Examples of Transferring Limited Partner in a sentence
Any transferee, whether or not admitted as a Substituted Limited Partner, shall take subject to the obligations of the Transferring Limited Partner hereunder.
The Transferring Limited Partner (or the Limited Partner’s estate in the event of the Limited Partner’s death) shall give written notice of the proposed Transfer to the Managing General Partner and the Special Limited Partner, which notice shall state (i) the identity and address of the proposed transferee and (ii) the amount and type of consideration proposed to be received for the Transferred Partnership Units.
The Special Limited Partner shall have ten (10) Business Days upon which to give the Transferring Limited Partner notice of its election to acquire the Partnership Units on the terms set forth in such notice.
If it does not so elect, the Transferring Limited Partner may Transfer such Partnership Units to a third party, on terms no more favorable to the transferee than the proposed terms, subject to the other conditions of this Section 11.3.
Upon the Transfer of an LP Unit being recorded on the Register and the Transferee becoming a Limited Partner, the Transferring Limited Partner of the LP Unit will be relieved of any further liability in respect of the LP Units Transferred that arises out of any matter occurring after the date of the amendment to the Record reflecting such Transfer.
If any Limited Partner (a “Transferring Limited Partner”) proposes to transfer any of its Partnership Interests, other than pursuant to a Permitted Transfer, the Transferring Limited Partner shall give the Partnership written notice of the interest in the Partnership to be transferred (the “Offered Interests”), the price, terms, closing date and conditions of the proposed transfer (the “Transfer Notice”).
If the Partnership decides to exercise its option to purchase any of the Offered Interests, it will give written notice to that effect to the Transferring Limited Partner.
If the Transferring Limited Partner does not give the Partnership written notice of the Partnership Interests to be transferred, then the Partnership may exercise the right and option described in Section 9.2(b) at any time.
At the closing, the Transferring Limited Partner or other Person or Persons holding the Partnership Interests to be transferred will duly execute and deliver the certificates evidencing the Partnership Interests to the Partnership, in proper form for transfer, free and clear of all liens, adverse claims and encumbrances, except as contained in this Agreement.
To the extent the Partnership does not accept such offer, the Partners (other than the Transferring Limited Partner) shall have the right (but not the obligation) to accept such offer within 20 days after the date on which they received notice from the Partnership under the preceding sentence, and the Partners desiring to accept such offer shall exercise that option pro rata in accordance with their respective Percentage Interests, or in such other proportion as the General Partners shall determine.