Common use of Profit and Loss Allocations Clause in Contracts

Profit and Loss Allocations. Subject to the other provisions of this ARTICLE VII, for purposes of adjusting the Capital Accounts of the Members, the Profits, Losses and to the extent necessary, individual items of income, gain, loss, credit and deduction, for any fiscal year shall be allocated among the Members in a manner that as closely as possible gives economic effect to the provisions of ARTICLE VI and ARTICLE XII and the other relevant provisions of this Agreement, assuming solely for this purpose that Section 12.2(b) provided for amounts to be distributed in accordance with ARTICLE VI (without regard to Section 6.2 thereof).