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

Distributions and Applications in Respect to Transferred Interests. If any Interests are Transferred during any accounting period in compliance with the provisions of this Article 11, Net Profit, Net Loss, each item thereof, and all other items attributable to the Transferred Interest for such period shall be divided and allocated between the transferor and the transferee by taking into account their varying interests during the period in accordance with Code Section 706(d), using any conventions permitted by law and elected by the General Partner and agreed to by the transferor and transferee. 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. Solely for purposes of making such allocations and distributions, the Partnership shall recognize such Transfer not later than the end of the calendar month during which it is given notice of such Transfer, provided that if the Partnership does not receive a notice stating the date such Interest was Transferred and such other information as the General Partner may reasonably require within 30 days after the end of the accounting period during which the Transfer occurs, then all of such items shall be allocated, and all distributions shall be made, to the Person who, according to the books and records of the Partnership, on the last day of the accounting period during which the Transfer occurs, was the owner of the interest. Neither the Partnership nor any General Partner shall incur any liability for making allocations and distributions in accordance with the provisions of this Section 11.07, whether or not any General Partner or the Partnership has knowledge of any Transfer of ownership of any interest.

Distributions and Applications in Respect to Transferred Interests. If any Interests or Economic Interests are sold, assigned, or Transferred during any accounting period in compliance with the provisions of this Article 11Article, Net ProfitProfits, Net LossLosses, each item thereof, and all other items attributable to the Transferred Interests or Economic Interest for such period shall be divided and allocated between the transferor and the transferee by taking into account their varying interests during the period in accordance with Code Section 706(d), using any conventions permitted by law and elected selected by the General Partner and agreed to by the transferor and transfereeManager. 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. Solely for purposes of making such allocations and distributions, the Partnership Company shall recognize such Transfer not later than the end of the calendar month during which it the Company is given notice of thereof and all conditions precedent for such Transfer, provided that if Transfer have been satisfied. If the Partnership Company does not receive a notice stating the date such Interest was Transferred of the Transfer and such other information as the General Partner Manager may reasonably require within 30 thirty (30) days after the end of the accounting period during which the Transfer occurs, then all of such items shall be allocated, and all distributions shall be made, to the Person who, according to the books and records of the Partnership, Company on the last day of the accounting period during which the Transfer occurs, was the owner of the interestInterests or Economic Interest. Neither the Partnership Company nor any General Partner the Manager shall incur any liability for making allocations and distributions in accordance with the provisions of this Section 11.07Section, whether or not any General Partner the Manager or the Partnership Company has knowledge of any Transfer of ownership of any interestTransfer.

Distributions and Applications in Respect to Transferred Interests. If any Interests are Interest is sold, assigned, or Transferred during any accounting period Fiscal Year in compliance with the provisions of this Article 11IX, Net ProfitProfits, Net LossLosses, each item thereof, and all other items attributable to the Transferred Interest for such period Fiscal Year shall be divided and allocated between the transferor and the transferee by taking into account their varying interests Interests during the period such Fiscal Year in accordance with Code Section 706(d), using any conventions permitted by law and elected selected by the General Partner and agreed to by the transferor and transfereePartner. 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. Solely for purposes of making such allocations and distributions, the Partnership shall recognize such Transfer not later than the end of the calendar month during which it is given notice of such Transfer, provided that that, if the Partnership is given notice of a Transfer at least ten (10) Business Days prior to the Transfer the Partnership shall recognize such Transfer as of the date of such Transfer, and provided further that, if the Partnership does not receive a notice stating the date such Interest was Transferred and such other information as the General Partner may reasonably require within 30 thirty (30) days after the end of the accounting period Fiscal Year during which the Transfer transfer occurs, then all of such items shall be allocated, and all distributions shall be made, to the Person who, according to the books and records of the Partnership, was the owner of the Interest on the last day of the accounting period Fiscal Year during which the Transfer occurs, was the owner of the interest. Neither the Partnership nor any General Partner shall incur any liability for making allocations and distributions in accordance with the provisions of this Section 11.079.8, whether or not any General Partner or the Partnership has knowledge of any Transfer of ownership of any interestInterest.