Common use of AUTOMATIC WITHDRAWAL Clause in Contracts

AUTOMATIC WITHDRAWAL. Should a partner be delinquent in his/her monthly contributions for a period of 61 days or have three (3) unapproved absences, he/she will automatically be terminated as a partner and will receive an amount equal to his/her capital account incurring all expenses of this liquidation.

AUTOMATIC WITHDRAWAL. Should a partner be delinquent in his/his or her monthly contributions for a period of 61 days days, or have miss more than three (3) unapproved absencesmeetings out of 12 without consent of the majority of the partners, he/she the account will be automatically be terminated as a partner and will receive an amount equal to his/her terminated. The value of the partner’s capital account incurring all expenses of this liquidationshall be determined and satisfied as described in Section 19.