Common use of Binding on Transferees Clause in Contracts

Binding on Transferees. All Transferees of any Partnership Units Transferred in accordance with the terms and conditions of this Agreement shall take such Partnership Units subject to all provisions, conditions and covenants set forth in this Agreement; provided, however, that no Transfer shall be completed, effective and/or recognized by the Company or any other Partner for any purposes unless the conditions set forth in Section 6.2 of this Agreement have been satisfied. Upon the satisfaction of such conditions, any Transfer that is otherwise permitted in accordance with the terms and conditions of this Agreement shall be deemed valid and effective and the Transferee shall be considered a Partner hereunder for all purposes.

Binding on Transferees. All Transferees of any Partnership Units Transferred in accordance with the terms and conditions of this Agreement shall take such Partnership Units subject to all provisions, conditions and covenants set forth in this Agreement; provided, however, that no Transfer shall be completed, effective and/or recognized by the Company or any other Partner for any purposes unless the conditions set forth in Section 6.2 7.2 of this Agreement have been satisfied. Upon the satisfaction of such conditions, any Transfer that is otherwise permitted in accordance with the terms and conditions of this Agreement shall be deemed valid and effective and the Transferee shall be considered a Partner hereunder for all purposes.