Substituted Partner. A valid transfer in accordance with this Article 6 shall vest rights to distributions from the Partnership as provided in this Agreement, but no transferee shall become a new Partner unless and until: (1) All Partners shall have approved the admission of the transferee as a Partner; (2) The transferee shall have executed this Agreement and any other documents reasonably required by the Partnership; and (3) The transferee shall have reimbursed the Partnership for all expenses incurred in making the substitution, including legal fees and other expenses of preparing and filing an amended Certificate.
Appears in 2 contracts
Sources: Agreement of Limited Partnership (Onsite Energy, Inc.), Limited Partnership Agreement (Somerset Power LLC)