Common use of Substituted Partners Clause in Contracts

Substituted Partners. (a) No Partner shall have the right to substitute in its place a purchaser, assignee, transferee, donee, heir, legatee or other recipient of all or any portion of the Partnership Interest of such Partner. Any such purchaser, assignee, transferee, donee, legatee, distributee or other recipient of an interest shall be admitted to the Partnership as a substituted Partner only with the consent of each of the Partners, which consent may be granted or withheld by any Partner in it sole discretion. (b) No person shall become a substituted Partner until such person has satisfied the requirements of this Article 6; provided, however, that for the purpose of allocating Profits, Losses and other items and distributing cash available for distribution, a person shall be treated as having become, and as appearing in the records of the Partnership as, a Partner, as the case may be, on such date as the sale, assignment or transfer to such person was recognized by the Partnership pursuant to Section 6.3.

Substituted Partners. (a) No Partner shall have the right to substitute in its place a purchaser, assignee, transferee, donee, heir, legatee or other recipient of all or any portion of the Partnership Interest of such Partner. Any such purchaser, assignee, transferee, donee, legatee, distributee or other recipient of an interest shall be admitted to the Partnership as a substituted Partner only with the consent of each of the Partners, which consent may be granted or withheld by any Partner in it sole discretion. (b) No person shall become a substituted Partner until such person has satisfied the requirements of this Article 6; provided, however, that for the --------- purpose of allocating Profits, Losses and other items items, and distributing cash available for distribution, a person shall be treated as having become, and as appearing in the records of the Partnership as, a Partner, as the case may be, on such date as the sale, assignment or transfer to such person was recognized by the Partnership pursuant to Section 6.3.6.2. -----------

Substituted Partners. (a) No Partner shall have the right to substitute in its place a purchaser, assignee, transferee, donee, heir, legatee or other recipient of all or any portion of the Partnership Interest of such Partner. Any such purchaser, assignee, transferee, donee, legatee, distributee or other recipient of an interest shall be admitted to the Partnership as a substituted Partner only with the consent of each of the Partners, General Partner which consent may be granted or withheld by any Partner in it sole discretion. (b) No person shall become a substituted Partner until such person has satisfied the requirements of this Article 6; provided, however, that for the purpose of allocating Profits, Losses and other items and distributing cash available for distribution, a person shall be treated as having become, and as appearing in the records of the Partnership as, a Partner, as the case may be, on such date as the sale, assignment or transfer to such person Disposition was recognized by the Partnership pursuant to Section 6.3.

Substituted Partners. (a) No Partner shall have the right to substitute in its place a purchaser, assignee, transferee, donee, heir, legatee or other recipient of all or any portion of the Partnership Interest of such Partner. Any such purchaser, assignee, transferee, donee, legatee, distributee or other recipient of an interest shall be admitted to the Partnership as a substituted Partner only with the consent of each of the Partners, which consent may be granted or withheld by any Partner in it sole discretion. (b) No person shall become a substituted Partner until such person has satisfied the requirements of this Article 6; provided, however, that for the -------- purpose of allocating Profits, Losses and other items items, and distributing cash available for distribution, a person shall be treated as having become, and as appearing in the records of the Partnership as, a Partner, as the case may be, on such date as the sale, assignment or transfer to such person was recognized by the Partnership pursuant to Section 6.3.6.2. -----------