Common use of Initial Partners Clause in Contracts

Initial Partners. Notwithstanding anything to the contrary contained in this Article 15, shareholders of Telecom who are assigned Units pursuant to the Plan of Liquidation shall thereupon become Record Holders and shall be listed on the Ownership Ledger of the Partnership as such. A shareholder shall be substituted as a Limited Partner with respect to Units held by him, other than such Units which are designated as General Partner Units, promptly after such shareholder has (i) complied with all instructions of the Partnership or its transfer agent with respect to the delivery of such shareholder’s certificates of stock of Telecom to the Partnership or transfer agent for cancellation and (ii) executed a Limited Partnership Page and other documents necessary to agree to the terms of this Partnership and to become a substituted Limited Partner. Such substitution of Limited Partners, and recordation as General Partner Units, with respect to which the foregoing conditions have been satisfied, as well as recordation of Record Holders, shall be entered on the Ownership Ledger of the Partnership as of the opening of business on such date as shall be established by the General Partners. A shareholder who does not become a substituted Limited Partner shall possess the rights of a Record Holder as set forth in Section 15.7 below.