Common use of Substituted Limited Partner Clause in Contracts

Substituted Limited Partner. An assignee of the interest of a Limited Partner or any portion thereof shall become a Substituted Limited Partner entitled to all the rights of a Limited Partner if, and only if:

Substituted Limited Partner. An assignee A Substituted Limited Partner, upon registration of the interest any requisite notices in respect of his being substituted as a Limited Partner, shall become a Limited Partner or any portion thereof and shall become a Substituted Limited Partner entitled to have all of the rights and liabilities of the assigned Unit or Units acquired by him and the assignor of such Unit or Units shall thereupon cease to be a Limited Partner ifPartner; provided, however, the assignor shall remain liable for any and only if:all matters arising while he was a Limited Partner.