Common use of Selection of Successor General Partner Clause in Contracts

Selection of Successor General Partner. In the event that a General Partner shall cease to be a General Partner under this Article IX, then one or more successor General Partners may be elected by affirmative vote of a majority of the Units held by the Limited Partners. If the Limited Partners fail to select a successor General Partner, then the Partnership shall be deemed dissolved as provided in Section 10.1(b) and the provisions of Section 10.2 shall apply.

Selection of Successor General Partner. In the event that a General Partner shall cease to be a General Partner under this Article IX, then one or more successor General Partners may be elected by affirmative vote of a majority of the Units Interests held by the Limited Partners. If the Limited Partners fail to select a successor General Partner, then the Partnership shall be deemed dissolved as provided in Section 10.1(b10.1(e) and the provisions of Section 10.2 shall apply.

Selection of Successor General Partner. In the event that a General Partner Partners shall cease to be a General Partner under this Article IX, then one or more successor General Partners may be elected by affirmative vote of a majority of the Units Interests held by the Limited Partners; provided, however, that until the Discharge Date such successor General Partner(s) shall have an Independent Manager, or be controlled by an entity with an Independent Manager, whose written approval shall be necessary to authorize or take any action that would constitute a Bankruptcy of the Partnership, in accordance with Section 1.2(c)(iii). If the Limited Partners fail to select a successor General Partner, then the Partnership shall be deemed dissolved as provided in Section 10.1(b10.1(e) and the provisions of Section 10.2 shall apply.