Common use of Option Process Clause in Contracts

Option Process. (i) If the Advisor Sub elects to exercise the Option, the General Partner and the Advisor Sub shall jointly request the BCIMC Limited Partner’s consent to amend the Partnership Agreement to: (A) divide the role of General Partner into two roles consisting of the “Managing General Partner” and the “Administrative General Partner”; (B) make the General Partner the “Managing General Partner”; (C) make the Advisor Sub the “Administrative General Partner”; (D) provide that the General Partner, as the “Managing General Partner”, shall continue to have all of the rights and obligations attributed to the General Partner in the Partnership Agreement in effect as of the date of this Agreement, subject to Section 18(c)(i)(E); and (E) provide that (1) the “Administrative General Partner” shall be obligated to provide the Services and shall be paid the Assigned Fees for providing the Services and (2) the “Administrative General Partner” shall have no rights to manage or control the Partnership and, except as set forth in this Section 18(c)(i)(E), the “Administrative General Partner” shall not have any other rights under the Partnership Agreement (except in its capacity as the Special Limited Partner (as defined in the Partnership Agreement) as the holder of its Interest (as defined in the Partnership Agreement)).