Common use of Notification Required and Effective Date Clause in Contracts

Notification Required and Effective Date. The Partnership shall not recognize for any purpose any purported sale, assignment, or transfer of all or any fraction of the Partnership Interest of a Limited Partner unless the provisions of Section 13.01 shall have been complied with and there shall have been filed with the Partnership a dated notification of such sale, assignment, or transfer, in form satisfactory to the Managing General Partners, 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 Partnership as effective on the first day of the fiscal quarter following the fiscal quarter in which such notification is filed with the Partnership. If a Partner-ship Interest is sold, assigned, or transferred more than once during a fiscal quarter, the last purchaser, assignee, or transferee with respect to whom notification is received shall be recognized by the Partnership.

Notification Required and Effective Date. The Partnership shall not recognize for any purpose any purported sale, assignment, or transfer of all or any fraction of the Partnership Interest of a Limited Partner unless the provisions of Section 13.01 shall have been complied with and there shall have been filed with the Partnership a dated notification of such sale, assignment, or transfer, in form satisfactory to the Managing General Partners, 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 Partnership as effective on the first day of the fiscal quarter following the fiscal quarter in which such notification is filed with the Partnership. If a Partner-ship Partnership Interest is sold, assigned, or transferred more than once during a fiscal quarter, the last purchaser, assignee, or transferee with respect to whom notification is received shall be recognized by the Partnership.