Common use of Effect of Admission as a Substitute Limited Partner Clause in Contracts

Effect of Admission as a Substitute Limited Partner. A transferee who has become a substitute Limited Partner has, to the extent of the Transferred Partnership Interest, all the rights, powers and benefits of, and is subject to the obligations, restrictions and liabilities of a Partner under, the Certificate, this Agreement and the Act. Upon admission of a transferee as a substitute Limited Partner, the transferor of the Partnership Interest so held by the substitute Limited Partner shall cease to be a Partner of the Partnership to the extent of such Transferred Partnership Interest.

Effect of Admission as a Substitute Limited Partner. A transferee who has become a substitute Limited Partner has, has to the extent of the Transferred Partnership Interest, Interest all the rights, rights powers and benefits of, of and is subject to the obligations, restrictions and liabilities of a Partner under, under the Certificate, Certificate this Agreement and the Act. Upon admission of a transferee as a substitute Limited Partner, Partner the transferor of the Partnership Interest so held by the substitute Limited Partner shall cease to be a Partner of the Partnership to the extent of such Transferred Partnership Interest.

Effect of Admission as a Substitute Limited Partner. A transferee who has become a substitute Limited Partner has, has to the extent of the Transferred Partnership Interest, Interest all the rights, rights powers and benefits of, of and is subject to the obligations, restrictions and liabilities of a Partner under, under the Certificate, Certificate this Agreement and the Act. Act Upon admission of a transferee as a substitute Limited Partner, Partner the transferor of the Partnership Interest so held by the substitute Limited Partner shall cease to be a Partner of the Partnership to the extent of such Transferred Partnership Interest.