Common use of Consequences of Termination Notice Clause in Contracts

Consequences of Termination Notice. Upon the delivery of a Removal For Cause Notice or a Removal Without Cause Notice in accordance with Section 10.1 (Removal/Termination Notice) in which the Limited Partners elect to terminate the Fund, the Fund shall be dissolved and wound up in accordance with Section 18.2 (Dissolution) and Section 18.3 (Winding Up); provided that with respect to a termination of the Fund on delivery of a Removal for Cause Notice, the right of the General Partner to receive further distributions of Carried Interest from the Fund shall immediately and automatically terminate, no further distributions of Carried Interest shall be made to the General Partner, and any amounts retained in the Escrow Account pursuant to Section 14.7.3 shall immediately be returned to the Fund for distribution to the Limited Partners[; provided, further that with respect to a termination of the Fund on delivery of a Removal Without Cause Notice, the General Partner’s entitlement to receive further distributions of Carried Interest shall be immediately and automatically reduced to [ ]% of the Carried Interest to which it is otherwise entitled].

Consequences of Termination Notice. Upon the delivery of a Removal For Cause Notice or a Removal Without Cause Notice in accordance with Section 10.1 (Removal/Termination Notice) in which the Limited Partners elect to terminate the Fund, the Fund shall be dissolved and wound up in accordance with Section 18.2 (Dissolution) and Section 18.3 (Winding Up); provided that with respect to a termination of the Fund on delivery of a Removal for Cause Notice, the right of the General Partner to receive further distributions of Carried Interest from the Fund shall immediately and automatically terminate, no further distributions of Carried Interest shall be made to the General Partner, and any amounts retained in the Escrow Account pursuant to Section 14.7.3 14.7.2 shall immediately be returned to the Fund for distribution to the Limited Partners[; provided, further that with respect to a termination of the Fund on delivery of a Removal Without Cause Notice, the General Partner’s entitlement to receive further distributions of Carried Interest shall be immediately and automatically reduced to [ ]% of the Carried Interest to which it is otherwise entitled].

Consequences of Termination Notice. Upon the delivery of a Removal For Cause Notice or a Removal Without Cause Notice in accordance with Section 10.1 (Removal/Termination Notice) in which the Limited Partners elect to terminate the Fund, the Fund shall be dissolved and wound up in accordance with Section 18.2 (Dissolution) and Section 18.3 (Winding Up); provided that with respect to a termination of the Fund on delivery of a Removal for Cause Notice, the right of the General Partner to receive further distributions of Carried Interest from the Fund shall immediately and automatically terminate, no further distributions of Carried Interest shall be made to the General Partner, and any amounts retained in the Escrow Account pursuant to Section 14.7.3 14.7.2 shall immediately be returned to the Fund for distribution to the Limited Partners[; provided, further that with respect to a termination of the Fund on delivery of a Removal Without Cause Notice, the General Partner’s entitlement to receive further distributions of Carried Interest shall be immediately and automatically reduced to [ [___]% of the Carried Interest to which it is otherwise entitled].