Withdrawing Partners definition
Examples of Withdrawing Partners in a sentence
In the event of any Withdrawal by a General Partner in violation of this Section 7.1, such General Partner, in addition to being subject to any and all other legal remedies which may be pursued by the Partners, shall forfeit to the Special Limited Partner or its designee, such General Partner's Interest and all unpaid fees from the Partnership and shall remain liable for all of the Withdrawing Partner's obligations under this Agreement.
The Withdrawing Partner's Interest shall be purchased by the Partnership on such closing date at a price (the "Withdrawing Purchase Price") which shall be the Appraised Value (as defined in Section 18.1 of this Agreement).
If the deposit is greater than the Withdrawing Partner's actual share, the difference will be refunded.
The deposit will be applied to the Withdrawing Partner's actual share of such costs when they are ultimately incurred with the Withdrawing Partner remaining liable for its share of the ultimate costs if they are greater than the deposit.
The Executive Committee also shall be authorized, but not obligated, to pay such Withdrawing Partner a bonus,severance or similar payment in such amount as it shall determine, in its sole discretion, to recognize the contributions of such Withdrawing Partner to the Partnership,the circumstances of such Withdrawing Partner's withdrawal, or such other factors as i~deems appropriate.
Pursuant to the transactions --------------------------------- described in the Recitals above, the Withdrawing Partners have ceased to be partners in the Partnership, BPLLC has been admitted as the Managing General Partner of the Partnership with a 0.499747% Percentage Interest and Holdings LLC has been admitted as a Non-Managing General Partner of the Partnership with a 49.474990% Percentage Interest.
Pursuant to the transactions --------------------------------- described in the Recitals above, the Withdrawing Partners have ceased to be partners in the Partnership, BPLLC has been admitted as the Managing General Partner of the Partnership with a 0.499830% Percentage Interest and Holdings LLC has been admitted as a Non-Managing General Partner of the Partnership with a 49.483214% Percentage Interest.
Withdrawing Partner's distributive share of Partnership's income, gain, loss, deduction, and other items for the fiscal year of Partnership ending December 31, 1996 shall be determined on the basis of an interim closing of the books of the Partnership as of the Effective Time and shall not be based upon a proration of such items for the entire fiscal year.
However, the Withdrawing Partners shall remain liable for the Company's liabilities in accordance with applicable laws and regulations; in the event that their liability is incurred in this regard, they shall retain any claim that they may have against Pilot Expansion.
Except for the distribution of the Partnership Assets pursuant to Article 24 and the refund of its interest to Withdrawing Partners pursuant to Article 34, no contribution shall be refunded to any Partner for any reason during the Partnership Period.