Common use of AUTOMATIC WITHDRAWAL Clause in Contracts

AUTOMATIC WITHDRAWAL. In addition to those instances where withdrawal is deemed to occur under this Agreement, upon the happening of any of the following events with respect to a Partner, such Partner and all Affiliate(s) thereof which are also Partners, shall automatically become a Withdrawn Partner or Withdrawn Partners, as the case may be, and promptly following receipt of notice of the happening of any such event the Partnership shall provide notice of such withdrawal (a "Withdrawal Notice") to all other Partners: (a) the entry by a court of competent jurisdiction of a decree or order for relief, unstayed on appeal or otherwise and in effect for ninety (90) days, in respect of such Partner, in an involuntary case under the federal bankruptcy laws, or any such order adjudicating such Partner as bankrupt or insolvent under any other applicable bankruptcy, insolvency or liquidation law; (b) the entry by a court of competent jurisdiction of a decree or order appointing a receiver, custodian, assignee, trustee, liquidator, sequestrator or other similar official of such Partner or of any substantial part of the property of such Partner, or ordering the winding down or liquidation of its affairs, and the continuance of any such decree or order unstayed on appeal or otherwise and in effect for ninety (90) days, or the commencement by such Partner of a voluntary case under the federal bankruptcy laws, or under any other bankruptcy or insolvency law, seeking reorganization, liquidation, arrangement, adjustment or composition of such Partner under the bankruptcy laws or any similar statute; (c) the consenting by such Partner to the appointment of, or taking possession by, a receiver, assignee, custodian, trustee, liquidator, sequestrator, or other similar official of it, or of any substantial part of its property, or the taking of corporate or partnership action by such Partner in furtherance of any such action; (d) the filing of a certification of dissolution of the Partner under the laws of the jurisdiction of its incorporation or formation which cannot be cured or the entering of a final non-appealable order dissolving that Partner by any court of competent jurisdiction; or (e) any event which shall make it unlawful for that Partner to be a Partner in the Partnership.

AUTOMATIC WITHDRAWAL. In addition to those instances where withdrawal is permitted or deemed to occur under this Agreement§§2.9.2, 2.9.3, 3.3.4 or 11.4, a Partner, upon the happening of any of the following events with respect described in this §11.3, shall be deemed to be a Withdrawn Partner, such Partner and all Affiliate(s) thereof which are also Partnersshall have its Capital Account, shall automatically become a if any, be recorded in its Withdrawn Partner or Withdrawn PartnersFormer Capital Account, as the case may bereduced to zero and eliminated, and promptly following receipt be entitled to receive payment only as specified in §2.10 (if withdrawal is deemed to have occurred on or before the Commitment Date) or 3.5.1 (if withdrawal is deemed to have occurred after the Commitment Date) of notice of the happening of any such event the Partnership shall provide notice of such withdrawal (a "Withdrawal Notice") to all other Partners:this Agreement; (a) the 11.3.1 The entry by a court of competent jurisdiction of a decree or order for relief, unstayed on appeal or otherwise and in effect for ninety (90) days, in respect of such Partner, Partner in an involuntary case under the federal Federal bankruptcy laws, or any such order adjudicating such Partner as bankrupt or insolvent under any other applicable bankruptcy, insolvency or liquidation law; (b) the 11.3.2 The entry by a court of competent jurisdiction of a decree or order appointing a receiver, custodian, assignee, trustee, liquidator, sequestrator or other similar official of such Partner or of any substantial part of the property of such Partner, or ordering the winding down up or liquidation of its affairs, and the continuance of any such decree or order unstayed on appeal or otherwise and in effect for ninety (90) days, or the commencement by such Partner of a voluntary case under the federal Federal bankruptcy laws, or under any other bankruptcy or insolvency law, seeking reorganization, liquidation, arrangement, adjustment or composition of such Partner under the bankruptcy laws or any similar statute; (c) 11.3.3 The making by such Partner of an assignment for the benefit of creditors; or the failure of such Partner generally to pay its debts as they become due; or the consenting by such Partner to the appointment of, of or taking possession by, by a receiver, assignee, custodian, trustee, liquidator, sequestrator, sequestrator or other similar official of it, it or of any substantial part of its property, or the taking of corporate or partnership Partnership action by such Partner in furtherance of any such action; (d) the 11.3.4 The filing of by a certification of Partner for dissolution of the Partner under the laws of the jurisdiction of its incorporation or formation which cannot be cured or the entering of a final non-appealable order dissolving that Partner by any court of competent jurisdiction; or 11.3.5 Any event (eother than an event of the nature specified in §11.2.2) any event which shall make it unlawful for that Partner to be a Partner carry on the business of the Partnership in the Partnershipform of a partnership.

