Common use of Transfer to New Partnership GP Clause in Contracts

Transfer to New Partnership GP. ‌ On the admission of a new general partner to the Partnership on the removal or voluntary withdrawal of the Partnership GP, the resigning or retiring Partnership GP will do all things and take all steps to transfer the administration, management, control and operation of the business of the Partnership and the books, records and accounts of the Partnership to the new general partner and will execute and deliver all deeds, certificates, declarations and other documents necessary or desirable to effect such transfer in a timely fashion.

Transfer to New Partnership GP. ‌ On the admission of a new general partner to the Partnership on the removal or voluntary withdrawal of the Partnership GP, the resigning or retiring Partnership GP will do all things and take all steps to transfer the administration, management, control and operation of the business of the Partnership and the books, records and accounts of the Partnership to the new general partner and will execute and deliver all deeds, certificates, declarations and other documents necessary or desirable to effect such transfer in a timely fashion.