Common use of Automatic Dissolution Clause in Contracts

Automatic Dissolution. The Partnership shall automatically and without notice be dissolved upon the happening of any of the following events: 14.2.1 Ninety days have elapsed since the commencement of any proceedings by or against any of the Partners for any relief under any bankruptcy or insolvency law, or any law relating to the relief of debtors, readjustment of indebtedness, reorganization, arrangement, composition or extension, and, if such proceedings have been commenced against any of the Partners, the proceedings have not been dismissed, nullified, stayed or otherwise rendered ineffective (but then only so long as the stay continues in force); 14.2.2 Ninety days have elapsed since the entry of a decree or order of a court having jurisdiction for the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of any of the Partners or of a substantial part of a Partner's property, or for the winding up or liquidation of its affairs, when the decree or order remains in force undischarged and unstayed for a period of 90 days, or any substantial part of the property of any of the Partners shall be sequestered or attached and is not returned to the possession of the Partner or released from the attachment within 90 days; 14.2.3 Any of the Partners makes a general assignment for the benefit of creditors or admits in writing its inability to pay its debts generally as they become due; 14.2.4 The filing of a certificate of dissolution by any Partner under the laws of the state of its incorporation or the entering of a final order dissolving any Partner by any court of competent jurisdiction; 14.2.5 The sale or abandonment of all or substantially all of the Partnership's business and assets; 14.2.6 Any event which makes it unlawful for the business of the Partnership to be carried on or for the Partners to carry on such business in a Partnership; or 14.2.7 Failure of the Management Committee to agree to permit or require the assignment or purchase of a withdrawing Partner's interest in the Partnership as provided in section 12.3.

Automatic Dissolution. The Partnership partnership shall automatically and without notice be dissolved upon the happening of any of the following events: 14.2.1 13.2.1 Ninety days have elapsed since the commencement of any proceedings by or against any of the Partners partners for any relief under any bankruptcy or insolvency law, or any law relating to the relief of debtors, readjustment of indebtedness, reorganization, arrangement, composition or extension, and, if such proceedings have been commenced against any of the Partnerspartners, the proceedings have not been dismissed, nullified, stayed or otherwise rendered ineffective (but then only so long as the stay continues in force); 14.2.2 13.2.2 Ninety days have elapsed since the entry of a decree or order of a court having jurisdiction for the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of any of the Partners partners or of a substantial part of a Partnerpartner's property, or for the winding up or liquidation of its affairs, when the decree or order remains in force undischarged and unstayed for a period of 90 days, or any substantial part of the property of any of the Partners partners shall be sequestered or attached and is not returned to the possession of the Partner partner or released from the attachment within 90 days; 14.2.3 13.2.3 Any of the Partners partners makes a general assignment for the benefit of creditors or admits in writing its inability to pay its debts generally as they become due; 14.2.4 13.2.4 The filing of a certificate of dissolution by any Partner partner under the laws of the state of its incorporation or the entering of a final order dissolving any Partner partner by any court of competent jurisdiction; 14.2.5 13.2.5 The sale or abandonment of all or substantially all of the Partnershippartnership's business and assets; 14.2.6 13.2.6 Any event which makes it unlawful for the business of the Partnership partnership to be carried on or for the Partners partners to carry on such business in a Partnershippartnership; or 14.2.7 13.2.7 Failure of the Management Committee management committee to agree to permit or require the assignment or purchase of a withdrawing Partnerpartner's interest in the Partnership partnership as provided in section 12.3.