Examples of Prior General Partner in a sentence
On the resignation, withdrawal or removal of the Prior General Partner and the admission of a new general partner, the Prior General Partner will, at the cost of the Partnership, transfer title to the Partnership’s property held in the General Partner’s name, if any, to such new general partner and will execute and deliver all deeds, certificates, declarations and other documents necessary or desirable to effect such transfer in a timely fashion.
The Prior General Partner and Affiliates thereof caused the formation of the General Partner in order to control the Partnership following the IPO and in connection therewith, the Prior General Partner Transferred all of its General Partner Units to the General Partner, a Permitted Transferee of the Blackstone Limited Partner.
On the resignation, removal or withdrawal of the Prior General Partner, the Partnership will release and hold harmless the Prior General Partner from any costs, expenses, damages or liabilities suffered or incurred by the Prior General Partner as a result of or arising out of events which occur in relation to the Partnership after such resignation, removal or withdrawal; provided that the Prior General Partner will not be released from its obligations under Section 4.9.
As indicated, after the Prior General Partner abdicated control to the limited partner representatives, the limited partner representatives formed the Committees, which were specifically tasked with the authority to retain professionals and to investigate and pursue Debtor claims.
On or about November 6, 2009, Welt entered into a negotiated conditional Settlement Agreement with the Prior General Partner and affiliates.