Amendment by the General Partner Sample Clauses
The "Amendment by the General Partner" clause grants the general partner the authority to modify or update the terms of an agreement without requiring the consent of all other parties. Typically, this clause outlines the process by which amendments can be made, such as providing notice to limited partners or restricting amendments that would materially affect their rights. Its core practical function is to provide flexibility in managing the partnership agreement, allowing for efficient updates in response to legal, regulatory, or operational changes, while balancing the need to protect the interests of other stakeholders.
Amendment by the General Partner. Notwithstanding anything contained in this Agreement to the contrary, the General Partner shall have the power, without the consent of the Limited Partners, to amend this Agreement as may be required to facilitate or implement any of the following purposes:
(a) To add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any Affiliate of the General Partner for the benefit of the Limited Partners;
(b) To reflect the admission, substitution, termination or withdrawal of Partners in accordance with this Agreement, including without limitation, the issuance of additional classes of Partnership Units to Limited Partners pursuant to Section 6.4 hereof;
(c) To reflect a change that is of an inconsequential nature and does not adversely affect the Limited Partners in any material respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters arising under this Agreement that will not be inconsistent with law or with the provisions of this Agreement;
(d) To satisfy any requirements, conditions or guidelines contained in any order, directive, opinion, ruling or regulation of a federal or state agency or contained in federal or state law; and
(e) To amend the provisions of this Agreement that protect the qualification of the General Partner as a REIT if such provisions are no longer necessary because of a change in applicable law (or an authoritative interpretation thereof), a ruling of the IRS, or if the General Partner has determined to cease qualifying as a REIT. The General Partner will provide notice to the Limited Partners when any action under this Section 16.2 is taken.
Amendment by the General Partner. The General Partner may, without prior notice to or consent from any Limited Partner, amend from time to time any provision of this agreement if such amendment is to add any provision which is, in the opinion of counsel to the Partnership, for the protection or benefit of Limited Partners or of the Partnership or to cure an ambiguity or to correct or supplement any provisions contained herein which may be defective or inconsistent with any other provision contained herein and the cure, correction or supplemental provision does not and will not, in the opinion of counsel to the Partnership, adversely affect the interest of any Limited Partner.
Amendment by the General Partner. Subject always to the provisions of Section 13.4, the General Partner (pursuant to the powers of attorney from the Limited Partners granted as provided in Article 12), without the consent or approval at the time of any Limited Partner (each Limited Partner, by acquiring a Partnership Interest, being deemed to consent to any such amendment), may amend any provision of this Agreement or the Certificate of Registration issued by the Registrar, and may execute, swear to, acknowledge, deliver, file and record all documents required or desirable in connection therewith, to reflect: