Common use of Minimum Transfer Restriction Clause in Contracts

Minimum Transfer Restriction. Any transferring Common Limited ---------------------------- Partner must transfer not less than the lesser of (i) greater of 50,000 Common Units or one-third (1/3) of the number of Common Units owned by such Partner as of the Effective Date, or (ii) all of the remaining Common Units owned by such transferring Partner; provided, that, for purposes of determining compliance with the -------- ---- foregoing restriction, all Common Units owned by Affiliates of a Common Limited Partner shall be considered to be owned by such Common Limited Partner.

Appears in 2 contracts

Sources: Agreement of Limited Partnership (National Golf Properties Inc), Limited Partnership Agreement (National Golf Properties Inc)

Minimum Transfer Restriction. Any transferring Common Limited ---------------------------- Partner must transfer not less than the lesser of (i) greater of 50,000 Common Units or one-third (1/3) of the number of Common Units owned by such Partner as of the Effective Date, or (ii) all of the remaining Common Units owned by such transferring Partner; provided, that, for purposes of determining compliance with the -------- ---- foregoing restriction, all Common Units owned by Affiliates of a Common Limited Partner shall be considered to be owned by such Common Limited Partner.

Appears in 1 contract

Sources: Agreement of Limited Partnership (National Golf Properties Inc)