Common use of Profits Losses and Distributions Clause in Contracts

Profits Losses and Distributions. (a) All profits and losses arising from the normal course of business operations or otherwise and all cash available for distribution from whatever source, commencing with the date of this Agreement, shall be allocated or distributed to the Members according to their Membership Interests. (b) All profits and losses allocated to the Members shall be credited or charged, as the case may be, to their Capital Accounts. The terms "profits" and "losses" as used in this Agreement shall mean income and losses, and each item of income, gain, loss, deduction or credit entering into the computation thereof, as determined in accordance with the accounting methods followed by the Company and computed in a manner consistent with Treasury Regulation Section 1.704-1(b)(2)(iv). Profits and losses for Federal income tax purposes shall be allocated in the same manner as profits and losses for purposes of this Article VII, except as provided in Section 7.3(a).

Profits Losses and Distributions. (a) All profits and losses arising from the normal course of business operations or otherwise and all cash available for distribution from whatever source, commencing with the date of this Agreement, shall be allocated or distributed to the Members according to their Membership Interests. (b) All profits and losses allocated to the Members shall be credited or charged, as the case may be, to their Capital Accounts. The terms "“profits" ” and "“losses" ” as used in this Agreement shall mean income and losses, and each item of income, gain, loss, deduction or credit entering into the computation thereof, as determined in accordance with the accounting methods followed by the Company and computed in a manner consistent with Treasury Regulation Section 1.704-1(b)(2)(iv). Profits and losses for Federal income tax purposes shall be allocated in the same manner as profits and losses for purposes of this Article VII, except as provided in Section 7.3(a). (c) The parties hereto intend that the Company be treated for federal, state and local income tax purposes as disregarded as an entity separate from KeySpan Corporation within the meaning of Treasury Regulation Section 301.7701-3(b) (1)(ii). Accordingly, KeySpan Corporation shall include all items of the Company’s income, gain, deduction and loss in computing its own income.

Profits Losses and Distributions. (a) A. All profits and losses arising from the normal course of business operations or otherwise and all cash available for distribution from whatever source, commencing with the date of this Agreement, shall be allocated or distributed to the Members according to their Membership Percentage Interests. (b) B. All profits and losses allocated to the Members shall be credited or charged, as the case may be, to their Capital Accounts. The terms "“profits" ” and "“losses" ” as used in this Agreement shall mean income and losses, and each item of income, gain, loss, deduction or credit entering into the computation thereof, as determined in accordance with the accounting methods followed by the Company and computed in a manner consistent with Treasury Regulation Section 1.704-1(b)(2)(iv). Profits and losses for Federal income tax purposes shall be allocated in the same manner as profits and losses for purposes of this Article VIIIX, except as provided in Section 7.3(a).3.3A.

Profits Losses and Distributions. (a) All profits and losses arising from the normal course of business operations or otherwise and all cash available for distribution from whatever source, commencing with the date of this Agreement, shall be allocated or distributed to the Members according to their respective Membership Interests. (b) All profits and losses allocated to the Members shall be credited or charged, as the case may be, to their Capital Accounts. The terms "profits" and "losses" as used in this Agreement shall mean income and losses, and each item of income, gain, loss, deduction or credit entering into the computation thereof, as determined in accordance with the accounting methods followed by the Company and computed in a manner consistent with Treasury Regulation Section 1.704-1(b)(2)(iv). Profits and losses for Federal federal income tax purposes shall be allocated in the same manner as profits and losses for purposes of this Article VII, except as provided in Section 7.3(a).

Profits Losses and Distributions. (a) All profits and losses arising from the normal course of business operations or otherwise and all cash available for distribution from whatever source, commencing with the date of this Agreement, shall be allocated or distributed to the Members according to their Membership Interests. (b) All profits and losses allocated to the Members shall be credited or charged, as the case may be, to their Capital Accounts. The terms "“profits" ” and "“losses" ” as used in this Agreement shall mean income and losses, and each item of income, gain, loss, deduction or credit entering into the computation thereof, as determined in accordance with the accounting methods followed by the Company and computed in a manner consistent with Treasury Regulation Section 1.704-1(b)(2)(iv1.7041(b)(2)(iv). Profits and losses for Federal income tax purposes shall be allocated in the same manner as profits and losses for purposes of this Article VII, except as provided in Section 7.3(a). (c) The parties hereto intend that the Company be treated for federal, state and local income tax purposes as disregarded as an entity separate from KeySpan Corporation within the meaning of Treasury Regulation Section 301.7701-3(b)(1)(ii). Accordingly, KeySpan Corporation shall include all items of the Company’s income, gain, deduction and loss in computing its own income.

Profits Losses and Distributions. (a) All profits and losses arising from the normal course of business operations or otherwise and all cash available for distribution from whatever source, commencing with the date of this Agreement, shall be allocated or distributed to the Members according to their Membership Interests. (b) All profits and losses allocated to the Members shall be credited or charged, as the case may be, to their Capital Accounts. The terms "“profits" ” and "“losses" ” as used in this Agreement shall mean income and losses, and each item of income, gain, loss, deduction or credit entering into the computation thereof, as determined in accordance with the accounting methods followed by the Company and computed in a manner consistent with Treasury Regulation Section 1.704-1(b)(2)(iv1.7041(b)(2)(iv). Profits and losses for Federal income tax purposes shall be allocated in the same manner as profits and losses for purposes of this Article VII, except as provided in Section 7.3(a). 7.