Common use of AUTOMATIC WITHDRAWAL Clause in Contracts

AUTOMATIC WITHDRAWAL. Should a partner be delinquent in his/her monthly contributions for a period of 61 days or have three (3) unapproved absences, he/she will automatically be terminated as a partner and will receive an amount equal to his/her capital account incurring all expenses of this liquidation.

AUTOMATIC WITHDRAWAL. Should a partner be delinquent in his/her monthly contributions for a period of 61 days or have three (3) unapproved absencesregularly scheduled meetings, he/she will automatically be terminated as a partner and will receive an amount equal to 85% of his/her capital account incurring all expenses less the amount of this liquidationany delinquent contribution and fines.