Subsequent Partner definition
Examples of Subsequent Partner in a sentence
The admission of any Person as a Subsequent Partner shall become effective on the date upon which the name of such Person is recorded in the books and records of the Partnership, following the consent of the General Partner to such admission.
If any Subsequent Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items allocable among Partners and Assignees for such Partnership Year shall be allocated among such Subsequent Partner and all other Partners and Assignees by taking into account their varying interests during the Partnership Year in accordance with Section 706(d) of the Code, using the interim closing of the books method.
All distributions of Operating Cash Flow with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees other than the Subsequent Partner, and all distributions of Operating Cash Flow thereafter shall be made to all the Partners and Assignees including such Subsequent Partner.
Upon the transfer of a Token/s, the Subsequent Partner shall become a Limited Partner of the Partnership and become bound by the terms hereof and the Terms and Conditions.
Upon the admission of a Subsequent Partner, the General Partner shall update the Token Schedule to take into account that person and the Capital Account of the Limited Partner shall, without further ado, be automatically ceded and assigned to the Subsequent Partner.
Solely for purposes of making such allocations, each of such items for the calendar month in which an admission of any Subsequent Partner occurs shall be allocated among all the Partners and Assignees including such Additional Limited Partner.
It shall be deemed unreasonable for SWPL (or any Subsequent Partner(s) succeeding to SWPL's Partnership Interest) to withhold its consent by reason of the fact that the proposed Project Leader is or was an employee of EAPC (or any Subsequent Partner succeeding to all of EAPC's Partnership Interest) or of an Affiliate of EAPC.
After such consultation, EAPC (or any Subsequent Partner succeeding to all of EAPC's Partnership Interest) shall have the authority to propose the new Project Leader who shall become the Project Leader upon the consent of SWPL (or any Subsequent Partner(s) succeeding to SWPL's Partnership Interest), which consent shall not be unreasonably withheld.
Notwithstanding the provisions of Section 8.4.A, a Subsequent Partner shall not be entitled to exercise the Redemption Right pursuant to Section 8.4.A if the delivery of REIT Shares to such Subsequent Partner on the Specified Redemption Date would be prohibited under the Declaration of Trust and shall be subject in any event to the issuance of REIT Shares being in compliance with all applicable Federal and State securities laws.
Amounts so contributed by the Subsequent Partner pursuant to this Section 3.06(b) will be distributed among the existing Partners pro rata in accordance with their relative Percentage Interests.