Common use of Limited Partners -- Involuntary Transfers Clause in Contracts

Limited Partners -- Involuntary Transfers. A person may become ----------------------------------------- the assignee of all or a portion of a Limited Partner's interest in the Profits and Losses of the Partnership upon (i) the death, Bankruptcy, incapacity, or Dissolution of such Limited Partner; (ii) foreclosure against that portion of such Limited Partner's interest in the Partnership which was pledged as security for an obligation; or (iii) a transfer to such Limited Partner's spouse pursuant to a divorce decree or settlement. In the event a person becomes the assignee of an interest in the Profits and Losses of the Partnership under the preceding sentence, the General Partner shall, in its sole discretion, (i) admit such assignee to the Partnership as a Substitute Partner (provided, however, that the -------- ------- requirements of Section 6.1(a)(ii) and (iii) shall in all events be satisfied) or (ii) redeem such assignee's interest by treating such assignee as a withdrawing Limited Partner under the rules set forth in Section 6.2.

Limited Partners -- Involuntary Transfers. A person may become ----------------------------------------- the assignee of all or a portion of a Limited Partner's ’s interest in the Profits and Losses of the Partnership upon (i) the death, Bankruptcy, incapacity, or Dissolution of such Limited Partner; (ii) foreclosure against that portion of such Limited Partner's ’s interest in the Partnership which was pledged as security for an obligation; or (iii) a transfer to such Limited Partner's ’s spouse pursuant to a divorce decree or settlement. In the event a person becomes the assignee of an interest in the Profits and Losses of the Partnership under the preceding sentence, the General Partner shall, in its sole discretion, (i) admit such assignee to the Partnership as a Substitute Partner (provided, however, that the -------- ------- requirements requirement of Section 6.1(a)(ii6. l(a)(ii) and (iii) shall in all events be satisfied) or (ii) redeem such assignee's ’s interest by treating such assignee as a withdrawing Limited Partner under the rules set forth in Section 6.2.

Limited Partners -- Involuntary Transfers. A person may become ----------------------------------------- the ---------------------------------------- assignee of all or a portion of a Limited Partner's interest in the Profits and Losses of the Partnership upon (i) the death, Bankruptcy, incapacity, or Dissolution of such Limited Partner; (ii) foreclosure against that portion of such Limited Partner's interest in the Partnership which was pledged as security for an obligation; or (iii) a transfer to such Limited Partner's spouse pursuant to a divorce decree or settlement. In the event a person becomes the assignee of an interest in the Profits and Losses of the Partnership under the preceding sentence, the General Partner shall, in its sole discretion, (i) admit such assignee to the Partnership as a Substitute Partner (provided, however, that the -------- ------- requirements requirement of Section 6.1(a)(ii) and (iii) shall in all events be satisfied) or (ii) redeem such assignee's interest by treating such assignee as a withdrawing Limited Partner under the rules set forth in Section 6.2.