Common use of Effect of Retirement on Points Clause in Contracts

Effect of Retirement on Points. (a) The Points of any Limited Partner who becomes a Retired Partner shall be reduced automatically to an amount equal to such Limited Partner’s Vested Points calculated as of the Retirement Date. Any such reduction shall be effective on the Retirement Date or such subsequent date as may be determined by the General Partner; provided that the General Partner may agree to a lesser reduction (or to no reduction) of the Points of any such Limited Partner who becomes a Retired Partner.

Effect of Retirement on Points. (ad) The Points of any Limited Partner who becomes a Retired Partner shall be reduced automatically to an amount equal to such Limited Partner’s Vested Points calculated as of the Retirement Date. Any such reduction shall be effective on the Retirement Date or such subsequent date as may be determined by the General Partner; provided that the General Partner may agree to a lesser reduction (or to no reduction) of the Points of any such Limited Partner who becomes a Retired Partner.

Effect of Retirement on Points. (a) The Points of any Limited Partner who becomes a Retired Partner shall be reduced automatically to (i) zero if such retirement is the consequence of a Bad Act and (ii) otherwise, an amount equal to such Limited Partner’s Vested Points calculated as of the Retirement Date. Any such reduction shall be effective on as of the Retirement Date or such subsequent date as may be determined by the General Partner; provided that the General Partner may agree to a lesser reduction (or to no reduction) of the Points of any such Limited Partner who becomes a Retired Partner.

Effect of Retirement on Points. (a) The Points of any Limited Partner who that becomes a Retired Partner for Cause shall be reduced automatically to an amount equal to such Limited Partner’s Vested Points calculated zero and shall be forfeited as of the Retirement Date. Any date on which such reduction shall be effective on the Retirement Date Limited Partner becomes a Retired Partner or such subsequent date as may be determined by the General Partner; provided that the General Partner may agree to a lesser reduction (or to no reduction) of the Points of any such Limited Partner who becomes a Retired PartnerPartner for Cause.

Effect of Retirement on Points. (a) The Points of any Limited Partner who becomes a Retired Partner shall be reduced automatically to (i) zero, if such retirement is the consequence of a Bad Act and (ii) otherwise, an amount equal to such Limited Partner’s Vested Points calculated as of the Retirement Date. Any such reduction shall be effective on as of the Retirement Date or such subsequent date as may be determined by the General Partner; provided provided, that the General Partner may agree to a lesser reduction (or to no reduction) of the Points of any such Limited Partner who becomes a Retired Partner.