Common use of Restrictions on General Partner Authority Clause in Contracts

Restrictions on General Partner Authority. A. The General Partner may not take any action in contravention of an express prohibition or limitation of this Agreement without the written Consent of Limited Partners holding a majority of the Percentage Interests of the Limited Partners (including Limited Partner Interests held by the Company), or such other percentage of the Limited Partners as may be specifically provided for under a provision of this Agreement. B. Except as provided in Article 13 hereof, the General Partner may not cause the Partnership to engage in a Terminating Capital Transaction (including by way of merger, consolidation or other combination with any other Person), without the Consent of Limited Partners holding 85% or more of the Percentage Interests of the Limited Partners (including Limited Partnership Interests held by the Company).

Appears in 4 contracts

Samples: Limited Partnership Agreement (Vinings Investment Properties Trust/Ga), Limited Partnership Agreement (Vinings Investment Properties Trust/Ga), Contribution of Property and Sixth Amendment to Agreement of Limited Partnership (Beacon Properties L P)

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Restrictions on General Partner Authority. A. The General Partner may not take any action in contravention of an express prohibition or limitation of this Agreement without the written Consent of Limited Partners holding a majority of the Percentage Interests of the Limited Partners (including Limited Partner Interests held by the Company), or such other percentage of the Limited Partners as may be specifically provided for under a provision of this Agreement. B. Except as provided in Article 13 hereof, the General Partner may not cause the Partnership to engage in a Terminating Capital Transaction (including by way of merger, consolidation or other combination with any other Person), without the Consent of Limited Partners holding 8550% or more of the Percentage Interests of the Limited Partners (including Limited Partnership Interests held by the Company).

Appears in 1 contract

Samples: Limited Partnership Agreement (Provident Senior Living Trust)

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Restrictions on General Partner Authority. A. The General Partner may not take any action in contravention of an express prohibition or limitation of this Agreement without the written Consent of Limited Partners holding a majority 50% or more of the Percentage Interests of the Limited Partners Partnership (including Limited Partner Interests held by the Company), or such other percentage of the Limited Partners Partnership as may be specifically provided for under a provision of this Agreement). B. Except as provided in Article 13 hereof11, the General Partner may not cause sell, exchange, transfer or otherwise dispose of all or substantially all of the Partnership to engage Partnership's assets in a Terminating Capital Transaction single transaction or a series of related transactions (including by way of merger, consolidation or other combination with any other Person), ) without the Consent of Limited Partners holding 8550% or more of the Percentage Interests of the Limited Partners (including Limited Partnership Interests held by the Company)Partnership.

Appears in 1 contract

Samples: Limited Partnership Agreement (Merry Land & Investment Co Inc)

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