, by the affirmative vote of Limited Partners owning which own a Majority in Interest majority (or such greater percentage as required by applicable law) of the Percentage Interests Common Units which are owned by all Limited Partners. Any Person elected by the Partners to be Successor General Partner shall be admitted to the Partnership as Successor General Partner only upon the Partnership's receipt of a written assumption by such Person of all of the General Partner's rights and obligations hereunder (including the obligation to purchase the former General Partner's Percentage Partnership Interest pursuant to Section 12.4). If a Successor General Partner is admitted to the Partnership pursuant to this Section 12.3 on or before the effective date specified in the General Partner's notice of withdrawal pursuant to Section 12.1(b), such Successor General Partner shall continue the Partnership's business according to this Agreement.