Examples of Withdrawn Limited Partner in a sentence
With regard to an Assignee that is a Withdrawn Limited Partner or successor in interest thereto, the foregoing rights of the Partnership under this Section 7.7(g) shall be in addition to those rights of the Partnership set forth in Section 7.4.
Any Partner or Withdrawn Limited Partner shall remain liable for the obligations under this Agreement (including any Net GP-Related Recontribution Amounts and any Capital Commitment Recontribution Amount) of any transferee of all or any portion of such Partner’s or Withdrawn Limited Partner’s interest in the Partnership, unless waived by the Delaware GP.
Each Partner and Withdrawn Limited Partner shall include in his or her will a provision that addresses certain matters in respect of his or her obligations relating to the Partnership that is satisfactory to the Delaware GP and each such Partner and Withdrawn Limited Partner shall confirm annually to the Partnership, in writing, that such provision remains in his current will.
The Partnership Interest of each Management Limited Partner shall be subject to vesting, redemption, forfeiture, or conversion to that of a Withdrawn Limited Partner to the extent, and on the terms and conditions, provided in each Management Limited Partner’s Subscription Agreementnership Interest in the event such Management Limited Partner ceases to be employed by the Partnership, the Operating Partnership, or one of their affiliates.
In the event any Partner or Withdrawn Limited Partner fails to comply with the provisions of this Section 10.11 after the Partnership has notified such Partner or Withdrawn Limited Partner of his failure to so comply and such failure to so comply is not cured within 30 days of such notice, the Partnership may withhold any and all distributions to such Partner until the time at which such party complies with the requirements of this Section 10.11.
Notwithstanding the foregoing, any Regular Limited Partner who Withdraws from the Partnership, and all or any portion of whose GP-Related Partner Interest is retained as a Special Limited Partner, shall be considered a Withdrawn Limited Partner for all purposes hereof.
The Percentage Interests of the Limited Partners shall be adjusted from time to time to reflect the admission of any new Partners to the Partnership pursuant to Section 4.01(c), the withdrawal of any Partner, or the conversion of the Partnership Interest of a Management Limited Partner to that of a Withdrawn Limited Partner pursuant to Section 5.02(b), and the Partners hereby consent to any such adjustment.
Where applicable, any estate planning trust of such Partner or Withdrawn Limited Partner to which a portion of such Partner’s or Withdrawn Limited Partner’s Interest is transferred shall include a provision substantially similar to such provision and the trustee of such trust shall confirm annually to the Partnership, in writing, that such provision or its substantial equivalent remains in such trust.