Bankruptcy of a Partner Sample Clauses

Bankruptcy of a Partner. The bankruptcy (as defined in the Partnership Law) of a Partner shall not cause such Partner to cease to be a member of the Partnership, and upon the occurrence of such an event, the business of the Partnership shall continue without dissolution.
Sample 1Sample 2See All (4)
AutoNDA by SimpleDocs
Bankruptcy of a Partner. The bankruptcy, insolvency, dissolution or liquidation of, or the making of an assignment for the benefit of creditors by, or any other act or circumstance with respect to, a Partner shall not cause the dissolution or termination of the Partnership.
Sample 1Sample 2
Bankruptcy of a Partner. In the event of a reconstitution of the Partnership following the Bankruptcy of a Partner, the Partner in Bankruptcy may transfer its Partnership Interest in accordance with the provisions of Section 12. In the event the Partner in Bankruptcy chooses not to, or, for any reason whatsoever, is unable to, transfer its Partnership Interest pursuant to Section 12, then the trustee or successor-in-interest of the Partner in Bankruptcy shall withdraw from the Partnership in accordance with the provisions of Section 15; provided, however, that a Partner in Bankruptcy under Chapter 11 of the United States Bankruptcy Code may remain a Partner as long as it meets and fulfills all of its duties and obligations as a Partner pursuant to this Amended Agreement.
Sample 1Sample 2
Bankruptcy of a Partner. If any partner files a voluntary petition in bankruptcy, is adjudicated a bankrupt, becomes insolvent, makes an assignment for the benefit of creditors, or applies for or consents to the appointment of a receiver or trustee with respect to any substantial part of his assets, or if a receiver or trustee is appointed or an attachment or execution levied with respect to any substantial part of any partner's assets and the appointment is not vacated or the attachment or execution is not released within (Number) days, of if a charging order is issued against any partner's interest in the partnership and is not released or satisfied within (Number) days, that partner shall then cease to be a partner and shall have no interest in common with the remaining partners in the partnership or its properties. From the date of that event, he shall be considered in equity as a seller to the partnership of his interest in the partnership at a price equal to (Amount, Percentage, or Method of determination of interest), and that amount shall be considered a debt owed by the partnership to that partner or his assignee or trustee, and all necessary deeds and other documents shall be executed pursuant thereto.
Sample 1
Bankruptcy of a Partner. Upon the Bankruptcy of a Partner, the non-Bankrupt Partner shall have the sole right to manage the Partnership and to wind up the business and affairs of the Partnership, and the rights of the Bankrupt Partner shall be limited to the right to share in the profits and losses and distributions of the Partnership to the extent provided in this Agreement and the Bankrupt Partner shall not have any right to participate in the management or operation of the Partnership or in making decisions in connection with the dissolution and winding up of the Partnership.
Sample 1
Bankruptcy of a Partner. The Bankruptcy of any Partner unless the Partnership is continued by the consent of the other Partner(s).
Sample 1
Bankruptcy of a Partner. The remaining Partners may terminate the interest of any Partner who shall have been adjudged a bankrupt pursuant to a petition in bankruptcy filed by or against that Partner under the Bankruptcy Act of the United States. A written notice stating the effective date of termination shall be served on both the Partner and the trustee in bankruptcy. The continuing Partners shall pay to the terminated Partner on the effective termination date the value of the Partnership interest of the terminated Partner as determined by Sections 30 and 31.
Sample 1
AutoNDA by SimpleDocs
Bankruptcy of a Partner. 24 10.7 DEATH, LEGAL INCAPACITY, ETC......................................24 ARTICLE XI DEFINITIONS 11.1 DEFINITIONS.......................................................25 ARTICLE XII MISCELLANEOUS
Sample 1

Related to Bankruptcy of a Partner

  • Death, Incompetency, or Bankruptcy of Member On the death, adjudicated incompetence, or bankruptcy of a Member, unless the Company exercises its rights under Section 8.5, the successor in interest to the Member (whether an estate, bankruptcy trustee, or otherwise) will receive only the economic right to receive distributions whenever made by the Company and the Member's allocable share of taxable income, gain, loss, deduction, and credit (the "Economic Rights") unless and until a majority of the other Members determined on a per capita basis admit the transferee as a fully substituted Member in accordance with the provisions of Section 8.3.

  • Bankruptcy or Insolvency If the Borrower, Grantor or any Guarantor: (i) becomes insolvent, or makes a transfer in fraud of creditors, or makes an assignment for the benefit of creditors, or admits in writing its inability to pay its debts as they become due; (ii) generally is not paying its debts as such debts become due; (iii) has a receiver, trustee or custodian appointed for, or take possession of, all or substantially all of the assets of such party or any of the Collateral, either in a proceeding brought by such party or in a proceeding brought against such party and such appointment is not discharged or such possession is not terminated within sixty (60) days after the effective date thereof or such party consents to or acquiesces in such appointment or possession; (iv) files a petition for relief under the United States Bankruptcy Code or any other present or future federal or state insolvency, bankruptcy or similar laws (all of the foregoing hereinafter collectively called "Applicable Bankruptcy Law") or an involuntary petition for relief is filed against such party under any Applicable Bankruptcy Law and such involuntary petition is not dismissed within sixty (60) days after the filing thereof, or an order for relief naming such party is entered under any Applicable Bankruptcy Law, or any composition, rearrangement, extension, reorganization or other relief of debtors now or hereafter existing is requested or consented to by such party; (v) fails to have discharged within a period of sixty (60) days any attachment, sequestration or similar writ levied upon any property of such party; or (vi) fails to pay within thirty (30) days any final money judgment against such party.

  • Bankruptcy; Insolvency The Lessee agrees that in the event all or a substantial portion of the Lessee’s assets are placed in the hands of a receiver or a Trustee, and such status continues for a period of 30 days, or should the Lessee make an assignment for the benefit of creditors or be adjudicated bankrupt; or should the Lessee institute any proceedings under the bankruptcy act or any amendment thereto, then such Lease or interest in and to the leased Premises shall not become an asset in any such proceedings and, in such event, and in addition to any and all other remedies of the Lessor hereunder or by law provided, it shall be lawful for the Lessor to declare the term hereof ended and to re-enter the leased land and take possession thereof and all improvements thereon and to remove all persons therefrom and the Lessee shall have no further claim thereon.

Time is Money Join Law Insider Premium to draft better contracts faster.