Common use of Rights of Assignee of Partnership Interest Clause in Contracts

Rights of Assignee of Partnership Interest. (a) Subject to the provisions of Section 10.01, and except as required by operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of such Limited Partner’s Partnership Interest until the Partnership has received notice thereof and the General Partner has set forth in writing its consent to such assignment. (b) Any person or entity who is the assignee of all or any portion of the Partnership Interest of a Limited Partner, but who has not become a Substitute Limited Partner, and desires to make a further disposition of such Partnership Interest, shall be subject to all the provisions of this Article X to the same extent and in the same manner as any Limited Partner desiring to make a disposition of such Limited Partner’s Partnership Interest.

Rights of Assignee of Partnership Interest. (a) Subject to the provisions of Section 10.01, and except Except as required by operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of such Limited Partner’s his or its Partnership Interest as permitted hereunder unless and until the Partnership has received notice thereof thereof, which notice must include such information and documentation with respect to the assignment as the General Partner has set forth in writing its consent to such assignmentmay reasonably require. (b) Any person or entity who is the assignee of all or any portion of the Partnership Interest of a Limited Partner, ’s Partnership Interest but who has does not become a Substitute Limited Partner, Partner and desires to make a further disposition assignment of such Partnership Interest, Interest shall be subject to all the provisions of this Article X IX to the same extent and in the same manner as any Limited Partner desiring to make a disposition an assignment of such Limited Partner’s his or its Partnership Interest.