Common use of Events of Withdrawal of a General Clause in Contracts

Events of Withdrawal of a General. Partner A. In addition to a voluntary withdrawal of a General Partner pursuant to Section 6.1E, a General Partner shall be deemed to withdraw (i) if the General Partner assigns all of his Interest in the Partnership, (ii) if the General Partner is removed pursuant to Section 5.3A; and (iii) upon the following acts or events: (a) if a natural person, upon his death or the entry by a court of competent jurisdiction that such General Partner is incompetent to manage his person or his property; (b) if a corporation, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; and (c) if a partnership, the dissolution and commencement of winding up of the General Partner. To the maximum extent permitted by the Act, no other act or event shall be deemed an event of withdrawal of a General Partner or serve to convert a General Partner to a Limited Partner.

Appears in 3 contracts

Sources: Limited Partnership Agreement (Brown Benchmark Properties Limited Partnership), Limited Partnership Agreement (Brown Benchmark Properties Limited Partnership), Limited Partnership Agreement (Brown Benchmark Properties Limited Partnership)