Common use of Determination of Items Comprising Allocations Clause in Contracts

Determination of Items Comprising Allocations. (i) In the event that the Company has Net Income for a Fiscal Year, (A) for any Member as to whom the allocation pursuant to Section 7.02(a) would reduce his, her or its Capital Account, such allocation shall be comprised of a proportionate share of each of the Company's items of expense or loss entering into the computation of Net Income for such Fiscal Year; and (B) the allocation pursuant to Section 7.02(a) in respect of each Member (other than a Member referred to in Section 7.02(b)(i)(A)) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Income for such Fiscal Year (other than the portion of each Company item of expense and loss, if any, that is allocated pursuant to Section 7.02(b)(i)(A)). (ii) In the event that the Company has a Net Loss for a Fiscal Year, (A) for any Member as to whom the allocation pursuant to Section 7.02(a) would increase his, her or its Capital Account, such allocation shall be comprised of a proportionate share of the Company's items of income and gain entering into the computation of Net Loss for such Fiscal Year; and (B) the allocation pursuant to Section 7.02(a) in respect of each Member (other than a Member referred to in Section 7.02(b)(ii)(A)) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Loss for such Fiscal Year (other than the portion of each Company item of income and gain, if any, that is allocated pursuant to Section 7.02(b)(ii)(A)).

Appears in 2 contracts

Samples: Limited Liability Company Agreement (NextWave Wireless LLC), Limited Liability Company Agreement (NextWave Wireless LLC)

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Determination of Items Comprising Allocations. (i) In the event that the Company has Net Income Profit for a Fiscal Year, (A) for any Member as to whom the allocation pursuant to Section 7.02(a------- 5.3 (a) would reduce his, her or its Capital Accountis negative, such allocation shall be comprised of a ------ proportionate share of each of the Company's items of expense or loss entering into the computation of Net Income Profit for such Fiscal Year; and (B) the allocation pursuant to Section 7.02(a) in respect of each Member (other than a Member referred to in Section 7.02(b)(i)(A)) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Income for such Fiscal Year (other than the portion of each Company item of expense and loss, if any, that is allocated pursuant to Section 7.02(b)(i)(A)). (ii) In the event that the Company has a Net Loss for a Fiscal Year, (A) for any Member as to whom the allocation pursuant to Section 7.02(a------- 5.3 (a) would increase his, her or its Capital Accountis positive, such allocation shall be comprised of a ------ proportionate share of the Company's items of income and gain entering into the computation of Net Loss for such Fiscal Year; and (B) the allocation pursuant to Section 7.02(a5.3(a) in respect of each -------------- Member (other than a Member referred to in Section 7.02(b)(ii)(A5.3(b)(ii)(A)) ---------------------- shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Loss for such Fiscal Year (other than the portion of each Company item of income and gain, if any, that is allocated pursuant to Section 7.02(b)(ii)(A5.3(b)(ii)(A)). ---------------------- (iii) For purposes of this Section 5.3, a gain recognized by the ----------- Company upon the disposition of an item of Company property shall be considered to be a single item of gain regardless of whether, for federal income tax purposes, part of the gain is treated differently from the remainder.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Nm Licensing LLC)

Determination of Items Comprising Allocations. (i) In the event that the Company has Net Income for a Fiscal Year, (A) for any Member as to whom the allocation pursuant to Section 7.02(a) would reduce his, her or its Capital Account, such allocation shall be comprised of a proportionate share of each of the Company's ’s items of expense or loss entering into the computation of Net Income for such Fiscal Year; and (B) the allocation pursuant to Section 7.02(a) in respect of each Member (other than a Member referred to in Section 7.02(b)(i)(A)) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Income for such Fiscal Year (other than the portion of each Company item of expense and loss, if any, that is allocated pursuant to Section 7.02(b)(i)(A)). (ii) In the event that the Company has a Net Loss for a Fiscal Year, (A) for any Member as to whom the allocation pursuant to Section 7.02(a) would increase his, her or its Capital Account, such allocation shall be comprised of a proportionate share of the Company's ’s items of income and gain entering into the computation of Net Loss for such Fiscal Year; and (B) the allocation pursuant to Section 7.02(a) in respect of each Member (other than a Member referred to in Section 7.02(b)(ii)(A)) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Loss for such Fiscal Year (other than the portion of each Company item of income and gain, if any, that is allocated pursuant to Section 7.02(b)(ii)(A)).

