Common use of AUTOMATIC WITHDRAWAL Clause in Contracts

AUTOMATIC WITHDRAWAL. The withdrawal of the General Partner, as General Partner of the Partnership, shall automatically occur; (i) upon the "bankruptcy" as hereinafter defined, of the General Partner; (ii) upon the death of the General Partner; or (iii) upon the "permanent disability" as hereinafter defined, of the General Partner. Each of the occurrences listed in (i), (ii) and (iii) is referred to herein as an "Event of Withdrawal." 8.2.1 For the purposes of this Limited Partnership Agreement, "bankruptcy" with respect to the Partnership or any Partner shall be deemed to occur when the Partnership or such Partner makes an assignment for the benefit of creditors, has appointed a receiver, liquidator or trustee for it, him or her substantial portion of its, his or her property, or files a petition in bankruptcy, voluntarily takes advantage of any bankruptcy or insolvency law or is adjudicated a bankrupt or, if a petition or an answer is filed proposing the adjudication of the Partnership or such Partner as a bankrupt, when the Partnership or such Partner shall consent to the filing thereof, or sixty (60) days after the filing thereof unless the same shall have been discharged or denied prior thereto. 8.2.2 For the purposes of this Limited Partnership Agreement, "permanently disabled" means that the Partner with respect to whom such determination is made has, due to physical or mental injury, disease or illness, been unable for a period of twelve (12) consecutive months to render the type and extent of services which such Partner is obligated to render to the Partnership under this Limited Partnership Agreement. "Permanent disability" shall be the condition of being permanently disabled.