Common use of Transfers Prohibited Clause in Contracts

Transfers Prohibited. No Partner may voluntarily withdraw or Transfer all or any portion of its Partnership Interest without the prior written consent of the General Partner, provided that a Limited Partner may transfer all or any portion of its Limited partnership Interest to another Partner or to the Company without such consent. Notwithstanding the foregoing, any Partner may pledge its Partnership Interest as collateral for or otherwise in connection with a loan agreement under which the Partnership or an Affiliate of the Partnership is a borrower.

Transfers Prohibited. No Partner may voluntarily withdraw or Transfer all or any portion of its Partnership Interest without the prior written consent of the General Partner, provided that a Limited Partner may transfer all Interest. Any such purported withdrawal or any portion of its Limited partnership Interest to another Partner or to the Company without such consentTransfer shall be void ab initio and shall not be given effect. Notwithstanding the foregoing, any Partner may pledge its Partnership Interest as collateral for or otherwise in connection with a loan agreement under which the Partnership or an Affiliate of the Partnership is a borrower.