Common use of BANKRUPTCY OR DISSOLUTION OF PARTNERS Clause in Contracts

BANKRUPTCY OR DISSOLUTION OF PARTNERS. The Bankruptcy or dissolution of the Limited Partner shall not dissolve the Partnership, and its business shall be continued thereafter. The Bankruptcy or dissolution (without reconstitution within sixty (60) days thereafter) of the General Partner shall dissolve the Partnership and cause its liquidation, except as otherwise provided in Section 8.4. Upon the occurrence of a Bankruptcy or the dissolution (without reconstitution within sixty (60) days thereafter) of any Partner, such Partner shall become a Terminated Partner under Section 7.9, and the trustee in Bankruptcy, receiver or other legal representative of the Bankrupt Partner or other legal representatives of the dissolved Partner, shall have all the rights of an assignee of the Partner, including the same right (subject to the same limitations) as the Bankrupt or dissolved Partner would have had under the provisions of Section 7.1 to Transfer its interest in the Partnership, subject to the substitution rules of Section 7.4 and the provisions of Section 7.9; provided, however, that upon the Bankruptcy or dissolution (without reconstitution within sixty (60) days thereafter) of the General Partner, the General Partner shall cease taking any and all action with respect to the Partnership and shall automatically have its entire interest in the Partnership reconstituted as that of a Limited Partner in the Partnership who shall be a Terminated Partner for all purposes of this Agreement, and the Limited Partner who is not a Terminated Partner may, if it elects to reconstitute and continue the Partnership under Section 7.4, appoint a successor General Partner as provided in Section 8.4 (such remedies are intended to be enforceable upon the Bankruptcy of the General Partner for the reasons set forth in Section 7.7).

BANKRUPTCY OR DISSOLUTION OF PARTNERS. The Bankruptcy or dissolution of the Limited Partner shall not dissolve the Partnership, and its business shall be continued thereafter. The Bankruptcy or dissolution (without reconstitution within sixty (60) days thereafter) of the General Partner shall dissolve the Partnership and cause its liquidation, except as otherwise provided in Section 8.4. Upon the occurrence of a Bankruptcy or the dissolution (without reconstitution within sixty (60) days thereafter) of any Partner, such Partner shall become a Terminated Partner under Section 7.9, and the trustee in Bankruptcy, receiver or other legal representative of the Bankrupt Partner or other legal representatives of [33] 38 the dissolved Partner, shall have all the rights of an assignee of the Partner, including the same right (subject to the same limitations) as the Bankrupt or dissolved Partner would have had under the provisions of Section 7.1 to Transfer its interest in the Partnership, subject to the substitution rules of Section 7.4 and the provisions of Section 7.9; provided.provided, however, that upon the Bankruptcy or dissolution (without reconstitution within sixty (60) days thereafter) of the General Partner, the General Partner shall cease taking any and all action with respect to the Partnership and shall automatically have its entire interest in the Partnership reconstituted as that of a Limited Partner in the Partnership who shall be a Terminated Partner for all purposes of this Agreement, and the Limited Partner who is not a Terminated Partner may, if it elects to reconstitute and continue the Partnership under Section 7.4, appoint a successor General Partner as provided in Section 8.4 (such remedies are intended to be enforceable upon the Bankruptcy of the General Partner for the reasons set forth in Section 7.7).

