Common use of Transferor-Transferee Allocations Clause in Contracts

Transferor-Transferee Allocations. As between a Limited Partner and his transferee, profits and losses for any month shall be apportioned to the person who is the holder of that Limited Partnership Interest transferred on the last day of such month, without regard to the results of the Partnership's operations during the period before and after such transfer. A transferee of, or substitute Limited Partner for, a Limited Partner's Limited Partnership Interest shall be entitled to receive distributions from the Partnership with respect to such Limited Partnership Interest only after the effective date of such assignment.

Transferor-Transferee Allocations. As between a Limited Partner and his transferee, profits and losses for any month shall be apportioned to the person who is the holder of that the Limited Partnership Interest transferred on the last day of such month, without regard to the results of the Partnership's operations during the period before and after such transfer. A transferee of, or substitute Limited Partner for, a Limited Partner's Limited Partnership Interest shall be entitled to receive distributions from the Partnership with respect to such Limited Partnership Interest only after the effective date of such assignment.