Common use of Effective Assignment Clause in Contracts

Effective Assignment. In the event an assignment is made in accordance with this Agreement, unless otherwise required by the Code: (a) the effective date of such assignment shall be the date the written instrument of assignment is received and approved by all of the non-assigning Members; (b) the Company and the non-assigning Members shall be entitled to treat the assignor of the assigned Membership Interest as the absolute owner thereof in all respects and shall incur no liability for allocations of Profits or Losses and distributions of Operating Cash Flow or Capital Proceeds made in good faith to such assignor until such time as the written instrument of assignment has been actually received and approved by the other Members and recorded in the books of the Company; and (c) any Profits and Losses shall be allocated between the assignor and the assignee of the assigned Membership Interest in the manner described in Exhibit B.

Effective Assignment. In the event an assignment is made in accordance with this Agreement, unless otherwise required by the Code: : (a) the effective date of such assignment shall be the date the written instrument of assignment is received and approved by all of the non-assigning Members;; 45 (b) the Company and the non-assigning Members shall be entitled to treat the assignor of the assigned Membership Interest as the absolute owner thereof in all respects and shall incur no liability for allocations of Profits or Losses and distributions of Operating Cash Flow or Capital Proceeds made in good faith to such assignor until such time as the written instrument of assignment has been actually received and approved by the other Members and recorded in the books of the Company; and and (c) any Profits and Losses shall be allocated between the assignor and the assignee of the assigned Membership Interest in the manner described in Exhibit B.B. 10.8