Common use of Withdrawals by a Limited Partner Clause in Contracts

Withdrawals by a Limited Partner. (a) (i) A Limited Partner who shall have been a Limited Partner for at least four full Fiscal Quarters (or such lesser period of time as may be required to satisfy Section 408(b)(2) of ERISA and Section 4975(d)(2) of the Code) shall have the right, as of the end of any Fiscal Year, or at other times at the discretion of the General Partners, to withdraw all or a portion of the amount of his or its Capital Account, so long as the General Partners receive written notice of the intended withdrawal not less than thirty (30) days prior to the withdrawal, stating the amount to be withdrawn. In no event, however, shall a Limited Partner be permitted to withdraw any amounts from his or its Capital Account in excess of the positive balance of his or its Capital Account. If the amount of a Limited Partner's withdrawal represents less than seventy-five (75%) of the Limited Partner's Capital Account, the Limited Partner will receive the proceeds of the withdrawal within thirty (30) days after the date of withdrawal. If the amount of a Limited Partner's withdrawal represents seventy-five percent (75%) or more of the Limited Partner's Capital Account, the Limited Partner will receive seventy-five percent (75%) of his Capital Account within thirty (30) days after the date of withdrawal and the remainder of the amount withdrawn within ten (10) days after the Partnership has received audited financial statements from its independent certified public accountants pursuant to Section 23(c) of this Agreement. If a Limited Partner requests withdrawal of capital which would reduce his Capital Account below the amount of his initial Capital Contribution, the General Partners may treat such request as a request for withdrawal of all of such Partner's Capital Account. The distribution of any amount withdrawn by a Limited Partner may take the form of cash and/or marketable securities as determined by the General Partners in their sole discretion. (ii) In the event of a proposed withdrawal of capital by one or more General Partners or Affiliates pursuant to Section 21(a)(ii) of this Agreement, as a result of which the aggregate of the Capital Accounts of the General Partners and Affiliates will be less than $1,000,000 (one million dollars), a Limited Partner shall have the right to withdraw all or a portion of the amount of his or its Capital Account, so long as the General Partners receive written notice of the intended withdrawal not more than fifteen (15) days after the date of the notice of withdrawal by such General Partner or General Partners or Affiliate or Affiliates pursuant to said Section 21(a)(ii), stating the amount to be withdrawn. In such event the withdrawal by such Limited Partner shall be effective as of the effective date of the withdrawal by the General Partner or General Partners pursuant to said Section 21(a)(ii). The amount available for withdrawal shall be calculated in the same manner as provided for in the last sentence of paragraph (b) of Section 5 hereof.

Withdrawals by a Limited Partner. (a) (i) A Limited Partner who shall have been a Limited Partner for at least four eight full Fiscal Quarters (or such lesser period of time as may be required to satisfy Section 408(b)(2) of ERISA and Section 4975(d)(2) of the Code) plus one month shall have the right, as of the end of any Fiscal YearQuarter, or at other times at the discretion of the General PartnersPartner, to withdraw all or a portion of the amount of his or its such Partner's Capital Account, so long as the General Partners receive Partner receives written notice of the intended withdrawal not less than thirty ninety (3090) days prior to the withdrawal, stating the amount to be withdrawn. In no event, however, shall a Limited Partner be permitted to withdraw any amounts from his or its such Partner's Capital Account in excess of the positive balance of his or its such Partner's Capital Account. If the amount of a Limited Partner's withdrawal represents less than seventy-five (75%) of the such Limited Partner's Capital Account, the such Limited Partner will receive the proceeds of the withdrawal within thirty (30) days after the date of withdrawal. If the amount of a Limited Partner's withdrawal represents seventy-five percent (75%) or more of the such Limited Partner's Capital Account, the Limited Partner will receive seventy-five percent (75%) of his such Partner's Capital Account within thirty (30) days after the date of withdrawal and the remainder of the amount withdrawn within ten (10) days after receipt by the Partnership has received audited of financial statements from its independent certified public accountants pursuant to Section 23(c) of this Agreement. If a Limited Partner requests withdrawal of capital which would reduce his such Partner's Capital Account below the amount of his such Partner's initial Capital Contribution, the General Partners Partner may treat such request as a request for withdrawal of all of such Partner's Capital Account. The distribution of any amount withdrawn by a Limited Partner may take the form of cash and/or marketable securities as determined by the General Partners Partner in their his sole discretion. (ii) In the event of a proposed withdrawal of capital by one or more General Partners or Affiliates pursuant to Section 21(a)(ii) of this Agreement, as a result of which the aggregate of the Capital Accounts of the General Partners and Affiliates will be less than $1,000,000 (one million dollars), a Limited Partner shall have the right to withdraw all or a portion of the amount of his or its Capital Account, so long as the General Partners receive written notice of the intended withdrawal not more than fifteen (15) days after the date of the notice of withdrawal by such General Partner or General Partners or Affiliate or Affiliates pursuant to said Section 21(a)(ii), stating the amount to be withdrawn. In such event the withdrawal by such Limited Partner shall be effective as of the effective date of the withdrawal by the General Partner or General Partners pursuant to said Section 21(a)(ii). The amount available for withdrawal shall be calculated in the same manner as provided for in the last sentence of paragraph (b) of Section 5 hereof.