Partnership Purposes Clause Samples
The Partnership Purposes clause defines the specific business activities and objectives for which the partnership is formed. It typically outlines the scope of the partnership’s operations, such as engaging in a particular industry, providing certain services, or pursuing designated projects. By clearly stating the partnership’s intended purposes, this clause helps prevent disputes over unauthorized activities and ensures all partners have a shared understanding of the partnership’s goals and limitations.
Partnership Purposes. The purpose of the Partnership is to directly, or indirectly through one or more Affiliates (as defined below), acquire, own, hold, construct, develop, maintain, lease, mortgage, encumber, operate, sell and/or transfer, convey or exchange one or more parcels of land and any buildings and improvements now existing or hereafter constructed thereon (collectively, the “Property”) and to enter into and perform any and all other activities as may be incidental or related thereto. To carry out these purposes the Partnership shall, subject to the terms of this Agreement and any other agreement entered into by the Partnership, have and exercise all powers now or hereafter permitted by the laws of the Commonwealth of Pennsylvania to be exercised by a limited partnership formed under the laws of that state, and to do any and all things not prohibited by law in furtherance of the business of the Partnership. Without limiting the foregoing, the Partnership shall have the right, power, and authority to: directly or indirectly, ▇▇▇ and be sued in all courts and participate in all proceedings; hold, purchase, receive, lease or otherwise acquire, own, improve, employ, use and deal in and with real or personal property or any interest therein; hold title to any or all of its property in the name of any partnership, corporation or other entity, including the General Partner; sell, convey, lease, exchange, transfer or otherwise dispose of or mortgage or pledge all or any of its property and assets, or any interest therein; wind up and dissolve itself as provided in this Agreement; enter into any contract (including any contracts of guaranty and suretyship with respect to the obligations of the Partnership or third parties, including any Affiliates), agreement, undertaking, arrangement, or any joint venture, partnership or association of any kind; incur liabilities, borrow or lend money, issue notes, bonds, and other obligations to any person (including, without limitation, the General Partner and other Affiliates), and secure any of its obligations (or obligations of its Affiliates) by mortgage, pledge or other encumbrance of all or any of its property (including, without limitation, mortgages in favor of or securing obligations of third parties, including its Affiliates, that are cross-collateralized and/or cross-defaulted with mortgages securing the obligations of the same or other parties, including Affiliates), franchises, and income; issue additional securities of any ty...
Partnership Purposes. The purpose of the Partnership is to directly or indirectly acquire, own, hold, construct, develop, maintain, lease, mortgage, encumber, operate, sell and/or transfer, convey or exchange one or more parcels of land and any buildings now existing or hereafter constructed thereon (collectively, the “Property”) and to enter into and perform any and all other activities as may be incidental or related thereto. To carry out these purposes the Partnership shall, subject to the terms of this Agreement and any other agreement entered into by the Partnership, have and exercise all powers now or hereafter permitted by the laws of the Commonwealth of Pennsylvania to be exercised by a limited partnership formed under the laws of that state, and to do any and all things not prohibited by law in furtherance of the business of the Partnership.
Partnership Purposes. 2 Section 3. Term of Partnership................................................................................ 2 Section 4. Principal Place of Business; Registered Office..................................................... 2 Section 5. Management......................................................................................... 2 Section 6. Capital............................................................................................ 7 Section 7. Allocation of Profits and Losses................................................................... 9 Section 8. Distributions....................................................................................... 9 Section 9. Admission of Additional Limited Partners........................................................... 10 Section 10. Actions and Compensation of Partners............................................................... 11 Section 11. Transactions with Affiliates....................................................................... 11 Section 12. Books, Records and Financial Reports............................................................... 11 Section 13. Restrictions on Transfer of General Partner's Interest............................................. 12
Partnership Purposes. The purpose of the Partnership is to acquire (pursuant to the Contribution Agreement), hold, construct, mortgage, operate, sell, lease (pursuant to the Lease and the Lease Documents) and/or convey the Property and any other activities as may be incidental thereto. The Partnership shall engage in no other business without the consent of the Partners.
Partnership Purposes. The purposes of the Partnership shall be to acquire, invest in, own, manage, sell, and exchange the Partnership Property and such other properties as may from time-to-time be acquired by the Partnership; to reinvest proceeds from the sale or disposition of any assets of the Partnership; and to conduct such other or further business as the General Partner may in its discretion determine. The Partnership may sell or otherwise dispose of all or substantially all of its assets as provided in Section 7.2(b), and any such sale or disposition shall be considered to be within the scope of the Partnership's business.
Partnership Purposes. The purpose of the Partnership is to engage in the business of operating an ambulatory surgical center (the ASC), and to do all acts or things necessary or appropriate to accomplish such purpose.
Partnership Purposes. The purpose of the Partnership is to engage in any and all lawful activities deemed advisable by the General Partner and consented to by the Limited Partner, and as otherwise permitted by law.
Partnership Purposes