Limitation on Actions of General Partner; Investor Protections Sample Clauses

Limitation on Actions of General Partner; Investor Protections. The General Formatted: Font: Times New Roman, 8 pt Formatted: Tab stops: 3", Centered + 6", Right + Not at 0.73" Partner is prohibited from (a) amending this Agreement other than in accordance with Section 18.4 below; (b) admitting new partners other than in accordance with Section 11.2 (Substitute Limited Partner) below or after obtaining the approval of Limited Partners owning at least 66% of the Percentage Interests owned by Limited Partners; or (c) knowingly acting in contravention of the Federal Communications Act of 1934, as amended, or the rules and regulations of the Federal Communications Commission. Notwithstanding the foregoing, the General Partner may admit one or more new Limited Partners to the Partnership, and amend this Agreement accordingly, at any time after it has issued a request for the investment of additional capital in accordance with Section 5.12 (Additional Capital Contributions) above and the Limited Partners as a group have failed contribute the amount requested within 75 days of the request. The General Partner is also prohibited from doing any of the following without first obtaining the approval of Limited Partners holding at least 66% of the Limited Partners’ Percentage Interests: (a) acquiring additional FCC licenses; or (b) entering into contracts with affiliates or incurring indebtedness in excess of $500,000, except for contracts and debts which are consistent with the Partnership’s budgets.
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