Governmental Plan Partners Sample Clauses
The 'Governmental Plan Partners' clause defines the parties involved in a governmental plan, typically identifying which entities or organizations are recognized as partners under the plan. This clause clarifies the roles and responsibilities of each partner, often specifying eligibility criteria or the scope of participation for governmental agencies, departments, or affiliated organizations. By clearly delineating who qualifies as a plan partner, the clause ensures proper administration and compliance with relevant regulations, reducing ambiguity and potential disputes regarding participation or obligations.
Governmental Plan Partners. Notwithstanding any other provision of this Agreement to the contrary, any Limited Partner that is a “governmental plan” as defined in Title 29, section 1002(32) of the United States Code (a “Governmental Plan Partner”) may elect (and upon the approval of the General Partner shall be permitted) to withdraw from the Partnership, or upon demand by the General Partner shall withdraw from the Partnership, in each case, in whole or in part to the extent demanded by the General Partner, if either the Governmental Plan Partner or the General Partner shall obtain an opinion of counsel (which counsel shall be reasonably acceptable to the General Partner) to the effect that the Governmental Plan Partner, the Partnership, or the General Partner (including its Affiliates) would be in material violation of any law, statute, regulation or ordinance applicable to the Governmental Plan Partner, the Partnership or the General Partner as a result of the Governmental Plan Partner continuing as a Limited Partner. In the event of the issuance of the opinion of counsel referred to in the preceding sentence, the withdrawal of and disposition of the Governmental Plan Partner’s interest in the Partnership shall be governed by the last two sentences of Section 11.02(b) and Section 11.02(c) and Section 11.02(d), as if the Governmental Plan Partner were an ERISA Partner.
Governmental Plan Partners. Notwithstanding any provision of this Agreement to the contrary, any Limited Partner that is either a “governmental plan” as defined in Title 29, Section 1002(32) of the United States Code or an employee benefit plan subject to Governmental Plan Regulations (a “Governmental Plan Partner”) may elect to withdraw from the Partnership, or upon demand by the General Partner shall withdraw from the Partnership, if either the Governmental Plan Partner or the General Partner shall obtain an opinion of counsel (which counsel shall be reasonably acceptable to both the Governmental Plan Partner and the General Partner) to the effect that the Governmental Plan Partner, the Partnership, or the General Partner would be in violation, or there is a material likelihood the same would result, of any Governmental Plan Regulation, as a result of the Governmental Plan Partner continuing as a Limited Partner, and, in the case of an opinion obtained by the General Partner, that such violation would have a material adverse effect on the General Partner or the Partnership. In the event of the issuance of the opinion of counsel referred to in the preceding sentence, the withdrawal of and disposition of the Governmental Plan Partner’s interest in the Partnership shall be governed by Section 13.1 of the Agreement, as if the Governmental Plan Partner were an ERISA Partner.
Governmental Plan Partners. Notwithstanding any provision of this Agreement to the contrary, any Member that is either a “governmental plan” as defined in Title 29, Section 1002(32) of the Code or an employee benefit plan subject to Governmental Plan Regulations (a “Governmental Plan Partner”) may elect to withdraw from the Fund, or upon demand by the Investment Adviser shall withdraw from the Fund, if either the Governmental Plan Partner or the Investment Adviser shall obtain an opinion of counsel (which counsel shall be reasonably acceptable to both the Governmental Plan Partner and the Investment Adviser) to the effect that the Governmental Plan Partner, the Fund, or the Investment Adviser would be in violation, or there is a material likelihood the same would result, of any statute or regulation of the state of residence of the governmental plan, any political subdivision of such state or other law applicable to the Member on account of being a governmental plan (“Governmental Plan Regulation”), as a result of the Governmental Plan Partner continuing as a Member, and, in the case of an opinion obtained by the Investment Adviser, that such violation would have a material adverse effect on the Investment Adviser or the Fund. In the event of the issuance of the opinion of counsel referred to in the preceding sentence, the withdrawal of and disposition of the Governmental Plan Partner’s Interest in the Fund shall be governed by Section 14.1 of this Agreement, as if the Governmental Plan Partner were an ERISA Partner.