Common use of Transfers During Year Clause in Contracts

Transfers During Year. The allocation of Profits and Losses under Article VIII between a Member who Transfers part or all of its interest in the Company during the Company’s accounting year and his transferee, or to a Member whose Sharing Ratio varies during the course of the Company’s accounting year, shall be based on an interim closing of the Company’s books pursuant to Treasury Regulation § 1.706-1(c) to the extent consistent with the Code.

Transfers During Year. The allocation of Profits and Losses under Article VIII between a Member who Transfers part or all of its interest in the Company during the Company’s 's accounting year and his transferee, or to a Member whose Sharing Ratio varies during the course of the Company’s 's accounting year, shall be based on an interim closing of a method determined by the Company’s books Board pursuant to Treasury Regulation § 1.706-1(c) (provided that at the request of the transferring Member, the Company shall use a method based upon an interim closing of the Company's books), in each case to the extent consistent with the Code.

Transfers During Year. The allocation of Profits and Losses under Article VIII between a Member who Transfers part or all of its interest in the Company during the Company’s accounting year and his transferee, or to a Member whose Sharing Ratio varies during the course of the Company’s accounting year, shall be based on an interim closing of a method determined by the Company’s books Board pursuant to Treasury Regulation § 1.706-1(c) (provided that at the request of the transferring Member, the Company shall use a method based upon an interim closing of the Company’s books), in each case to the extent consistent with the Code.