Common use of Amendment without Consent Clause in Contracts

Amendment without Consent. Notwithstanding Section 14.1, 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; (c) to set forth the rights, powers, duties, and preferences of the holders of any Additional Partnership Interests issued pursuant to Section 4.2 hereof; (d) to reflect a change that 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; and (e) 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. The General Partner will provide notice to the Limited Partners promptly after any action under this Section 14.2(e) is taken.

Appears in 3 contracts

Sources: Limited Partnership Agreement (American Real Estate Investment Corp), Limited Partnership Agreement (Keystone Property Trust), Limited Partnership Agreement (American Real Estate Investment Corp)