Common use of Assignees and Substituted Partners Clause in Contracts

Assignees and Substituted Partners. A. The NPI Partnership shall not recognize for any purpose any purported sale, assignment or transfer of all or any fraction of the Interest of the Limited Partnership unless the provisions of Section 7.1 shall have been complied with and there shall have been filed with the NPI Partnership a dated Notification of such sale, assignment or transfer, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee and such Notification (i) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Agreement and (ii) represents that such sale, assignment or transfer was made in accordance with all applicable laws and regulations. Any sale, assignment or transfer shall be recognized by the NPI Partnership as effective on the date of such Notification if the date of such Notification is within 30 days of the date on which such Notification is filed with the NPI Partnership, and otherwise shall be recognized as effective on the date such Notification is filed with the NPI Partnership.