New Partner Clause Samples

The "New Partner" clause outlines the procedures and requirements for admitting a new partner into a partnership or similar business entity. Typically, this clause specifies the approval process—such as requiring unanimous or majority consent of existing partners—and may detail the steps a prospective partner must follow, including providing financial contributions or signing the partnership agreement. Its core practical function is to ensure that the addition of new partners is managed transparently and with the agreement of current members, thereby maintaining stability and trust within the partnership.
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New Partner. A new Partner may be admitted to the Partnership as of the beginning of any fiscal year of the Partnership, but only with the written approval of all of the Partners. Each new Partner shall be admitted only if such Partner shall have executed this Agreement and an appropriate supplement to it, in which such Partner agrees to be bound by the terms and provisions of this Agreement as they may be modified by that supplement. The admission of a new Partner shall not cause dissolution of the Partnership.
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New Partner. This Agreement shall be executed by any Person who shall from time to time become a Partner by signing a counterpart hereof in accordance with Schedule 18.5 hereto. Each of such counterparts so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument. No Person shall become a Partner (or a party) without first having executed a counterpart of this Agreement in accordance with Schedule 18.5 hereto.
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New Partner. By this supplementary agreement:- (a) Melco International nominates Melco Entertainment, a wholly-owned subsidiary of Melco International, to take its place as purchaser under the Second Agreement; (b) as a result of Melco International’s nomination, STDM will, on signing of this Agreement, transfer to Melco Entertainment directly 20% of STDM’s shareholding in the Joint Venture Company in accordance with the terms of the Second Agreement; (c) STDM and Melco International agree to reorganize the First Agreement and the Second Agreement in order to transfer to Melco Group 70% of the shareholding of the Joint Venture Company.
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New Partner. Limited Partnership. If the Customer is a limited partnership and any new general partner is admitted to the Customer, then this Agreement will be binding on that new general partner and on the Customer as if the new general partner had signed this Agreement.
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New Partner. The partners agree that additional partners, including limited partners, may be admitted to the partnership. In such case, a supplemental agreement, in terms satisfactory to the partners hereto, shall be executed by all partners, including the new partner, setting forth the contribution to partnership capital required of the new partner, the percentage interest of the new partner in the partnership, the adjusted percentage of interests in the partnership of all partners based on the contribution of the new partner, and the designation of the general partners and the limited partners in the partnership and the rights, duties and responsibilities of the gene al partners and limited partners in the partnership, if applicable. The supplemental agreement shall be attached to and form part of this Agreement.
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Related to New Partner

  • New Partners No person shall be admitted as a Partner of the Partnership except with the consent of all the Partners who shall determine the terms and conditions upon which such admission is to be effective.

  • General Partner The name and address of the general partner of the Partnership is Outback Steakhouse of Florida, Inc., ▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇.

  • Limited Partner The name and address of the New Limited Partner of the Partnership is ▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇. The names and addresses of any other Limited Partners shall be set forth on Exhibit B, as amended from time to time, attached hereto and incorporated herein by this reference. The Partnership Interest of a Limited Partner shall be referred to herein as a “Limited Partnership Interest.”

  • Managing Member Unless otherwise expressly provided in this Agreement, the Managing Member or any of its Affiliates who hold any Interests shall not be entitled to vote in its capacity as holder of such Interests on matters submitted to the Members for approval, and no such Interests shall be deemed Outstanding for purposes of any such vote.

  • General Partners Each Plains Entity or GP Entity that serves as a general partner of another Plains Entity or GP Entity has full corporate or limited liability company power and authority, as the case may be, to serve as general partner of such Plains Entity or GP Entity, in each case in all material respects, as disclosed in the Pricing Disclosure Package and the Prospectus.