Common use of Partition; Title to Company Property Clause in Contracts

Partition; Title to Company Property. (a) No Partner, nor any successor-in-interest to any Partner, shall have the right to have the property of the Company partitioned, or to file a complaint or institute any proceeding at law or in equity to have the property of the Company partitioned, and each Partner, on behalf of itself and its successors, representatives and assigns, hereby irrevocably waives any such right. It is the intention of the Partners that, during the term of this Partnership Agreement, the rights and obligations of the Partners and their successors-in-interest, as among themselves, shall be governed by the provisions of this Partnership Agreement, and that the rights and obligations of any Partner or successor-in-interest to any Partner shall be subject to the limitations, restrictions and other provisions of this Partnership Agreement. (b) All property owned by the Company, whether real or personal, tangible or intangible, shall be deemed to be owned by the Company, and no Partner individually shall have any interest in such property. Title to all such property may be held in the name of the Company or a designee, which designee may be a Partner or an Affiliate of a Partner.