Death, Bankruptcy, Incompetency Sample Clauses

Death, Bankruptcy, Incompetency etc. of a Limited Partner. Upon the death, dissolution, adjudication of bankruptcy, or adjudication of incompetency or insanity of the Limited Partner or Special Limited Partner, such Partner's executors, administrators or legal representatives shall have all the rights of its predecessor-in-interest for the purpose of settling or managing such Partner's estate, including such power as such Partner possessed to constitute a successor as a transferee of its Interest in the Partnership and to join with such transferee in making the application to substitute such transferee as a Partner.
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Death, Bankruptcy, Incompetency etc. of a Limited Partner. Upon the death, dissolution, adjudication of bankruptcy, or adjudication of incompetency or insanity of a Limited Partner or Special Limited Partner, such Partner's executors, administrators or legal representatives shall have all the rights of a Limited Partner or Special Limited Partner, as the case may be, for the purpose of settling or managing such Partner's estate, including such power as such Partner possessed to constitute a successor as a transferee of its Interest in the Partnership and to join with such transferee in making the application to substitute such transferee as a Partner. However, such executors, administrators or legal representatives will not have the right to become Substitute Limited Partners or substitute Special Limited Partners in the place of their respective predecessors-in-interest unless the General Partner shall so consent.
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Death, Bankruptcy, Incompetency etc., of a Limited Partner. Upon the death, dissolution, adjudication of bankruptcy, or adjudication of incompetency or insanity of the Limited Partner, the Georgia Limited Partner, or Special Limited Partner, such Partner's executors, administrators or legal representatives shall have all the rights of its predecessor-in-interest for the purpose of settling or managing such Partner's estate, including such power as such Partner possessed to constitute a successor as a transferee of its Interest in the Partnership and to join with such transferee in making the application to substitute such transferee as a Partner.
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Death, Bankruptcy, Incompetency etc., of a Limited Partner. Upon the death, dissolution, adjudication of bankruptcy, or adjudication of incompetency or insanity of the Limited Partner or Special Limited Partner, such Partner's executors, administrators or legal representatives shall have all the rights of its predecessor-in-interest for the purpose of settling or managing such Partner's estate, including such power as such Partner possessed to constitute a successor as a transferee of its Interest in the Partnership and to join with such transferee in making the application to substitute such transferee as a Partner. However, such executors, administrators or legal representatives shall not have the right to become Substitute Limited Partners or Substitute Special Limited Partners in the place of their respective predecessor-in-interest unless the General Partner shall consent thereto which consent, in the General Partner's absolute discretion, may be withheld, or unless by operation of law.
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Death, Bankruptcy, Incompetency etc. of an Investor Member. Upon the death, dissolution, adjudication of bankruptcy, or adjudication of incompetency or insanity of an Investor Member or Special Member, such Member's executors, administrators or legal representatives shall have all the rights of an Investor Member or Special Member, as the case may be, for the purpose of settling or managing such Member's estate, including such power as such Member possessed to constitute a successor as a transferee of its Interest in the Company and to join with such transferee in making the application to substitute such transferee as a Member. However, such executors, administrators or legal representatives will not have the right to become Substitute Investor Members or substitute Special Members in the place of their respective predecessors-in-interest unless the Managing Member shall so consent.
Sample 1
Death, Bankruptcy, Incompetency etc. of a Limited Partner. Upon the death, dissolution, adjudication of bankruptcy, or adjudication of Incompetency or insanity of a Limited Partner, Special Limited Partner or Missouri Limited Partner, such Partner's executors, administrators or legal representatives shall have all the rights of a Limited Partner, Special Limited Partner or Missouri Limited Partner, as the case may be, for the purpose of settling or managing such Partner's estate, including such power as such Partner possessed to constitute a successor as a transferee of its Interest in the Partnership and to join with such transferee in making the application to substitute such transferee as a Partner. However, such executors, administrators or legal representatives will not have the right to become Substitute Limited Partners, Substitute Special Limited Partners or Substitute Missouri Limited Partners in the place of their respective predecessors-in-interest unless the General Partner shall so consent.
