LMLP GP definition
Examples of LMLP GP in a sentence
During the Acquisition Period, LMLP GP shall identify net-leased assets that meet the Acquisition Parameters as candidates for acquisition, directly or indirectly, by the Partnership (any such asset, a “Proposed Qualified Asset”).
LMLP GP or Asset Manager shall submit the Acquisition Memorandum described in Section 3.6(b) hereof with respect to the Proposed Qualified Asset or a Non-Parameter Asset that LMLP GP recommends for acquisition by the Partnership to the Executive Committee.
The General Partner shall hold informational meetings with the Partners to review and discuss the Partnership’s activities and business at least once annually and, so long as LMLP GP is the general partner and if requested by Inland upon not less than ten (10) Business Days’ prior written notice, at least once quarterly.
LMLP GP may submit net-leased assets that do not comply in all respects with the Acquisition Parameters (each, a “Non-Parameter Asset”) to the Executive Committee for approval pursuant to Section 3.6(a) hereof.
Upon request by any member of the Executive Committee, LMLP GP or Asset Manager will provide to the Executive Committee copies of the Environmental Assessment, the Physical Inspection Report and the survey after completion thereof.
Such removal of LMLP GP shall be effective ten (10) Business Days after receipt by LMLP GP of written notice from Inland.
LMLP GP or Asset Manager shall keep the Executive Committee reasonably informed of the progress of the Partnership’s acquisition of any Approved Qualified Asset, including the material findings of all due diligence and of any material matters that arise during the course thereof.
Within five (5) Business Days after the closing of the acquisition of an Approved Qualified Asset, LMLP GP shall deliver to the Partners a closing statement acknowledging the receipt of and setting forth the application of the Partners’ Capital Contributions and any other funds of the Partnership used to acquire such Approved Qualified Asset or to pay closing costs (including an estimate of costs not finalized at closing, including legal fees and costs) associated therewith.
LMLP GP shall be the General Partner until (x) a Removal Event, or (y) LMLP GP resigns as the General Partner.
Upon the acquisition of any Approved Qualified Asset by the Partnership or by an SP Subsidiary (including any Approved Qualified Asset contributed in whole or in part by LMLP to the Partnership), pursuant to this Section 3.6, Inland shall pay LMLP GP or the Asset Manager an acquisition fee (the “Acquisition Fee”) equal to the sum of the gross purchase price of such acquired Approved Qualified Asset multiplied by 0.425%.