Incapacity of a Limited Partner Sample Clauses

Incapacity of a Limited Partner. In the event of the Incapacity of a Limited Partner, the Partnership shall not terminate, and the Limited Partner's trustee in bankruptcy or other legal representative shall have only the rights of a transferee of the right to receive Partnership distributions applicable to the Interest of such Incapacitated Limited Partner as provided herein. Any Transfer from such trustee in bankruptcy
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Incapacity of a Limited Partner. A Limited Partner shall be deemed incapacitated as of the date it files for Bankruptcy, is judicially declared incompetent or insane, or has appointed a legal guardian or conservator. The trustee in Bankruptcy, legal guardian, or conservator shall be referred to as the Successor. On the incapacity of a Limited Partner, its Successor shall become a Limited Partner except that its Percentage Interest shall be subject to the option described in Paragraph 15.1.3.
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Incapacity of a Limited Partner. If a Limited Partner dies, such Limited Partner's executor, administrator, or trustee, or, if such Limited Partner is adjudicated incompetent, such Limited Partner's committee, guardian, or conservator, or, if such Limited Partner becomes bankrupt, the trustee or receiver of such Limited Partner's estate, shall have all the rights of a Limited Partner for the purpose of settling or managing the estate of such Limited Partner, and such power as the Incapacitated Limited Partner possessed to assign all or any part of the Incapacitated Limited Partner's Partnership Interest and to join with such assignee in satisfying conditions precedent to such assignee's becoming a Substituted Limited Partner. The Incapacity of a Limited Partner shall not dissolve the Partnership.
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Incapacity of a Limited Partner. (a) Notwithstanding any other provision of this Agreement, the death, Bankruptcy, dissolution or incompetence of a Limited Partner shall not, in and of itself, cause a dissolution of the Partnership, and upon the occurrence of such an event, the Partnership shall continue without dissolution. If any such event shall occur with respect to a Limited Partner, the trustee, successors or assigns of such Limited Partner shall succeed only to the economic interest of such Limited Partner herein, but no such trustee, successor or assignee shall become a substituted Limited Partner unless and until the requirements of Sections 10.1, 10.3, 10.4 and 10.5 hereof with respect thereto have been satisfied. (b) Notwithstanding any other provision of this Agreement, the Bankruptcy of a Partner shall not cause the Partner to cease to be a partner of the Partnership, and, upon the occurrence of such an event, the Partnership shall continue without dissolution, except to the extent provided in Section 4.6 hereof.
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Incapacity of a Limited Partner. In the event of the Incapacity of a Limited Partner, the General Partner may require the Transfer of the Interest of such Limited Partner (whether such Interest remains with such Limited Partner or is transferred to a trustee in bankruptcy or other legal representative) at a purchase price equal to the amount of such Partner's Capital Account, as adjusted as of the date of such Transfer to reflect Profits and Losses through such date and the Fair Market Value of the Partnership's assets as of such date. In the event of the Incapacity of a Limited Partner, the Partnership shall not be terminated, and the Limited Partner's trustee in bankruptcy or other legal representative shall have only the rights of a transferee of the right to receive Partnership distributions applicable to the Interest of such incapacitated Limited Partner as provided herein. Any Transfer from such trustee in bankruptcy or legal representative shall be subject to the provisions of this Agreement.
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Incapacity of a Limited Partner. If a Limited Partner dies, its executor, administrator, or trustee, or, if it is adjudicated incompetent, its committee, guardian, or conservator, or, if it becomes bankrupt, the trustee or receiver of its estate, shall have all the rights of a Limited Partner for the purpose of settling or managing the estate of such Limited Partner, and such power as the Limited Partner possessed to assign all or any part of its Interest and to join with such assignee in satisfying conditions precedent to such assignee becoming a substituted Limited Partner. The death, adjudication of incompetency, or bankruptcy of a Limited Partner shall not dissolve the Partnership.
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Incapacity of a Limited Partner. In the event of the Incapacity of a Limited Partner or the occurrence of any other event that causes a Limited Partner to cease to be a limited partner of the Partnership, the Partnership shall not be dissolved or terminated except as provided in Section 9.1(i), and the relevant Limited Partner’s trustee in bankruptcy or other legal representative shall have only the rights of a Transferee which has not been admitted as a Limited Partner. Any such trustee in bankruptcy or other legal representative shall be admitted as a Limited Partner only upon satisfying the requirements set forth in Section 8.3. Any Transfer from such trustee in bankruptcy or legal representative shall be subject to the relevant provisions of this Agreement.
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Incapacity of a Limited Partner. The Bankruptcy dissolution of a Limited Partner shall not, in and of itself, cause dissolution of the Partnership. If any such event shall occur with respect to a Limited Partner, the trustee, successors or assigns of such Limited Partner shall succeed only to the economic interest of such Limited Partner herein, but no such trustee, successor or assignee shall become a substituted Limited Partner unless and until the requirements of this Article 11 with respect thereto have been satisfied.
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Incapacity of a Limited Partner. In the event of the Incapacity of a Limited Partner, the Partnership shall not be terminated, and the Limited Partner's trustee in bankruptcy
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Related to Incapacity of a Limited Partner

  • Incapacity If a Limited Partner is subject to Incapacity, the executor, administrator, trustee, committee, guardian, conservator or receiver of such Limited Partner’s estate shall have all the rights of a Limited Partner, but not more rights than those enjoyed by other Limited Partners, for the purpose of settling or managing the estate, and such power as the Incapacitated Limited Partner possessed to Transfer all or any part of its interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the Partnership.

  • Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

  • Limited Liability of Members No Member shall be liable for any debts or obligations of the Company beyond the amount of the Capital Contributions made by such Member.

  • Withdrawal of Limited Partners No Limited Partner shall have any right to withdraw from the Partnership; provided, however, that when a transferee of a Limited Partner’s Limited Partner Interest becomes a Record Holder of the Limited Partner Interest so transferred, such transferring Limited Partner shall cease to be a Limited Partner with respect to the Limited Partner Interest so transferred.

  • Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner (a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal, dissolution or removal of the General Partner. (b) Following the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership for the balance of the term specified in Section 2.4 hereof by selecting, subject to Section 7.2 hereof and any other provisions of this Agreement, a substitute General Partner by consent of a majority in interest of the Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement.