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The General Partner ceases to be a General Partner, and is deemed to have withdrawn from the Partnership, on the occurrence of any of the following events (\u201cEvent of Withdrawal\u201d) relating to the General Partner occurring subsequent to the date of this Agreement:\n1. The General Partner\u2019s giving sixty (60) days written notice of withdrawal to all other Partners;\n2. The General Partner\u2019s assignment of all rights as a General Partner;\n3. Removal of the General Partner as provided in this Agreement;\n4. The General Partner\u2019s making a general assignment for the benefit of creditors;\n5. The General Partner\u2019s filing of a voluntary bankruptcy petition;\n6. The General Partner\u2019s becoming the subject of an order for relief or being declared insolvent in any federal or state bankruptcy or insolvency proceeding;\n7. 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Conviction or plea of nolo contendere or its equivalent on any felony or any crime related to the Partnership.\nB. The General Partner shall notify the other Partners within thirty (30) days after the occurrence of an event of withdrawal involving the passage of a period of time specified in Section 9.7(A).\nC. 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A General Partner may not be removed without its consent. 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They are\n(i) the first Managing Partner appointed under the Memorandum and Articles of Association (ii) Rothschild & Co Commandit\u00e9, a French simplified joint-stock company registered on the Paris Trade and Companies Register and having its registered office at \u2587 \u2587\u2587\u2587 \u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587. The general partners shall have unlimited joint and severally liability for the Company\u2019s debts. However, they shall be held liable only if the creditors have already issued the Company with a formal demand by extrajudicial instrument to settle its debts. Losses shall be distributed between the first general partners in equal shares, that is to say, 50% for Rothschild & Co Commandit\u00e9 and 50% for Rothschild & Co Gestion. The appointment of one or more new general partners shall be decided by the Extraordinary General Meeting of Shareholders on a proposal from the existing general partners. In this case, the appointment decision shall determine the proportions of distribution of losses between the old and the new general partners under the same terms and conditions. The shares of the general partners may only be transferred with the general partners\u2019 consent and the approval of the Company\u2019s Extraordinary General Meeting of Shareholders. The transferee thus authorised shall take on the status of general partner of the Company and it shall acquire its predecessor\u2019s rights and obligations. The shares of the general partners shall be indivisible vis-\u00e0-vis the Company and the joint undivided owners thereof must be represented by a common representative in order to exercise their rights.", "hash": "c57f7fb70f577e9830b24e5a764618b4", "id": 9}, {"snippet_links": [{"key": "last-known", "type": "definition", "offset": [13, 23]}, {"key": "mailing-address", "type": "definition", "offset": [24, 39]}, {"key": "contribution-of", "type": "clause", "offset": [60, 75]}, {"key": "books-and-records-of-the-partnership", "type": "clause", "offset": [118, 154]}, {"key": "in-addition-to", "type": "clause", "offset": [180, 194]}, {"key": "a-general", "type": "clause", "offset": [201, 210]}, {"key": "a-limited", "type": "clause", "offset": [236, 245]}, {"key": "complying-with", "type": "clause", "offset": [249, 263]}, {"key": "section-34", "type": "clause", "offset": [282, 293]}, {"key": "rights-and-powers", "type": "clause", "offset": [357, 374]}, {"key": "subject-to", "type": "definition", "offset": [382, 392]}, {"key": "the-restrictions", "type": "clause", "offset": [397, 413]}, {"key": "in-respect-to", "type": "clause", "offset": [449, 462]}, {"key": "other-partners", "type": "clause", "offset": [539, 553]}, {"key": "from-time-to-time", "type": "clause", "offset": [620, 637]}, {"key": "managing-partner", "type": "definition", "offset": [643, 659]}, {"key": "capital-contributions", "type": "definition", "offset": [717, 738]}, {"key": "increased-capital", "type": "clause", "offset": [745, 762]}, {"key": "the-general-partner", "type": "clause", "offset": [876, 895]}], "samples": [{"hash": "lS5BJaxCaKw", "uri": "/contracts/lS5BJaxCaKw#general-partners", "label": "Agreement