Common use of Changes in Interests Clause in Contracts

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 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. (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 book’s method in connection with any such Transfers.