基金合伙协议核心条款之有限合伙人权益转让条款

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有限合伙人权益转让条款是基金合伙协议的核心条款之一,对有限合伙人可转让权益的情形、转让程序以及转让限制等作出了规定,是投资者作为有限合伙人必须要全面了解的条款。以下为部分基金合伙协议中的双语条款示例,供参考:


示例一(英译汉):


Transfer of A Limited Partner’s Interest

有限合伙人权益转让


Restrictions on Transfer of Interests. 

权益转让限制


(a)No direct or indirect sale, exchange, transfer, assignment, conveyance, pledge, mortgage, charge, gift, hypothecation or other encumbrance or disposition, including by way of a derivative instrument, (hereinafter collectively called a “Transfer”) of all or any portion of a Limited Partner’s Interest may be made without the Consent of the General Partner,which Consent may be exercised or withheld in the General Partners’s sole discretion; provided, that the General Partner will not unreasonably withhold its Consent to the Transfer of the entirety of a Limited Partner’s Interest to an Affiliate.

未经普通合伙人同意,不得直接或间接出售、交换、转让、让与、质押、抵押、押记、赠与、处置全部或部分普通合伙人权益或在普通合伙人权益上设立任何担保契约或其他产权负担(包括通过衍生工具进行上述处理)(以下统称“转让”)。普通合伙人可自行决定给予或拒绝给予该等同意;但普通合伙人不得无理拒绝有限合伙人将其全部权益转让给关联方。


(b)Any Person that acquires all or any fraction of the Interest of a Limited Partner in a Transfer permitted under this Article Eight shall be obligated to pay to the Partnership the appropriate portion of any amounts thereafter becoming due in respect of the Capital Contributions required to be made by its predecessor in interest. Each Limited Partner agrees that, notwithstanding the Transfer of all or any fraction of its Interest, as between it and the Partnership, it will remain liable for all Capital Contributions required to be made by it (without taking into account the Transfer of all or a fraction of such Interest) prior to the time, if any, when the purchaser, assignee or transferee of such Interest, or fraction thereof, is admitted as a Substituted Limited Partner.

任何获得全部或部分有限合伙人权益(根据本第八条的规定获许转让)的主体有义务向合伙企业支付此后其前任就该权益需要支付的出资额之到期应付的任何适当款项。各有限合伙人同意,尽管其已将其权益全部或部分转让,但在其与合伙企业之间,其将仍在该等权益的购买人、承让人、受让人作为替代合伙人入伙之前,对其需支付的所有出资额负责(不考虑该等权益已全部或部分转让这一因素)。


(c)Except as otherwise specifically provided in this Agreement or with the Consent of the General Partner, all economic attributes of a transferor Limited Partner’s Interest in the Partnership (such as the Limited Partner’s Capital Contributions and obligation to return Distributions or make other payments to the Partnership) shall carry over to a transferee in proportion to the percentage of the Interest so transferred.

除本协议另有明确规定或获普通合伙人同意外,有限合伙人作为转让人转让的合伙企业权益之所有经济属性(如有限合伙人的出资额以及其返还分派或向合伙企业支付其他款项的义务)应按以如此方式转让的权益之比例转移至受让人。


(d)Notwithstanding any provision of this Agreement to the contrary, a Limited Partner shall not, by virtue of having Transferred all or any portion of its Interest, be relieved of any obligations arising under this Agreement; provided, however, that a Limited Partner shall be relieved of such obligations to the extent that: (x) such relief is approved by the General Partner (which approval may be withheld by the General Partner in its sole and absolute discretion); and (y) such obligations are assumed by another Partner or Person admitted to the Partnership as a Substituted Limited Partner; and further, provided, that the General Partner will not unreasonably withhold such Consent to the extent such obligations are assumed by an Affiliate of the transferor.

