Common use of Interest of Departing Managing General Partner and Successor Managing General Partner Clause in Contracts

Interest of Departing Managing General Partner and Successor Managing General Partner. 16.2.1 In the event of withdrawal of a General Partner under circumstances where such withdrawal does not violate this Agreement, the Departing General Partner shall, at its option exercisable prior to the effective date of the departure of such Departing General Partner, promptly receive from its successor in exchange for its Managing General Partner Units or Special General Partner Units, as applicable, an amount in cash equal to the fair market value of the Managing General Partner Units or Special General Partner Units, as applicable, such amount to be determined and payable as of the effective date of its departure. If a General Partner withdraws under circumstances where Cause exists or if a General Partner withdraws under circumstances where such withdrawal violates this Agreement, its successor shall have the option described in the immediately preceding sentence, and the Departing General Partner shall not have such option.

Interest of Departing Managing General Partner and Successor Managing General Partner. 16.2.1 15.2.1 In the event of withdrawal of a the Managing General Partner under circumstances where such withdrawal does not violate this Agreement, the Departing Managing General Partner shall, at its option exercisable prior to the effective date of the departure of such Departing Managing General Partner, promptly receive from its successor in exchange for its Managing General Partner Units or Special General Partner Units, as applicable, an amount in cash equal to the fair market value of the Managing General Partner Units or Special General Partner Units, as applicable, such amount to be determined and payable as of the effective date of its departure. If a the Managing General Partner withdraws under circumstances where Cause exists or if a the Managing General Partner withdraws under circumstances where such withdrawal violates this Agreement, its successor shall have the option described in the immediately preceding sentence, and the Departing Managing General Partner shall not have such option.