Common use of Removal of Managing GP Clause in Contracts

Removal of Managing GP. (1) Upon the occurrence of any of the following events: (i) the passing of any resolution of the directors or the shareholder of the Managing GP requiring or approving the bankruptcy, dissolution, liquidation or winding up of the Managing GP; (ii) the making of any assignment for the benefit of creditors of the Managing GP, or upon the appointment of a receiver of the assets and undertaking of the Managing GP, (iii) the appointment of a receiver of the assets and undertaking of the Managing GP, or (iv) the occurrence of an Issuer Event of Default; (each a “Managing GP Default Event”), the Managing GP shall cease to be the managing general partner of the Partnership. (2) Forthwith following a Managing GP Default Event, the Liquidation GP shall be automatically appointed the new managing general partner without the need for consent on the part of any Person or any further act or formality and notice of such appointment shall be delivered forthwith to each of the other Partners, CMHC and the Bond Trustee.

Removal of Managing GP. (1) Upon the occurrence of any of the following events: (i) the passing of any resolution of the directors or the shareholder of the Managing GP requiring or approving the bankruptcy, dissolution, liquidation or winding up of the Managing GP; (ii) the making of any assignment for the benefit of creditors of the Managing GP, or upon the appointment of a receiver of the assets and undertaking of the Managing GP, (iii) the appointment of a receiver of the assets and undertaking of the Managing GP, or (iv) the occurrence of an Issuer Event of Default; , (each a “Managing GP Default Event”), the Managing GP shall cease to be the managing general partner of the Partnership. (2) Forthwith following a Managing GP Default Event, the Liquidation GP shall be automatically appointed as the new managing general partner Managing GP without the need for consent on the part of any Person or any further act or formality and notice of such appointment shall be delivered forthwith to each of the other Partners, CMHC CMHC, DBRS (as long as it is a Rating Agency) and the Bond Trustee.

Removal of Managing GP. (1) Upon the occurrence of any of the following events: (i) the passing of any resolution of the directors or the shareholder of the Managing GP requiring or approving the bankruptcy, dissolution, liquidation or winding up of the Managing GP; (ii) the making of any assignment for the benefit of creditors of the Managing GP, or upon the appointment of a receiver of the assets and undertaking of the Managing GP, (iii) the appointment of a receiver of the assets and undertaking of the Managing GP, or (iv) the occurrence of an Issuer Event of Default; , (each a “Managing GP Default Event”), the Managing GP shall cease to be the managing general partner Managing GP of the Partnership. (2) Forthwith following a Managing GP Default Event, the Liquidation GP shall be automatically appointed the new managing general partner Managing GP without the need for consent on the part of any Person or any further act or formality and notice of such appointment shall be delivered forthwith to CMHC, each of the other Partners, CMHC Partners and the Bond Trustee.

Removal of Managing GP. (1) Upon the occurrence of any of the following events: (i) the passing of any resolution of the directors or the shareholder of the Managing GP requiring or approving the bankruptcy, dissolution, liquidation or winding up of the Managing GP; (ii) the making of any assignment for the benefit of creditors of the Managing GP, or upon the appointment of a receiver of the assets and undertaking of the Managing GP, (iii) the appointment of a receiver of the assets and undertaking of the Managing GP, or (iv) the occurrence of an Issuer Event of Default; , (each a “Managing GP Default Event”), the Managing GP shall cease to be the managing general partner of the Partnership. (2) Forthwith following a Managing GP Default Event, the Liquidation GP shall be automatically appointed the new managing general partner without the need for consent on the part of any Person or any further act or formality and notice of such appointment shall be delivered forthwith to each of the other Partners, CMHC and the Bond Trustee.

Removal of Managing GP. ‌ (1) Upon the occurrence of any of the following events: (i) the passing of any resolution of the directors or the shareholder of the Managing GP requiring or approving the bankruptcy, dissolution, liquidation or winding up of the Managing GP; (ii) the making of any assignment for the benefit of creditors of the Managing GP, or upon the appointment of a receiver of the assets and undertaking of the Managing GP, (iii) the appointment of a receiver of the assets and undertaking of the Managing GP, or (iv) the occurrence of an Issuer Event of Default; , (each a “Managing GP Default Event”), the Managing GP shall cease to be the managing general partner of the Partnership. (2) Forthwith following a Managing GP Default Event, the Liquidation GP shall be automatically appointed the new managing general partner without the need for consent on the part of any Person or any further act or formality and notice of such appointment shall be delivered forthwith to each of the other Partners, CMHC and the Bond Trustee.