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

Examples of Substitute Partner in a sentence

• 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.

• Such successor in interest shall not become a Substitute Partner except upon compliance with the provisions of Sections 8.3 and 8.4 hereof.

• An Assignee shall not be admitted as a Partner (a "Substitute Partner") unless all the requirements of Section 13.3 of this Agreement are satisfied.

• Tenant shall not be obligated to pay any charges to public or private utility companies for utility services charged for or utilities consumed by Other Tenants of the Property.

• Absent admission as a Substitute Partner, Assignees shall be permitted to receive only the share of the Partnership's income, gain, deductions, credits and losses to which the transferring Partner was previously entitled.

More Definitions of Substitute Partner

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.

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 has the meaning set forth in Section 17.2.2.

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 8.3.

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.