Common use of Transfer of Membership Units Clause in Contracts

Transfer of Membership Units. If membership interest is transferred pursuant to this Agreement during any Fiscal Period, the Profits (or Losses) allocated to the Members for each such Fiscal Period shall be allocated among the Members in proportion to the Capital Account of each Member from time to time during the Fiscal Period in accordance with I.R.C. Section 706, using any convention permitted by law and selected by the Board.

Transfer of Membership Units. If membership interest is transferred a Member transfers all or any portion of the Member's Membership Units pursuant to this Agreement during any Fiscal Period, the Profits (or Losses) allocated to the Members for each such Fiscal Period shall be allocated among the Members in proportion to the Capital Account of each Member their respective Percentage Interests from time to time during the Fiscal Period Period, in accordance with I.R.C. Section 706section 706 of the Code, using any convention permitted by law and selected by the BoardBoard of Directors.