Common use of Partnership Interest Clause in Contracts

Partnership Interest. All assets contributed to or acquired by the Partnership shall be owned by the Partnership. Each Partner shall have a right only to its "partnership interest" (as such term is used in the Act) in the Partnership (an "Interest"), and to the maximum extent permitted by applicable law each Partner waives any right to partition of the Partnership's assets and agrees that it will not seek or be entitled to partition any such assets, whether by way of physical partition, judicial sale or otherwise, prior to the termination of the Partnership.