Substituted Limited Partner Sample Clauses

Substituted Limited Partner. (a) No Limited Partner shall have the right to substitute an assignee as Limited Partner in its place. Subject to the provisions of Section 8.3, the General Partner may, in its sole discretion, permit an assignee to become a Substituted Limited Partner. The consent of the General Partner to an assignment of a Limited Partner's Interest under Section 8.1 shall not, in and of itself, constitute its consent to the admission of the assignee as a Substituted Limited Partner under this Section 8.2. (b) Any Substituted Limited Partner shall execute such instrument or instruments as shall be required by the General Partner to signify the agreement of such Substituted Limited Partner to be bound by all the provisions of this Agreement and shall pay the Partnership's reasonable legal fees and filing costs in connection with its substitution as a Limited Partner.

Substituted Limited Partner. A Person who is admitted as a Limited Partner to the Partnership in place of and with all the rights of a Limited Partner pursuant to Article IX in such Person’s capacity as a Limited Partner.

Substituted Limited Partner. 8.6.1 The General Partner, in its sole and absolute discretion, may, but need not, permit an assignee or transferee (whether such assignee or transferee has acquired its Interest by virtue of a voluntary assignment pursuant to paragraph 8.3, an involuntary transfer, including a transfer pursuant to subparagraph 3.3.5, or a transfer by operation of law) of the Interest (or a part thereof) of a Limited Partner to be and become a substituted Limited Partner (''Substituted Limited Partner'') in the Partnership entitled to all the rights and benefits under this Agreement of the transferor or assignor of such Interest, but no such assignee or transferee shall be or become a Substituted Limited Partner unless and until the General Partner consents in writing to the admission of such Person as a Substituted Limited Partner, which consent may be withheld by the General Partner in its sole and absolute discretion. The Partners hereby consent and agree to such admission of a Substituted Limited Partner by the General Partner, and agree that the General Partner may, on behalf of each Partner and on behalf of the Partnership, cause Schedule A hereto to be appropriately amended, in the event of such admission. 8.6.2 Each Substituted Limited Partner, as a condition to its admission as a Limited Partner, shall execute and acknowledge such instruments as the General Partner shall deem necessary or desirable to effectuate such admission (including any necessary powers of attorney) and to confirm the agreement of such Substituted Limited Partner to be bound by all the terms and provisions of this Agreement with respect to the Interest acquired. All reasonable expenses, including attorneys' fees, incurred by the Partnership in connection with such admission shall be borne by such Substituted Limited Partner. 8.6.3 Any Person who acquires an Interest or is admitted to the Partnership as a Substituted Limited Partner shall be subject to and bound by all the provisions of this Agreement as if originally a party to this Agreement, except as otherwise provided herein.

Substituted Limited Partner. In the event a Limited Partner transfers all or any part of such Limited Partner’s Limited Partnership Interest in compliance with the provisions of this Article VIII, the transferee of the Limited Partner shall take such Limited Partnership Interest subject to all of the terms and conditions of this Agreement, shall not be considered to have title to such Limited Partnership Interest and shall not have the right to be admitted to the Partnership as a substituted Limited Partner of the Partnership unless the transferring Limited Partner has given the transferee such right and unless: (a) the Company consents in writing to the admission of the transferee into the Partnership as a substituted Limited Partner, which consent may be granted or denied in the sole discretion of the Company; and (b) the transferring Limited Partner and the transferring Limited Partner’s transferee execute and deliver such instruments as the Company deems necessary or desirable to effect such substitution; and (c) such transferee accepts, assumes and agrees in writing to be bound by all of the terms, conditions and provisions of this Agreement; and (d) such transferee pays all reasonable expenses connected with such substitution.

