Common use of BANKRUPT PARTNER Clause in Contracts

BANKRUPT PARTNER. A Partner who: (a) has become the subject of an order for relief under the United States Bankruptcy Code or (b) has initiated, either in an original proceeding or by way of answer in any state insolvency or receivership proceeding, an action for liquidation arrangement, composition, readjustment, dissolution or similar relief.

BANKRUPT PARTNER. A Partner who: (a1) has become the subject of an order Order for relief Relief under the United States Bankruptcy Code or Code, (b2) has initiated, either in an original proceeding or by way of answer in any state insolvency or receivership proceeding, an action for liquidation arrangement, composition, readjustment, dissolution dissolution, or similar relief.