尽管本协议中有任何相反规定,有限合伙人不得因已将其全部或部分权益转让而被免除本协议项下产生的任何义务;但是,在以下情况下,有限合伙人可被免除该等义务:(x)该等免除获普通合伙人批准(普通合伙人可自行全权决定拒绝给予批准);且(y)该等义务由另一合伙人或作为替代有限合伙人入伙的另一主体承担;此外,该等义务由转让人的关联方承担的,普通合伙人不得无理拒绝给予同意。


(e)Each Limited Partner hereby severally agrees that it will not Transfer all or any fraction of its Interest in the Partnership, except as permitted by this Agreement.

各有限合伙人特此分别同意,除本协议允许外,其不会将其在合伙企业中的全部或部分权益转让。


(f)The Partnership shall not recognize for any purpose any purported Transfer of all or any portion of the Interest of a Limited Partner and shall be entitled to treat the transferor of an Interest as the absolute owner thereof in all respects, and shall incur no liability for Distributions made to it, unless (i) the General Partner shall have given its Consent thereto. (ii) the transferor and transferee shall have executed and delivered to the Partnership a written instrument of Transfer in form and substance satisfactory to the General Partner, and (iii) the transferee shall have executed and delivered to the Partnership a written instrument pursuant to which the transferee assumes all obligations of the transferor associated with the transferred Interest and otherwise agrees to comply with the terms and provisions of this Agreement.

合伙企业不得出于任何目的承认任何声称的有关有限合伙人权益的全部或部分转让,并有权在所有方面将权益转让人视为权益的绝对所有人,且不对向其进行的分派承担任何责任,除非(i)普通合伙人已对此表示同意,(ii)转让人和受让人已签署并向合伙企业交付一份形式和内容均令普通合伙人满意的书面转让文书,且(iii)受让人已签署并向合伙企业交付一份书面文书,根据该文书,受让人将承担转让人与该等被转让权益有关的所有义务并同意遵守本协议的条款和条件。


(g)Without limiting the General Partner’s rights under paragraph 8.01(a), if, in the General Partner’s reasonable determination, there is a substantial likelihood that a Limited Partner’s participation as a Limited Partner in the Partnership would result in a material violation of or non-compliance with any law or regulation to which the Partnership or any Partner is or would be subject (or with any agreement with a tax or regulatory authority to which the Partnership or a Partnership subsidiary is a party), then such Limited Partner shall be required, at such Limited Partner’s option, to either (i) completely or partially withdraw from the Partnership, or (ii) Transfer its Interest in the Partnership to another Person, subject to the General Partner being reasonably satisfied with the identity of the transferee, and provided that, if the Transfer is not consummated within sixty (60) calendar days following the General Partner’s determination, the General Partner may require such Limited Partner to completely or partially withdraw from the Partnership.

在不限制普通合伙人在第8.01(a)款项下的权利的前提下,若普通合伙人合理认定,有限合伙人作为有限合伙人参与合伙企业极有可能导致严重违反或不遵守合伙企业或任何合伙人当前或未来将需遵守的任何法律或法规(或合伙企业或合伙企业子公司作为一方当事人与税务或监管机构达成的任何协议),则该有限合伙人需自行选择,(i)完全或部分退出退出合伙企业,或(ii)将其在合伙企业中的权益转让给另一主体(前提是普通合伙人合理信纳该受让人的身份),但,转让未在普通合伙人作出上述认定后的六十(60)个日历日内完成的,普通合伙人可要求该有限合伙人完全或部分退出合伙企业。


示例二(汉译英;简版):


6.6合伙权益的转让

Transfer of Partnership Interests


除本协议明确约定的情形外,合伙人不得转让其持有的合伙权益。受限于第5.2.1条的约定,普通合伙人有权代表合伙企业及有限合伙人与转让合伙权益的有限合伙人及拟议认购方签署有关合伙权益转让相关的全部协议、文件以及相关的全部企业变更登记文件。

Unless otherwise agreed expressly in this Agreement, no Partner shall transfer any Partnership Interests held by him/her. Subject to the provisions of Article 5.2.1, the General Partner shall have the right to sign all the agreements and documents related to the transfer of Partnership Interests and all the relevant change registration documents with the Limited Partner who transfers his/her Partnership Interests and the proposed subscriber on behalf of the Partnership and the Limited Partners.



