Common use of Cessation Clause in Contracts

Cessation. A Person shall cease to be a General Partner upon the transfer of its entire interest in the Partnership or upon any event of withdrawal set forth in the Act. Upon the occurrence of any such event of withdrawal, such Person or its transferee shall have the right to receive distributions and allocations with respect to its Partnership interest, shall be treated as the transferee of a Limited Partner, and shall have the right to become a Substituted Limited Partner upon the unanimous written consent of the Limited Partners.

Cessation. A Person shall cease to be a General Partner upon the transfer of its entire interest in the Partnership or upon any event of withdrawal set forth in the Act. Upon the occurrence of any such event of withdrawal, such Person or its transferee shall have the right to receive distributions and allocations with respect to its Partnership interest, shall be treated as the transferee of a Limited Partner, and shall have the right to become a Substituted Limited Partner upon the unanimous written consent of the Limited other Partners.

Cessation. A Person shall cease to be a General Partner upon the transfer of its entire interest in Partnership Interest on death, adjudication of incompetence or any of the Partnership or upon any event of withdrawal other events set forth in the Act. Upon Subject to Section 9.2 hereof, upon the occurrence of any such event of withdrawalevent, such Person or its transferee shall have the right to receive distributions and allocations with respect to its Partnership interestInterest, shall be treated as the transferee of a Limited Partner, and shall have the right to become a Substituted substituted Limited Partner upon the unanimous written consent of the Limited Partnerspursuant to Section 9.7 hereof.