BANKRUPTCY OR DISSOLUTION OF PARTNERS. The Bankruptcy or dissolution of the Limited Partner shall not dissolve the Partnership, and its business shall be continued thereafter. The Bankruptcy or dissolution (without reconstitution within sixty (60) days thereafter) of the General Partner shall dissolve the Partnership and cause its liquidation, except as otherwise provided in Section 8.4. Upon the occurrence of a Bankruptcy or the dissolution (without reconstitution within sixty (60) days thereafter) of any Partner, such Partner shall become a Terminated Partner under Section 7.9, and the trustee in Bankruptcy, receiver or other legal representative of the Bankrupt Partner or other legal representatives of the dissolved Partner, shall have all the rights of an assignee of the Partner, including the same right (subject to the same limitations) as the Bankrupt or dissolved Partner would have had under the provisions of Section 7.1 to Transfer its interest [33] 38 in the Partnership, subject to the substitution rules of Section 7.4 and the provisions of Section 7.9; provided, however, that upon the Bankruptcy or dissolution (without reconstitution within sixty (60) days thereafter) of the General Partner, the General Partner shall cease taking any and all action with respect to the Partnership and shall automatically have its entire interest in the Partnership reconstituted as that of a Limited Partner in the Partnership who shall be a Terminated Partner for all purposes of this Agreement, and the Limited Partner who is not a Terminated Partner may, if it elects to reconstitute and continue the Partnership under Section 7.4, appoint a successor General Partner as provided in Section 8.4 (such remedies are intended to be enforceable upon the Bankruptcy of the General Partner for the reasons set forth in Section 7.7).

BANKRUPTCY OR DISSOLUTION OF PARTNERS. The Bankruptcy or dissolution of the Limited Partner shall not dissolve the Partnership, and its business shall be continued thereafter. The Bankruptcy or dissolution (without reconstitution within sixty (60) days thereafter) of the General Partner shall dissolve the Partnership and cause its liquidation, except as otherwise provided in Section 8.4. Upon the occurrence of a Bankruptcy or the dissolution (without reconstitution within sixty (60) days thereafter) of any Partner, such such, Partner shall become a Terminated Partner under Section 7.9, and the trustee in Bankruptcy, receiver or other legal representative of the Bankrupt Partner or other legal representatives of the dissolved Partner, shall have all the rights of an assignee of the Partner, including the same right (subject to the same limitations) as the Bankrupt or dissolved Partner would have had under the provisions of Section 7.1 to Transfer its interest in the Partnership, subject to the substitution rules of Section 7.4 and the provisions of Section 7.9; provided, however, that upon the Bankruptcy or dissolution (without reconstitution within sixty (60) days thereafter) of the General Partner, the General Partner shall cease taking any and all action with respect to the Partnership and shall automatically have its entire interest in the Partnership reconstituted as that of a Limited Partner in the Partnership who shall be a Terminated Partner for all purposes of this Agreement, and the Limited Partner who is not a Terminated Partner may, if it elects to reconstitute and continue the Partnership under Section 7.4, appoint a successor General Partner as provided in Section 8.4 (such remedies are intended to be enforceable upon the Bankruptcy of the General Partner for the reasons set forth in Section 7.7).

BANKRUPTCY OR DISSOLUTION OF PARTNERS. The Bankruptcy or dissolution of the Limited Partner shall not dissolve the Partnership, and its business shall be continued thereafter. The Bankruptcy or dissolution (without reconstitution within sixty (60) days thereafter) of the General Partner shall dissolve the Partnership and cause its liquidation, except as otherwise provided in Section 8.4. Upon the occurrence of a Bankruptcy or the dissolution (without reconstitution within sixty (60) days thereafter) of any Partner, such Partner shall become a Terminated Partner under Section 7.9, and the trustee in Bankruptcy, receiver or other legal representative of the Bankrupt Partner or other legal representatives of the dissolved Partner, shall have all the rights of an assignee of the Partner, including the same right (subject to the same limitations) as the Bankrupt or dissolved Partner would have had under the provisions of Section 7.1 to Transfer its interest in the Partnership, subject to the substitution rules of Section 7.4 and the provisions of Section 7.9; provided, however, that upon the Bankruptcy or dissolution (without reconstitution within sixty (60) days thereafter) of the General Partner, the General Partner shall cease taking any and all action with respect to the Partnership and shall automatically have its entire interest in the Partnership reconstituted [33] 38 as that of a Limited Partner in the Partnership who shall be a Terminated Partner for all purposes of this Agreement, and the Limited Partner who is not a Terminated Partner may, if it elects to reconstitute and continue the Partnership under Section 7.4, appoint a successor General Partner as provided in Section 8.4 (such remedies are intended to be enforceable upon the Bankruptcy of the General Partner for the reasons set forth in Section 7.7).