Net Worth of General Partner. The General Partner agrees that at all times so long as it remains General Partner of the Partnership, it will maintain a net worth, if any, at an amount which does not affect the classification of the Partnership as a partnership for tax purposes and not as an association taxable as a corporation. For purposes of this Paragraph 5, Net Worth shall include, at face value, any notes or stock subscriptions received including ones from affiliates or shareholder(s) of the General Partner.
Appears in 8 contracts
Samples: Limited Partnership Agreement (Altegris QIM Futures Fund, L.P.), Limited Partnership Agreement (Altegris Winton Futures Fund, L.P.), Agreement of Limited Partnership (Winton Futures Fund Lp (Us))
Net Worth of General Partner. The General Partner agrees that at all times so long as it remains General Partner of the PartnershipFund, it will maintain a its net worth, if any, worth at an amount which does not affect sufficient, in the classification opinion of counsel for the Partnership General Partner, for the Fund to be taxed as a partnership for tax purposes and not rather than as an association taxable as a corporation. For purposes of this Paragraph 5, Net Worth shall include, at face value, any notes or stock subscriptions received including ones from affiliates or shareholder(s) of the General Partner.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Ml Select Futures I Lp), Limited Partnership Agreement (Ml Select Futures I Lp), Limited Partnership Agreement (Ml Select Futures I Lp)
Net Worth of General Partner. The General Partner agrees that at all times so long as it remains General Partner of the Partnership, it will maintain a net worth, worth of at least 5% of the total contributions to the Partnership and all other partnerships of which the General Partner is general partner. This agreement may be modified if any, at an amount which does counsel opines that such change will not adversely affect the classification partnership taxation of the Partnership as Partnership, and if such change meets applicable state securities laws or guidelines. The General Partner will not permit its net worth to decline below $10 million without the consent of holders of a partnership for tax purposes and not as an association taxable as a corporation. For purposes of this Paragraph 5, Net Worth shall include, at face value, any notes or stock subscriptions received including ones from affiliates or shareholder(s) majority of the General PartnerUnits.
Appears in 1 contract
Samples: Limited Partnership Agreement (Ml Trend-Following Futures Fund L.P,)