of Registered Limited Liability Limited Partnership (Jones Financial Companies Lp LLP)", "score": 18.0, "published": true}, {"hash": "eKb15G4mQdX", "uri": "/contracts/eKb15G4mQdX#general-partners", "label": "Agreement of Registered Limited Liability Limited Partnership (Jones Financial Cos Lp)", "score": 18.0, "published": true}, {"hash": "dSUMP2Y6Svf", "uri": "/contracts/dSUMP2Y6Svf#general-partners", "label": "Agreement of Registered Limited Liability Limited Partnership (Jones Financial Companies Lp LLP)", "score": 18.0, "published": true}], "size": 8, "snippet": "A. The name, last known mailing address and current Capital Contribution of each General Partner are reflected in the books and records of the Partnership.\nB. Any General Partner, in addition to being a General Partner, may also become a Limited by complying with the provisions of Section 3.4 hereof. In such event, said General Partner shall have all the rights and powers and be subject to all the restrictions of a General Partner, except that, in respect to his Capital Contribution as a Limited, he shall have the rights against the other Partners which he would have had if he were not also a General Partner.\nC. From time to time, the Managing Partner may allow one or more General Partners to increase their Capital Contributions. Such increased Capital Contributions shall be made in such amount and manner and at such time as determined by the Managing Partner and the General Partner's Percentages shall be appropriately adjusted and transferred. All such changes shall be reflected in the books and records of the Partnership.", "hash": "e7113eb700f6d9738b2f91563f4aaf00", "id": 10}], "next_curs": "ClkSU2oVc35sYXdpbnNpZGVyY29udHJhY3RzcjULEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhlnZW5lcmFsLXBhcnRuZXJzIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"parents": [["management", "Management"], ["partners-capital", "Partners Capital"], ["amendment-to-certificate-of-limited-partnership", "Amendment to Certificate of Limited Partnership"], ["representations-warranties-and-agreements-of-the-breitburn-parties", "Representations, Warranties and Agreements of the BreitBurn Parties"], ["continuing-effect", "Continuing Effect"]], "title": "General Partners", "size": 438, "children": [["election-of-new-general-partner", "Election of New General Partner"], ["right-of-remaining-general-partners-to-continue-partnership", "Right of Remaining General Partners to Continue Partnership"], ["cessation", "Cessation"], ["general", "General"], ["", ""]], "id": "general-partners", "related": [["general-partner", "General Partner", "General Partner"], ["new-partners", "New Partners", "New Partners"], ["interest-of-departing-general-partner-and-successor-general-partner", "Interest of Departing General Partner and Successor General Partner", "Interest of Departing General Partner and Successor General Partner"], ["limited-partners", "Limited Partners", "Limited Partners"], ["managing-member", "Managing Member", "Managing Member"]], "related_snippets": [], "updated": "2025-11-07T04:27:30+00:00", "also_ask": ["What key powers and limitations should be negotiated for General Partners to balance control and liability?", "Which drafting elements are essential to clearly define the scope of authority and fiduciary duties of General Partners?", "What are the most common legal pitfalls or ambiguities in General Partner clauses that could expose parties to litigation?", "How do General Partner provisions in this agreement compare to industry standards or statutory defaults?", "What factors most influence a court\u2019s willingness to enforce or invalidate General Partner actions under this clause?"], "drafting_tip": "Specify the powers and duties of General Partners to prevent misunderstandings; define liability limits to clarify risk exposure; require decision-making procedures to ensure effective governance.", "explanation": "The \"General Partners\" clause defines the roles, responsibilities, and authority of the general partners within a partnership or investment fund. It typically outlines the powers granted to general partners, such as managing the day-to-day operations, making investment decisions, and representing the partnership in legal matters. This clause may also specify any limitations on their authority and the process for appointing or removing general partners. Its core function is to clearly allocate management responsibilities and decision-making authority, thereby ensuring effective governance and reducing potential disputes among partners."}, "json": true, "cursor": ""}}