Appears in 1 contract

Samples: Limited Liability Company Agreement (NextWave Wireless LLC)

Determination of Items Comprising Allocations. (i) In the event that If the Company has Net Income for a Fiscal an Allocation Year, (A) for any Member as to whom the allocation pursuant to Section 7.02(a5.3(a) hereof would reduce his, her or its Capital Account, such allocation shall be comprised of a proportionate share of each of the Company's ’s items of expense or loss entering into the computation of Net Income for such Fiscal Allocation Year; and (B) the allocation pursuant to Section 7.02(a5.3(a) hereof in respect of each Member (other than a Member referred to in Section 7.02(b)(i)(A)5.3(b)(i)(A) hereof) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Income for such Fiscal Year (other than the portion of each Company item of expense and loss, if any, that is allocated pursuant to Section 7.02(b)(i)(A)5.3(b)(i)(A) hereof). (ii) In the event that If the Company has a Net Loss for a Fiscal an Allocation Year, (A) for any Member as to whom the allocation pursuant to Section 7.02(a5.3(a) hereof would increase his, her or its Capital Account, such allocation shall be comprised of a proportionate share of each of the Company's ’s items of income and gain entering into the computation of Net Loss for such Fiscal Allocation Year; and (B) the allocation pursuant to Section 7.02(a5.3(a) hereof in respect of each Member (other than a Member referred to in Section 7.02(b)(ii)(A)5.3(b)(ii)(A) hereof) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Loss for such Fiscal Allocation Year (other than the portion of each Company item of income and gain, if any, that is allocated pursuant to Section 7.02(b)(ii)(A)5.3(b)(ii)(A) hereof).

Appears in 1 contract

Samples: Limited Liability Company Agreement (Central Energy Partners Lp)

Determination of Items Comprising Allocations. (i) In the event that the Company has Net Income Profit for a Fiscal Year,; (A1) for any Member as to whom the allocation pursuant to Section 7.02(a5.5(A) would reduce his, her or its Capital Accountis negative, such allocation shall be comprised of a proportionate share of each of the Company's ’s items of expense or loss entering into the computation of Net Income Profits for such Fiscal Year; and (B2) the allocation pursuant to Section 7.02(a5.5(A) in respect of each Member (other than a Member referred to in Section 7.02(b)(i)(A5.5(B)(i)(a)) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Income for such Fiscal Year (other than the portion of each Company item of expense and loss, if any, that is allocated pursuant to Section 7.02(b)(i)(A5.5(B)(i)(a)). (ii) In the event that the Company has a Net Loss for a Fiscal Year,; (A1) for any Member as to whom the allocation pursuant to Section 7.02(a5.5(A) would increase his, her or its Capital Accountis positive, such allocation shall be comprised of a proportionate share of the Company's ’s items of income and gain entering into the computation of Net Loss for such Fiscal Year; and (B2) the allocation pursuant to Section 7.02(a5.5(A) in respect of each Member (other than a Member referred to in Section 7.02(b)(ii)(A.5(B)(ii)(a)) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Loss for such Fiscal Year (other than the portion of each Company item of income and gain, if any, that is allocated pursuant to Section 7.02(b)(ii)(A5 .5(B)(ii)( a)). (iii) For purposes of this Section 5.5, a gain recognized by the Company upon the disposition of an item of Company property shall be considered to be a single item of gain regardless of whether, for federal income tax purposes, part of the gain is treated differently from the remainder.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Centerpoint Properties Trust)

