Common use of General Partner Withdrawal Clause in Contracts

General Partner Withdrawal. The withdrawal, removal or -------------------------- bankruptcy of a General Partner, the assignment by a General Partner of its entire interest in the Partnership or any other event that causes a General Partner to cease to be a general partner under the Act; provided, however, that the Partnership shall not be dissolved and required to be wound up in connection with any such events if (i) there is at least one remaining General Partner of the Partnership or (ii) within 90 days after the occurrence of such event, a majority in interest of the remaining Partners holding Common Partnership Interests (or such greater percentage as is required by the Act) agree in writing to continue the business of the Partnership and to the appointment, effective as of the date of such event of one or more additional General Partners of the Partnership;

Appears in 2 contracts

Samples: Limited Partnership Agreement (Petro Stopping Centers L P), Limited Partnership Agreement (Petro Holdings Financial Corp)

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General Partner Withdrawal. The withdrawal, removal or -------------------------- bankruptcy of a General Partner, the assignment by a General Partner of its entire interest in the Partnership or any other event that causes a General Partner to cease to be a general partner under the Act; provided, however, that the Partnership shall not be dissolved and required to be wound up in connection with any such events if (i) there is at least one remaining General Partner of the Partnership or (ii) within 90 days after the occurrence of such event, a majority in interest of the remaining Partners holding Common Partnership Interests (or such greater percentage as is required by the Act) agree in writing to continue the business of the Partnership and to the appointment, effective as of the date of such event of one or more additional General Partners of the Partnership;

Appears in 1 contract

Samples: Limited Partnership Agreement (Petro, Inc.)

General Partner Withdrawal. The withdrawal, removal or -------------------------- bankruptcy of a General Partner, the assignment by a General Partner of its entire interest in the Partnership or any other event that causes a General Partner to cease to be a general partner under the Act; provided, however, that the Partnership shall not be dissolved and required to be wound up in connection with any such events if (i) there is at least one remaining General Partner of the Partnership or (ii) within 90 days after the occurrence of such event, a majority in interest of the remaining Partners holding Common Partnership Interests (or such greater percentage as is required by the Act) agree in writing to continue the business of the Partnership and to the appointment, effective as of the date of such event of one or more additional General Partners of the Partnership;

Appears in 1 contract

Samples: Limited Partnership Agreement (Petro, Inc.)

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General Partner Withdrawal. The withdrawal, removal or -------------------------- bankruptcy of a General Partner, the assignment by a General Partner of its entire interest in the Partnership or any other event that causes a General Partner to cease to be a general partner under the Act; provided, however, that the Partnership shall not be dissolved and required to be wound up in connection with any such events if (i) there is at least one remaining General Partner of the Partnership or (ii) within 90 days after the occurrence of such event, a majority in interest of the remaining Partners holding Common Partnership Interests (or such greater percentage as is required by the Act) agree in writing to continue the business of the Partnership and to the appointment, effective as of the date of such event of one or more additional General Partners of the Partnership;

Appears in 1 contract

Samples: Limited Partnership Agreement (Petro Stopping Centers L P)

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