Restrictions on Partners. The Partners will not have the authority to enter into any of the following transactions without the consent of 80% of the outstanding ownership interest of the Partners: (a) Prior to the actual termination of the Partnership, sell substantially all of the Partnership Property in liquidation or cessation of business; (b) Compromise any claim or dispute having an amount or value in issue in excess of 50% of the total value of the Partnership Property; (c) Sell, assign, lease, exchange, convert or otherwise transfer or dispose of all or part of the Partnership Property; (d) Mortgage, pledge, grant a security interest in, or incur, renew, or refinance any indebtedness of the Partnership; (e) Confess a judgment against the Partnership; (f) Do any act in violation of this Agreement; and (g) Make, execute or deliver any assignments for the benefit of creditors.
Appears in 4 contracts
Samples: Partnership Agreement, Partnership Agreement, Partnership Agreement