Determination of Items Comprising Allocations. (iA) In the event that the Company has Net Income for a Fiscal Yearfiscal year, (A1) for any Member Unitholder as to whom the allocation pursuant to Section 7.02(a5.3(b)(i) hereof would reduce his, her or its Capital Account, such allocation shall be comprised of a proportionate share of each of the Company's ’s items of expense or loss entering into the computation of Net Income for such Fiscal Yearfiscal year; and (B2) the allocation pursuant to Section 7.02(a5.3(b)(i) hereof in respect of each Member Unitholder (other than a Member Unitholder referred to in Section 7.02(b)(i)(A)5.3(b)(ii)(A)(1) hereof) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Income for such Fiscal Year fiscal year (other than the portion of each Company item of expense and loss, if any, that is allocated pursuant to Section 7.02(b)(i)(A)5.3(b)(ii)(A)(1) hereof). (iiB) In the event that the Company has a Net Loss for a Fiscal Yearfiscal year, (A1) for any Member Unitholder as to whom the allocation pursuant to Section 7.02(a5.3(b)(i) hereof would increase his, her or its Capital Account, such allocation shall be comprised of a proportionate share of the Company's ’s items of income and gain entering into the computation of Net Loss for such Fiscal Yearfiscal year; and (B2) the allocation pursuant to Section 7.02(a5.3(b)(i) hereof in respect of each Member Unitholder (other than a Member Unitholder referred to in Section 7.02(b)(ii)(A)5.3(b)(ii)(B)(1) hereof) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Loss for such Fiscal Year fiscal year (other than the portion of each Company item of income and gain, if any, that is allocated pursuant to Section 7.02(b)(ii)(A)5.3(b)(ii)(B)(1) hereof).

Appears in 1 contract

Samples: Limited Liability Company Agreement (Hawkeye Holdings, Inc.)

Determination of Items Comprising Allocations. (i) In the event that the Company has Net Income Profit for a Fiscal Year,; (A1) for any Member as to whom the allocation pursuant to Section 7.02(a5.5(A) would reduce his, her or its Capital Accountis negative, such allocation shall be comprised of a proportionate share of each of the Company's items of expense or loss entering into the computation of Net Income Profits for such Fiscal Year; and (B2) the allocation pursuant to Section 7.02(a5.5(A) in respect of each Member (other than a Member referred to in Section 7.02(b)(i)(A5.5(B)(i)(a)) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Income for such Fiscal Year (other than the portion of each Company item of expense and loss, if any, that is allocated pursuant to Section 7.02(b)(i)(A5.5(B)(i)(a)). (ii) In the event that the Company has a Net Loss for a Fiscal Year,; (A1) for any Member as to whom the allocation pursuant to Section 7.02(a5.5(A) would increase his, her or its Capital Accountis positive, such allocation shall be comprised of a proportionate share of the Company's items of income and gain entering into the computation of Net Loss for such Fiscal Year; and (B2) the allocation pursuant to Section 7.02(a5.5(A) in respect of each Member (other than a Member referred to in Section 7.02(b)(ii)(A5.5(B)(ii)(a)) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Loss for such Fiscal Year (other than the portion of each Company item of income and gain, if any, that is allocated pursuant to Section 7.02(b)(ii)(A5.5(B)(ii)(a)). (iii) For purposes of this Section 5.5, a gain recognized by the Company upon the disposition of an item of Company property shall be considered to be a single item of gain regardless of whether, for federal income tax purposes, part of the gain is treated differently from the remainder.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Centerpoint Properties Trust)

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Determination of Items Comprising Allocations. (i) In the event that If the Company has Net Income for a Fiscal Year, (A) for any Member as to whom the allocation pursuant to Section 7.02(a5.3(a) hereof would reduce his, her or its Capital Account, such allocation shall be comprised of a proportionate share of each of the Company's ’s items of expense or loss entering into the computation of Net Income for such Fiscal Year; and (B) the allocation pursuant to Section 7.02(a5.3(a) hereof in respect of each Member (other than a Member referred to in Section 7.02(b)(i)(A)5.3(b)(i)(A) hereof) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Income for such Fiscal Year (other than the portion of each Company item of expense and loss, if any, that is allocated pursuant to Section 7.02(b)(i)(A)5.3(b)(i)(A) hereof). (ii) In the event that If the Company has a Net Loss for a Fiscal Year, (A) for any Member as to whom the allocation pursuant to Section 7.02(a5.3(a) hereof would increase his, her or its Capital Account, such allocation shall be comprised of a proportionate share of each of the Company's ’s items of income and gain entering into the computation of Net Loss for such Fiscal Year; and (B) the allocation pursuant to Section 7.02(a5.3(a) hereof in respect of each Member (other than a Member referred to in Section 7.02(b)(ii)(A)5.3(b)(ii)(A) hereof) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Loss for such Fiscal Year (other than the portion of each Company item of income and gain, if any, that is allocated pursuant to Section 7.02(b)(ii)(A)5.3(b)(ii)(A) hereof).

