General Partner Option Clause Samples
The General Partner Option clause grants the general partner specific rights or choices within a partnership agreement, typically relating to investment decisions or management actions. For example, this clause may allow the general partner to extend the investment period, make additional capital calls, or opt into certain transactions on behalf of the partnership. Its core practical function is to provide the general partner with flexibility to respond to changing circumstances or opportunities, thereby ensuring the partnership can adapt and operate efficiently.
General Partner Option. For thirty (30) days after the General Partner receives notice of the death of a Limited Partner, the General Partner shall have an option to purchase or designate (subject to the agreement of such Limited Partner to do so) one or more other Limited Partners to purchase all or a part of the interest owned by the deceased Limited Partner (other than interests relating to Preferred Units or Warrant Units) at the price and on the terms provided in Article 11.
General Partner Option. For fifteen (15) days after the General Partner receives the Notice of Proposed Sale, the General Partner shall have an option to purchase all or part of the interest (other than interests relating to Preferred Units or Warrant Units) at either: (1) the price and on the terms provided in Article 11; or (2) the price and terms contained in the Notice of Proposed Sale.
General Partner Option. If the Divorcing Limited Partner does not exercise the option to purchase all of the interest under Section 10.2(a), for fifteen (15) days after the expiration of the Divorcing Limited Partner's option or notice of the intent not to exercise the option as to all or part of the interest, whichever occurs earlier, the General Partner shall have an option to purchase or designate (subject to the agreement of such Limited Partner to do so) one or more of the other Limited Partners to purchase all or part of the remaining interest owned by the Former Spouse (other than interests relating to Preferred units or Warrant Units) at the price and on the terms provided in Article 11.
General Partner Option. For thirty (30) days after the General Partner receives notice of such Bankruptcy, the General Partner shall have an option to purchase or designate (subject to the agreement of such Limited Partner to do so) one or more other Limited Partners to purchase all or part of the interest owned by the Bankrupt Limited Partner at the price and on the terms provided in Article 11.