Common use of Partner Interest Clause in Contracts

Partner Interest. Except for a transfer of a Partnership Interest as permitted in strict accordance with the provisions of Sections 18.04 or 18.05 hereof, neither Partner shall have the right to sell, assign, convey, transfer, pledge, mortgage or hypothecate, by operation of law or otherwise, all or any portion of its Partnership Interest without the prior consent of the other Partner, it being agreed and acknowledged that such consent may be withheld in such other Partner's sole discretion for any reason whatsoever. Any purported sale, assignment, mortgage, conveyance, transfer, pledge or hypothecation of any Partner's Partnership Interest in violation of the provisions of this Section 18.01 shall be voidable at the option of the other Partner.

Partner Interest. Except for a transfer of a Partnership Interest as permitted in strict accordance with made pursuant to the provisions of Sections 18.04 or 18.05 hereofArticle XIV of this Agreement, neither Partner shall have the right to sell, assign, convey, transfer, pledge, mortgage pledge or hypothecate, by operation of law or otherwise, all or any portion of its Partnership Interest without the prior consent of the other Partner, it being agreed and acknowledged that such consent may be withheld in such other Partner's sole discretion for any reason whatsoever. Any purported sale, assignment, mortgage, conveyance, transfer, pledge or hypothecation of any Partner's Partnership Interest in violation of the provisions of this Section 18.01 shall be voidable at the option of the other Partner.