Assignment During Fiscal Year Clause Samples
The "Assignment During Fiscal Year" clause governs the conditions under which rights or obligations under a contract may be transferred to another party within the same fiscal year. Typically, this clause outlines whether such assignments require prior written consent from the other party, and may specify any limitations or procedures for notification. Its core practical function is to maintain control and oversight over contractual relationships during the fiscal year, preventing unexpected changes in parties that could disrupt performance or financial planning.
Assignment During Fiscal Year. If a Member’s Interest is transferred at any time other than the end of a fiscal year of the Company, the allocable share of the various items of Company Profit, Loss and credit will be allocated between the transferor and the transferee in the same ratio as the number of days in the fiscal year, respectively, before and after the transfer is recognized by the Company, as such number of days bears to the number of days in the entire year or will be allocated as if the books of the Company closed on the day of the transfer. Such method of allocation will be determined by the transferor and transferee of such Interest.
Assignment During Fiscal Year. If a Partner’s interest in the Partnership is transferred at any time other than at the end of a fiscal year of the Partnership, each item of income, gain, loss, deduction and credit attributable to such interest for the fiscal year in which the transfer occurs shall be divided and allocated between the transferor and the transferee based on any reasonable method permitted under Section 706 of the Code as determined by the General Partner.
Assignment During Fiscal Year. If a Member's interest in the Company is transferred at any time other than at the end of a fiscal year of the Company, each item of income, gain, loss, deduction and credit attributable to such interest for the fiscal year in which the transfer occurs shall be divided and allocated between the transferor and the transferee based on a closing of the books by the Company which shall occur on the closing date of the transfer.
Assignment During Fiscal Year. If a Partnership Interest is transferred at any time other than the end of a fiscal year of the Partnership, the allocable share of the various items of Profits and Losses shall be allocated between the transferor and the transferee in the same ratio as the number of the days in the fiscal year before and after the transfer, respectively, bears to the actual number of days in the entire fiscal year.