Remedies For Violation of Restrictions on Transfer Clause Samples
Remedies For Violation of Restrictions on Transfer. In addition to any other remedies available to the Partnership, if under applicable law a transfer of a Partnership Interest which does not comply with the provisions of this Article X is nevertheless legally effective, the General Partner may liquidate the Partnership Interests of the transferor and transferee at an amount not in excess of the aggregate Capital Account balances associated with such Interests, and the transferor and transferee shall be jointly and severally liable to the Partnership for, and shall hold the Partnership harmless against, any loss or expense to which the Partnership may be exposed as the result of such transfer.
Remedies For Violation of Restrictions on Transfer. Any transfer in violation of the restrictions on transfer outlined in this Agreement will give rise to the remedies set forth in this Agreement, including, but not limited to, the forced liquidation of the breaching stockholder's ownership interest in the Company, the revocation of all licenses and sub-licenses then existing between the Company and the breaching stockholder, and the termination and reversion to the Company of any rights the breaching stockholder may have in and/or to any products offered by the breaching stockholder in furtherance of the business plan contemplated by this Agreement and/or any other document or agreement referenced herein.