Common use of Partners; Admission of New Partners Clause in Contracts

Partners; Admission of New Partners. Until the consummation of the IPO, the Pre-existing GP shall continue as the General Partner. Simultaneously with the consummation of the IPO and in accordance with the IPO Reorganization Agreement, Summit Owner Holdco LLC shall be automatically admitted as the General Partner, the Pre-existing GP shall automatically cease to be the General Partner of the Partnership and the Partnership shall be continued without dissolution, and immediately thereafter, IPO Corp shall be automatically admitted as the General Partner, Summit Owner Holdco LLC shall automatically cease to be the General Partner of the Partnership and the Partnership shall be continued without dissolution. Each of the Persons listed in the books and records of the Partnership, as the same may be amended from time to time in accordance with this Agreement, by virtue of its execution of this Agreement (including by use of a power of attorney), are admitted as, or continue as, Limited Partners of the Partnership. The rights, duties and liabilities of the Partners shall be as provided in the Act, except as is otherwise expressly provided herein, and the Partners consent to the variation of such rights, duties and liabilities as provided herein. Subject to Section 8.09 hereof with respect to substitute Limited Partners, a Person may be admitted from time to time as a new Limited Partner with the written consent of the General Partner in its sole discretion. Each new Limited Partner shall execute and deliver to the General Partner an appropriate supplement to this Agreement pursuant to which the new Limited Partner agrees to be bound by the terms and conditions of this Agreement, as it may be amended from time to time. A new General Partner or substitute General Partner may be admitted to the Partnership solely in accordance with Section 8.08 or Section 9.02(e) hereof.

Partners; Admission of New Partners. Until the consummation of the IPO, the Pre-existing GP shall continue as the General Partner. Simultaneously with the consummation of the IPO and in accordance with the IPO Reorganization Agreement, Summit Owner Holdco LLC shall be automatically admitted as the General Partner, the Pre-existing GP shall automatically cease to be the General Partner of the Partnership and the Partnership shall be continued without dissolution, and immediately thereafter, IPO Corp shall be automatically admitted as the General Partner, Summit Owner Holdco LLC shall automatically cease to be the General Partner of the Partnership and the Partnership shall be continued without dissolution. Each of the Persons listed in the books and records of the PartnershipPartnership as a partner of the Partnership on the date hereof, by virtue of the execution of this Agreement, is admitted as a partner (general or limited, as applicable and noted in the same may be amended from time to time books and records) of the Partnership. A list of the Partners of the Partnership reflecting their respective Capital Account balances (including Hypothetical Preferred Opening Capital Account Balances) as determined in accordance with this Agreement, by virtue of its execution of this Agreement (including by use of a power of attorney), are admitted as, or continue as, Limited Partners as of the Partnershipdate hereof is set forth in the books and records of the Partnership (the “Partnership Register”). The rights, duties and liabilities of the Partners shall be as provided in the Act, except as is otherwise expressly provided herein, and the Partners consent to the variation of such rights, duties and liabilities as provided herein. Subject to Section 8.09 hereof 8.07 with respect to substitute Limited Partners, a Person may be admitted from time to time as a new Limited Partner upon the issuance of Units in accordance with the written consent of the General Partner in its sole discretionthis Agreement. Each new Limited Partner shall execute and deliver to the General Partner an appropriate supplement supplement, substantially in the form attached hereto as Annex A, to this Agreement pursuant to which the new Limited Partner agrees to be bound by the terms and conditions of this the Agreement, as it may be amended from time to time. A new General Partner or substitute General Partner may be admitted to the Partnership solely in accordance with Section 8.08 8.06 or Section 9.02(e) hereof). The General Partner shall amend the books and records of the Partnership, including the Partnership Register of the Partnership, to reflect any changes to the current Partners or Transfers made subsequent to this Agreement, in each case in accordance with this Agreement.