Substitute Partner definition

Substitute Partner means any Person admitted as a Partner of the Partnership pursuant to Section 3.02 in connection with the Transfer of then-existing Units to such Person.

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Substitute Partner means any Person admitted to the Partnership as a Partner pursuant to Section 7.2(c).

Substitute Partner means any Person that has been admitted to the Partnership as a Partner pursuant to Section 6.3 by virtue of such Person’s receiving all or a portion of a Partnership Interest from a Partner or its Assignee and not from the Partnership.

Examples of Substitute Partner in a sentence

Notwithstanding any provision to the contrary in this Agreement, the General Partner shall not cease to be a general partner of the Partnership following the assignment of all of its interests in the Partnership unless and until a Substitute Partner of the General Partner has been admitted as general partner of the Partnership.
Concurrently with the admission of a Substitute Partner, the Partnership shall forthwith cause any necessary papers to be filed and recorded and notice to be given wherever and to the extent required showing the substitution of a transferee as a Substitute Partner in place of the transferring Partner.
For purposes of determining the amount of distributions under this Section 4.5, any holder of a Partnership Interest (or any portion thereof), whether or not such Person is a Substitute Partner, shall be treated as having received amounts received by its predecessors or successors in interest.

More Definitions of Substitute Partner

Substitute Partner has the meaning set forth in Section 17.2.2.

Substitute Partner means an Assignee of a Partner who has been admitted to the Partnership and granted all the rights of a Partner in place of his or her assignor pursuant to the provisions of this Agreement. A Substitute Partner, upon his or her admission as such, shall replace and succeed to the rights, privileges, and liabilities of the Partner from whom he or she acquired his or her interest in the Partnership, to the extent of the Partnership Interest assigned.

Substitute Partner means a person who has become a substitute Partner pursuant to Section 9.3 hereof, but does not include an Additional Partner.

Substitute Partner means any Person (a) to whom a Limited Partner (or assignee thereof) Transfers all or any part of its interest in the Partnership, and (b) which has been admitted to the Partnership as a Substitute Partner pursuant to Section 7.6.

Substitute Partner has the meaning set forth in Section 17.2.2. “Successor Fund” has the meaning set forth in Section 9.1 (Successor Fund).

Substitute Partner means an Assignee admitted as a Partner as set forth in Section 13.1.

Substitute Partner has the meaning set forth in Section 8.3.