Common use of Successor General Partner Clause in Contracts

Successor General Partner. A Person shall be admitted a successor General Partner only if the following terms and conditions are satisfied: (a) the admission of such Person shall have been Consented to by any Remaining General Partner which consent shall not be unreasonably be withheld, (b) the Person shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner; (c) a certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation in accordance with the Partnership Act; (d) if the successor General Partner is a corporation, it shall have provided counsel for the Partnership with a certified copy of a resolution of its Board of Directors authorizing it to become a General Partner; and (e) none of the actions taken in connection with such transfer or admission will have a material adverse tax effect upon the Partnership.

Successor General Partner. A Person shall be admitted as a successor Successor General Partner only if the following terms and conditions are satisfied:: 41 (a) the admission of such Person shall have been Consented to by any Remaining General Partner which consent shall not be unreasonably be withheld,the Limited Partners; (b) the Person shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner; (c) a certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation in accordance with the Partnership Actrecordation; (d) if the successor General Partner is a corporation, it shall have provided counsel for the Partnership with a certified copy of a resolution of its Board of Directors authorizing it to become a General Partner; and; (e) counsel for the Partnership shall have rendered an opinion that none of the actions taken in connection with such transfer or admission will have a material an adverse tax effect upon the Partnership., which opinion can be waived by the Limited Partners; and

Successor General Partner. A Person shall be admitted as a successor General Partner general partner only if the following terms and conditions are satisfied: (aA) the admission of such Person shall have been Consented to by any Remaining General Partner which consent shall not be unreasonably be withheld,other general partner(s) and by the Limited Partner; (bB) the Person shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as that may be required or appropriate in order to effect the admission of such Person as a General Partnergeneral partner; (cC) a certificate evidencing the admission of such Person as a General Partner general partner shall have been filed for recordation in accordance with the Partnership Actrecordation; (dD) if the successor General Partner general partner is a corporation, it shall have provided counsel for the Partnership with a certified copy of a resolution of its Board of Directors authorizing it to become a General Partnergeneral partner; and and 55 61 (eE) except in connection with a transfer pursuant to Section 14.08 hereof, counsel for the Partnership shall have rendered an opinion that none of the actions taken in connection with such transfer or admission will have cause a material adverse tax effect upon termination of the PartnershipPartnership pursuant to Section 708 of the Code, which opinion can be waived by the remaining general partner(s) and the Limited Partner.

Successor General Partner. A Person shall be admitted as a successor General Partner general partner only if the following terms and conditions are satisfied: (aA) the admission of such Person shall have been Consented to by any Remaining General Partner which consent shall not be unreasonably be withheld,other general partner(s) and by the Limited Partner; (bB) the Person shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as that may be required or appropriate in order to effect the admission of such Person as a General Partnergeneral partner; (cC) a certificate evidencing the admission of such Person as a General Partner general partner shall have been filed for recordation in accordance with the Partnership Actrecordation; (dD) if the successor General Partner general partner is a corporation, it shall have provided counsel for the Partnership with a certified copy of a resolution of its Board of Directors authorizing it to become a General Partnergeneral partner; and and 57 63 (eE) except in connection with a transfer pursuant to Section 14.08 hereof, counsel for the Partnership shall have rendered an opinion that none of the actions taken in connection with such transfer or admission will have cause a material adverse tax effect upon termination of the PartnershipPartnership pursuant to Section 708 of the Code, which opinion can be waived by the remaining general partner(s) and the Limited Partner.