Distribution and Allocation Subsequent to Transfer. (a) The Income and Losses of the Partnership attributable to any Partnership Interest acquired by reason of the assignment of the Partnership Interest or substitution of a Partner with respect to that Interest and any distributions made with respect thereto shall be allocated between the assignor and assignee based upon the length of time during any fiscal year of the Partnership, as measured by the effective date of the assignment or substitution, that the Partnership Interest so assigned or with respect to which there is a substitution was owned by each of them. (b) The effective date of an assignment, sale or transfer of the Limited Partner's Interest or any portion thereof shall be the date on which written consent has been obtained from the General Partner as provided in Section 11.2(b).
Appears in 3 contracts
Samples: Partnership Agreement (Sand Creek Communications Co), Partnership Agreement (Sand Creek Communications Co), Partnership Agreement (Sand Creek Communications Co)
