Common use of Termination of Status as General Partner Clause in Contracts

Termination of Status as General Partner. A General Partner shall cease to be a General Partner upon the first to occur of: (a) the withdrawal by a General Partner from the Partnership; (b) the majority vote of the Partners to remove such General Partner; (c) the making of an assignment for the benefit of creditors by a General Partner; (d) the filing of a voluntary petition in bankruptcy by a General Partner; (e) an adjudication that a General Partner is bankrupt or insolvent; (f) the commencement of any proceeding for the relief of debtors by or against a General Partner; (g) the involuntary Transfer by operation of law of such General Partner’s interest in the Partnership; (h) the death or adjudication of incompetency of a General Partner; or (i) the permanent disability of a General Partner due to illness, age, or other cause so that she cannot, in the opinion of her personal physician, continue to perform her duties hereunder. In the event a Person ceases to be a General Partner without having Transferred her entire interest as a General Partner, such Person shall be treated as an unadmitted transferee of a Partnership interest.

Termination of Status as General Partner. A General Partner shall cease to be a General Partner upon the first to occur of: (a) the withdrawal by a General Partner from the Partnership; (b) the majority vote of the Partners to remove such General Partner; (c) the making of an assignment for the benefit of creditors by a General Partner; (d) the filing of a voluntary petition in bankruptcy by a General Partner; (e) an adjudication that a General Partner is bankrupt or insolvent; (f) the commencement of any proceeding for the relief of debtors by or against a General Partner; (g) the involuntary Transfer by operation of law of such General Partner’s 's interest in the Partnership; (h) the death or adjudication of incompetency of a General Partner; or (i) the permanent disability of a General Partner due to illness, age, or other cause so that she cannot, in the opinion of her personal physician, continue to perform her duties hereunder. In the event a Person ceases to be a General Partner without having Transferred her entire interest as a General Partner, such Person shall be treated as an unadmitted transferee of a Partnership interest.