Common use of Admission of Substitute Limited Partners Clause in Contracts

Admission of Substitute Limited Partners. A Transferee (which may be the heir or legatee of a Limited Partner) of a Limited Partner’s Partnership Interest, or Person acquiring a Partnership Interest pursuant to any foreclosure made upon any permitted pledge or hypothecation of the Partnership Interest, shall be entitled to receive the distributive share of the Partnership’s Profits, Losses, deductions, and credits attributable to such Partnership Interest. No Transferee shall become a substitute Limited Partner without the prior written consent of the General Partner, which consent will be given only in the sole discretion of the General Partner. Upon written consent by the General Partner, the Transferee shall execute a counterpart of this Agreement, thereby agreeing to be bound by the terms hereof as a Limited Partner with respect to the Partnership Interest so Transferred. Upon admission of a substitute Limited Partner, the substitute Limited Partner shall be subject to all of the restrictions applicable to, shall assume all of the obligations of, and shall attain the status of a Limited Partner under and pursuant to this Agreement with respect to the Partnership Interest held by the substitute Limited Partner.

Admission of Substitute Limited Partners. A Transferee (which may be the heir transferee or legatee of a Limited Partner) assignee of a Limited Partner’s Partnership Interest, or Person acquiring a Partnership Interest pursuant to any foreclosure made upon any permitted pledge or hypothecation of the Partnership Interest, shall be entitled to receive the distributive share of the Partnership’s Profits, Losses, deductions, and credits attributable to such Partnership Interest. No Transferee transferee or assignee shall become a substitute Limited Partner without the prior written consent of the General Partner, which consent will be given only in the sole discretion of the General Partner. Upon written consent by the General Partner, the Transferee transferee or assignee shall execute a counterpart of this Agreement, thereby agreeing to be bound by the terms hereof as a Limited Partner with respect to the Partnership Interest so Transferredtransferred. Upon admission of a substitute Limited Partner, the substitute Limited Partner shall be subject to all of the restrictions applicable to, shall assume all of the obligations of, and shall attain the status of a Limited Partner under and pursuant to this Agreement with respect to the Partnership Interest held by the substitute Limited Partner.

Admission of Substitute Limited Partners. A Transferee transferee (which may be the heir or legatee of a Limited Partner) or assignee of a Limited Partner’s 's Partnership Interest, or Person acquiring a Partnership Interest pursuant to any foreclosure made upon any permitted pledge or hypothecation of the such Partnership Interest, shall be entitled to receive the distributive share of the Partnership’s 's Profits, Losses, income, gains, losses, deductions, and credits attributable to such Partnership Interest. No Transferee shall To become a substitute Limited Partner, the transferor and the transferee must notify the General Partner without the prior written consent in writing of such transfer. If acceptable to the General Partner, which consent will be given only in the sole discretion of the General Partner. Upon written consent by the General Partnersuch transferee, the Transferee assignee, heir, or legatee shall execute a counterpart of this Agreement, thereby agreeing to be bound by the terms hereof as a Limited Partner with respect to the Partnership Interest so Transferredtransferred. Upon admission of a substitute Limited Partner, the substitute such Limited Partner shall be subject to all of the restrictions applicable to, shall assume all of the obligations of, and shall attain the status of a Limited Partner under and pursuant to this Agreement with respect to the Partnership Interest held by the substitute such Limited Partner.