Common use of Required Withdrawals Clause in Contracts

Required Withdrawals. The General Partner may terminate the interest of any Limited Partner in the Partnership for any or no reason upon written notice. The Partner receiving such notice shall be treated for all purposes and in all respects as a Partner who has given notice of withdrawal under Section 6.1 or Section 6.2, and such Limited Partner shall be paid, in accordance with Section 4.2, the entire Capital Account of such Limited Partner, less reserves determined in good faith by the General Partner and the Limited Partner’s share of any accrued, but unpaid, Partnership expenses.

Appears in 1 contract

Samples: Limited Partnership Agreement

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Required Withdrawals. The General Partner may may, in its sole discretion, terminate all or any part of the interest of any Limited Partner upon at least five days’ prior written notice, for any reason or no reason, including a determination by the General Partner that such Partner’s continued participation in the Partnership may cause the Partnership to be treated as a “publicly traded partnership” taxable as a corporation for any or no reason upon written noticefederal tax purposes. The Partner receiving such notice shall be treated for all purposes and in all respects as a Partner who has given notice of withdrawal of all or part of its Capital Account(s), as the case may be, under Section 6.1 or Section 6.2, and such Limited Partner shall be paid, in accordance with Section 4.2, the entire Capital Account of such Limited Partner, less reserves determined in good faith by the General Partner and the Limited Partner’s share of any accrued, but unpaid, Partnership expenses7.2.

Appears in 1 contract

Samples: Limited Partnership Agreement

Required Withdrawals. The General Partner may terminate may, in its sole discretion, require the interest withdrawal of, and terminate, all or any part of the Interest of any Limited Partner in the Partnership upon prior written notice, for any reason or no reason upon written notice. The Partner receiving such notice shall be treated for all purposes and in all respects as a Partner who has given notice of withdrawal under Section 6.1 or Section 6.2, and such Limited Partner shall be paid, in accordance with Section 4.2, the entire Capital Account of such Limited Partner, less reserves determined in good faith by the General Partner and the Limited Partner’s share of any accrued, but unpaid, Partnership expensesreason.

Appears in 1 contract

Samples: Limited Partnership Agreement (Mantle Ridge LP)

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Required Withdrawals. The General Partner may may, in its sole discretion, terminate all or any part of the interest Interest of any Limited Partner in the Partnership upon prior written notice, for any reason or no reason upon written noticereason. The Partner receiving such notice shall be treated for all purposes and in all respects as a Partner who has given notice of withdrawal of all or part of its Capital Account(s), as the case may be, under Section 6.1 or Section 6.2, and such Limited Partner shall be paid, in accordance with Section 4.2, the entire Capital Account of such Limited Partner, less reserves determined in good faith by the General Partner and the Limited Partner’s share of any accrued, but unpaid, Partnership expenses6.02.

Appears in 1 contract

Samples: Limited Partnership Agreement (Clinton Group Inc)

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