Sample 1
Death, Bankruptcy, Incompetency etc. of a Limited Partner. Upon the death, dissolution, adjudication of bankruptcy, or adjudication of incompetency or insanity of a Limited Partner, Class A Special Limited Partner or Class B Special Limited Partner such Partner's executors, administrators or legal representatives shall have all the rights of a Limited Partner, Class A Special Limited Partner or Class B Special Limited Partner as the case may be, for the purpose of settling or managing such Partner's estate, including such power as such Partner possessed to constitute a successor as a transferee of its Interest in the Partnership and to join with such transferee in making the application to substitute such transferee as a Partner. However, such executors, administrators or legal representatives will not have the right to become Substitute Limited Partners, Substitute Class A Special Limited Partners or Substitute Class B Special Limited Partners in the place of their respective predecessors-in-interest unless the General Partner shall so consent.
Sample 1
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Death, Bankruptcy, Incompetency. The death, bankruptcy or incompetency of a general partner shall not terminate the PARTNERSHIP and shall have no effect upon the continuing of the business of the PARTNERSHIP. In the event of death or incompetency of a partner having less than a majority in interest in the PARTNERSHIP, then the guardian or personal representative, as the case may be, of such partner shall become a partner in the PARTNERSHIP with the same interest in the profits, losses and capital of the PARTNERSHIP as possessed by the deceased or incompetent partner at the time of death or incompetency and with the same rights and privileges as though originally named as a partner herein. In the event of the death, bankruptcy or incompetency of a partner having a majority in interest in the PARTNERSHIP, then the interest of such partner shall immediately be transferred to Xxxxxx X. XxXxxxxxxxxx to be held by him in trust for said partner in the case of incompetency or bankruptcy of said partner or for the party who was to receive said interest in the event of the death of said partner. During the period that said interest is so held in trust, the affairs of the PARTNERSHIP shall continue to be conducted in accordance with the terms of this PARTNERSHIP, and the authority and control attendant with the majority in interest shall be exercised by Xxxxxx X. XxXxxxxxxxxx. The conflict arising by virtue of Xxxxxx X. XxXxxxxxxxxx holding partnership interests both for himself and in trust is hereby acknowledged by the partners, and such conflict shall not be grounds for disqualification of Xxxxxx X. XxXxxxxxxxxx, who shall be subject to removal only upon proof of actual breach of his fiduciary duties. As trustee, Xxxxxx X. XxXxxxxxxxxx shall use his best efforts to liquidate the interest held in trust upon such terms as are fair, reasonable and proper under the circumstances within five (5) years from the date that such interest commenced to be so held in trust. In the event that Xxxxxx X. XxXxxxxxxxxx is unwilling or unable to hold such interest in trust, such interest shall be transferred in trust to such party as shall be determined by the majority of Xxxxxx X. XxXxxxxxxxxx, Xxxxxx Xxxxxx and Xxxxxxx XxXxxxxxxxxx, or by a majority of such of them as shall then be living. The party holding said interest in trust shall have the same powers and duties as granted herein to Xxxxxx X. XxXxxxxxxxxx and the party holding said interest in trust, including Xxxxxx X. XxXxxxxxxxxx, may receive compensatio...
Sample 1
Death, Bankruptcy, Incompetency etc. of a Limited Partner. Upon the death, dissolution, adjudication of bankruptcy, insanity or adjudication of incompetency of a Limited Partner or Special Limited Partner, such Partner's executors, administrators or legal representatives shall have all the rights of a Limited Partner or Special Limited Partner, as the case may be, for the purpose of settling or managing such Partner's estate, including such power as such Partner possessed to assign his interest as a Partner. However, such executors, administrators or legal representatives will not have the right to become Substitute Limited Partners or substitute Special Limited Partners in the place of their predecessors-in-interest unless the General Partner consents in accordance with Section 12.5(a).
Sample 1

