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Common use of Allocation Rules Clause in Contracts

Allocation Rules. (i) If Members are admitted to the Company pursuant to this Agreement on different dates, the Profits or Losses allocated to the Unit Holders for each Fiscal Year during which Members are so admitted shall be allocated among the Unit Holders in proportion to the number of Units each holds from time to time during such Fiscal Year in accordance with ss.706 of the Code, using any convention permitted by law and selected by the Treasurer, unless another allocation is authorized by the Board. (ii) For purposes of determining the Profits, Losses or any other items allocable to any period, Profits, Losses and any such other items shall be determined on a daily, monthly or other basis, as determined by the Treasurer using any method that is permissible under ss.706 of the Code and the Treasury Regulations thereunder. (iii) Except as otherwise provided in this Agreement, all items of Company income, gain, loss, deduction and any other allocations not otherwise provided for shall be divided among the Unit Holders in the same proportions as they share Profits and Losses for the Fiscal Year in question. (iv) The Members are aware of the income tax consequences of the allocations made by this Article VIII and hereby agree to be bound by the provisions of this Article VIII in reporting their shares of Company income and loss for income tax purposes.

Appears in 4 contracts

Samples: Limited Liability Company Agreement (Wells Fargo Student Loans Receivables I LLC), Limited Liability Company Agreement (Wells Fargo Student Loans Receivables I LLC), Limited Liability Company Agreement (Wells Fargo Student Loans Receivables I LLC)

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Allocation Rules. (i) If Members are admitted to the Company pursuant to this Agreement on different dates, the Profits or Losses allocated to the Unit Holders for each Fiscal Year during which Members are so admitted shall be allocated among the Unit Holders in proportion to the number of Units each holds from time to time during such Fiscal Year in accordance with ss.706 ss. 706 of the Code, using any convention permitted by law and selected by the Treasurer, unless another allocation is authorized by the Board. (ii) For purposes of determining the Profits, Losses or any other items allocable to any period, Profits, Losses and any such other items shall be determined on a daily, monthly or other basis, as determined by the Treasurer using any method that is permissible under ss.706 ss. 706 of the Code and the Treasury Regulations thereunder. (iii) Except as otherwise provided in this Agreement, all items of Company income, gain, loss, deduction and any other allocations not otherwise provided for shall be divided among the Unit Holders in the same proportions as they share Profits and Losses for the Fiscal Year in question. (iv) The Members are aware of the income tax consequences of the allocations made by this Article VIII and hereby agree to be bound by the provisions of this Article VIII in reporting their shares of Company income and loss for income tax purposes.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Wells Fargo Student Loans Receivables I LLC)

Allocation Rules. (ia) If In the event Members are admitted to the Company pursuant to this Agreement on different dates, the Profits (or Losses Losses) allocated to the Unit Holders Members for each Fiscal Tax Year during which Members are so admitted shall be allocated among the Unit Holders Members in proportion to the number of respective Units that each holds from time to time during such Fiscal Tax Year in accordance with ss.706 (S)706 of the Code, using any convention permitted by law and selected by the Treasurer, unless another allocation is authorized by the Board. (iib) For purposes of determining the Profits, Losses or any other items allocable to any period, Profits, Losses and any such other items shall be determined on a daily, monthly or other basis, as determined by the Treasurer Board using any method that is permissible under ss.706 of 4706 or the Code and the Treasury Regulations thereunder. (iiic) Except as otherwise provided in this Agreement, all items types of Company income, gain, loss, deduction and any other allocations not otherwise provided for shall be divided among the Unit Holders Members in the same proportions as they share Profits and Losses for the Fiscal Tax Year in question. (ivd) The Members are aware of the income tax consequences of the allocations made by this Article VIII and hereby agree to be bound by the provisions of this Article VIII in reporting their shares of Company income and loss for income tax purposes.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Aurora Foods Inc)

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Allocation Rules. (ia) If In the event there is a change in the respective Percentage Interests of Members are admitted to during the Company pursuant to this Agreement on different datesyear, the Profits (or Losses Losses) allocated to the Unit Holders Members for each Fiscal Year during which there is a change in the respective Percentage Interests of Members are so admitted during the year shall be allocated among the Unit Holders Members in proportion to the number of Units each holds from time to time Percentage Interests during such Fiscal Year in accordance with ss.706 (S) 706 of the Code, using any convention permitted by law and selected by the Treasurer, unless another allocation is authorized by the BoardManager. (iib) For purposes of determining the Profits, Losses or any other items allocable to any period, Profits, Losses and any such other items shall be determined on a daily, monthly or other basis, as determined by the Treasurer Manager using any method that is permissible under ss.706 (S) 706 of the Code and the Treasury Regulations thereunder.. 10 (iiic) Except as otherwise provided in this Agreement, all items of Company income, gain, loss, deduction deduction, credit and any other allocations not otherwise provided for shall be divided among the Unit Holders Members in the same proportions as they share Profits and Losses for the Fiscal Year in question. (ivd) The Members are aware of the income tax consequences of the allocations made by this Article VIII VII and hereby agree to be bound by the provisions of this Article VIII VII in reporting their shares of Company income income, gain, loss, deduction and loss credit for income tax purposes.

Appears in 1 contract

Samples: Limited Liability Company Agreement (At&t Corp)

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