Parallel Partnership definition
Examples of Parallel Partnership in a sentence
None of the Partnership Entities or Parallel Partnership Entities holds a leasehold interest in any material real property other than pursuant to the Ground Leases.
No Partnership Entity or Parallel Partnership Entity has any employees.
The General Partner, or any Affiliate thereof, in its discretion may organize one or more parallel investment vehicles (each a “Parallel Partnership”) for tax, regulatory or other purposes as determined in the discretion of the General Partner and each such Parallel Partnership shall be a Fund Partnership.
To WPG’s Knowledge, there has not been any material adverse change in the financial condition of any of the Properties or any of the Partnership Entities or Parallel Partnership Entities since the date of the most recent financial statements relating thereto.
In the discretion of the General Partner, certain ongoing organizational and operating expenses of each Parallel Partnership may be included in Partnership Expenses and paid or reimbursed by the Partnership, in which case each Parallel Partnership shall reimburse the Partnership for such Parallel Partnership’s share of such Partnership Expenses.
All financial statements delivered or made available to Purchasers by a WPG Party with respect to any of the Properties or any of the Partnership Entities or Parallel Partnership Entities were prepared in accordance with GAAP applied on a consistent basis (except as may be noted therein) in all material respects, and fairly present in all material respects the financial condition of the applicable Person or Property as of the dates thereof.
The General Partner shall notify the Limited Partners of its formation of any Parallel Partnership.
Each Parallel Partnership may provide for combined voting by their partners or investors along with the Partners and the partners or investors in any other Parallel Partnership, on a combined basis, in connection with matters affecting both the Parallel Partnerships and the Partnership.
Without limiting the indemnification to be provided under Section 11.4 in any way, no party shall receive any capital account credit or additional equity interest in the Partnership Entities or Parallel Partnership Entities as the result of any payment under Section 11.4.
For purposes of this Agreement, no action by the WPG Parties, any Partnership Entity, any Parallel Partnership Entity or any of their affiliates prior to the Closing shall be an action of Purchasers or any affiliate of Purchasers.