Common use of Transfer of or Change in Interests Clause in Contracts

Transfer of or Change in Interests. The General Partner is authorized to adopt any convention or combination of conventions likely to be upheld for federal income tax purposes regarding the allocation and/or special allocation of items of Partnership income, gain, loss, deduction and expense with respect to a newly issued Interest, a transferred Interest and a redeemed Interest. A transferee of an Interest in the Partnership shall succeed to the Capital Account of the transferor Partner to the extent it relates to the transferred Interest.

Transfer of or Change in Interests. The General Partner is authorized to adopt any convention or combination of conventions that is more likely than not to be upheld for federal income tax purposes regarding the allocation and/or special allocation of items of Partnership Fund income, gain, loss, deduction and expense with respect to a newly issued Interest, a transferred Interest and a redeemed Interest. A transferee of an Interest in the Partnership Fund shall succeed to the Capital Account of the transferor Partner to the extent it relates to the transferred Interest.