Common use of General Partner Transfers Clause in Contracts

General Partner Transfers. (a) The General Partner and HPHI may sell or pledge their Partnership Interests or transfer or assign any of HHM's rights and duties as a General Partner to any Person who assumes in writing HHM's obligations and liabilities arising under this Agreement, except that in no event shall they sell their Partnership Interests or assign HHM's rights and duties as a General Partner to any Person who owns a hospital located within three (3) miles of the Hospital without the approval by a Majority Vote of Investor Limited Partners. (b) No Investor Limited Partner may assign its rights to be an Investor Representative herein. Upon the withdrawal or resignation of an Investor Representative, a substitute therefore who must be an Investor Limited Partner, or an owner of a Limited Partner that is an Entity, may be elected by a Majority Vote of the Investor Limited Partners. (c) Any resignation or withdrawal by the General Partner as a general partner shall not constitute the General Partner's withdrawal as a Partner.

General Partner Transfers. (a) The General Partner and HPHI may sell or pledge their Partnership Interests or transfer or assign any of HHM's HMC Management’s rights and duties as a General Partner to any Person who assumes in writing HHM's HMC Management’s obligations and liabilities arising under this Agreement, except that in no event shall they sell their Partnership Interests or assign HHM's HMC Management’s rights and duties as a General Partner to any Person who owns a hospital located within three (3) miles of the Hospital without the approval by a Majority Vote of Investor Limited Partners. (b) No Investor Limited Partner may assign its rights to be an Investor Representative herein. Upon the withdrawal or resignation of an Investor Representative, a substitute therefore who must be an Investor Limited Partner, or an owner of a Limited Partner that is an Entity, may be elected by a Majority Vote of the Investor Limited Partners. (c) Any resignation or withdrawal by the General Partner as a general partner shall not constitute the General Partner's ’s withdrawal as a Partner.