Common use of Dissolution of Partnership Clause in Contracts

Dissolution of Partnership. Subject to the provisions of Section 8.4, in the event of the filing of a petition in bankruptcy, insolvency or for dissolution, or in the event of the removal or resignation of the General Partner, the Partnership shall thereupon be dissolved and terminated pursuant to Article XI. The date of the General Partner's filing of such petition for bankruptcy, insolvency or for dissolution, or the date of such removal or resignation, whichever is applicable, shall be deemed the last day of a Fiscal Year, unless the Partnership is continued pursuant to Section 8.4. If the Limited Partners fail to continue the business of the Partnership as provided in Section 8.4, the Partnership shall forthwith be terminated and the Partnership shall be dissolved as required by law.

Dissolution of Partnership. Subject to the provisions of Section 8.4, in the event of the filing of a petition in bankruptcy, insolvency or for dissolution, or in the event of the removal or resignation of the General Partner, the Partnership shall thereupon be dissolved and terminated pursuant to Article XI. The date of the General Partner's Partners filing of such petition for bankruptcy, insolvency or for dissolution, or the date of such removal or resignation, whichever is applicable, shall be deemed the last day of a Fiscal Year, unless the Partnership is continued pursuant to Section 8.4. If the Limited Partners fail to continue the business of the Partnership as provided in Section 8.4, the Partnership shall forthwith be terminated and the Partnership shall be dissolved as required by law.