Common use of New General Partner Clause in Contracts

New General Partner. A new general partner shall not be a person an interest in which is a “tax shelter investment” for the purposes of the Tax Act, shall not be a person that is a “financial institution” for the purposes of the “mark-to-market” rules in section 142.5 of the Tax Act and shall not be a “non- resident” for purposes of the Tax Act, and will become a party to this Agreement by signing a counterpart hereof and will agree to be bound by all of the provisions hereof and to assume the obligations, duties and liabilities of the General Partner ▇▇▇▇▇▇▇▇▇ as from the date the new general partner becomes a party to this Agreement.

New General Partner. A new general partner shall not be a person an interest in which is a “tax shelter investment” for the purposes of the Tax Act, shall not be a person that is a “financial institution” for the purposes of the “mark-to-market” rules in section 142.5 of the Tax Act and shall not be a “non- non-resident” for purposes of the Tax Act, and will become a party to this Agreement by signing a counterpart hereof and will agree to be bound by all of the provisions hereof and to assume the obligations, duties and liabilities of the General Partner ▇▇▇▇▇▇▇▇▇ hereunder as from the date the new general partner becomes a party to this Agreement.