Common use of Rights of Unadmitted Assignees Clause in Contracts

Rights of Unadmitted Assignees. Subject to Sections 9.3 and 9.4, ------------------------------ an assignee of a Partnership Interest (including, without limitation, anyone who becomes an assignee through the enforcement of a remedy by a holder of a security interest in a Partnership Interest): (i) shall not be admitted as a substituted Limited Partner, (ii) shall be entitled only to allocations and distributions with respect to such Partnership Interest in accordance with this Agreement, (iii) shall have no right to any information or, to the fullest extent permitted by law, to an accounting of the affairs of the Partnership, (iv) shall not be entitled to inspect the books or records of the Partnership, and (v) shall not have any of the rights of a Partner under the Act or this Agreement, including any voting rights granted under this Agreement. An assignee of a Partnership Interest shall execute an instrument in form and substance satisfactory to the Board of Directors agreeing to be bound by, and to acquire the Partnership Interest subject to, the provisions of this Agreement.

Appears in 2 contracts

Samples: Petro Holdings Financial Corp, Petro Stopping Centers L P

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Rights of Unadmitted Assignees. Subject to Sections 9.3 and 9.4Unless approved by the Executive Committee, ------------------------------ an assignee of a Partnership Interest (including, without limitation, anyone who becomes an assignee through the enforcement of a remedy by a holder of a security interest in a Partnership Interest): (i) shall not be admitted as a substituted Limited Partner, (ii) shall be entitled only to allocations and distributions with respect to such Partnership Interest in accordance with this Agreement, (iii) shall have no right to any information or, to the fullest extent permitted by law, to an accounting of the affairs of the Partnership, (iv) shall not be entitled to inspect the books or records of the Partnership, and (v) shall not have any of the rights of a Partner under the Act or this Agreement, including any voting rights granted under this Agreement. An assignee of a Partnership Interest shall execute an instrument in form and substance satisfactory to the Board of Directors agreeing to be bound by, and to acquire the Partnership Interest subject to, the provisions of this Agreement.

Appears in 1 contract

Samples: Limited Partnership Agreement (Petro, Inc.)

Rights of Unadmitted Assignees. Subject to Sections 9.3 and 9.4Unless approved by the Executive ------------------------------ Committee, ------------------------------ an assignee of a Partnership Interest (including, without limitation, anyone who becomes an assignee through the enforcement of a remedy by a holder of a security interest in a Partnership Interest): (i) shall not be admitted as a substituted Limited Partner, (ii) shall be entitled only to allocations and distributions with respect to such Partnership Interest in accordance with this Agreement, (iii) shall have no right to any information or, to the fullest extent permitted by law, to an accounting of the affairs of the Partnership, (iv) shall not be entitled to inspect the books or records of the Partnership, and (v) shall not have any of the rights of a Partner under the Act or this Agreement, including any voting rights granted under this Agreement. An assignee of a Partnership Interest shall execute an instrument in form and substance satisfactory to the Board of Directors agreeing to be bound by, and to acquire the Partnership Interest subject to, the provisions of this Agreement.

Appears in 1 contract

Samples: Limited Partnership Agreement (Petro Stopping Centers L P)

Rights of Unadmitted Assignees. Subject to Sections 9.3 and 9.4Without the prior written consent of ------------------------------ the Board of Directors (which consent may be withheld or given in the sole discretion of the Board of Directors), ------------------------------ an assignee of a Partnership Interest (including, without limitation, anyone who becomes an assignee through the enforcement of a remedy by a holder of a security interest in a Partnership Interest): (i) shall not be admitted as a substituted Limited Partner, (ii) shall be entitled only to allocations and distributions with respect to such Partnership Interest in accordance with this Agreement, (iii) Agreement and shall have no right to any information or, to the fullest extent permitted by law, to an accounting of the affairs of the Partnership, (iv) shall not be entitled to inspect the books or records of the Partnership, Partnership and (v) shall not have any of the rights of a Partner under the Act or this Agreement, including any voting rights granted under this Agreement. An assignee of a Partnership Interest shall execute an instrument in form and substance satisfactory to the Board of Directors agreeing to be bound by, and to acquire the Partnership Interest subject to, the provisions of this Agreement.

Appears in 1 contract

Samples: Limited Partnership Agreement (Petro Stopping Centers L P)

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Rights of Unadmitted Assignees. Subject to Sections 9.3 and 9.4, ------------------------------ an assignee of a Partnership Interest (including, without limitation, anyone who becomes an assignee through the enforcement of a remedy by a holder of a security interest in a Partnership Interest): (i) shall not be admitted as a substituted Limited Partner, (ii) shall be entitled only to allocations and distributions with respect to such Partnership Interest in accordance with this Agreement, (iii) shall have no right to any information or, to the fullest extent permitted by law, to an accounting of the affairs of the Partnership, (iv) shall not be entitled to inspect the books or records of the Partnership, and (v) shall not have any of the rights of a Partner under the Act or this Agreement, including any voting rights granted under this Agreement. An assignee of a Partnership Interest shall execute an instrument in form and substance satisfactory to the Board of Directors agreeing to be bound by, and to acquire the Partnership Interest subject to, the provisions of this Agreement.

Appears in 1 contract

Samples: Limited Partnership Agreement (Petro, Inc.)

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