Limited partnership structure
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content(corporate): fold in governance, SOCIMI/FIBRA, CAGR, and Newsroom updates — TOC items #5, #7, #19, #21
@@ -10,7 +10,7 @@ short_description: "How the limited partnership legal form implements the direct status: active bcsc_class: public-disclosure-safe language_protocol: PROSE-TOPIC last_edited: 2026-07-11 last_edited: 2026-07-15 editor: woodfine-editorial paired_with: limited-partnership-structure.es.md --- @@ -64,6 +64,19 @@ may transfer their units to willing counterparties without requiring general par subject only to compliance with applicable securities law exemptions. The general partner updates the unit register to record the transfer. ## Covenant waiver and amendment mechanics The interest coverage ratio covenant, along with the partnership's other borrowing-discipline covenants, is not absolute: a Special Resolution allows limited partners to waive the borrowing covenants — including the [[interest-coverage-ratio|interest coverage ratio]] floor that gates new debt issuance — increase the fund-raising cap, or approve other fundamental changes to the partnership's governing documents. A Special Resolution requires a defined supermajority of votes cast, or an equivalent written resolution; the specific vote threshold is set out in each direct-hold solution's partnership agreement. Because that supermajority sits with the limited partners rather than the general partner, the covenant floor cannot be relaxed unilaterally by management — any waiver carries the same investor-consent standard as any other fundamental amendment to the partnership's governing documents. ## Capital accounts Each limited partner maintains a capital account within the partnership. The opening capital