Common use of Assignee Status Clause in Contracts

Assignee Status. Except as otherwise provided in this Section 7.4, a Limited Partner that withdraws or is removed from the Partnership in accordance with the provisions of Section 7.3 (including via a deemed withdrawal) or otherwise ceases to be a constituent limited partner of the Partnership under the Act (each, a “Withdrawal Event” and “Withdrawn Limited Partner”) shall be treated as an Assignee and, accordingly, shall have the rights and obligations of an Assignee as described in Section 7.7. Subject to the preceding sentence, a Withdrawn Limited Partner shall not be entitled to any redemption of its interest in the Partnership, distribution, or other payment in connection with its Withdrawal Event or otherwise in consequence of its status as a Withdrawn Limited Partner.