Common use of Transfers by the Blackstone Group and the Whitehall Group Clause in Contracts

Transfers by the Blackstone Group and the Whitehall Group. Each of the Partners acknowledges and agrees that the Blackstone LP intends to Transfer its Interests to one or more persons satisfying the condition of clause (i) of the definition of Affiliate after the date hereof, and that no consent of any Partner shall be required in connection therewith. Upon such transfer such Affiliate(s) shall automatically become Substituted Partner(s) without any further action and, upon Transfer by the Blackstone LP of all its entire Interest, shall be deemed to have assumed all of Blackstone LP's obligations hereunder with respect to such Interest so transferred and Blackstone LP shall be released from any liabilities under or relating to this agreement with respect to such Interests so transferred.