Examples of Preferred Limited Partner in a sentence
If the Partnership is obligated to pay any amount to a taxing authority on behalf of (or in respect of an obligation of) a Partner (including, federal, state and local or other withholding taxes and including any tax on any amount paid to an Exchangeable Preferred Limited Partner), then such Partner shall indemnify the Partnership and the other Partners in full for the entire amount of any tax (including any interest, penalties and expenses associated with such payment).
In addition, each Preferred Limited Partner or Assignee (resulting from a transfer made pursuant to clauses (i)-(iv) of the preceding sentence) shall have the right to transfer all or any portion of its Partnership Interest, subject to the provisions of Section 11.6, provided that any transfer of a Partnership Interest shall be made only to Qualified Transferees.
Any Preferred Limited Partner shall have the right to substitute a transferee permitted by this Agreement as a Limited Partner in his or her place.
For purposes of the preceding sentence, Partnership property shall be considered ceiling limited in respect of a Preferred Limited Partner if Depreciation attributable to such Partnership property which would otherwise be allocable to such Partner, without regard to this paragraph, exceeded depreciation determined for federal income tax purposes attributable to such Partnership property which would otherwise be allocable to such Partner by more than 5%.
As used in this Agreement, the General Partner and the Limited Partners (including the Exchangeable Preferred Limited Partner and the Special Voting Limited Partner) shall be deemed to be separate Partners even if any Partner holds more than one class of Interest.