Withdrawal of a General Partner. (a) A General Partner may withdraw from the Partnership or sell, transfer or assign his or its Interest as General Partner only with the prior Consent of BCTC 94, Inc., and of the Lender, if required, and only after being given written approval by the necessary parties as provided in Section 6.02, and by the Lender, if required, of the General Partner(s) to be substituted for him or it or to receive all or part of his or its Interest as General Partner.
Withdrawal of a General Partner. (a) The General Partner may make partial withdrawals from its Capital Account at any time without the consent of, or notice to, the Limited Partners.
Withdrawal of a General Partner. Except with the written approval of the other General Partners (if any) and a Limited Partner Supermajority, no General Partner shall have the right to withdraw from the Partnership until a successor General Partner has been appointed.
Withdrawal of a General Partner. A. Upon the occurrence of any event described in Section 10-402, Title 10 of the Corporations and Associations Article of the Annotated Code of Maryland involving all General Partners (if there then be more than one) or the sole General Partner (if there then be only one), the Partnership shall be dissolved unless it is continued pursuant to Section 4.3.B hereof. In the event that the Partnership is continued pursuant to Section 4.3.B, the General Partner who has suffered an event described in Section 10-402, Title 10 of the Corporations and Associations Article, or its successor in interest, shall have its interest converted to that of a Limited Partner.
Withdrawal of a General Partner. (a) A General Partner may withdraw from the Partnership or sell, transfer or assign his or its Interest as General Partner only with the prior Consent of BCTC 94,Inc., and of the Lender, if required, and only after being given written approval by the necessary parties as provided in Section 6.02, and by the Lender, if required, of the General Partner(s) to be substituted for him or it or to receive all or part of his or its Interest as General Partner. (b) In the event that a General Partner withdraws from the Partnership or sells, transfers or assigns his or its entire Interest pursuant to Section 6.01(a), he or it shall be and shall remain liable for all obligations and liabilities incurred by him or it as General Partner, or arising out of any events occurring before such withdrawal, sale, transfer or assignment shall have become effective, but shall be free of any obligation or liability incurred on account of the activities of the Partnership from and after the time such withdrawal, sale, transfer or assignment shall have become effective. 6.02.
Withdrawal of a General Partner. (i) For purposes of this Section 4.6(b), "withdrawal of a General Partner" shall include the occurrence of any of the following:
Withdrawal of a General Partner. (a) A General Partner shall be deemed to have withdrawn from the Partnership upon the occurrence of any one of the following events (each such event herein referred to as an "EVENT OF WITHDRAWAL");
Withdrawal of a General Partner. The Fund shall terminate and dissolve upon the withdrawal, insolvency, legal incapacity, death, or removal of the General Partner and any additional general partner appointed by the General Partner pursuant to Section 12 (unless the Limited Partners shall elect a successor general partner pursuant to Section 17(c)). The General Partner shall not withdraw from the Fund unless it shall have given the Limited Partners at least 60 days' prior written notice of its intention to withdraw.
Withdrawal of a General Partner. The Partnership shall not dissolve upon the following events: (a) incapacity of a General Partner, (b) filing, in any court pursuant to any federal or state statute, of a petition in bankruptcy or insolvency by, for a reorganization by, or for the appointment of a receiver of all or a portion of the petitioner’s property by a General Partner, and/or (c) making an assignment for the benefit of creditors by a General Partner. At the time any successor General Partner is appointed by the General Partner or by operation of law (a “Successor General Partner”) and begins to serve in the capacity of a General Partner, a portion of his or her Limited Partnership Interest equal to a one percent (1%) interest in and to the income, gain, loss, deduction, or credit of the Partnership shall be converted to a General Partnership Interest. He or she shall continue as a Limited Partner as to the remainder of his or her Limited Partnership Interest. In the event of a transfer of an interest as a General Partner, pursuant to Article XI of this Amended Agreement, such interest as a General Partner shall be converted toa Limited Partnership Interest at the time of such transfer and shall remain subject to all of the provisions of Article XI of this Amended Agreement. Upon the death, incapacity, resignation, or bankruptcy of a General Partner, any General Partnership Interest he or she may own at that time shall be converted to a Limited Partnership Interest. The deceased, incapacitated, resigning, or bankrupt General Partner, or the successor in interest of such General Partner, shall become a Limited Partner with the same share of profits or losses of the Partnership as before the event and shall have all the rights and be subject to the same limitations of a Limited Partner.
Withdrawal of a General Partner. Subject to any first mortgage, upon 30 days notice to the Partners, the General Partner may withdraw as a General Partner at any time, provided that such General Partner delivers to the Partnership an opinion of competent counsel to the effect that such withdrawal will not adversely affect the classification of the Partnership as a partnership for Federal income tax purposes.
