Common use of Effect of Death, Etc Clause in Contracts

Effect of Death, Etc. The death, retirement, withdrawal, expulsion, disability, Incapacity, incompetency, bankruptcy, insolvency or dissolution of a Limited Partner, or the occurrence of any other event under the Act that terminates the continued membership of a Limited Partner as a limited partner of the Fund, shall not cause the Fund to be dissolved and its affairs to be wound up so long as the Fund has at least one Limited Partner at all times. Upon the occurrence of any such event, the business of the Fund shall be continued without dissolution. The legal representatives, if any, of a Limited Partner shall succeed as assignee to the Limited Partner’s Interest upon death, Incapacity, incompetency, bankruptcy, insolvency or dissolution of a Limited Partner, but shall not be admitted as a Substituted Limited Partner except under the provisions of Section 11.6 hereof and with the written consent of the Board of Directors, which consent may be withheld in its sole discretion. The Interest held by such legal representative of a Limited Partner shall not be included in calculating the Interests of the Limited Partners required to take any action under this Agreement.

Effect of Death, Etc. The death, retirement, withdrawal, expulsion, disability, Incapacity, incompetency, bankruptcy, insolvency or dissolution of a Limited Partner, or the occurrence of any other event under the Act that terminates the continued membership of a Limited Partner as a limited partner of the Fund, shall not cause the Fund to be dissolved and its affairs to be wound up so long as the Fund has at least one Limited Partner at all times. Upon the occurrence of any such event, the business of the Fund shall be continued without dissolution. The legal representatives, if any, of a Limited Partner shall succeed as assignee to the Limited Partner’s Interest upon death, Incapacity, incompetency, bankruptcy, insolvency or dissolution of a Limited Partner, but shall not be admitted as a Substituted Limited Partner except under the provisions of Section 11.6 hereof and with the written consent of the Board of Directors, which consent may be withheld in its sole discretionhereof. The Interest held by such legal representative of a Limited Partner shall not be included in calculating the Interests of the Limited Partners required to take any action under this Agreement.