Common use of Incapacity, Death, Insolvency or Bankruptcy Clause in Contracts

Incapacity, Death, Insolvency or Bankruptcy. ‌ Where a Person becomes entitled to Units on the incapacity, death, insolvency, or bankruptcy of a Limited Partner, or otherwise by operation of law, in addition to the requirements of Section 3.13, such entitlement will not be recognized or entered into the Record until such Person has produced evidence satisfactory to the Partnership GP of such entitlement. The death of a Limited Partner during the continuance of Partnership shall not terminate the Partnership or give the personal representatives or the heirs of the estate of the deceased Limited Partner a right to any accounting or to take any action in the courts or otherwise against other Limited Partners or the Partnership GP, officers of the Partnership GP or the property of the Partnership but shall only entitle the personal representatives or the heirs of the estate of the deceased Limited Partner to succeed to all rights of the deceased Limited Partner under this Agreement.

Incapacity, Death, Insolvency or Bankruptcy. ‌ Where a Person becomes entitled to Units on the incapacity, death, insolvency, or bankruptcy of a Limited Partner, or otherwise by operation of law, in addition to the requirements of Section 3.13, such entitlement will not be recognized or entered into the Record until such Person has produced evidence satisfactory to the Partnership GP of such entitlement. The death of a Limited Partner during the continuance of Partnership shall not terminate the Partnership or give the personal representatives or the heirs of the estate of the deceased Limited Partner a right to any accounting or to take any action in the courts or otherwise against other Limited Partners or the Partnership GP, officers of the Partnership GP or the property of the Partnership but shall only entitle the personal representatives or the heirs of the estate of the deceased Limited Partner to succeed to all rights of the deceased Limited Partner under this Agreement.