Common use of Exceptions to Preemptive Right Clause in Contracts

Exceptions to Preemptive Right. Section 11.3 shall not apply to any transfer occurring by operation of law in a corporate merger, consolidation, amalgamation or reorganization of a Partner in which the surviving entity possesses all of the stock or all of the property rights and interests, and is subject to all of the liabilities and obligations of that Partner or to the grant by a Partner of a security interest in any portion of its Partnership Interest pursuant to the second paragraph of Section 11.1.

Exceptions to Preemptive Right. Section 11.3 shall not ------------------------------ apply to any transfer occurring by operation of law in a corporate merger, consolidation, amalgamation or reorganization of a Partner in which the surviving entity possesses all of the stock or all of the property rights and interests, and is subject to all of the liabilities and obligations of that Partner or to the grant by a Partner of a security interest in any portion of its Partnership Interest pursuant to the second paragraph of Section 11.1.

Exceptions to Preemptive Right. Section 11.3 shall not ------------------------------ apply to any transfer occurring by operation of law in a corporate merger, consolidation, amalgamation or reorganization of a Partner in which the surviving entity possesses all of the stock or all of the property rights and interests, and is subject to all of the liabilities and obligations of that Partner partner or to the grant by a Partner of a security interest in any portion of its Partnership Interest pursuant to the second paragraph of Section 11.1____.