Common use of Derivative Interest Clause in Contracts

Derivative Interest. All rights and privileges associated with an Assignee interest in the Partnership shall be derived solely from the Partner interest of which such rights and privileges were previously a component part. No Assignee shall hold, by virtue of such Assignee’s interest in the Partnership, any rights and privileges that were not specifically transferred to such Assignee by the prior holder of such interest. No Partner, Assignee or other rights or privileges arising under this Agreement or the Act shall apply with respect to a notional or constructive interest in the Partnership, without regard to whether such interest constitutes a Derivative Partnership Interest.