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The General Partner hereby declares and warrants that any Partnership assets for which record title is held in the name of the General Partner shall be held by the General Partner for the exclusive use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its reasonable efforts to cause record title to such assets (other than those assets in respect of which the General Partner determines that the expense and difficulty of conveyancing makes transfer of record title to the Partnership impracticable) to be vested in the Partnership as soon as reasonably practicable; provided, that prior to the withdrawal or removal of the General Partner or as soon thereafter as practicable, the General Partner will use reasonable efforts to effect the transfer of record title to the Partnership and, prior to any such transfer, will provide for the use of such assets in a manner satisfactory to the Partnership. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which record title to such Partnership assets are held.", "size": 40, "snippet_links": [{"key": "partnership-assets", "type": "clause", "offset": [13, 31]}, {"key": "by-the-partnership", "type": "clause", "offset": [60, 78]}, {"key": "no-partner", "type": "clause", "offset": [97, 107]}, {"key": "ownership-interest", "type": "definition", "offset": [166, 184]}, {"key": "name-of-the-partnership", "type": "clause", "offset": [301, 324]}, {"key": "record-title", "type": "definition", "offset": [496, 508]}, {"key": "by-the-general-partner", "type": "clause", "offset": [566, 588]}, {"key": "exclusive-use", "type": "clause", "offset": [597, 610]}, {"key": "in-accordance-with-the-provisions-of-this-agreement", "type": "definition", "offset": [642, 693]}, {"key": "reasonable-efforts", "type": "definition", "offset": [753, 771]}, {"key": "in-respect-of", "type": 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liquidation or dissolution, repayment of capital contributions or otherwise, and the right to receive, receipt for, use and enjoy all such payments and distributions, and all proceeds thereof, in every case whether now arising or hereafter acquired or arising, and (iii) all proceeds of any of the foregoing (all of the foregoing rights, interests, properties and privileges assigned in and in which a security interest is granted pursuant to this \u00a72.7 being hereafter collectively called the \u201cPartnership Interest\u201d);", "size": 9, "snippet_links": [{"key": "title-and-interest", "type": "clause", "offset": [15, 33]}, {"key": "limited-liability-companies", "type": "definition", "offset": [115, 142]}, {"key": "not-limited", "type": "clause", "offset": [159, 170]}, {"key": "schedule-ii", "type": "definition", "offset": [194, 205]}, {"key": "all-payments", "type": "clause", "offset": [262, 274]}, {"key": "distributions-of", "type": "clause", "offset": [278, 294]}, {"key": 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"/contracts/3cJcnY8Aa9i#partnership-interests", "label": "Limited Partnership Agreement (EXCO Resources (XA), LLC)", "score": 21.6817245483, "published": true}, {"hash": "dsyZQPv4b6t", "uri": "/contracts/dsyZQPv4b6t#partnership-interests", "label": "Limited Partnership Agreement (EXCO Partners, LP)", "score": 21.0, "published": true}], "hash": "e8e73d71b249ca3b4ea7bb377a83124a", "id": 3}, {"snippet": "As of the date of this Agreement, the General Partner has a non-economic general partner interest in the Partnership, such interest granting the General Partner the exclusive right to manage and operate the Partnership in its capacity as General Partner. The Limited Partner has a limited partner interest in the Partnership which constitutes 100% of the aggregate partnership interest (as defined in the Act) of all partners in the Partnership.", "size": 10, "snippet_links": [{"key": "date-of-this-agreement", "type": "definition", "offset": [10, 32]}, {"key": "the-general-partner", "type": "clause", "offset": [34, 53]}, {"key": "a-non", "type": "clause", "offset": [58, 63]}, {"key": "general-partner-interest", "type": "definition", "offset": [73, 97]}, {"key": "the-partnership", "type": "definition", "offset": [101, 116]}, {"key": "exclusive-right-to-manage", "type": "clause", "offset": [165, 190]}, {"key": "capacity-as-general-partner", "type": "clause", "offset": [226, 253]}, {"key": "the-limited", "type": "definition", "offset": [255, 266]}, {"key": "limited-partner-interest", "type": "clause", "offset": [281, 305]}, {"key": "partnership-interest", "type": "definition", "offset": [365, 385]}, {"key": "as-defined-in-the-act", "type": "definition", "offset": [387, 408]}, {"key": "all-partners", "type": "clause", "offset": [413, 425]}], "samples": [{"hash": "hWhopmjxPQX", "uri": "/contracts/hWhopmjxPQX#partnership-interests", "label": "Merger Agreement (Western Refining Logistics, LP)", "score": 28.6167011261, "published": true}, {"hash": "f4ddGhjboKY", "uri": "/contracts/f4ddGhjboKY#partnership-interests", "label": "Merger