Substituted Partner definition

Substituted Partner means any Person admitted as a Partner pursuant to Section 11.2(b).

Substituted Partner as used in this paragraph, shall mean a Person who shall become entitled to receive a share of the allocations and distributions of the Partnership by reason of such Person succeeding to all or any part of the Interest of a Partner by assignment of all or any part of a Partner's Interest. To the extent a Substituted Partner receives less than 100% of the Interest of a Partner he succeeds, the original Capital Account of such transferee Substituted Partner and his Capital Contribution shall be in proportion to the portion of the transferor Partner's Interest prior to the transfer which the transferee receives, and the Capital Account of the transferor Partner who retains a portion of his former Interest and his Capital Contribution shall continue, and not be replaced, in proportion to the portion of the transferor Partner's Interest prior to the transfer which the transferor Partner retains. Nothing in this Section 4.1(b) shall affect the limitations on transferability of Interests set forth in Article VII or Article VIII.

Substituted Partner means any Person admitted to the Production Partnership as a Partner pursuant to Sections 7.3 and 10.2 of this Agreement.

Examples of Substituted Partner in a sentence

• Any assignment made to anyone, not admitted as a Substituted Partner, shall be effective only to give the Assignee the right to receive the share of profits to which the Assigning Partner would otherwise be entitled, shall not relieve the Assigning Partner from any liability under any agreement to make additional capital contributions, shall not relieve the Assigning Partner from liability under the provisions of this Agreement, and shall not give the Assignee the right to become a Substituted Partner.

• The Assignee shall not be admitted as a Substituted Partner without the approval of the General Partner or, if the General Partner is the Assigning Partner, without the approval of fifty-one percent (51%) of the Limited Partners.

• Upon admission, such Substituted Partner shall be subject to all provisions of the Agreement in the place and stead of his assignor as if the Substituted Partner originally was a party to this Agreement.

• Upon the receipt by the General Partner of an appropriate supplement to the Agreement pursuant to which such Substituted Partner agrees to be bound by this Agreement, the General Partner shall reflect the admission of a Substituted Partner and the withdrawal of the transferring Partner, if appropriate, by preparing a supplemental Exhibit, dated as of the date of such admission and withdrawal, and by filing it with the records of the Fund.

• An assignee or transferee (other than an existing Partner) of the interest of a Partner (§ 1.3) may be admitted as a substitute partner ("Substituted Partner"), at any time, only with the written consent of the General Partner (§ 3.1), which such consent may be granted or denied in the sole discretion of the General Partner.

More Definitions of Substituted Partner

Substituted Partner shall refer to a Transferee of a Partner's Partnership Interest who is admitted to the Partnership as a Partner in accordance with the provisions of Section 7.4 of this Agreement.

Substituted Partner means a person who is admitted to the Partnership as a Substituted Partner in accordance with Section 7.3 hereof.

Substituted Partner means any Person admitted to the NPI Partnership as a Partner pursuant to Sections 7.3 and 10.2 of this Agreement.

Substituted Partner means an Assignee of Record, or other Person, who becomes a Partner pursuant to Article VII.

Substituted Partner means any Person admitted to the Partnership in connection with the Transfer of an interest pursuant to Section 5.02 hereof.

Substituted Partner means any Person that has been admitted to Premier LP as a Partner by virtue of such Person receiving all or a portion of a Partner’s Interest from a Partner or an Assignee and not from Premier LP.

Substituted Partner means any transferee of the Interest of a Partner who is admitted to the Partnership as a successor partner in respect of the Interest of such Partners in accordance with Article VIII hereof (Assignment of Partners Interests).