Allocation and Distribution to New Members and Assignees. If Units are transferred or if additional Units are issued during any Fiscal Year, Profits and Losses for the Fiscal Year shall be allocated in accordance with Section 706(d) of the Code, using any conventions permitted by law and selected by a Vote of the Members pursuant to Section 4.2 hereof. All Distributions on or before the date of a Transfer shall be made to the transferor, and all Distributions thereafter shall be made to the transferee. If a Transfer does not comply with the provisions of Section 8 of this Agreement, then any Distribution shall be allocated to the Person who attempted to make the Transfer.
Appears in 5 contracts
Samples: Operating Agreement of Kykuit Resources (John D. Oil & Gas Co), Operating Agreement (John D. Oil & Gas Co), Operating Agreement (Energy West Inc)
