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: Agreement of Limited Partnership (Winton Futures Fund Lp (Us)), Altegris QIM Futures Fund, L.P., Altegris Winton Futures Fund, L.P.
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)
