Common use of Financial Adjustments Clause in Contracts

Financial Adjustments. No new Members shall be entitled to any retroactive allocation of losses, income, or expense deductions incurred by the Company. The Company shall, at its option, at the time a Member is admitted, do one of the following (i) close the Company's books (as though the Company's tax year had ended) or (ii) make pro rata allocations of loss, income, and expense deductions to a new Member for that portion of the Company's tax year in which a Member was admitted in accordance with the provisions of Section 706 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder.

Financial Adjustments. No new Members shall be entitled to any retroactive allocation of losses, income, or expense deductions incurred by the Company. The Company shallmay, at its option, at the time a Member is admitted, do one of the following (i) close the Company's books (as though the Company's tax year had ended) or (ii) make pro rata allocations of loss, income, and expense deductions to a new Member for that portion of the Company's tax year in which a Member was admitted in accordance with the provisions of Section 706 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder.

Financial Adjustments. No new Members shall be entitled to any retroactive allocation of lossesNet Profits, income, Net Losses or expense deductions incurred by any tax credits of the Company. The Company shallMembers may, at its option, their option and at the time a new Member is admitted, do one of the following (i) close the Company's Company books (as though the Company's tax taxable year had ended) or (ii) make pro rata allocations of loss, income, Net Profits and expense deductions Net Losses to (as the case may be) a new Member for that portion of the Company's tax taxable year in which a Member was admitted in accordance with the provisions of Code Section 706 of the Internal Revenue Code of 1986, as amended, 706(d) and the Treasury Regulations promulgated thereunder.