Common use of ADMISSION OF SUBSTITUTE PARTNERS Clause in Contracts

ADMISSION OF SUBSTITUTE PARTNERS. Upon a transfer of a Unit by a Partner in accordance with ARTICLE IX (but not otherwise), the transferor shall have the power to give, and by transfer of any Certificate issued shall be deemed to have given, the transferee the right to apply to become a Substitute Partner with respect to the Unit(s) acquired, subject to the conditions of and in the manner permitted under this Agreement. A transferee of a Certificate representing a Unit shall be an Assignee with respect to the transferred Unit (whether or not such transferee is a Partner or Substitute Partner with respect to other previously acquired Units) unless and until all of the following conditions are satisfied:

ADMISSION OF SUBSTITUTE PARTNERS. Upon a transfer of a Unit by a Partner in accordance with ARTICLE IX Article 10 (but not otherwise), the transferor shall have the power to give, and by transfer of any Certificate issued shall be deemed to have given, the transferee the right to apply to become a Substitute Partner with respect to the Unit(s) Unit acquired, subject to the conditions of and in the manner permitted under this Agreement. A transferee of a Certificate representing a Unit shall be an Assignee with respect to the transferred Unit (whether or not such transferee is a Partner or Substitute Partner with respect to other previously acquired Units) and shall not become a Substitute Partner unless and until all of the following conditions are satisfied:

ADMISSION OF SUBSTITUTE PARTNERS. Upon a transfer Transfer of a Unit or Partnership Interest by a Partner in accordance with ARTICLE IX Article X (but not otherwise), the transferor shall Transferring Partner will have the power to give, and by transfer of any Certificate certificate issued shall will be deemed to have given, the transferee the right to apply to become a Substitute Partner with respect to the Unit(s) Unit or Partnership Interest acquired, subject to the conditions of and in the manner permitted under this Agreement. A transferee of a Certificate representing a Unit shall will be an a mere Assignee with respect to the transferred Unit (whether or not such transferee is a Partner or Substitute Partner with respect to other previously acquired Units) unless and until all of the following conditions are satisfied: