Restrictions on General Partner Clause Samples
The "Restrictions on General Partner" clause defines specific limitations and obligations placed on the general partner in a partnership or investment fund. Typically, this clause outlines actions the general partner cannot take without prior approval from the limited partners or an advisory committee, such as making certain investments, incurring significant debt, or engaging in transactions with affiliates. By setting these boundaries, the clause helps protect the interests of the limited partners and ensures that the general partner acts within agreed-upon parameters, thereby reducing the risk of conflicts of interest or unauthorized activities.
Restrictions on General Partner. So long as any ------------------------------- series of Subordinated Debentures are held by the Partnership, the General Partner shall not (i) direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or executing any trust or power conferred on the holders of the Subordinated Debentures or the Trustee with respect to such series, (ii) waive any past default which is waivable under the Indenture, (iii) exercise any right to rescind or annul a declaration that the principal of all of a series of Subordinated Debentures shall be due and payable or (iv) consent to any amendment, modification or termination of the Indenture, where such consent shall be required, without, in each case, obtaining the prior approval of the holders of not less than [a majority] of the aggregate stated liquidation preference of all series of Preferred Partner Interests affected thereby, acting as a single class (or the Special Representative acting on their behalf); provided, however, that where a consent under the Indenture would require the consent of each holder affected thereby, no such consent shall be given by the General Partner without the prior consent of each holder of all series of Preferred Partner Interests affected thereby. The General Partner shall not revoke any action previously authorized or approved by a vote of any series of Preferred Partner Interests. The General Partner shall notify all holders of such Preferred Partner Interests of any notice of default received from the Trustee with respect to such series of Subordinated Debentures. In addition, the General Partner will not permit or cause the Partnership to file a voluntary petition in bankruptcy without the approval of the holders of not less than [a majority] of the aggregate stated liquidation preference of the outstanding Preferred Partner Interests.
Restrictions on General Partner. The General Partner shall not take any action in contravention of this Agreement, including without limitation:
(1) any action that would make it impossible to carry on the business of the Partnership in the ordinary course, except as expressly provided in this Agreement;
(2) possess Partnership property, or assign rights in specific Partnership assets for other than a Partnership purpose, except as expressly provided in this Agreement; or
(3) admit a Person as a Partner, except as otherwise expressly provided in this Agreement.
Restrictions on General Partner. This paragraph contains most important restrictions ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ .
Restrictions on General Partner. The General Partner shall not without ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
8.1. engage directly or ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ;
8.2. use any of the assets of the Partnership ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ;
8.3. compromise or ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ;
8.4. lend money ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ;
8.5. give any guarantee on behalf of the Partnership;
8.6. enter into any bond or become bail, surety or security with or for any ■ ■ ■ ■ , ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ , ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ , ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ;
8.7. enter into partnership ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ , ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ .
Restrictions on General Partner. The General Partner shall not without ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ :
8.1. engage directly or ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ;
8.2. use any of the assets of the Partnership ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ;
8.3. compromise or ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ;
8.4. lend money ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ;
8.5. give any guarantee on behalf of the Partnership; ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ;
Restrictions on General Partner. The General Partner will not have the authority to enter into any of the following transactions without the consent of 70 Percent in Interest70 Percent in Interest of Limited PartnersUnanimous Consent~:
1. incur Partnership indebtedness in excess of a loan to value ratio of 50 percent (cumulative of all Partnership liabilities and the cumulative value of the Property measured at book value);
2. prior to the actual termination of the Partnership, sell substantially all of the Property in liquidation or cessation of business;
3. compromise any claim or dispute having an amount or value in issue in excess of 50 percent of the total value of the Property;
4. confess a judgment against the Partnership;
5. do any act in violation of this Agreement;
6. possess Property or assign the right of the Partnership or its Partners in specific Property for other than a Partnership Purpose;
7. make, execute, or deliver any assignments for the benefit of creditors, or on the Assignee's promise to pay the debts of the Partnership;
8. do any act for which the consent of the Limited Partners is required by the Act;
Restrictions on General Partner. Except as otherwise expressly provided in The Agree-
Restrictions on General Partner. Notwithstanding the provisions of Section 7.1 or Section 7.2, the General Partner shall not have the authority to do any of the following actions without the written consent of all Partners:
(a) make any distributions to the Partners other than in the manner and priorities provided for in this Agreement;
(b) make investments other than relating to the Algatec Shares, the Algatec Capital Contribution, the Loan or otherwise in the ordinary course of business of the Partnership;
(c) perform any act in contravention of the material provisions of this Agreement or any act which makes it impossible to carry out the purpose of the Partnership;
(d) make any election to cause the Partnership to be excluded from the application of the provisions of Subchapter K of the Code;
(e) commingle Partnership funds with funds of any other Person;
(f) use the Partnership name, credit or property for other than Partnership purposes;
Restrictions on General Partner. The General Partner will not have the --- authority to enter into any of the following transactions without Unanimous Consent:
1. prior to the actual termination of the Partnership, sell substantially all of the Property in liquidation or cessation of business;
Restrictions on General Partner. Without the prior written approval of the Limited Partner, the General Partner shall not cause the Partnership to:
(1) admit any other person or entity as a general or limited partner in the Partnership;
(2) enter into any transactions with or except as provided in this Agreement, make any payments to the General Partner;
(3) confess a judgment against the Partnership;
(4) take any action that would subject the Limited Partner to liability in any jurisdiction;
(5) do any act that would make it impossible for the Partnership to carry on its business in the ordinary course;
(6) amend this Agreement or the Certificate;
(7) merge or consolidate the Partnership with or into another entity;
(8) sell, exchange, lease or otherwise transfer all or substantially all of the assets of the Partnership; or
(9) liquidate or dissolve the Partnership.