Common use of Death, Disability, etc. of Limited Partners Clause in Contracts

Death, Disability, etc. of Limited Partners. (a) In the event of the death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of a Limited Partner, the legal representative of such Limited Partner shall notify the General Partner of such event within 30 days after such event occurs, or as soon as reasonably practicable thereafter. (b) The legal representative, heir, assignee or successor at law, as applicable, of a Limited Partner that has died or become disabled, incapacitated, incompetent, terminated, bankrupt, insolvent or dissolved shall succeed as assignee to the Limited Partner's Interest upon the death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of such Limited Partner, but shall not be admitted as a substituted Limited Partner without the consent of the General Partner, which may be given or withheld in its sole discretion. Unless determined otherwise by the General Partner: (i) any legal representative that becomes a Limited Partner pursuant to this paragraph shall assume all of the rights, obligations, commitments and liabilities of the assignor Limited Partner arising under this Agreement as if the legal representative were the assignor Limited Partner; and (ii) the death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of a Limited Partner shall not create any right to withdraw all or any portion of such Person's Capital Account(s). (c) The death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of a Limited Partner shall not dissolve the Partnership.

Death, Disability, etc. of Limited Partners. ‌ (a) In the event of the death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of a Limited Partner, the legal representative of such Limited Partner shall notify the General Partner of such event within 30 days after such event occurs, or as soon as reasonably practicable thereafter. (b) The legal representative, heir, assignee or successor at law, as applicable, of a Limited Partner that has died or become disabled, incapacitated, incompetent, terminated, bankrupt, insolvent or dissolved shall succeed as assignee to the Limited Partner's Interest upon the death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of such Limited Partner, but shall not be admitted as a substituted Limited Partner without the consent of the General Partner, which may be given or withheld in its sole discretion. Unless determined otherwise by the General Partner: (i) any legal representative that becomes a Limited Partner pursuant to this paragraph shall assume all of the rights, obligations, commitments and liabilities of the assignor Limited Partner arising under this Agreement as if the legal representative were the assignor Limited Partner; and (ii) the death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of a Limited Partner shall not create any right to withdraw all or any portion of such Person's Capital Account(s). (c) The death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of a Limited Partner shall not dissolve the Partnership.

Death, Disability, etc. of Limited Partners. ‌ (a) In the event of the death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency insolvency, winding-up or dissolution of a Limited Partner, the legal representative of such Limited Partner shall notify the General Partner of such event within 30 days after such event occurs, or as soon as reasonably practicable thereafter. (b) The legal representative, heir, assignee or successor at law, as applicable, of a Limited Partner that has died or become disabled, incapacitated, incompetent, terminated, bankrupt, insolvent or dissolved shall succeed as assignee to the Limited Partner's ’s Interest upon the death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of such Limited Partner, but shall not be admitted as a substituted Limited Partner without the consent of the General Partner, which may be given or withheld in its sole discretion. Unless determined otherwise by the General Partner: (i) any legal representative that becomes a Limited Partner pursuant to this paragraph shall assume all of the rights, obligations, commitments and liabilities of the assignor Limited Partner arising under this Agreement as if the legal representative were the assignor Limited Partner; and (ii) the death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency insolvency, winding-up or dissolution of a Limited Partner shall not create any right to withdraw all or any portion of such Person's ’s Capital Account(s)Account. (c) The death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of a Limited Partner shall not dissolve the Partnership.