Common use of LIMITATIONS OF VOTING RIGHTS Clause in Contracts

LIMITATIONS OF VOTING RIGHTS. No Limited Partner shall have the right or power to: (i) Withdraw or reduce his contribution to the capital of the Partnership except as a result of the dissolution of the Partnership or as otherwise provided by law; (ii) Bring an action for partition against the Partnership; (iii) Cause the termination and dissolution of the Partnership by court decree or otherwise, except as set forth in this Agreement; or (iv) Demand or receive property other than cash in return for that Limited Partner's Capital Contribution. Except as provided in this Agreement, no Limited Partner shall have priority over any other Limited Partner either as to the return of Capital Contributions or as to income, gains, losses, deductions, credits or distributions. Other than upon the termination and dissolution of the Partnership as provided by this Agreement, there has been no time agreed upon when the Capital Contribution of each Limited Partner is to be returned. This Agreement may not be amended without the consent of the Partner to be adversely affected by any amendment which would: (a) convert a Limited Partner to a general partner of the Partnership; (b) modify the limited liability of a Limited Partner; (c) alter the interest of the General Partner or the Limited Partners in the income, gains, losses, deductions, credits or distributions of the Partnership; or (d) affect the status of the Partnership as a partnership for federal income tax purposes. 9.4

Appears in 2 contracts

Samples: Performance Asset Management Co, Performance Asset Management Co

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LIMITATIONS OF VOTING RIGHTS. No Limited Partner shall have the right or power to: (i1) Withdraw or reduce his contribution to the capital of the Partnership except as a result of the dissolution of the Partnership or as otherwise provided by law; (ii2) Bring an action for partition against the Partnership; (iii3) Cause the termination and dissolution of the Partnership by court decree or otherwise, except as set forth in this Agreement; or (iv4) Demand or receive property other than cash in return for that Limited Partner's Capital Contribution. Except as provided in this Agreement, no Limited Partner shall have priority over any other Limited Partner either as to the return of Capital Contributions or as to income, gains, losses, deductions, credits or distributions. Other than upon the termination and dissolution of the Partnership as provided by this Agreement, there has been no time agreed upon when the Capital Contribution of each Limited Partner is to be returned. This Agreement may not be amended without the consent of the Partner to be adversely affected by any amendment which would: (a) convert a Limited Partner to a general partner of the Partnership; (b) modify the limited liability of a Limited Partner; (c) alter the interest of the General Partner or the Limited Partners in the income, gains, losses, deductions, credits or distributions of the Partnership; or (d) affect the status of the Partnership as a partnership for federal income tax purposes. 9.4

Appears in 1 contract

Samples: Performance Asset Management Co

LIMITATIONS OF VOTING RIGHTS. No Limited Partner shall have the right or power to: (i) Withdraw or reduce his contribution to the capital of the Partnership except as a result of the dissolution of the Partnership or as otherwise provided by law; (ii) Bring an action for partition against the Partnership; (iii) Cause the termination and dissolution of the Partnership by court decree or otherwise, except as set forth in this Agreement; or (iv) Demand or receive property other than cash in return for that Limited Partner's Capital Contribution. Except as provided in this Agreement, no Limited Partner shall have priority over any other Limited Partner either as to the return of Capital Contributions or as to income, gains, losses, deductions, credits or distributions. Other than upon the termination and dissolution of the Partnership as provided by this Agreement, there has been no time agreed upon when the Capital Contribution of each Limited Partner is to be returned. This Agreement may not be amended without the consent of the Partner to be adversely affected by any amendment which would: (a) convert a Limited Partner to a general partner General Partner of the Partnership; (b) modify the limited liability of a Limited Partner; (c) alter the interest of the a General Partner or the Limited Partners in the income, gains, losses, deductions, credits or distributions of the Partnership; or (d) affect the status of the Partnership as a partnership for federal income tax purposes. 9.4

Appears in 1 contract

Samples: Performance Asset Management Co

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LIMITATIONS OF VOTING RIGHTS. No Limited Partner shall have the right or power to: (i) Withdraw or reduce his contribution to the capital of the Partnership except as a result of the dissolution of the Partnership or as otherwise provided by law; (ii) Bring an action for partition against the Partnership; (iii) Cause the termination and dissolution of the Partnership by court decree or otherwise, except as set forth in this Agreement; or (iv) Demand or receive property other than cash in return for that Limited Partner's Capital Contribution. Except as provided in this Agreement, no Limited Partner shall have priority over any other Limited Partner either as to the return of Capital Contributions or as to income, gains, losses, deductions, credits or distributions. Other than upon the termination and dissolution of the Partnership as provided by this Agreement, there has been no time agreed upon when the Capital Contribution of each Limited Partner is to be returned. This Agreement may not be amended without the consent of the Partner to be adversely affected by any amendment which would: (a) convert a Limited Partner to a general partner of the Partnership; (b) modify the limited liability of a Limited Partner; (c) alter the interest of the General Partner or the Limited Partners in the income, gains, losses, deductions, credits or distributions of the Partnership; or 15 16 (d) affect the status of the Partnership as a partnership for federal income tax purposes. 9.4

Appears in 1 contract

Samples: Performance Asset Management Co

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