AUTOMATIC WITHDRAWAL. In addition to those instances where withdrawal is deemed to occur under this AgreementSection 4.4.5, a Partner shall be deemed to have withdrawn from the Partnership and be entitled to receive payment as specified in Section 4.4.4 upon the happening of any of the following events with respect to a Partner, such Partner and all Affiliate(s) thereof which are also Partners, shall automatically become a Withdrawn Partner or Withdrawn Partners, as the case may be, and promptly following receipt of notice events: 14.3.1 Any of the happening of any such event the Partnership shall provide notice of such withdrawal (a "Withdrawal Notice") to all other Partnersfollowing: (ai) the entry by of a court of competent jurisdiction of a decree or order for relieforder, unstayed on appeal or otherwise and in effect for ninety (90) 90 days, in respect of such Partner, in an involuntary case under adjudicating the federal bankruptcy laws, or any such order adjudicating such Partner as a bankrupt or insolvent under any other applicable bankruptcy, insolvency or liquidation lawinsolvent; (bii) the entry by a court of competent jurisdiction of a decree or order appointing a receiver, custodianassignee, trustee, liquidator, sequestrator or other similar official of the Partner or of any substantial part of the property of the Partner, or ordering the winding up or liquidation of its affairs, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of the Partner under the Bankruptcy Code or any similar statute; but only if and when such decree or order shall have continued unstayed on appeal or otherwise and in effect for 90 days; or (iii) the filing by the Partner of a petition in voluntary bankruptcy under any of the provisions of any bankruptcy law; or the consenting by the Partner to the filing of any bankruptcy or reorganization petition against it under any such law; or (without limitation or the generality of the foregoing) the filing by the Partner of a petition or answer or consent to reorganize the Partner pursuant to or seek relief under the Bankruptcy Code or any other similar statute; or the making by the Partner of an assignment for the benefit of creditors; or the admitting in writing by the Partner of its inability to pay its debts generally as they become due; or the consenting by the Partner to the appointment of a receiver, assignee, trustee, liquidator, sequestrator or other similar official of such Partner or of any substantial part of the property of such Partner, or ordering the winding down or liquidation of its affairs, and the continuance of any such decree or order unstayed on appeal or otherwise and in effect for ninety (90) days, or the commencement by such Partner of a voluntary case under the federal bankruptcy laws, or under any other bankruptcy or insolvency law, seeking reorganization, liquidation, arrangement, adjustment or composition of such Partner under the bankruptcy laws or any similar statute; (c) the consenting by such Partner to the appointment of, or taking possession by, a receiver, assignee, custodian, trustee, liquidator, sequestrator, or other similar official of it, it or of any substantial part of its property, or the taking of corporate or partnership action by such the Partner in furtherance of any such action;. (d) the 14.3.2 The filing of a certification certificate of dissolution of the that Partner under the laws of the jurisdiction state of its incorporation or formation which cannot be cured or the entering of a final non-appealable order dissolving that Partner by any court of competent jurisdiction; or (e) any 14.3.3 Any event which shall make it unlawful for that Partner to be a Partner carry on such business in the Partnershippartnership.

AUTOMATIC WITHDRAWAL. In addition to those instances where withdrawal is deemed to occur under this AgreementA Partner, upon the happening of any of the following events with respect to a Partner, such Partner and all Affiliate(s) thereof which are also Partnersevents, shall automatically become a Withdrawn Partner or Withdrawn Partners, as the case may be, and promptly following receipt of notice of the happening of any such event be deemed to have withdrawn from the Partnership shall provide notice and be entitled to receive payment only as specified in Section 5.5 of such withdrawal (a "Withdrawal Notice") to all other Partnersthis Agreement: (a) the 12.3.1 The entry by a court of competent jurisdiction of a decree or order for relief, unstayed un-stayed on appeal or otherwise and in effect for ninety (90) 90 days, in respect of such Partner, Partner in an involuntary case under the federal Federal bankruptcy laws, or any such order adjudicating such Partner as bankrupt or insolvent under any other applicable bankruptcy, insolvency or liquidation law; (b) the 12.3.2 The entry by a court of competent jurisdiction of a decree or order appointing a receiver, custodian, assignee, trustee, liquidator, sequestrator sequestrate or other similar official of such Partner or of any substantial part of the property of such Partner, or ordering the winding down up or liquidation of its affairs, and the continuance of any such decree or order unstayed un-stayed on appeal or otherwise and in effect for ninety (90) 90 days, or the commencement by such Partner of a voluntary case under the federal Federal bankruptcy laws, or under any other bankruptcy or insolvency law, seeking reorganization, liquidation, arrangement, adjustment or composition of such Partner under the bankruptcy laws or any similar statute; (c) 12.3.3 The making by such Partner of an assignment for the benefit of creditors; or the failure of such Partner generally to pay its debts as they become due; or the consenting by such Partner to the appointment of, of or taking possession by, by a receiver, assignee, custodian, trustee, liquidator, sequestrator, sequestrate or other similar official of it, it or of any substantial part of its property, or the taking of corporate or partnership action by such Partner in furtherance of any such action; (d) the 12.3.4 The filing of by a certification of Partner for dissolution of the Partner under the laws of the jurisdiction of its incorporation or formation which cannot be cured or the entering of a final non-appealable order dissolving that Partner by any court of competent jurisdiction; or 12.3.5 Any event (eother than an event of the nature specified in Section 12.2.2) any event which shall make it unlawful (a) in the case of a General Partner, for that General Partner to be carry on the business of the Partnership in the form of a partnership, or (b) in the case of a Limited Partner, for that Limited Partner to continue to hold an interest in the Partnership.

