Registration; Rights of Holders of Record Clause Samples

Registration; Rights of Holders of Record. Upon the admission of a person as a Partner, such person shall be registered on the records of the Partnership as a Partner and a Holder of Record, together with his address and number of Partnership Units such Partner owns. Upon the assignment of a Partnership Unit pursuant to the terms of Article IV hereof, the assignee of such Partnership Unit shall be registered on the records of the Partnership as a Holder of Record, together with his address and the number of Units he owns. A Holder of Record shall be entitled to all distributions and all allocations of Net Cash Flow, Net Proceeds, and Federal Income Tax Items with respect to the Partnership Units registered in his name in the manner specified in Article VI until his rights in such Partnership Units have been transferred as permitted by this Agreement and the Partners have been notified as required herein. The payment to the Holder of Record of any allocation or distribution with respect to such Partnership Units shall be sufficient to discharge the Partnership's obligation in respect thereto.