Common use of Distributions and Allocations in Respect to Transferred Interests Clause in Contracts

Distributions and Allocations in Respect to Transferred Interests. If any Partnership Interest is Transferred (which, for purposes of this Section 9.4, shall not include a pledge, encumbrance or grant of a security interest) during any Fiscal Year in compliance with the provisions of this Article IX, all items of Profit and Loss attributable to the Transferred Partnership Interest for such Fiscal Year shall be divided and allocated between the transferor and the transferee by taking into account their varying Partnership Interests during such Fiscal Year in accordance with Code Section 706(d), using any conventions permitted by law and selected by the Executive Committee. All distributions on or before the date of such Transfer shall be made to the transferor, and all distributions thereafter shall be made to the transferee. Any Partnership Interest that is transferred to a transferee pursuant to this Agreement whereby the transferee is admitted as a substitute partner to the Partnership shall be subject to the same terms and provisions under this Agreement in the hands of the transferee as in the hands of the transferor.

Distributions and Allocations in Respect to Transferred Interests. If any Partnership Interest is Transferred (which, for purposes of this Section 9.49.12, shall not include a pledge, encumbrance or grant of a security interest) during any Fiscal Year in compliance with the provisions of this Article IX, all items of Profit and Loss attributable to the Transferred Partnership Interest for such Fiscal Year shall be divided and allocated between the transferor and the transferee by taking into account their varying Partnership Interests during such Fiscal Year in accordance with Code Section 706(d), using any conventions permitted by law and selected by the Executive Committee. All distributions on or before the date of such Transfer shall be made to the transferor, and all distributions thereafter shall be made to the transferee. Any Partnership Interest that is transferred to a transferee pursuant to this Agreement whereby the transferee is admitted as a substitute partner to the Partnership shall be subject to the same terms and provisions under this Agreement in the hands of the transferee as in the hands of the transferor.