Former General Partner definition
Examples of Former General Partner in a sentence
The Liquidator shall agree not to resign at any time without 15 days' prior written notice and (if not a General Partner or Former General Partner) may be removed at any time, with or without cause, by notice of removal Approved by the Unitholders.
As used in this Agreement, the term "Former General Partner" refers to such persons as hereafter from time to time cease to be General Partner pursuant to the terms and provisions of this Agreement.
A Former General Partner (as defined below) shall not be liable for the repayment and discharge of debts and obligations of the Partnership attributable to any fiscal year or portion thereof during which it was not General Partner of the Partnership.
The Former General Partner and the Organizational Limited Partner previously formed the Partnership as a limited partnership pursuant to the provisions of the Delaware Act.
As of the Closing Date, the Former General Partner will merge into a newly-formed limited liability company organized under the laws of North Carolina, the New General Partner, wholly owned by the Issuer (the “New General Partner”), which will survive the merger and operate as the general partner of the Existing Fund.