Agreement (Andeavor)", "score": 28.6167011261, "published": true}, {"hash": "3ZdB4JIhf0A", "uri": "/contracts/3ZdB4JIhf0A#partnership-interests", "label": "Merger Agreement (Andeavor Logistics Lp)", "score": 28.6167011261, "published": true}], "hash": "c6e50b8b712723569f4bb57560f2f174", "id": 4}, {"snippet": "Each partnership interest in the Partnership shall constitute a \u201csecurity\u201d within the meaning of, and governed by, (i) Article 8 of the Uniform Commercial Code (including Section 8-102(a)(15) thereof) as in effect from time to time in the State of Texas, and (ii) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on February 14, 1995. The Partnership shall maintain books for the purpose of registering the Transfer of partnership interests. A Transfer of partnership interests in the Partnership shall require the delivery of an endorsed certificate.", "size": 8, "snippet_links": [{"key": "meaning-of", "type": "definition", "offset": [86, 96]}, {"key": "article-8-of-the-uniform-commercial-code", "type": "clause", "offset": [119, 159]}, {"key": "section-8", "type": "definition", "offset": [171, 180]}, {"key": "in-effect", "type": "definition", "offset": [204, 213]}, {"key": "from-time-to-time", "type": "clause", "offset": [214, 231]}, {"key": "the-state-of-texas", "type": "clause", "offset": [235, 253]}, {"key": "applicable-jurisdiction", "type": "clause", "offset": [318, 341]}, {"key": "national-conference", "type": "definition", "offset": [476, 495]}, {"key": "state-laws", "type": "definition", "offset": [524, 534]}, {"key": "approved-by", "type": "definition", "offset": [539, 550]}, {"key": "bar-association", "type": "definition", "offset": [564, 579]}, {"key": "on-february", "type": "clause", "offset": [580, 591]}, {"key": "maintain-books", "type": "clause", "offset": [624, 638]}, {"key": "for-the-purpose-of", "type": "definition", "offset": [639, 657]}, {"key": "transfer-of-partnership-interests", "type": "clause", "offset": [674, 707]}, {"key": "interests-in-the-partnership", "type": "clause", "offset": [735, 763]}, {"key": "delivery-of", "type": "clause", "offset": [782, 793]}, {"key": "endorsed-certificate", "type": "definition", "offset": [797, 817]}], "samples": [{"hash": "lm3kbqswuwC", "uri": "/contracts/lm3kbqswuwC#partnership-interests", "label": "Limited Partnership Agreement (Safeway Stores 42, Inc.)", "score": 28.3785076141, "published": true}, {"hash": "lLUk9L5uDHe", "uri": "/contracts/lLUk9L5uDHe#partnership-interests", "label": "Limited Partnership Agreement (Safeway Stores 42, Inc.)", "score": 28.3785076141, "published": true}, {"hash": "jYdDGZbuwzc", "uri": "/contracts/jYdDGZbuwzc#partnership-interests", "label": "Limited Partnership Agreement (Safeway Stores 42, Inc.)", "score": 28.3785076141, "published": true}], "hash": "cd224841e47796f7e1a258c99a1ed00b", "id": 6}, {"snippet": "(a) The Partnership shall initially have two classes of partnership interests (\u201cPartnership Interests\u201d): (i) general partnership interests (\u201cGeneral Partnership Interests\u201d); and (ii) limited partnership interests (\u201cLimited Partnership Interests\u201d).\n(b) The General Partner may in its sole discretion cause the Partnership to create and issue such additional classes of Partnership Interest with such rights, privileges, and franchises as it determines to be appropriate. Any such issuance may be made by the General Partner, acting singly without the consent of any other Partner, by setting forth either in an amendment or an addendum to this Agreement, the relative rights, obligations, duties, and preference of each new class of securities or interests that is created. A copy of this Agreement as so amended, or the addendum as so adopted, as the case may be, shall be provided to each other Partner. All filings necessary to be made under the Act or applicable law in connection with the creation of any such interest shall be made by the General Partner on behalf of the Partnership. No Partner shall have any preemptive or other rights to subscribe for or acquire any additional securities, interests or indebtedness which may be issued by the Partnership.\n(c) The General Partner may solicit and accept additional capital contributions from any Partner or other person and/or cause the Partnership to issue additional partnership interests, rights, options or warrants exercisable for or convertible into partnership interests, or any other \u201csecurities\u201d of any type or class whatsoever. Any such securities may be issued for cash, property, services, or such other type, form, and amount of consideration (including notes, other evidences of indebtedness or obligations of the person acquiring the security as the case may be) as the General Partner may determine to be appropriate.