Retirement of Partners Sample Clauses

Retirement of Partners. Notwithstanding any other provisions of this Agreement, if, as a result of the admission of new Partners to, or the retirement of Partners from, the Partnership during any calendar year (other than in connection with a sale or transfer of a Partner's Interest), the capital accounts of the Limited Partners admitted during such calendar year cease to be equal on a proportionate basis, the Partnership shall thereafter allocate net profits, net losses, gains and losses from dissolution and termination of the Partnership, and shall make distributions of cash, among the Limited Partners admitted during such calendar year in such a manner as to eliminate the difference in the capital accounts of such Limited Partners that resulted from such admissions or retirements. For purposes of this Paragraph, the capital accounts of the Limited Partners admitted during the same calendar year will be deemed to be equalized on a pro rata basis when each Limited Partner's capital account who was admitted during the same calendar year bears the same relationship to the total capital accounts of all Limited Partners admitted during the same calendar year that the Limited Partner's interest in the Partnership (calculated as provided in this Agreement) bears to the total interests of all Limited Partners admitted during such same calendar year. Adjustments to capital accounts which tend to cause them not to be equalized on a pro rata basis, and which are not the result of the admission or retirement of Partners, shall be disregarded for all purposes of this Paragraph. The operation of this Paragraph shall be governed by the following rules until the capital accounts have been equalized on a pro rata basis:
Sample 1
AutoNDA by SimpleDocs
Retirement of Partners. Interest in the Partnership. [Confidential material has been omitted pursuant to a request for confidential treatment filed with the Commission under Rule 24b-2(b)and has been filed separately with the Commission.] ARTICLE XII
Sample 1
Retirement of Partners. In the event any of the parties hereto desires to retire from the Firm or to dissolve the firm he shall give the other partner at least one month’s previous notice in writing to that effect and on the expiration of the said period the Partner shall stand retaired. If any partner retires from the firm and the partnership is dissolved and on such dissolution of the business of the firm is taken over by the other partners. The dissolving partner give all the accounts of the assets, debts and liabilities will be made and retiring partner will be responsible any of the act done by retiring partner along with the other partners till retiring from the partnership firm in respect of any profit and loss or any civil and criminal liability even after his retirement.
Sample 1
Retirement of Partners. Gradual Steps toward Retirement; Re­tirement Plans for Partners.
Sample 1
Retirement of Partners. A Limited Partner shall become a Retired Partner upon:
Sample 1
Retirement of Partners. (a) A Limited Partner shall become a Retired Partner: (i) immediately upon delivery to such Limited Partner of a written notice by the General Partner declaring such Limited Partner to be a Retired Partner, which notice the General Partner may give in the General Partner’s sole and absolute discretion with or without Cause, or such later date as may be specified in such notice; (ii) immediately upon the entry of any judgment, decision or plea constituting Cause; (iii) immediately upon the date of the occurrence of an event constituting Cause, (iv) on the date formal notice is delivered by such Limited Partner to the General Partner stating that such Limited Partner elects to become a Retired Partner (unless the General Partner consents to a later date); (v) upon the death of the Limited Partner or the Limited Partner’s Principal (if the Limited Partner is not a natural person), whereupon the Limited Partner (if the Limited Partner is not a natural person) shall be treated as a Retired Partner or the estate of the deceased Limited Partner (if the Limited Partner was an individual) shall be treated as a Retired Partner in the place of the deceased Limited Partner, or upon the Permanent Disability of the Limited Partner or the Limited Partner’s Principal (if the Limited Partner is not a natural person) as determined by the General Partner; or (b) The written notice from the General Partner declaring any Limited Partner to be a Retired Partner shall specify whether such declaration is for Cause or without Cause (including due to Permanent Disability). (c) No mandatory Retirement of a Limited Partner for Cause shall become effective until such Limited Partner has been afforded an opportunity, if such Limited Partner so desires, to make a statement in person before the General Partner regarding any considerations that, in the opinion of such Limited Partner, would warrant a reconsideration of the proposed mandatory Retirement. Such statement shall be given within a reasonable period not exceeding ten (10) days following notice of the proposed mandatory Retirement. (d) Nothing in this Agreement shall obligate the General Partner to treat Retired Partners alike, and the exercise of any power or discretion by the General Partner in the case of any one such Retired Partner shall not create any obligation on the part of the General Partner to take any similar action in the case of any other such Retired Partner, it being understood that any power or discretion confer...
Sample 1

Related to Retirement of Partners

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Resignation and Retirement Any Trustee may resign his trust or retire as a Trustee, by written instrument signed by him and delivered to the other Trustees or to any officer of the Trust, and such resignation or retirement shall take effect upon such delivery or upon such later date as is specified in such instrument.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)); (b) in writing between the parties; or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; or (c) working in a position at a lower classification or rate of pay. 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) to be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • Pre-Retirement Counseling Leave Each employee within four (4) years of chosen retirement age or date shall be granted, on a one-time basis, up to three and one-half (3-1/2) days leave with pay to pursue bona fide pre-retirement programs. Employees shall request the use of leave provided in this Section at least five (5) days prior to the intended day of use.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Termination and Termination Benefits Notwithstanding the provisions of Section 3, the Executive's employment under this Agreement shall terminate under the following circumstances set forth in this Section 6.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Death, Disability or Retirement Subject to the provisions of Section 1 hereof, this Agreement shall terminate automatically upon the Executive's death, termination due to "Disability" (as defined below) or voluntary retirement under any of the Company's retirement plans as in effect from time to time. For purposes of this Agreement, Disability shall mean the Executive has met the conditions to qualify for long-term disability benefits under the Company's policies, as in effect immediately prior to the Effective Date.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!