Examples of Withdrawing General Partner in a sentence
If the Withdrawing General Partner does not advance such funds, any earned but unpaid Development Fee will be deemed to have been paid by the Withdrawing General Partner to the Partnership as a Capital Contribution and paid to the affiliated Developer upon the Withdrawal of the Withdrawing General Partner.
In the event of a Withdrawal, any or all executory contracts, including but not limited to the Management Agreement, between the Partnership and the Withdrawing General Partner or its Affiliates may be terminated by the Partnership, with the Consent of the Special Limited Partner, upon written notice to the party so terminated.
Furthermore, notwithstanding such Withdrawal, the Withdrawing General Partner shall be and shall remain, liable as a General Partner for all liabilities and obligations incurred by the Partnership or by the General Partner prior to the effective date of the Withdrawal, or which may arise upon such Withdrawal.
Upon the occurrence of an event giving rise to a Withdrawal of a General Partner, any remaining General Partner, or, if there be no remaining General Partner, the Withdrawing General Partner or its legal representative, shall promptly notify the Special Limited Partner of such Withdrawal (the “Withdrawal Notice”).
Notwithstanding such withdrawal, assignment, pledge or encumbrance, such Withdrawing General Partner shall remain liable to the Partnership and the other Partners for all obligations theretofore incurred by it under this Agreement, which may arise upon such withdrawal, assignment, pledge or encumbrance.