Common use of Mandatory Allocations Clause in Contracts

Mandatory Allocations. Under Code Section 704(c). Notwithstanding the foregoing provisions of this Section 9.3, in the event Code Section 704(c) or Code Section 704(c) principles applicable under Section 1.704-1(b)(2)(iv) of the Regulations require allocations of Profits or Losses in a manner different than that set forth above, the provisions of Section 704(c) of the Code and the Regulations thereunder shall control such allocations among the Members. Any item of Company income, gain, loss and deduction with respect to any property (other than cash) that has been contributed by a Member to the capital of the Company or which has been revalued for Capital Account purposes pursuant to Section 1.704-l(b)(2)(iv) of the Regulations and which is required or permitted to be allocated to such Member for income tax purposes under section 704(c) of the Code so as to take into account the variation between the tax basis of such property and its fair market value at the time of its contribution shall be allocated solely for income tax purposes in the manner so required or permitted under Code section 704(c) using the "traditional method" described in Section 1.704-3(b) of the Regulations, provided, however, that curative allocations consisting of the special allocation of gain or loss upon the sale or other disposition of the contributed property shall be made in accordance with Section 1.704-3(c) of the Regulations to the extent necessary to eliminate any disparity, to the extent possible, between the Members' book and tax Capital Accounts attributable to such property; further provided, however, that the Managing Member may elect to use any other method allowable under applicable Regulations.

Mandatory Allocations. Under Code Section 704(c)) of the Code. Notwithstanding the foregoing provisions of this Section 9.37.03, in the event Code Section section 704(c) of the Code or Code Section section 704(c) of the Code principles applicable under Section section 1.704-1(b)(2)(iv) of the Regulations require allocations of Profits income, gain, deduction or Losses loss in a manner different than that set forth above, the provisions of Section section 704(c) of the Code and the Regulations thereunder shall control such allocations among the Membersallocations. Any item of Company Trust income, gain, loss and deduction with respect to any property (other than cash) that has been contributed by a Member Partner to the capital of the Company Trust or which has been revalued for Capital Account purposes pursuant to Section 1.704section 1.744-l(b)(2)(iv1(b)(2)(iv) of the Regulations and which is required or permitted to be allocated to such Member Partner for income tax purposes under section 704(c) of the Code so as to take into account the variation between the tax basis of such property and its fair market value at the time of its contribution shall be allocated solely for income tax purposes in the manner so required or permitted under Code section 704(c) of the Code using the "“traditional method" ” described in Section section 1.704-3(b) of the Regulations, provided, however, that curative allocations consisting of the special allocation of gain or loss upon the sale or other disposition of the contributed property shall be made in accordance with Section section 1.704-3(c) of the Regulations to the extent necessary to eliminate any disparity, to the extent possible, between the Members' Partners’ book and tax Capital Accounts attributable to such property; further provided, however, that the Managing Member may elect to use any other method allowable under applicable RegulationsRegulations may be used for any contribution of property as to which there is agreement between the contributing Partner and the Administrator.

Mandatory Allocations. Under Code Section 704(c)) of the Code. Notwithstanding the foregoing provisions of this Section 9.37.03, in the event Code Section section 704(c) of the Code or Code Section section 704(c) of the Code principles applicable under Section 1.704-1(b)(2)(ivsection 1.704­1(b)(2)(iv) of the Regulations require allocations of Profits income, gain, deduction or Losses loss in a manner different than that set forth above, the provisions of Section section 704(c) of the Code and the Regulations thereunder shall control such allocations among the Membersallocations. Any item of Company Trust income, gain, loss and deduction with respect to any property (other than cash) that has been contributed by a Member Partner to the capital of the Company Trust or which has been revalued for Capital Account purposes pursuant to Section 1.704-l(b)(2)(ivsection 1.744­1(b)(2)(iv) of the Regulations and which is required or permitted to be allocated to such Member Partner for income tax purposes under section 704(c) of the Code so as to take into account the variation between the tax basis of such property and its fair market value at the time of its contribution shall be allocated solely for income tax purposes in the manner so required or permitted under Code section 704(c) of the Code using the "“traditional method" ” described in Section 1.704-3(bsection 1.704­3(b) of the Regulations, provided, however, that curative allocations consisting of the special allocation of gain or loss upon the sale or other disposition of the contributed property shall be made in accordance with Section 1.704-3(csection 1.704­3(c) of the Regulations to the extent necessary to eliminate any disparity, to the extent possible, between the Members' Partners’ book and tax Capital Accounts attributable to such property; property; further provided, however, that the Managing Member may elect to use any other method allowable under applicable RegulationsRegulations may be used for any contribution of property as to which there is agreement between the contributing Partner and the Administrator.

Mandatory Allocations. Under Code Section 704(c)) of the Code. Notwithstanding the foregoing provisions of this Section 9.37.03, in the event Code Section section 704(c) of the Code or Code Section section 704(c) of the Code principles applicable under Section section 1.704-1(b)(2)(iv) of the Regulations require allocations of Profits income, gain, deduction or Losses loss in a manner different than that set forth above, the provisions of Section section 704(c) of the Code and the Regulations thereunder shall control such allocations among the Membersallocations. Any item of Company Trust income, gain, loss and deduction with respect to any property (other than cash) that has been contributed by a Member Partner to the capital of the Company Trust or which has been revalued for Capital Account purposes pursuant to Section 1.704section 1.744-l(b)(2)(iv1(b)(2)(iv) of the Regulations and which is required or permitted to be allocated to such Member Partner for income tax purposes under section 704(c) of the Code so as to take into account the variation between the tax basis of such property and its fair market value at the time of its contribution shall be allocated solely for income tax purposes in the manner so required or permitted under Code section 704(c) of the Code using the "traditional method" described in Section section 1.704-3(b) of the Regulations, provided, however, that curative allocations consisting of the special allocation of gain or loss upon the sale or other disposition of the contributed property shall be made in accordance with Section section 1.704-3(c) of the Regulations to the extent necessary to eliminate any disparity, to the extent possible, between the MembersPartners' book and tax Capital Accounts attributable to such property; further provided, however, that the Managing Member may elect to use any other method allowable under applicable RegulationsRegulations may be used for any contribution of property as to which there is agreement between the contributing Partner and the Administrator.