Common use of Incapacity of a Director Clause in Contracts

Incapacity of a Director. (a) In the event of the incapacity of a Director, the business of the Fund shall be continued with the Fund property by the remaining Directors. Subject to Section 3.04, the remaining Directors shall give notification to the Investors of such event and shall, within 90 days, call a meeting of the Management Committee for the purpose of designating a successor Director. Any such successor Director shall hold such office until the next bi-annual meeting of Investors or until his or her successor has been approved and elected. The Directors shall make such amendments to the certificate of formation and execute and file for recordation such amendments or other documents or instruments as are necessary and required by the Act or this Agreement to reflect the termination of the Fund Interest of the Incapacitated Director, the fact that such Incapacitated Director has ceased to be a Director, and the appointment of such successor Director. (b) In the event of the Incapacity of all Directors, the Fund shall be dissolved. Upon the Incapacity of all Directors, a Director shall immediately cease to be a Director and its Fund Interest, as such, shall continue only for the purpose of determining the amount, if any, that it is entitled to receive upon any dissolution pursuant to Section 15.01. (c) Any such termination of a Director shall not affect any rights or liabilities of the Incapacitated Director that matured prior to such Incapacity.

Incapacity of a Director. (a) In the event of the incapacity of a Director, the business of the Fund shall be continued with the Fund property by the remaining Directors. Subject to Section 3.047.1, the remaining Directors shall give notification to the Investors Members of such event and shall, within 90 days, call a meeting of the Management Committee Board for the purpose of designating a successor Director. Any such successor Director shall hold such office until the next bi-annual meeting of Investors Biannual Meeting or until his or her successor has been approved and elected. The Directors shall make such amendments to the certificate of formation and execute and file for recordation such amendments or other documents or instruments as are necessary and required by the Act or this Agreement to reflect the termination of the Fund Interest of the Incapacitated Director, the fact that such Incapacitated Director has ceased to be a Director, and the appointment of such successor Director. (b) In the event of the Incapacity of all Directors, the Fund shall be dissolved. Upon the Incapacity of all Directors, a Director shall immediately cease to be a Director and its Fund Interest, as such, shall continue only for the purpose of determining the amount, if any, that it is entitled to receive upon any dissolution pursuant to Section 15.0110. (c) Any such termination of a Director shall not affect any rights or liabilities of the Incapacitated Director that matured prior to such Incapacity.

Incapacity of a Director. (a) In the event of the incapacity of a Director, the business of the Fund shall be continued with the Fund property by the remaining Directors. Subject to Section 3.047.1, the remaining Directors shall give notification to the Investors Members of such event and shall, within 90 days, call a meeting of the Management Committee for the purpose of designating a successor Director. Any such successor Director shall hold such office until the next bi-annual meeting of Investors or until his or her successor has been approved and elected. The Directors shall make such amendments to the certificate of formation and execute and file for recordation such amendments or other documents or instruments as are necessary and required by the Act or this Agreement to reflect the termination of the Fund Interest of the Incapacitated Director, the fact that such Incapacitated Director has ceased to be a Director, and the appointment of such successor Director. (b) In the event of the Incapacity of all Directors, the Fund shall be dissolved. Upon the Incapacity of all Directors, a Director shall immediately cease to be a Director and its Fund Interest, as such, shall continue only for the purpose of determining the amount, if any, that it is entitled to receive upon any dissolution pursuant to Section 15.0110. (c) Any such termination of a Director shall not affect any rights or liabilities of the Incapacitated Director that matured prior to such Incapacity.

Incapacity of a Director. (a) In the event of the incapacity of a Director, the business of the Fund shall be continued with the Fund property by the remaining Directors. Subject to Section 3.04, the remaining Directors shall give notification to the Investors of such event and shall, within 90 days, call a meeting of the Management Committee Directors for the purpose of designating a successor Director. Any such successor Director shall hold such office until the next bi-annual meeting of Investors or until his or her successor has been approved and elected. The Directors shall make such amendments to the certificate of formation and execute and file for recordation such amendments or other documents or instruments as are necessary and required by the Act or this Agreement to reflect the termination of the Fund Interest of the Incapacitated Director, the fact that such Incapacitated Director has ceased to be a Director, and the appointment of such successor Director. (b) In the event of the Incapacity of all Directors, the Fund shall be dissolved. Upon the Incapacity of all Directorsa Director, a Director shall immediately cease to be a Director and its Fund Interest, as such, shall continue only for the purpose of determining the amount, if any, that it is entitled to receive upon any dissolution pursuant to Section 15.01. (c) Any such termination of a Director shall not affect any rights or liabilities of the Incapacitated Director that matured prior to such Incapacity.