Examples of Substituted Limited Partner in a sentence
By transfer of a Limited Partner Interest in accordance with ARTICLE IV, the transferor shall be deemed to have given the transferee the right to seek admission as a Substituted Limited Partner subject to the conditions of, and in the manner permitted under, this Agreement.
Upon the admission of a Substituted Limited Partner under Section 9.02 hereof, the General Partner shall cause to be executed, filed and recorded with any governmental agencies such documents as are required to accomplish such substitution.
If a Partner sells, exchanges or Transfers its Interest in the Partnership or otherwise is admitted as a Substituted Limited Partner, Net Income and Net Loss shall be allocated between the transferor and the transferee as of the date set forth on the written assignment, and such allocation shall be based upon any method determined by the General Partner which is authorized by Section 706 of the Code and the Regulations thereto.
Each transferee of a Limited Partner Interest (including any nominee holder or an agent acquiring such Limited Partner Interest for the account of another Person) who executes and delivers a Transfer Application shall, by virtue of such execution and delivery, be an Assignee and be deemed to have applied to become a Substituted Limited Partner with respect to the Limited Partner Interests so transferred to such Person.
However, in no event shall such personal representative become a Substituted Limited Partner, except in accordance with Article IX hereof.