Common use of Incapacity of Unitholders Clause in Contracts

Incapacity of Unitholders. If a Unitholder dies (or, in the case of an entity, dissolves or terminates), the Unitholder's executor, administrator or trustee or, if the Unitholder is adjudicated incompetent or insane, the Unitholder's guardian or conservator, or if the Unitholder becomes bankrupt, the trustee or receiver of the Unitholder's estate, shall have all the rights and obligations of a Unitholder for the purpose of settling or managing the Unitholder's estate and such power as the Unitholder possessed to assign the Unitholder's Units. The death, dissolution, termination, incompetency, insolvency or bankruptcy of a Unitholder shall not dissolve the Partnership.

Incapacity of Unitholders. If a Unitholder dies (or, in the case of an entity, dissolves or terminates), the Unitholder's executor, administrator or trustee or, if the Unitholder is adjudicated incompetent or insane, the Unitholder's guardian or conservator, or or, if the Unitholder becomes bankrupt, the trustee or receiver of the Unitholder's estate, estate shall have all the rights and obligations of a Unitholder for the purpose of settling or managing the Unitholder's estate and such power as the Unitholder possessed to assign the Unitholder's Units. The death, dissolution, termination, incompetency, insolvency or bankruptcy of a Unitholder shall not dissolve the PartnershipJetFleet II.