Common use of Rights of Assignees of Partnership Interests Clause in Contracts

Rights of Assignees of Partnership Interests. (a) Subject to the provisions of Sections 10.1 and 10.2 hereof, except as required by operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner or Preferred Limited Partner of its Partnership Interest until the Partnership has received notice thereof. (b) Any Person who is the assignee of all or any portion of a Limited Partner's Limited Partnership Interest or a Preferred Limited Partner’s Preferred Limited Partnership Interest, but does not become a Substitute Limited Partner or Substitute Preferred Limited Partner and desires to make a further assignment of such Limited Partnership Interest or Preferred Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner or Preferred Limited Partner desiring to make an assignment of its Limited Partnership Interest or Preferred Limited Partnership Interest.