Common use of Substituted Partner Clause in Contracts

Substituted Partner. Each LP Seller in its capacity as a Limited Partner of the Partnership hereby (a) confirms and acknowledges its intention that the Purchaser or its assignees be admitted to the Partnership as a substituted Limited Partner of the Partnership, (b) gives its consent to the sale and transfer of the Interests to Purchaser and such admission, and (c) waives any right of first refusal it may have under the Partnership Agreement or otherwise to acquire any of the Interests being sold and transferred hereunder. Each LP Seller acknowledges and agrees that it will cease to be a partner of the Partnership as of the Closing. The Purchaser and its assignees agree that so long as any of them is a partner of the Partnership, such partner shall be bound by all of the terms and provisions of the Partnership Agreement as it shall be amended from time to time to the same extent and in the same manner as if the Purchaser or its assignees had been an original party to the Partnership Agreement in place of each LP Seller.