Common use of Substituted Limited Partner Clause in Contracts

Substituted Limited Partner. An assignee or transferee (other than an existing Partner) of the interest of the Limited Partner may be admitted as a Substituted Limited Partner only with the consent of the General Partner and shall be admitted as of the date of such consent. The granting or denying of such consent shall be in the absolute discretion of the General Partner. Unless the assignee is the General Partner, any assignee of a Partnership Interest to whose admission such consent is given (a "Substituted Limited Partner") shall become and shall have only the rights and duties of a limited partner of the Partnership, and the assigned Partnership Interest shall thereafter be a Limited Partnership Interest. Any transferee of the interest of the Limited Partner shall be entitled only to receive distributions hereunder until such transferee has been admitted as a limited partner of the Partnership.

Substituted Limited Partner. An assignee or transferee (other than an existing Partner) of the interest of the Limited Partner may be admitted as a Substituted Limited Partner only with the consent of the General Partner and shall be admitted as of the date of such consent. The granting or denying of such consent shall be in the absolute discretion of the General Partner. Unless the assignee is the General Partner, any assignee of a Partnership Interest to whose admission such consent is given (a "Substituted Limited Partner") shall become and shall have only the rights and duties of a limited partner of the Partnership, and the assigned Partnership Interest interest shall thereafter be a Limited Partnership Interest. Any transferee of the interest of the Limited Partner shall be entitled only to receive distributions hereunder until such transferee has been admitted as a limited partner of the Partnership.