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Limited Partnership Agreement

 

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Title:

Limited Partnership Agreement

Entities:

Odessa Regional Hospital LP

Date:

2003

Size:

Preview shows 5KB of 162KB total

Price:

$49

ID:

#1603982

 

 

► Corporate ► Bus. Formation ► Limited Partnership Agreements

 

 

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                          LIMITED PARTNERSHIP AGREEMENT


OF

JORDAN VALLEY HOSPITAL, LP

(a Delaware Limited Partnership)

This Limited Partnership Agreement is entered into and shall be
effective as of the 11th day of February, 2003 by and among IASIS Healthcare
Holdings, Inc., a Delaware corporation ("General Partner"), as the General
Partner, Jordan Valley Hospital, Inc., a Delaware corporation, as the Original
Limited Partner, and each other Person whose name is set forth on Exhibit B
attached to this Limited Partnership Agreement as the limited partners.

W I T N E S S E T H:

WHEREAS, the General Partner has filed a Certificate of Limited
Partnership for Jordan Valley Hospital, LP with the Secretary of State of the
State of Delaware;

NOW, THEREFORE, in consideration of the mutual covenants and promises
set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the General Partner, the Original
Limited Partner and the Limited Partners agree as follows:

1. DEFINITIONS

As used herein the following terms have the following meanings:

1.1 "ACT" means the Delaware Revised Uniform Limited Partnership Act,
as amended from time to time.

1.2 "ADDITIONAL LIMITED PARTNER" means a Person who is admitted into
the Partnership as a Limited Partner pursuant to the terms of Section 12.5
hereof.

1.3 "ADVERSE TERMINATING EVENT" means, with respect to any Limited
Partner (other than JVH or any IASIS Affiliate) or a person who owns an interest
in a P.A. or P.C. which is a Limited Partner, any of the following:


(a) The Limited Partner or a person who owns an interest in a
P.A. or P.C. which is a Limited Partner has breached the terms and
conditions of this Agreement, including without limitation, violating
the transfer restrictions set forth in Article 12, as determined in the
reasonable discretion of the General Partner; or

1

(b) The Limited Partner, or a person who owns an interest in a
P.A. or P.C. which is a Limited Partner, has disrupted the affairs of
the Partnership or has acted adversely to the best interests of the
Partnership, as determined in the reasonable discretion of the General
Partner.

1.4 "ADVISORY BOARD" has the meaning set forth in Section 11.1.

1.5 "AFFILIATE" means, with respect to any Partner, (i) any Person that
directly or indirectly controls, is controlled by, or is under common control
with, a Partner, (ii) any entity of which a Partner owns 10% or more of the
outstanding voting securities, (iii) any entity of which a Partner is an
officer, director, or general partner, or (iv) any child or grandchild (whether
through marriage, adoption or otherwise), sibling (whether through adoption or
otherwise), parent or spouse of a Partner. As used in this definition of
"Affiliate," the term "control" means possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of an
entity whether through ownership of voting securities, by contract or otherwise.

1.6 "AGREED VALUE" means, unless otherwise defined herein, at any time,
(a) the product of the Partnership's EBITDA (earnings before interest, taxes,
depreciation and amortization and management fees), as determined from the
Partnership's most recent audited financial statements and 6.5, minus (b) any
long-term debt, including without limitation any third party and intercompany
debt, of the Partnership.

1.7 "AGREEMENT" means this Limited Partnership Agreement of Jordan
Valley Hospital, LP, as from time to time amended pursuant to Section 17.8
hereof.


1.8 "APPROVAL OF THE PARTNERS" or "APPROVED BY THE PARTNERS" means the
approval of those Partners (including the General Partner and Affiliates) who
have collective ownership interests of at least seventy-five percent (75%) of
the aggregate Sharing Percentage of all Partners at the time the proposed
Partnership action is being considered for approval.

1.9 "BANKRUPTCY" means, as to any Partner, the Partner's taking or
acquiescing to the taking of any action seeking relief under, or advantage of,
any applicable debtor relief, liquidation, receivership, conservatorship,

 

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