Common use of Limitation on Assignments Clause in Contracts

Limitation on Assignments. Each Partner shall be prohibited from assigning, selling, exchanging or otherwise transferring such Partner's interest in the Partnership unless all of the following requirements are satisfied: (a) the proposed transaction applies to the entire interest of such Partner in the Partnership; (b) each other Partner grants prior written consent to the proposed transaction; (c) the prospective transferee agrees to be bound by this Agreement as a Partner; and (d) the Partnership receives an opinion from its legal counsel, satisfactory to the Partnership in form and substance, confirming that the proposed transaction would not violate any applicable laws, including but not limited to state or federal securities laws, and would not terminate the existence of the Partnership for tax or other purposes.

Limitation on Assignments. Each Partner shall be prohibited from assigning, selling, exchanging or otherwise transferring such Partner's interest in the Partnership unless all of the following requirements are satisfied:all (a) the proposed transaction applies to the entire interest of such Partner in the Partnership; (b) each other Partner grants prior written consent to the proposed transaction; (c) the prospective transferee agrees to be bound by this Agreement as a Partner; (d) such transaction does not violate the Loan Documents; and (de) the Partnership receives an opinion from its legal counsel, satisfactory to the Partnership in form and substance, confirming that the proposed transaction would not violate any applicable laws, including but not limited to state or federal securities laws, and would not terminate the existence of the Partnership for tax or other purposes.

Limitation on Assignments. Each Partner shall be prohibited from assigning, selling, exchanging or otherwise transferring such Partner's interest in the Partnership unless all of the following requirements are satisfied: (a) the proposed transaction applies to the entire interest of such Partner in the Partnership; (b) each other Partner grants prior written consent to the proposed transaction; (c) the prospective transferee agrees to be bound by this Agreement as a Partner; (d) such transaction does not violate the Loan Documents; and (de) the Partnership receives an opinion from its legal counsel, satisfactory to the Partnership in form and substance, confirming that the proposed transaction would not violate any applicable laws, including but not limited to state or federal securities laws, and would not terminate the existence of the Partnership for tax or other purposes.