Common use of Bankruptcy of Limited Partner Clause in Contracts

Bankruptcy of Limited Partner. Notwithstanding any other provision of this Agreement to the contrary, the Bankruptcy, death, disability or declaration of incompetence of the Limited Partner shall not, in and of itself, dissolve the Partnership, but the rights of the Limited Partner to share in the profits and losses of the Partnership and to receive distributions of Partnership funds shall, on the happening of such an event, devolve upon the Limited Partner’s “personal representative” (as defined in the Act), subject to this Agreement, and the Partnership shall continue as a limited partnership. In no event shall the Limited Partner’s personal representative become a substituted limited partner, except in accordance with Sections 7.3 and 8.3(a).