Common use of Allocations Generally Clause in Contracts

Allocations Generally. Except as provided in Section 4.5(b) below, for federal, state and local income Tax purposes, each item of income, gain, loss or deduction shall be allocated among the Unitholders in the same manner and in the same proportion that the corresponding book items have been allocated among the Unitholders’ respective Capital Accounts; provided that, if any such allocation is not permitted by the Code or other applicable law, then each subsequent item of income, gains, losses, deductions and credits will be allocated among the Unitholders so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.

Allocations Generally. Except as provided in Section 4.5(b) below, for U.S. federal, state and local income Tax purposes, each item of income, gain, loss or deduction shall be allocated among the Unitholders in the same manner and in the same proportion that the corresponding book items have been allocated among the Unitholders’ respective Capital Accounts; provided that, if any such allocation is not permitted by the Code or other applicable law, then each subsequent item of income, gains, losses, deductions and credits will be allocated among the Unitholders so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.

Allocations Generally. Except as provided in Section 4.5(b) below, for U.S. federal, state and local income Tax purposes, each item of income, gain, loss or deduction shall be allocated among the Unitholders in the same manner and in the same proportion that the corresponding book items have been allocated among the Unitholders’ respective Capital Accounts; provided that. However, if any such allocation is not permitted by the Code or other applicable law, then each subsequent item of income, gainsgain, lossesloss, deductions deduction and credits credit will be allocated among the Unitholders so as to reflect as nearly as possible the allocation set forth herein in this Agreement in computing their Capital Accounts.

Allocations Generally. Except as provided in Section 4.5(b) below), for U.S. federal, state and local income Tax purposes, each item of income, gain, loss or loss, deduction shall and credit of the Company will be allocated among the Unitholders Members in the same manner and in the same proportion that the corresponding book items have been allocated among the UnitholdersMembers’ respective Capital Accounts; provided that, except that if any such allocation is not permitted by the Code or other applicable lawLaw, then each subsequent item of income, gainsgain, lossesloss, deductions deduction and credits credit will be allocated among the Unitholders Members so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.