Common use of Successor General Partner Clause in Contracts

Successor General Partner. any Person admitted to the Partnership as a successor general partner pursuant to Section 10.2 or Section 13.2. Tax Exempt Limited Partner – any Limited Partner which is exempt from federal income taxation, including a Limited Partner which is exempt under § 501 of the Code. Tax Matters Partner – as defined in Section 7.5. Treasury Regulations – the Income Tax Regulations promulgated under the Code, as the same may be hereafter amended from time to time or any successor or successors to such regulations. UBTI – items of gross income taken into account for purposes of calculating unrelated business taxable income as defined in §§ 512 and 514 of the Code. Unit – A measure of ownership that represents an investment in the principal amount of $500 and entitles its holder to such rights as are more particularly described within this Agreement. U.S. Dollars and $ – lawful money of the United States of America. Voting Interests – for the purpose of any vote or consent right hereunder, the respective interest of each Limited Partner as determined by reference to the aggregate amount of such Limited Partner’s Units held divided by the aggregate of all outstanding Units held by Limited Partners who are entitled to vote.

Successor General Partner. any Person admitted to the Partnership as a successor general partner pursuant to Section 10.2 or Section 13.2. Tax Exempt Limited Partner – any Limited Partner which is exempt from federal income taxation, including a Limited Partner which is exempt under § 501 of the Code. Tax Matters Partner – as defined in Section 7.5. Treasury Regulations – the Income Tax Regulations promulgated under the Code, as the same may be hereafter amended from time to time or any successor or successors to such regulations. UBTI – items of gross income taken into account for purposes of calculating unrelated business taxable income as defined in §§ 512 and 514 of the Code. Unit – A measure of ownership that represents an investment in the principal amount of $500 1,000 and entitles its holder to such rights as are more particularly described within this Agreement. U.S. Dollars and $ – lawful money of the United States of America. Voting Interests – for the purpose of any vote or consent right hereunder, the respective interest of each Limited Partner as determined by reference to the aggregate amount of such Limited Partner’s Units held divided by the aggregate of all outstanding Units held by Limited Partners who are entitled to vote.