Common use of Effective Date of Assignment Clause in Contracts

Effective Date of Assignment. Any valid assignment of a Limited Partner’s interest in the Partnership, or part thereof, pursuant to the foregoing provisions of Section 11.02 hereof shall be effective as of the close of business on the last day of the calendar month in which the General Partner gives its written consent to such assignment (or the last day of the calendar month in which such assignment occurs, if later). The Partnership shall, from the effective date of such assignment, thereafter pay all further distributions of Net Cash Flow, on account of the Partnership interest (or part thereof) so assigned, to the assignee of such interest, or part thereof. As between any Partner and its assignee, Profits and Losses for the fiscal year of the Partnership in which such assignment occurs shall be apportioned for federal income-tax purposes in accordance with any manner permitted under Section 706(d) of the Code as such Partner and its assignee may agree to.