Common use of No Further Interest Clause in Contracts

No Further Interest. Contributor acknowledges and agrees that effective at the Closing Date, and without any further action by Contributor, the Contributed Interests shall be transferred, assigned and conveyed to the Operating Partnership, or a subsidiary thereof, and Contributor shall no longer be a direct holder of any equity interests in the Contributed Entities, shall no longer be entitled to receive any distributions from any of the Contributed Entities, and shall have no further right, title or interest in any of the Contributed Interests, the Contributed Entities or the Properties, other than indirectly through the ownership of any OP Units.

No Further Interest. Contributor acknowledges and agrees that effective at the Closing Date, and without any further action by Contributor, the Contributed Interests shall be transferred, assigned and conveyed to the Operating Partnership, or a subsidiary thereof, and Contributor shall no longer be a direct holder of any equity interests in the Contributed EntitiesEntity, shall no longer be entitled to receive any distributions from any of the Contributed EntitiesEntity, and shall have no further right, title or interest in any of the Contributed Interests, the Contributed Entities Entity or the PropertiesProperty, other than indirectly through the ownership of any OP Units.