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.

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

Substitute Partner means (i) any Person (A) to whom a Partner (or transferee thereof) Transfers all or any part of such Partner’s Interest in the Partnership, and (B) which has been admitted to the Partnership as a Substitute Partner pursuant to Section 6.01(e) and (ii) any Person that purchases any Interest(s) pursuant to and in compliance with Sections 6.02, 6.03 or 6.06.

Examples of Substitute Partner in a sentence

• A Substitute Partner shall enjoy the same rights, and be subject to the same obligations, as the Transferor; provided that such Transferor shall not be relieved of any obligation or liability hereunder arising prior to the consummation of such Transfer but shall be relieved of all future obligations with respect to the Units so Transferred.

• In the event of any admission of a Substitute Partner or Additional Partner pursuant to this Section 3.02, this Agreement shall be deemed amended to reflect such admission, and any formal amendment of this Agreement (including the Partner Schedule) in connection therewith shall only require execution by the Partnership and such Substitute Partner or Additional Partner, as applicable, to be effective.

• As promptly as practicable after the admission of any Person as a Partner, the books and records of the Partnership shall be changed to reflect such admission of a Substitute Partner or Additional Partner.

• In the event any Person becomes a Substitute Partner in accordance with the provisions of this Agreement, such Substitute Partner shall succeed to the Capital Account of the former Partner to the extent such Capital Account relates to the Transferred Units (as determined by the General Partner).

• A Substitute Partner shall enjoy the same rights, and be subject to the same obligations, as the Transferor; provided that, unless expressly provided otherwise herein, such Transferor shall not be relieved of any obligation or liability hereunder arising prior to the consummation of such Transfer.

More Definitions of Substitute Partner

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

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 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 has the meaning set forth in Section 17.2.2.

Substitute Partner means a Person to whom an Interest has been assigned and who has been admitted to the Fund as a General Partner (“Substitute General Partner”) or Limited Partner (“Substitute Limited Partner”) under this Agreement.

Substitute Partner has the meaning set forth in Section 8.3.