Common use of TRANSFER OR ASSIGNMENT OF PARTNERSHIP INTERESTS Clause in Contracts

TRANSFER OR ASSIGNMENT OF PARTNERSHIP INTERESTS. 8.1 Restrictions on Transfer. Each Partner may Transfer all or any portion of its rights or Interest in the Partnership, but may not withdraw or retire from the Partnership without the prior written consent of the Managing Partner; provided, however, that no Transfer will be permitted until the Transferee (a) delivers to the Managing Partner a written instrument evidencing such Transfer; (b) executes a copy of this Agreement accepting and agreeing to all of the terms, conditions and provisions of this Agreement; and (c) pays to the Partnership its reasonable out-of-pocket costs and expenses incurred in connection with such Transfer and the admission of the Transferee as a Partner.

Appears in 2 contracts

Samples: Partnership Agreement (Brookdale Living Communities Inc), Partnership Agreement (Brookdale Living Communities Inc)

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TRANSFER OR ASSIGNMENT OF PARTNERSHIP INTERESTS. 8.1 Restrictions on Transfer. Each Partner may Transfer all or any portion of its rights or Interest in the Partnership, but may not withdraw or retire from the Partnership without the prior written consent of the Managing General Partner; provided, however, that no Transfer will be permitted until the Transferee (a) delivers to the Managing General Partner a written instrument evidencing such Transfer; (b) executes a copy of this Agreement accepting and agreeing to all of the terms, conditions and provisions of this Agreement; and (c) pays to the Partnership its reasonable out-of-pocket costs and expenses incurred in connection with such Transfer and the admission of the Transferee as a Partner.

Appears in 1 contract

Samples: Brookdale Living Communities Inc

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TRANSFER OR ASSIGNMENT OF PARTNERSHIP INTERESTS. 8.1 Restrictions on Transfer. Each Partner may Transfer all or any portion of its rights or Interest in the Partnership, but may not withdraw or retire from the Partnership without the prior written consent of the Managing General Partner; provided, however, that no Transfer will be permitted until the Transferee (a) delivers to the Managing General Partner a written instrument evidencing such Transfer; (b) executes a copy of this Agreement accepting and agreeing to all of the terms, conditions and provisions of this Agreement; and (c) pays to the Partnership its reasonable out-of-pocket costs and expenses incurred in connection with such Transfer and the admission of the Transferee as a Partner.

Appears in 1 contract

Samples: Brookdale Living Communities Inc

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