Common use of Substituted Limited Partner Clause in Contracts

Substituted Limited Partner. (a) No Limited Partner shall have the right to substitute an assignee as Limited Partner in its place. Subject to the provisions of Section 8.3, the General Partner may, in its sole discretion, permit an assignee to become a Substituted Limited Partner. The consent of the General Partner to an assignment of a Limited Partner's Interest under Section 8.1 shall not, in and of itself, constitute its consent to the admission of the assignee as a Substituted Limited Partner under this Section 8.2.

Substituted Limited Partner. (a) No Limited Partner shall have the right to substitute an assignee as Limited Partner in its place. Subject to the provisions of Section 8.3, the General Partner Partners may, however, in its their sole discretion, permit an assignee to become a Substituted Limited Partner. The consent of Any Substituted Limited Partner shall execute such instrument or instruments as shall be required by the General Partners to signify the agreement of such Substituted Limited Partner to an assignment be bound by all the provisions of this Agreement and shall pay the Partnership's reasonable legal fees and filing costs in connection with its substitution as a Limited Partner's Interest under Section 8.1 shall not, in and of itself, constitute its consent to the admission of the assignee as a Substituted Limited Partner under this Section 8.2.

Substituted Limited Partner. (a) No Limited Partner shall have In addition to the right to substitute requirements of Section 8.2, the assignee of all or any part of an assignee as Interest in the Partnership may become a substituted Limited Partner in its place. Subject to the provisions place of Section 8.3, the General Partner mayor, in its sole discretionthe case of an assignment of part of an Interest, permit an assignee in addition to become a Substituted Limited Partner. The his or her assignor, only upon the written consent of the General Partner to an assignment of a Limited Partner's Interest under Section 8.1 shall not, which consent may be withheld in the sole and of itself, constitute its consent to the admission absolute discretion of the assignee as a Substituted General Partner. By executing this Agreement, each Limited Partner under this Section 8.2shall be deemed to have consented to any substitution or addition of an assignee of an assigning Limited Partner if permitted by the General Partner.