Common use of Continuation of the Business of the Partnership After Dissolution Clause in Contracts

Continuation of the Business of the Partnership After Dissolution. Upon (a) an Event of Withdrawal caused by the withdrawal of the General Partner as provided in Section 11.1(a)(iv) and (b) the failure of the Partners to select a successor to such Departing General Partner pursuant to Section 11.1 then, to the maximum extent permitted by law, within 180 days thereafter, a Unit Majority may elect to continue the business of the Partnership on the same terms and conditions set forth in this Agreement by appointing as the successor General Partner a Person approved by a Unit Majority. Unless such an election is made within the applicable time period as set forth above, the Partnership shall conduct only activities necessary to wind up its affairs. If such an election is so made, then:

Continuation of the Business of the Partnership After Dissolution. Upon (a) an Event dissolution of Withdrawal caused by the Partnership following the withdrawal or removal of the General Partner as provided in Section 11.1(a)(iv11.1(b) or 11.2 and (b) the failure of the Partners to select a successor to such Departing General Partner pursuant to Section Sections 11.1 or 11.2, then, to the maximum extent permitted by law, within 180 days thereafter, the holders of a Unit Majority may elect to continue the business of reconstitute the Partnership and continue its business on the same terms and conditions set forth in this Agreement by appointing forming a new limited partnership on terms identical to those set forth in this Agreement and having as the successor General Partner general partner a Person approved by the holders of a Unit Majority. Unless such an election is made within the applicable time period as set forth above, the Partnership shall conduct only activities necessary to wind up its affairs. If such an election is so made, then:

Continuation of the Business of the Partnership After Dissolution. Upon (a) an Event of Withdrawal caused by the withdrawal or removal of the General Partner as provided in Section 11.1(a)(iv11.1(a)(i) or (ii) and (b) the failure of the Partners to select a successor to such Departing General Partner pursuant to Section 11.1 or Section 11.2, then within 90 days thereafter, or (b) an event constituting an Event of Withdrawal as defined in Section 11.1(a)(iii), (iv) or (v), then, to the maximum extent permitted by law, within 180 days thereafter, a Unit Majority may elect to continue the business of the Partnership on the same terms and conditions set forth in this Agreement by appointing as the a successor General Partner a Person approved by a Unit Majority. Unless such an election is made within the applicable time period as set forth above, the Partnership shall conduct only activities necessary to wind up its affairs. If such an election is so made, then:

Continuation of the Business of the Partnership After Dissolution. Upon (a) dissolution of the Partnership following an Event of Withdrawal caused by the withdrawal or removal of the General Partner as provided in Section 11.1(a)(iv11.1(a)(i) or (iii) and (b) the failure of the Partners to select a successor to such Departing General Partner pursuant to Section 11.1 thenor Section 11.2, to the maximum extent permitted by law, then within 180 90 days thereafter, a Unit Majority all of the Limited Partners may elect to continue the business of reconstitute the Partnership and continue its business on the same terms and conditions set forth in this Agreement by appointing forming a new limited partnership on terms identical to those set forth in this Agreement and having as the successor a General Partner a Person approved by a Unit Majoritymajority in interest of the Limited Partners. Upon any such election by the Limited Partners, all Partners shall be bound thereby and shall be deemed to have approved same. Unless such an election is made within the applicable time period as set forth above, the Partnership shall conduct only activities necessary to wind up its affairs. If such an election is so made, then: