Common use of New General Partner Clause in Contracts

New General Partner. A new General Partner elected under Section 3.2(l) by the Limited Partners shall purchase from the Partnership no later than the time of the payment to the removed General Partner under Section 2.7, the interest (and any Limited Partnership Interests) which the Partnership purchased from the removed General Partner. The new General Partner shall pay for such interest (and any Limited Partnership Interests) a price agreed to by the Partnership and the new General Partner; provided, that if the parties are not able to agree on the price, the price shall be the same amount as the Partnership pays for the interest (and any Limited Partnership Interests) of the removed General Partner as set forth in Section 2.7 and the price shall be paid in cash, unless otherwise agreed to by the parties.