Involuntary Withdrawal. Immediately upon the occurrence of an Involuntary Withdrawal, the successor of the withdrawing Partner shall thereupon become an Interest Holder, but shall not become a Partner. The successor Interest Holder shall have all the rights of an Interest Holder, but shall not be entitled by reason of the withdrawal to receive, in liquidation of the Units, the fair market value of the Partner’s Economic Interest.
Appears in 3 contracts
Samples: Limited Partnership Agreement, Master Agreement, Limited Partnership Agreement
Involuntary Withdrawal. Immediately upon the occurrence of an Involuntary Withdrawal, the successor of the withdrawing Withdrawn Partner shall thereupon become an Interest Holder, Holder but shall not become a PartnerPartner without the unanimous consent of the remaining Partners. The If the Partnership is continued as provided in Section 7.1.4., the successor Interest Holder shall have all the rights of an Interest Holder, Holder but shall not be entitled by reason of the withdrawal to receive, receive in liquidation of the Units, Interest the fair market value of the Partner’s Economic Interest's Interest as of the date the Partner involuntarily withdrew from the Partnership.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Corporate Property Associates 15 Inc), Limited Partnership Agreement (Corporate Property Associates 15 Inc), Limited Partnership Agreement (Corporate Property Associates 15 Inc)