示例三(汉译英;详版):


8.1有限合伙人合伙权益的转让/Transfer of the Partnership Interests by the Limited Partners

8.4.1未经执行事务合伙人及AAA Fund同意,有限合伙人不应以其他任何方式转让其在合伙企业当中的任何权益,包括但不限于财产份额、出资及接受分配的权利。

Without the consent of the Managing Partner and the AAA Fund, a Limited Partner shall not transfer any of its rights and interests in the Partnership in any other manner, including but not limited to the right to share property, contribute capital and receive distribution.

8.4.2拟转让合伙权益的有限合伙人(“转让方”)申请转让其持有的全部或部分合伙权益的,应向执行事务合伙人提出书面申请,当下列条件全部满足时方为一项“有效申请”:

If a Limited Partner ("the Transferor") intends to transfer all or part of the Partnership Interests held by it, a written application should be submitted to the Managing Partner. It will be considered as a "valid application" when all of the following conditions have been met:

(1)权益转让不会导致合伙企业违反《合伙企业法》或其它有关法律法规的规定,或由于转让导致合伙企业的经营活动受到限制;

The transfer of interests will not cause the Partnership to violate the Partnership Enterprise Law or other relevant laws and regulations, nor will it cause the Partnership's business activities to be restricted;

(2)权益转让不会导致对本协议的违反;

The transfer of interests will not result in a breach of the Agreement;

(3)拟议中的受让方(“拟议受让方”)已向合伙企业作出第3.2.5条项下的陈述和保证,且已向执行事务合伙人提交关于其同意受本协议约束、承继转让方相应义务的承诺函;

The proposed transferee ("the Proposed Transferee") has made representations and warranties under Clause 3.2.5 hereof to the Partnership and has submitted to the Managing Partner a letter of undertaking that it agrees to be bound by the Agreement and to inherit the corresponding obligations of the Transferor;

(4)该等申请于拟转让日期之前至少【选择区间:七到十】(对应阿拉伯数字)日送达执行事务合伙人;

The application has been delivered to the Managing Partner at least [range for selection: seven to ten] (in corresponding Arabic number) days before the date of the proposed transfer;

(5)拟议受让方已提供执行事务合伙人认为适宜要求的其他文件、证件及信息;

The Proposed Transferee has provided such other documents, credentials and information as the Managing Partner reasonably request; and

(6)转让方及/或拟议受让方已书面承诺承担该次转让引起的合伙企业及执行事务合伙人所发生的所有费用,包括但不限于合伙人会议费用(如需)、全体合伙人签署文件的费用、法律顾问费用、工商登记费用、差旅费等;

The Transferor and/or the Proposed Transferee have undertaken in writing to bear all expenses incurred by the Partnership and the Managing Partner in connection with the transfer, including, but not limited to, the fees of the Partners' Meeting (if required), fees for signing documents by all the Partners, legal counsel fees, business registration fees, and travel expenses etc.; and

(7)违约合伙人转让合伙权益的,需将应承担的违约责任履行完毕,或受让方承诺承接该等违约责任。

Where the Defaulting Partner transfers the Partnership Interests, it shall have fulfilled its obligations for breach of contract or the Proposed Transferee has undertaken to undertake such obligations.


当一项有关合伙权益转让的申请成为有效申请且经执行事务合伙人及AAA Fund同意,有限合伙人可以转让其持有的合伙权益。

When an application for the transfer of the Partnership Interests becomes a valid application and it obtains the consent of the Managing Partner and the AAA Fund, the Limited Partner may transfer the Partnership Interests held by it.

发布于 2023-01-04 08:36:42
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