Common use of Transferees Clause in Contracts

Transferees. Generally, a transferee (including an Assignee) of an Interest shall succeed to a pro rata portion of the Capital Account of the transferor; provided, however, that, if the transfer causes a termination of the Partnership under Section 708(b)(1)(B) of the Code, the Partnership’s properties shall be deemed solely for federal income tax purposes, to have been distributed in liquidation of the Partnership to the holders of Partnership Interests (including such transferee) and recontributed by such persons in reconstitution of the Partnership. In such event, the carrying values of the Partnership properties shall be adjusted immediately prior to such deemed distribution. The Capital Accounts of such reconstituted Partnership shall be maintained in accordance with the principles of this Agreement.

Transferees. Generally, a transferee (including an Assignee) of an Interest shall succeed to a pro rata portion of the Capital Account Acco unt of the transferor; provided, however, that, if the transfer causes a termination of the Partnership under Section 708(b)(1)(B) of the Code, the Partnership’s 's properties shall be deemed solely for federal income tax purposes, to have been distributed in liquidation of the Partnership to the holders of Partnership Interests (including such transferee) and recontributed by such persons in reconstitution of the Partnership. In such event, the carrying values of the Partnership properties shall be adjusted immediately prior to such deemed distribution. The Capital Accounts of such reconstituted Partnership shall be maintained in accordance with the principles of this Agreement.

Transferees. Generally, a transferee (including an Assignee) of an Interest shall succeed to a pro rata portion of the Capital Account of the transferor; provided, however, that, if the transfer causes a termination of the Partnership under Section 708(b)(1)(B) of the Code, the Partnership’s properties shall be deemed solely for federal income tax purposes, to have been distributed in liquidation of the Partnership to the holders of Partnership Interests (including such transferee) and recontributed by such persons in reconstitution of the Partnership. In such event, the carrying values of the Partnership properties shall be adjusted immediately prior to such deemed distribution. The Capital Accounts of such reconstituted Partnership shall be maintained in accordance with the principles of this Agreement.. Altegris QIM Futures Fund, L.P. exhibit a - 4