Replacement Partnership Representative Clause Samples
Replacement Partnership Representative. In the event that ▇▇▇▇▇ ▇▇▇, while acting as the Partnership Representative, resigns or is unable to carry out the responsibilities as such, ▇▇▇▇▇ ▇▇▇ shall immediately cease to be the Partnership Representative and a Majority in Interest shall immediately elect a substitute Partnership Representative.
Replacement Partnership Representative. If the Investor Member determines, in its sole and absolute discretion, to designate a new Partnership Representative, the Members shall designate such successor Partnership Representative as the Investor Member designates in accordance with applicable rules of the Code, Regulations, and the IRS that apply to audits conducted pursuant to the 2015 Act (“Applicable Rules”) and the successor Partnership Representative shall take such action, including notifying the IRS of its designation as such, as may be necessary or appropriate under Applicable Rules.