Common use of Resignation of General Partner Clause in Contracts

Resignation of General Partner. 10.1.1. The General Partner may resign (“Resigning GP”) and be discharged from its duties and obligations under this Agreement at any time by giving not less than 30 (Thirty) days prior written notice to the Limited Partners and the Partnership (the “Resignation Notice”). 10.1.2. The Resigning GP will within 30 (Thirty) days of receipt of the Resignation Notice (the “Nomination Period”), nominate another party as a replacement of the Resigning GP and notify the Limited Partners in writing of such nomination (the “Nomination Notice”). With effect from the end of the Nomination Period the Resigning GP being replaced by the replacement general partner (the “Replacement GP”), the Resigning GP hereby transfers all rights, titles, and interests in the Partnership to the incoming Replacement GP, who shall assume all rights, duties, and responsibilities of the General Partner as outlined in this Agreement, by signing this Agreement. 10.1.3. To the extent necessary, the Parties will forthwith take all necessary steps to novate and/or assign this Agreement to the Replacement GP.

Resignation of General Partner. 10.1.16.1.1. The General Partner may resign (“Resigning GP”) and be discharged from its duties and obligations under this Agreement at any time by giving not less than 30 (Thirty) days prior written notice to the Limited Partners and the Partnership (the “Resignation Notice”). 10.1.26.1.2. The Resigning GP will within 30 (Thirty) days of receipt of the Resignation Notice (the “Nomination Period”), nominate another party as a replacement of the Resigning GP and notify the Limited Partners in writing of such nomination (the “Nomination Notice”). With effect from the end of the Nomination Period the Resigning GP being replaced by the replacement general partner (the “Replacement GP”), the Resigning GP hereby transfers all rights, titles, and interests in the Partnership to the incoming Replacement GP, who shall assume all rights, duties, and responsibilities of the General Partner as outlined in this Agreement, by signing this Agreement. 10.1.36.1.3. To the extent necessary, the Parties will forthwith take all necessary steps to novate and/or assign this Agreement to the Replacement GP.