Common use of Transfer of an Interest Clause in Contracts

Transfer of an Interest. If a Partner acquires an Interest, redeems all or a portion of its Interest or transfers an Interest during a Fiscal Year, the Net Income and Net Losses (and other items referred to in Section 6.1 or Section 6.2) attributable to such Interest for such Fiscal Year shall be allocated between the transferor and the transferee by closing the books of the Partnership as of the date of the transfer, or by any other method permitted under section 706 of the Code and the Regulations thereunder that is selected by General Partner.