AUTOMATIC WITHDRAWAL. In addition to those instances where in which withdrawal is deemed to occur under this Agreement, Agreement upon the happening of any of the following events with respect to a Partner, such Partner and all Affiliate(s) thereof which are also Partners, shall automatically become a Withdrawn Partner or Withdrawn Partners, as the case may be, and promptly following receipt of notice of the happening of any such event the Partnership shall provide notice of such withdrawal (a "Withdrawal Notice") Notice to all other PartnersPartners advising that such Partner has become a Withdrawn Partner: (a) the entry by a court of competent jurisdiction of a decree or order for relief, unstayed on appeal or otherwise and in effect for ninety (90) days, in respect of such Partner, in an involuntary case under the federal bankruptcy laws, or any such order adjudicating such Partner as bankrupt or insolvent under any other applicable bankruptcy, insolvency or liquidation law; (b) the entry by a court of competent jurisdiction of a decree or order appointing a receiver, custodian, assignee, trustee, liquidator, sequestrator or other similar official of such Partner or of any substantial part of the property of such Partner, or ordering the winding down or liquidation of its affairs, and the continuance of any such decree or order unstayed on appeal or otherwise and in effect for ninety (90) days, or the commencement by such Partner of a voluntary case under the federal bankruptcy laws, or under any other bankruptcy or insolvency law, seeking reorganization, liquidation, arrangement, adjustment or composition of such Partner under the bankruptcy laws or any similar statute; (c) the consenting by such Partner to the appointment of, or taking possession by, a receiver, assignee, custodian, trustee, liquidator, sequestrator, or other similar official of it, or of any substantial part of its property, or the taking of corporate or partnership action by such Partner in furtherance of any such action; (d) the filing of a certification of dissolution of the Partner under the laws of the jurisdiction of its incorporation or formation which cannot be cured or the entering of a final non-appealable order dissolving that Partner by any court of competent jurisdiction; or (e) any event which shall make it unlawful for that Partner to be a Partner in the Partnership.

AUTOMATIC WITHDRAWAL. In addition to those instances where withdrawal is deemed to occur under this AgreementSections 5.3.4 or 12.4, a Partner, upon the happening of any of the following events with respect to a Partner, such Partner and all Affiliate(s) thereof which are also Partnersevents, shall automatically become a Withdrawn Partner or Withdrawn Partners, as the case may be, and promptly following receipt of notice of the happening of any such event be deemed to have withdrawn from the Partnership shall provide notice and be entitled to receive payment only as specified in Section 5.5 of such withdrawal (a "Withdrawal Notice") to all other Partnersthis Agreement: (a) the 12.3.1 The entry by a court of competent jurisdiction of a decree or order for relief, unstayed on appeal or otherwise and in effect for ninety (90) 90 days, in respect of such Partner, Partner in an involuntary case under the federal Federal bankruptcy laws, or any such order adjudicating such Partner as bankrupt or insolvent under any other applicable bankruptcy, insolvency or liquidation law; (b) the 12.3.2 The entry by a court of competent jurisdiction of a decree or order appointing a receiver, custodian, assignee, trustee, liquidator, sequestrator or other similar official of such Partner or of any substantial part of the property of such Partner, or ordering the winding down up or liquidation of its affairs, and the continuance of any such decree or order unstayed on appeal or otherwise and in effect for ninety (90) 90 days, or the commencement by such Partner of a voluntary case under the federal Federal bankruptcy laws, or under any other bankruptcy or insolvency law, seeking reorganization, liquidation, arrangement, adjustment or composition of such Partner under the bankruptcy laws or any similar statute; (c) 12.3.3 The making by such Partner of an assignment for the benefit of creditors; or the failure of such Partner generally to pay its debts as they become due; or the consenting by such Partner to the appointment of, of or taking possession by, by a receiver, assignee, custodian, trustee, liquidator, sequestrator, sequestrator or other similar official of it, it or of any substantial part of its property, or the taking of corporate or partnership action by such Partner in furtherance of any such action; (d) the 12.3.4 The filing of by a certification of Partner for dissolution of the Partner under the laws of the jurisdiction of its incorporation or formation which cannot be cured or the entering of a final non-appealable order dissolving that Partner by any court of competent jurisdiction; or 12.3.5 Any event (eother than an event of the nature specified in Section 12.2.2) any event which shall make it unlawful (a) in the case of a General Partner, for that General Partner to be carry on the business of the Partnership in the form of a partnership, or (b) in the case of a Limited Partner, for that Limited Partner to continue to hold an interest in the Partnership.