Common use of Interim Closings Clause in Contracts

Interim Closings. In the event that during any calendar month (or any fiscal year) there is any change of Partners or Partnership Points (whether as a result of the admission of an Additional Limited Partner, the redemption by the Partnership of all (or any portion of) any Limited Partner's Partnership Points, a transfer of any Partnership Points or otherwise), the following shall apply: (i) such transfer shall be deemed to have occurred as of the close of business on the last day of the month in which such change occurred, (ii) the books of account of the Partnership shall be closed effective as of the close of business on the effective date of any such change as set forth in clause (i) and such fiscal year shall thereupon be divided into two or more portions, (iii) each item of income gain, loss, deduction shall be determined (on the closing of the books basis) for the portion of such fiscal year ending with the date on which the books of account of the Partnership are so closed, and (iv) each such item for such portion of such fiscal year shall be allocated (pursuant to the provisions of Section 4.2(c) hereof) to those persons who were Partners during such portion of such fiscal year in accordance with their respective Partnership Points during such period.

Interim Closings. In the event that during any calendar month (or any fiscal year) there is any change of Partners or Partnership Points (whether as a result of the admission of an Additional Limited Partner, the redemption by the Partnership of all (or any portion of) any Limited Partner's Partnership Points, a transfer of any Partnership Points or otherwise), the following shall apply: (i) such transfer shall be deemed to have occurred as of the close of business on the last day of the month in which such change occurred, (ii) the books 27 32 of account of the Partnership shall be closed effective as of the close of business on the effective date of any such change as set forth in clause (i) and such fiscal year shall thereupon be divided into two or more portions, (iii) each item of income gain, loss, deduction shall be determined (on the closing of the books basis) for the portion of such fiscal year ending with the date on which the books of account of the Partnership are so closed, and (iv) each such item for such portion of such fiscal year shall be allocated (pursuant to the provisions of Section 4.2(c) hereof) to those persons who were Partners during such portion of such fiscal year in accordance with their respective Partnership Points during such period.