Common use of Interest of Departing General Partner Clause in Contracts

Interest of Departing General Partner. The departing General Partner shall be automatically admitted to the Partnership as a Limited Partner and its former Partnership Interest as a General Partner shall be automatically converted to a Limited Partner’s Partnership Interest entitled to all rights to all past and future allocations of Net Income, Net Loss, Simulated Gain, Simulated Loss, Simulated Depletion and items of income, gain, loss and deduction and distributions of cash or property applicable to the General Partner before such conversion (including the payment of any unpaid accrued distributions).

Interest of Departing General Partner. The departing General Partner shall be automatically admitted to the Partnership as a Limited Partner and its former Partnership Interest as a General Partner shall be automatically converted to a Limited Partner’s 's Partnership Interest entitled to all rights to all past and future allocations of Net Income, Net Loss, Simulated Gain, Simulated Loss, Simulated Depletion and items of income, gain, loss and deduction and distributions of cash or property applicable to the General Partner before such conversion (including the payment of any unpaid accrued distributions).