Related to Death, Bankruptcy, Incompetency

  • Termination for Bankruptcy/Insolvency Either Party may terminate this Agreement immediately following written notice to the other Party if the other Party (i) ceases to do business in the normal course, (ii) becomes or is declared insolvent or bankrupt, (iii) is the subject of any proceeding related to its liquidation or insolvency (whether voluntary or involuntary) which is not dismissed within ninety (90) calendar days or (iv) makes an assignment for the benefit of creditors.

  • Action if Bankruptcy If any Event of Default described in clauses (i) through (iv) of Section 9.1(h) with respect to the Borrower shall occur, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of the Loans and all other Obligations shall automatically be and become immediately due and payable, without notice or demand to any Person.

  • Involuntary Bankruptcy; Appointment of Receiver, Etc (i) A court of competent jurisdiction shall enter a decree or order for relief in respect of Borrower or any of its Subsidiaries (other than any Immaterial Subsidiaries) in an involuntary case under any Insolvency Law, which decree or order is not stayed; or any other similar relief shall be granted under any Applicable Law; or (ii) an involuntary case or proceeding (including the filing of any notice of intention in respect thereof) shall be commenced against Borrower or any of its Subsidiaries (other than any Immaterial Subsidiaries) under any Insolvency Law now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, receiver-manager, administrative receiver, administrator, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Borrower or any of its Subsidiaries (other than any Immaterial Subsidiaries), or over all or a substantial part of its property, shall have been entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee, custodian or similar officer of Borrower or any of its Subsidiaries (other than any Immaterial Subsidiaries) for all or a substantial part of its property; or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of Borrower or any of its Subsidiaries (other than any Immaterial Subsidiaries), and any such event described in this clause (ii) shall continue for sixty days without having been dismissed, bonded or discharged; or

  • Bankruptcy; Insolvency Upon the occurrence of any proceeding of the type described in Section 5.1(d) of the Sale Agreement involving SPV as debtor, then and in any such event the Senior Claimants shall receive payment in full of all amounts due or to become due on or in respect of Capital and the Senior Claim (including "CP Costs" and "Yield" as defined and as accruing under the Purchase Agreement after the commencement of any such proceeding, whether or not any or all of such CP Costs or Yield is an allowable claim in any such proceeding) before Originator is entitled to receive payment on account of this Subordinated Note, and to that end, any payment or distribution of assets of SPV of any kind or character, whether in cash, securities or other property, in any applicable insolvency proceeding, which would otherwise be payable to or deliverable upon or with respect to any or all indebtedness under this Subordinated Note, is hereby assigned to and shall be paid or delivered by the Person making such payment or delivery (whether a trustee in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Agent for application to, or as collateral for the payment of, the Senior Claim until such Senior Claim shall have been paid in full and satisfied.

  • Termination Upon Bankruptcy Either Party may terminate this Agreement if, at any time, the other Party shall (a) file in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of that Party or of its assets, (b) propose a written agreement of composition or extension of its debts, (c) be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition has not been dismissed within sixty (60) days after the filing thereof, (d) propose or be a party to any dissolution or liquidation, (e) make an assignment for the benefit of its creditors or (f) admit in writing its inability generally to meet its obligations as they fall due in the general course.

  • Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

  • Involuntary Bankruptcy If any involuntary petition is filed under any bankruptcy or similar law or rule against Investor, and such petition is not dismissed within sixty (60) days, or a receiver, trustee, liquidator, assignee, custodian, sequestrator or other similar official is appointed to take possession of any of the assets or properties of Investor.

  • Involuntary Bankruptcy, etc If an Insolvency Proceeding is commenced against a Loan Party or any of its Subsidiaries and any of the following events occur: (a) such Loan Party or such Subsidiary consents to the institution of such Insolvency Proceeding against it, (b) the petition commencing the Insolvency Proceeding is not timely controverted, (c) the petition commencing the Insolvency Proceeding is not dismissed within 60 calendar days of the date of the filing thereof, (d) an interim trustee is appointed to take possession of all or any substantial portion of the properties or assets of, or to operate all or any substantial portion of the business of, such Loan Party or its Subsidiary, or (e) an order for relief shall have been issued or entered therein;

  • Bankruptcy, Insolvency, etc The Borrower or any of its Subsidiaries or any other Obligor shall

  • Termination for Bankruptcy In the event that either Party files for protection under bankruptcy laws, makes an assignment for the benefit of creditors, appoints or suffers appointment of a receiver or trustee over its property, files a petition under any bankruptcy or insolvency act or has any such petition filed against it which is not discharged within sixty (60) days of the filing thereof, then the other Party may terminate this Agreement effective immediately upon written notice to such Party.

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