Common use of Assignment Requirements Clause in Contracts

Assignment Requirements. No assignee of a Partnership Interest shall be registered as a holder of a Partnership Interest or become a Partner unless: (a) the assignee has delivered to the Managing Partner a valid instrument of transfer of the Partnership Interest; (b) the assignee has acknowledged in writing that it is bound by the terms of this Agreement and has assumed the obligations of the assigning Partner in respect of the assumed Partnership Interest (including the obligations of the outgoing Managing Partner in connection with an assignment of such office made in accordance with Section 3.5) including the obligation of a Partner to make the representations, warranties and covenants set out at Section 6.1; (c) in the case of an assignment by or to a Person other than an individual, the assignee has delivered to the Managing Partner such verification of the due execution of the form of assignment by that Person as the Managing Partner reasonably requires; and (d) the assignment is effective prior to the dissolution of the Partnership and has otherwise been made in compliance with the provisions of this Agreement.