Common use of Election to Continue Clause in Contracts

Election to Continue. Upon the occurrence of an event causing dissolution of the Partnership pursuant to Section 12.1(a), 12.1(b) or 12.1(c), the General Partner (or former General Partner), shall promptly give notice of dissolution to the Limited Partners, and shall call for a vote of the Limited Partners to continue the business of the Partnership or to wind up the Partnership pursuant to Section 13.3 below. If the Limited Partners (or the Limited Partners with respect to Section 10.1(a)) do not, within sixty (60) days after any such dissolution, unanimously elect to continue the business of the Partnership, the Partnership shall be wound up pursuant to Section 12.3 of this Agreement. If the Limited Partners elect to continue the business of the Partnership, and there is then no General Partner, a substitute General Partner shall be elected on the written Approval of the Limited Partners, but if no substitute General Partner shall be elected and commence to serve as such within thirty (30) days after the effective date of the election to continue, the Partnership shall be wound up under Section 12.3, notwithstanding the election to continue.

Election to Continue. Upon the occurrence of an event -------------------- causing dissolution of the Partnership pursuant to Section 12.1(a)10.1(a) , 12.1(b10.1(b) or 12.1(c---------------------------- 10.1(c), the General Partner (or former General Partner), shall promptly give ------- notice of dissolution to the Limited Partners, and shall call for a vote of the Limited Partners to continue the business of the Partnership or to wind up the Partnership pursuant to Section 13.3 11.3 below. If the Limited Partners (or exclusive ------------ of any Partner that is an Affiliate of the Limited Partners with respect to Section 10.1(a)General Partner) do not, within sixty (60) days after any such dissolution, unanimously elect to continue the business of the Partnership, the Partnership shall be wound up pursuant to Section 12.3 10.3 ------------ of this Agreement. If the Limited Partners elect to continue the business of the Partnership, and there is then no General Partner, a substitute General Partner shall be elected on the written Approval of the Limited Partners, but if no substitute General Partner shall be elected and commence to serve as such within thirty (30) days after the effective date of the election to continue, the Partnership shall be wound up under Section 12.310.3, ------------ notwithstanding the election to continue.