Substituted General Partner definition
Examples of Substituted General Partner in a sentence
The removal of the General Partner shall become effective upon the admission of the Substituted General Partner and upon the admission of a Substituted General Partner the entire Interest of the General Partner shall be deemed to be transferred and conveyed to the Substituted General Partner which transfer shall not require the payment of any consideration to the removed General Partner by any party.
Transfer by General Partner; Admission of Substituted General Partner.
The General Partner and the Limited Partners, any Substituted Limited Partner and any Substituted General Partner shall each become a signatory hereof by signing such number of counterpart signature pages to this Agreement and such other instruments and in such manner - as the General Partner shall determine.
By so signing, the Limited Partners, any Substituted Limited Partner or Substituted General Partner, as the case may be, shall be deemed to have adopted, and to have agreed to be bound by, all the provisions of this Agreement.
Admission of -------------------------------------------------------------- Substituted General Partner.
A Transferee of a General Partnership Interest shall become a Substituted General Partner only upon the written consent pursuant to Section 9.3(g) hereof.
Wilshap hereby acknowledges, adopts and agrees to be bound by all of the terms, conditions and covenants of the Partnership Agreement both (i) as a Substituted General Partner to replace I Partner as the sole general partner of FAS with a 1% general partnership interest therein, and (ii) as a Limited Partner of FAS with a 56.6% limited partnership interest therein.
Wilshap is hereby (i) admitted to FAS as a Substituted General Partner (as such term is defined in the Fresh Air Solutions, L.P. Limited Partnership Agreement dated February 27, 1998 (the "Partnership Agreement")) to replace I Partner as the sole general partner of FAS with a 1% general partnership interest in FAS, and (ii) admitted to FAS as a Limited Partner of FAS with a 56.6% limited partnership interest therein, in each case subject to the terms and conditions of the Partnership Agreement.
Such Assignee shall become a Substituted General Partner or Substituted Limited Partner, as the case may be, if and only if such admission is consented to in writing by all of the Partners.
A Person who has become an Assignee of a General Partnership Interest pursuant to the procedures set forth in Article 10 may request admission as a Substituted General Partner; and a Person who has become an Assignee of a Limited Partnership Interest pursuant to the procedures set forth in Article 10 may request admission as a Substituted Limited Partner.