\n(d) Any person may hold more than one class of Partnership Interest at the same time, and in such event shall for the purposes of this Agreement be separately entitled to the rights afforded a Partner in each of such classes under this Agreement. To the extent that a General Partner contributes to the capital of the Partnership as a Limited Partner or purchases any Limited Partner\u2019s Partnership Interest, it shall be treated in all respects as a Limited Partner as to such interest.\n(e) No Limited Partner shall either directly or indirectly take any action to require partition or appraisal of the Partnership or any of its assets or properties or cause the sale of any Partnership property, and notwithstanding any provision of applicable law to the contrary, each Partner (and its or his legal representatives, successors or assigns) hereby irrevocably waives any and all right to maintain any action for partition or to compel any sale with respect to its or his Partnership Interest, or with respect to any assets or properties of the Partnership, except as expressly provided in this Agreement.\n(f) All real and personal property owned by the Partnership shall be owned by the Partnership as an entity, and insofar as permitted by applicable law, no Partner shall have any ownership interest in such property in his or its individual name or right. Each Partner\u2019s interest in and to all Partnership property shall be personal property for all purposes. Without limiting or expanding the foregoing, to the extent allowable under applicable law, the Partnership may hold title to all or any part of its properties or assets in the name of an individual, corporation, partnership, trust or otherwise, the beneficial interest in which shall at all times be vested in the Partnership, and may agree that any such title holders be vested with all or any part of the powers which might otherwise reside in the Partnership. Any such title holder shall perform any and all of their respective functions to the extent and upon such terms and conditions as may be determined from time to time by the General Partner in its sole discretion. All Partnership assets shall be recorded as the property of the Partnership on its books and records, regardless of the name in which legal title may be held.", "size": 8, "snippet_links": [{"key": "classes-of-partnership-interests", "type": "clause", "offset": [45, 77]}, {"key": "general-partnership-interests", "type": "definition", "offset": [109, 138]}, {"key": "limited-partnership-interests", "type": "clause", "offset": [183, 212]}, {"key": "sole-discretion", "type": "definition", "offset": [283, 298]}, {"key": "additional-classes", "type": "clause", "offset": [346, 364]}, {"key": "such-rights", "type": "definition", "offset": [394, 405]}, {"key": "by-the-general-partner", "type": "clause", "offset": [500, 522]}, {"key": "consent-of", "type": "clause", "offset": [550, 560]}, {"key": "other-partner", "type": "definition", "offset": [565, 578]}, {"key": "amendment-or", "type": "clause", "offset": [610, 622]}, {"key": "to-this-agreement", "type": "clause", "offset": [635, 652]}, 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"Organization"], ["term", "Term"], ["organizational-matters", "Organizational Matters"], ["representations-and-warranties", "REPRESENTATIONS AND WARRANTIES"], ["fiscal-affairs", "Fiscal Affairs"]], "title": "Partnership Interests", "id": "partnership-interests", "related": [["additional-partnership-interests", "Additional Partnership Interests", "Additional <strong>Partnership Interests</strong>"], ["shares-membership-interests", "Shares; Membership Interests", "Shares; Membership Interests"], ["partnership-units", "Partnership Units", "Partnership Units"], ["ownership-interests", "Ownership Interests", "Ownership Interests"], ["membership-interests", "Membership Interests", "Membership Interests"]], "related_snippets": [], "updated": "2026-03-25T05:30:57+00:00", "also_ask": ["What are the most negotiable terms regarding transfer and assignment of partnership interests?", "Which drafting elements are essential to prevent unintended dilution or unauthorized transfers?", "What are the primary legal risks if partnership interests are not clearly defined or restricted?", "How do restrictions on partnership interests compare to those in LLC or corporate structures?", "What factors most influence a court\u2019s decision to enforce or invalidate partnership interest restrictions?"], "drafting_tip": "Define the types and rights of partnership interests to avoid ambiguity; specify transfer restrictions to protect partnership stability; clarify valuation methods to ensure fair treatment of partners.", "explanation": "The Partnership Interests clause defines the rights, obligations, and ownership stakes of each partner within a partnership. It typically outlines how interests are determined, transferred, or adjusted, and may specify voting rights, profit-sharing ratios, and procedures for admitting new partners or handling withdrawals. By clearly delineating each partner's share and role, this clause ensures transparency and helps prevent disputes over ownership or management within the partnership."}, "json": true, "cursor": ""}}