Changes in Interests. If the respective Ownership Interests of the Members in the Fund change during any Fiscal Year, then the amount of all items to be allocated, credited or charged to such Members will be determined as follows:
i. First, the Transferor of such Ownership Interests will receive all items allocable, credited or charged from the first day of such Fiscal year through and but not including the Effective Transfer Date, as determined pursuant to Section 12.5. Thereafter, the Transferee will be allocated, credited or charged such items from the Effective Transfer Date through the end of such Fiscal Year.
ii. Distributions to the Transferor will cease on and after the Effective Transfer Date and all allocations of income/losses will be allocated based on the close of the books as of the Effective Transfer Date. To be clear, the Fund shall utilize the interim closing of the books method in connection with any such Transfers.
Changes in Interests. If the respective interests of the Partners in the Partnership change during any Fiscal Year, then the amount of all items to be allocated, credited or charged to the Partners for such entire Fiscal Year (other than items of gain or loss from a sale of all or substantially all of the Partnership's assets, which shall be allocated under the interim closing of the books method) shall be allocated to the portion of such Fiscal Year which precedes the date of each such change and to the portion of the Fiscal Year which occurs on and after the date of each such change, in proportion to the number of days in each such portion, and the amounts of the items so allocated to each such portion shall be allocated, credited or charged to each of the Partners in proportion to their respective interests during each such portion of the Fiscal Year in question. Notwithstanding the foregoing, the Managing General Partner may elect to use the closing of the books method or any other method allowed by the Treasury Regulations in the event that a new Partner is admitted to the Partnership or an existing Partner is redeemed during a Fiscal Year.
Changes in Interests. If there is a change in any Member’s interest in the Company during any fiscal year (including a change as a result of a transfer of a Member’s interest or the admission of a new Member), the books of the Company shall be closed on the last day of the month preceding the month in which the change is considered to have occurred in accordance with the following sentence. For the purposes of the preceding sentence, changes in interests during any month shall be treated as having occurred on the first day of that month. The TMP shall make determinations required for tax purposes pursuant to this Section 7.02 in accordance with Section 7.05 hereof and applicable Treasury Regulations. In the event that Treasury Regulations are adopted which require a different treatment from that described above, the TMP is authorized to follow the treatment required by such Regulations.
Changes in Interests. Notwithstanding the foregoing, in the event of a change in the Venturers' Percentage Interests in the Venture during a year, whether occasioned by admission of a new Venturer, additional contributions, assignments of interests or otherwise, the allocation of items of income and expense shall be made so as to reflect the Venturers' varying Percentage Interests in the Venture during the year. Profits and losses for the year shall be prorated on a daily basis and allocated among the Venturers based upon the period of time during which they held their respective Percentage Interests.
Changes in Interests. Subject to the provisions of Paragraph A.3, if the profit and/or loss sharing ratios of a Partner are adjusted during the period in question, the Partnership’s books shall be closed as of the date immediately preceding the date of such adjustment. For the period ended on such date, the net income and net losses shall be allocated based on the profit and/or loss sharing ratios in effect prior to the date of such adjustment. For the balance of such fiscal year, the net income and net losses shall be allocated based on the profit and/or loss sharing ratios as so adjusted. For purposes of the foregoing, the expenses of the Partnership shall be allocated between the two periods based upon the date when accrued; provided that amortization, depreciation, and other items attributable to specific items of property shall be deemed to accrue ratably over the period of time during which the Partnership holds the property to which such items relate.
Changes in Interests. If the Members' Interests change during any taxable year of the Company, the distributive share of items of Profit or Loss of each Member shall be determined in any manner (i) permitted by section 706 of the Code, and (ii) determined by the Management Committee. If the Management Committee cannot agree on a method, the method shall be determined by the TMP in consultation with the Company's tax advisers, with preference given to the interim closing-of-the-books method except where application of that method would result in undue administrative expense in relationship to the amount of the items to be allocated.
Changes in Interests. If the Percentage Interests of a Member are adjusted during the period in question, the Company’s books shall be closed as of the date immediately preceding the date of such adjustment. For the period ended on such date, the Net Income and Net Losses shall be allocated based on the Percentage Interests in effect prior to the date of such adjustment. For the balance of such Fiscal Year the Net Income and Net Losses shall be allocated based on the Percentage Interests as so adjusted. For purposes of the foregoing, the expenses of the Company shall be allocated between the two periods based upon the date when accrued; provided that amortization, depreciation and other items attributable to specific items of property shall be deemed to accrue ratably over the period of time during which the Company holds the property to which such items relate.
