DISABLING EVENT; SINGLE PURPOSE ENTITY Clause Samples

DISABLING EVENT; SINGLE PURPOSE ENTITY. (a) In the event a Disabling Event occurs with respect to a General Partner, the Limited Partner within such General Partner's Group must appoint, within thirty (30) days of such Disabling Event, a replacement General Partner. Upon such appointment, the replacement General Partner shall succeed to the Interests and all of the rights and obligations of the General Partner which was subject to a Disabling Event. (b) Each Partner represents, warrants and covenants that it is and will remain a Single Purpose Entity.