Summary Removal of Limited Partner Sample Clauses

Summary Removal of Limited Partner. (Special Clause) The General Partner, on its own motion or acting upon a written complaint received from two or more Limited Partners, may, with the approval of Limited Partners as set forth below, cause the removal of a Limited Partner from the Partnership if the General Partner determines in good faith and in writing that such Limited Partner (a) unreasonably delayed signing and returning to the Partnership a document required under this Agreement, (b) disrupted the operation of the Partnership, (c) disclosed the Partnership’s proprietary information to third parties, which information has been marked as proprietary, (d) engaged in any acts harmful to the Partnership’s business, or (e) violated the FCC’s anti-collusion rule. The removal must be approved by Limited Partners owning a majority of the Percentage Interests owned by Limited Partners other than the Percentage Interest owned by the Limited Partner whose removal is being sought. Upon removal pursuant to this Section 10.5, the Limited Partner shall be considered a withdrawing partner and such Limited Partner’s cCapital aAccount and rights and duties with respect to the Partnership will be governed by the provisions of Article XII of this agreement; provided, however, that the notice and opportunity-to-cure provisions of Article XII shall not apply in the case of a Limited Partner removed pursuant to the provisions of this Section 10. 5. If the Limited Partner contests its removal pursuant to this Section 10.5, the matter shall be submitted to binding arbitration at Los Angeles, California, before, and under the rules of the American Arbitration Association. Each side shall pay its own costs and attorneys’ fees.
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