Common use of Mandatory Withdrawals Clause in Contracts

Mandatory Withdrawals. The General Partner, in its sole discretion, may require any Limited Partner to withdraw all or any part of its Capital Account from the Partnership at any time on not less than 20 days' notice, such withdrawal to be effective on the date specified in such notice. If the General Partner, in its sole discretion, deems it to be in the best interests of the Partnership to do so because the continued participation of any Limited Partner in the Partnership might cause the Partnership to violate any law, rule or regulation or expose the Partnership to litigation, arbitration, administrative proceedings or any similar action or proceeding, the General Partner may require such Limited Partner to withdraw all or any part of its Capital Account from the Partnership, at any time on not less than 5 days' notice, such withdrawal to be effective on the date specified in such notice. A Limited Partner who is required to withdraw all of its Capital Account pursuant to this Section 8.04 shall (i) be entitled to receive the value of its Liquidating Share (as defined in Section 10.01) and (ii) shall be deemed to have retired from the Partnership (and shall cease thereafter to be a Partner as of the effective date of the complete withdrawal).

Mandatory Withdrawals. The General Partner, in its sole discretion, may require any Limited Partner to withdraw all or any part of its Capital Account from the Partnership at any time on not less than 20 10 days' ’ notice, such withdrawal to be effective on the date specified in such notice. If the General Partner, in its sole discretion, deems it to be in the best interests of the Partnership to do so because the continued participation of any Limited Partner in the Partnership might cause the Partnership to violate any law, rule or regulation or expose the Partnership to the risk of litigation, arbitration, administrative proceedings or any similar action or proceeding, the General Partner may require such Limited Partner to withdraw all or any part of its Capital Account from the Partnership, Partnership at any time on not less than 5 days' ’ notice, such withdrawal to be effective on the date specified in such notice. A Limited Partner who is so required to withdraw all of its Capital Account retire pursuant to this Section 8.04 shall (i) 8.05 will be entitled to receive the value of its his Liquidating Share (as defined in Section 10.01) and (ii) shall be deemed to have retired from the Partnership (and shall cease thereafter to be a Partner computed as of the effective date of the complete withdrawal)on which such Limited Partner's retirement will become effective.