Common use of Transfers by the Limited Partners Clause in Contracts

Transfers by the Limited Partners. A Limited Partner may not sell, transfer, assign or devise, or subject to security interest, lien or charge, all or any part of its Units, except as permitted in the Ownership Restriction Agreement, and any act in violation of this Section 10.3 shall be null and void ab initio. Any transfer of or assignment of the Units of a Limited Partner shall not dissolve the Partnership. A transferee or assignee of a Limited Partner's Units transferred or assigned in compliance with the Ownership Restriction Agreement shall be admitted as a substituted Limited Partner of the Partnership (with regard to the interest so transferred and assigned) without any further approval by the Partners.

Transfers by the Limited Partners. A Limited Partner may not sell, transfer, assign or assignor devise, or subject to security interest, lien or charge, all or any part of its Units, except as permitted in the Ownership Restriction Agreement, and any act in violation of this Section 10.3 shall be null and void ab initio. Any transfer of or assignment of the Units of a Limited Partner shall not dissolve the Partnership. A transferee or assignee of a Limited Partner's Units transferred or assigned in compliance with the Ownership Restriction Agreement shall be admitted as a substituted Limited Partner of the Partnership (with regard to the interest so transferred and assigned) ), without any further approval by the Partners.