Common use of INSOLVENCY, DISSOLUTION OR BANKRUPTCY OF A LIMITED PARTNER Clause in Contracts

INSOLVENCY, DISSOLUTION OR BANKRUPTCY OF A LIMITED PARTNER. The insolvency, dissolution or bankruptcy of a Limited Partner shall not terminate the Partnership. In such event, the trustee, representative, or other successor in interest of such Limited Partner shall have only the rights of an assignee of a Limited Partner which does not become a substituted limited partner under the Act.

INSOLVENCY, DISSOLUTION OR BANKRUPTCY OF A LIMITED PARTNER. The insolvency, dissolution or bankruptcy of the Special General Partner or of a Limited Partner shall not terminate the Partnership. In such event, the trustee, representative, or other successor in interest of such Limited Partner or the Special General Partner shall have only the rights of an assignee of a Limited Partner which does not become a substituted limited partner under the Act.