Common use of Background of the Offer Clause in Contracts

Background of the Offer. Affiliation With the General Partner. In December 1990, Insignia purchased substantially all of the assets of U.S. Shelter Corporation, a major property management and real estate services company and an affiliate of the General Partner. In connection with this acquisition, Insignia acquired general partner interests in approximately 150 limited partnerships, including the Partnership. The individual general partner of the Partnership, X. Xxxxxx Xxxx, Jr., effectively is prohibited by the Limited Partnership Agreement from participating in the management or conduct of the Partnership's business and affairs, because those functions are reserved exclusively to the General Partner.

Background of the Offer. The Purchaser; Affiliation With the General Partner. In December 1990, Insignia purchased substantially all of the assets of U.S. Shelter Corporation, a major property management and real estate services company and an affiliate of the General Partner. In connection with this acquisition, Insignia acquired general partner interests in approximately 150 limited partnerships, including the Partnership. The individual general partner of the Partnership, X. Xxxxxx Xxxx, Jr., effectively is prohibited by the Limited Partnership Agreement from participating in the management or conduct of the Partnership's business and affairs, because those functions are reserved exclusively to the General Partner.

Background of the Offer. Affiliation With the General PartnerPartner . In December 1990, Insignia purchased substantially all of the assets of U.S. Shelter Corporation, a major property management and real estate services company and an affiliate of the General Partner. In connection with this acquisition, Insignia acquired general partner interests in approximately 150 limited partnerships, including the Partnership. The individual general partner of the Partnership, X. Xxxxxx Xxxx, Jr., effectively is prohibited by the Limited Partnership Agreement from participating in the management or conduct of the Partnership's business and affairs, because those functions are reserved exclusively to the General Partner.