Common use of Effective Date and Reconstitution Clause in Contracts

Effective Date and Reconstitution. Dissolution shall be effective on the day the event occurs giving rise to the dissolution, but the Partnership shall not terminate until all of its affairs have been wound up and all Partnership assets have been distributed. In the event the Partnership is dissolved for any reason, the General Partner shall furnish written notice of the dissolution promptly to all Partners. Upon the occurrence of an event of dissolution described in Section 6.1, the Partnership shall not be reconstituted except with the consent of Partners holding a majority of the Capital Percentages and Capital Account balances remaining.

Effective Date and Reconstitution. Dissolution shall be effective on the day the event occurs giving rise to the dissolution, but the Partnership shall not terminate until all of its affairs have been wound up and all Partnership assets have been distributed. In the event the Partnership is dissolved for any reason, the General Partner shall furnish written notice of the dissolution promptly to all Partners. Upon the occurrence of an event of dissolution described in Section 6.17.1, the Partnership shall not be reconstituted except with the consent of Partners holding a majority of the Capital Percentages Partnership Interests and Capital Account balances remaining.