Appears in 1 contract

Samples: Limited Liability Company Agreement (QR Energy, LP)

Determination of Items Comprising Allocations. (i) In the event that the Company has Net Income Profit for a Fiscal Taxable Year,; (A1) for any Member as to whom the allocation pursuant to Section 7.02(a5.3(A) would reduce his, her or its Capital Accountis negative, such allocation shall be comprised of a proportionate share of each of the Company's items of expense or loss entering into the computation of Net Income Profits for such Fiscal Taxable Year; and (B2) the allocation pursuant to Section 7.02(a5.3(A) in respect of each Member (other than a Member referred to in Section 7.02(b)(i)(A5.3(B)(i)(a)) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Income for such Fiscal Taxable Year (other than the portion of each Company item of expense and loss, if any, that is allocated pursuant to Section 7.02(b)(i)(A5.3(B)(i)(a)). (ii) In the event that the Company has a Net Loss for a Fiscal Taxable Year,; (A1) for any Member as to whom the allocation pursuant to Section 7.02(a5.3(A) would increase his, her or its Capital Accountis positive, such allocation shall be comprised of a proportionate share of the Company's items of income and gain entering into the computation of Net Loss for such Fiscal Taxable Year; and (B2) the allocation pursuant to Section 7.02(a5.3(A) in respect of each Member (other than a Member referred to in Section 7.02(b)(ii)(A5.3(B)(ii)(a)) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Loss for such Fiscal Taxable Year (other than the portion of each Company item of income and gain, if any, that is allocated pursuant to Section 7.02(b)(ii)(A5.3(B)(ii)(a)). (iii) For purposes of this Section 5.3, a gain recognized by the Company upon the disposition of an item of Company property shall be considered to be a single item of gain regardless of whether, for federal income tax purposes, part of the gain is treated differently from the remainder.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Keystone Property Trust)

Determination of Items Comprising Allocations. (i) In the event that the Company has Net Income a Profit for a Fiscal Taxable Year,; (A1) for any Member as to whom the allocation pursuant to Section 7.02(a5.5(A) would reduce his, her or its Capital Accountis negative, such allocation shall be comprised of a proportionate share of each of the Company's ’s items of expense or loss entering into the computation of Net Income Profits for such Fiscal Taxable Year; and (B2) the allocation pursuant to Section 7.02(a5.5(A) in respect of each Member (other than a Member referred to in Section 7.02(b)(i)(A5.5(B)(i)(1)) shall be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Net Income Profit for such Fiscal Taxable Year (other than the portion of each Company item of expense and loss, if any, that is allocated pursuant to Section 7.02(b)(i)(A5.5(B)(i)(1)). (ii) In the event that the Company has a Net Loss for a Fiscal Taxable Year,; (A1) for any Member as to whom the allocation pursuant to Section 7.02(a5.5(A) would increase his, her or its Capital Accountis positive, such allocation shall be comprised of a proportionate pro rata share of the Company's ’s items of income and gain entering into the computation of Net Loss for such Fiscal Taxable Year; and (B2) the allocation pursuant to Section 7.02(a5.5(A) in respect of each Member (other than a Member referred to in Section 7.02(b)(ii)(A5.5(B)(ii)(1)) shall be comprised of a proportionate pro rata share of each Company item of income, gain, expense and loss entering into the computation of Net Loss for such Fiscal Taxable Year (other than the portion of each Company item of income and gain, if any, that is allocated pursuant to Section 7.02(b)(ii)(A5.5(B)(ii)(1)). (iii) For purposes of this Section 5.5, a gain recognized by the Company upon the disposition of an item of Company Property shall be considered to be a single item of gain regardless of whether, for federal income tax purposes, part of the gain is treated differently from the remainder.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Centerpoint Properties Trust)

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