Common use of Right to Continue Business of Partnership Clause in Contracts

Right to Continue Business of Partnership. Upon an event described in Section 13.02(b), the Partnership thereafter shall be dissolved and liquidated unless, within ninety (.90) days after the event described in such Section, an election to reconstitute and continue the business of the Partnership shall be made writing by a Majority Interest and a successor General Partner is selected by a Majority Interest. If such an election to continue the Partnership is made and a successor General Partner selected, then: (i) the Partnership shall continue until the Termination Date unless earlier dissolved in accordance with this Article XIII; (ii) the Partnership Interest of the former General Partner shall be treated thenceforth as the interest of a Record Holder and either (A) purchased by the successor General Partner or (B) converted into Units in the manners provided in Section 12.04 as if the former General Partner were a departing General Partner under Section 12.04; and (iii) all necessary steps shall be taken to amend this Agreement and the Certificate of Limited Partnership to reflect the reconstitution and continuation of the business of the Partnership.

Right to Continue Business of Partnership. Upon an event described in Section 13.02(b11.02(b), the Partnership thereafter shall be dissolved and liquidated unless, within ninety (.9090) days after the event described in such Section, an election to reconstitute and continue the business of the Partnership shall be made in writing by a Majority Interest the Limited Partners and a successor General Partner is selected by a Majority Interest. If such an election e lection to continue the Partnership is made and a successor General Partner selected, then: (i) the Partnership shall continue until the Termination Date unless earlier dissolved in accordance with this Article XIIIXI; (ii) the Partnership Interest of the former General Partner shall be treated thenceforth as the interest of a Record Holder and either (A) purchased by the successor General Partner or (B) converted into Units in the manners provided in Section 12.04 10.04 as if the former General Partner were a departing General Partner under Section 12.0410.04; and (iii) all necessary steps shall be taken to amend this Agreement and the Certificate of Limited Partnership to reflect the reconstitution and continuation of the business of the Partnership.. ​ ​

Right to Continue Business of Partnership. Upon an event described in Section 13.02(b), the Partnership thereafter shall be dissolved and liquidated unless, within ninety (.90) days after the event described in such Section, an election to reconstitute and continue the business of the Partnership shall be made writing by a Majority Interest and a successor General Partner is selected by a Majority Interest. If such an election to continue the Partnership is made and a successor General Partner selected, then: (i) the Partnership shall continue until the Termination Date unless earlier dissolved in accordance with this Article XIII; (ii) the Partnership Interest of the former General Partner shall be treated thenceforth as the interest of a Record Holder and either either (A) purchased by the successor General Partner or (B) converted into Units in the manners provided in Section 12.04 as if the former General Partner were a departing General Partner under Section 12.04; and (iii) all necessary steps shall be taken to amend this Agreement and the Certificate of Limited Partnership to reflect the reconstitution and continuation of the business of the Partnership.

Right to Continue Business of Partnership. Upon an event described in Section 13.02(b), the Partnership thereafter shall be dissolved and liquidated unless, within ninety (.9090) days after the event described in such Section, an election to reconstitute and continue the business of the Partnership shall be made writing by a Majority Interest and a successor General Partner is selected by a Majority Interest. If such an election to continue the Partnership is made and a successor General Partner selected, then: (i) the Partnership shall continue until the Termination Date unless earlier dissolved in accordance with this Article XIII; (ii) the Partnership Interest of the former General Partner shall be treated thenceforth as the interest of a Record Holder and either (A) purchased by the successor General Partner or (B) converted into Units in the manners provided in Section 12.04 as if the former General Partner were a departing General Partner under Section 12.04; and (iii) all necessary steps shall be taken to amend this Agreement and the Certificate of Limited Partnership to reflect the reconstitution and continuation of the business of the Partnership.