Substituted Limited Partner. (A) No transferee shall become a Substituted Limited Partner in place of his assignor unless and until the following conditions have been satisfied: (1) The assignor and transferee file a Notice or other evidence of Transfer and such other information reasonably required by the General Partner, including, without limitation, names, addresses and telephone numbers of the assignor and transferee; (2) The transferee executes, adopts and acknowledges this Agreement, or a counterpart hereto, and such other documents as may be reasonably requested by the General Partner, including without limitation, all documents necessary to comply with applicable tax and/or securities rules and regulations; (3) The assignor or transferee pays all costs and fees incurred or charged by the Partnership to effect the Transfer and substitution; and (4) The assignor or transferee obtains the written Consent of the General Partner, which may be given or withheld in its sole and absolute discretion. (B) If a transferee of a Limited Partner does not become a Substituted Limited Partner pursuant to Section 8.5(A), such transferee shall be an Assignee and shall not have any rights to require any information on account of the Partnership’s business, to inspect the Partnership’s books or to vote or otherwise take part in the affairs of the Partnership (such Partnership Units being deemed to have been voted in the same proportion as all other Partnership Units held by Limited Partners have been voted). Such Assignee shall be entitled, however, to all the rights of an assignee of a limited partnership interest under the Act. Any Assignee wishing to Transfer the Partnership Units acquired shall be subject to the restrictions set forth in this Article VIII.

Substituted Limited Partner. No person or entity taking or acquiring, by whatever means, the interest of any Limited Partner in the Partnership shall be admitted as a Substituted Limited Partner without the consent of the General Partner and unless such person or entity: (a) Elects to become a Substituted Limited Partner by delivering notice of such election to the Partnership; (b) Executes, acknowledges and delivers to the Partnership such other instruments as the General Partner may deem necessary or advisable to effect the admission of such person or entity as a Substituted Limited Partner, including, without limitation, the written acceptance and adoption by such person or entity of the provisions of this Agreement; and (c) Pays a transfer fee to the Partnership in an amount sufficient to cover all reasonable expenses connected with the admission of such person or entity as a Substituted Limited Partner.

Substituted Limited Partner. An assignee or transferee (other than an existing Partner) of the interest of the Limited Partner may be admitted as a Substituted Limited Partner only with the consent of the General Partner and shall be admitted as of the date of such consent. The granting or denying of such consent shall be in the absolute discretion of the General Partner. Unless the assignee is the General Partner, any assignee of a Partnership Interest to whose admission such consent is given (a "Substituted Limited Partner") shall become and shall have only the rights and duties of a limited partner of the Partnership, and the assigned Partnership Interest shall thereafter be a Limited Partnership Interest. Any transferee of the interest of the Limited Partner shall be entitled only to receive distributions hereunder until such transferee has been admitted as a limited partner of the Partnership.

Substituted Limited Partner. (a) Notwithstanding anything to the contrary contained herein, no Transferee of a Limited Partner shall have the right to become a substituted Limited Partner unless (i) the General Partner shall have consented thereto, which consent may be granted or withheld in the discretion of the General Partner, (ii) the Transferee shall have executed such documentation as the General Partner may reasonably require to acknowledge the obligation of the Transferee to contribute the amount of the Available Commitment of the Transferor pursuant to Article 3 hereof and all such other instruments as shall be reasonably required by the General Partner to signify such Transferee’s agreement to be bound by all provisions of this Agreement and all other documents reasonably required by the General Partner to effect the admission of the Transferee as a Limited Partner and (iii) the Transferee or Transferor shall have paid to the Partnership the estimated costs and expenses (including legal fees and filing costs and other out-of-pocket expenses incurred by the Partnership) incurred in effecting the Transfer and substitution. For the avoidance of doubt, any payment made pursuant to clause (iii) in the immediately preceding sentence shall not be considered a Capital Contribution. Such substituted Limited Partner shall reimburse the Partnership for any excess of the actual costs and expenses so incurred over the amount of such estimate. A Transferee shall be deemed admitted as a substituted Limited Partner with respect to the Interest Transferred upon its execution and delivery of a counterpart of this Agreement (but not earlier than the effective date of the Transfer). By execution of this Agreement or a counterpart hereof, or by authorizing such execution on its behalf, each Limited Partner consents and agrees that any Transferee may be admitted as a substituted Limited Partner and this Agreement may be amended accordingly by the General Partner through the exercise of the power of attorney granted under Section 12.6 hereof, without the necessity of any further action by, or consent of, the Limited Partners. (b) Upon the admission of a Transferee as a substituted Limited Partner, Schedule A shall be amended accordingly to reflect the name and address of such Transferee, Class of Interests held by such Transferee, and Commitment, Partnership Percentage Interest and Consortium Percentage Interest of such Transferee, in each case as a substituted Limited Partner. (c) A Transferee of...

Substituted Limited Partner. The Limited Partner hereby consents to the admission as a substituted Limited Partner of any transferee complying with this Article XI. Upon compliance with this Agreement, the General Partner shall cause the necessary amendments to be filed as required by law.