Common use of Prohibition Against Retroactive Allocations Clause in Contracts

Prohibition Against Retroactive Allocations. Notwithstanding anything in this Agreement to the contrary, no Member shall be allocated any loss, credit or income attributable to a period prior to his admission to the Company. In the event that a Member Transfers all or a portion of his Company interest, or if there is a reduction in a Member’s Company Percentage due to the admission of new Members or otherwise, each Member’s distributive share of Company items of income, loss, credit, etc., shall be determined by taking into account each Member’s varying interests in the Company during the Company’s taxable year. For this purpose, each Member’s distributive share shall be estimated by taking the pro rata portion of the distributive share such Member would have included in his taxable income had he maintained his Company Percentage throughout the Company year. Such proration shall be based upon the portion of the year during which such Member held the Company, except that extraordinary, nonrecurring items shall be allocated to the persons holding Company interests at the time such extraordinary items occur.

Prohibition Against Retroactive Allocations. Notwithstanding anything in this Agreement to the contrary, no Member shall be allocated any loss, credit or income attributable to a period prior to his its admission to the Company. In the event that a Member Transfers transfers all or a portion of his Company interestits Membership Interest, or if there is a reduction in a Member’s Company Percentage Interest due to the admission of new Members or otherwise, each Member’s distributive share of Company items of income, loss, credit, etc., shall be determined by taking into account each Member’s varying interests in the Company during the Company’s taxable year. For this purpose, unless the Board of Directors elects to provide for an interim closing of the Company’s books, each Member’s distributive share shall be estimated by taking the pro rata portion of the distributive share such Member would have included in his its taxable income had he it maintained his Company Percentage its Membership Interest throughout the Company year. Such proration shall be based upon the portion of the year during which such Member held the CompanyMembership Interest, except that extraordinary, nonrecurring non-recurring items shall be allocated to the persons Persons holding Company interests Membership Interests at the time such extraordinary items occur.

Prohibition Against Retroactive Allocations. Notwithstanding anything in this Agreement to the contrary, no Member shall be allocated any loss, credit or income attributable to a period prior to his its admission to the Company. In the event that a Member Transfers transfers all or a portion of his Company interestits Membership Interest, or if there is a reduction in a Member’s Company Percentage Interest due to the admission of new Members or otherwise, each Member’s distributive share of Company items of income, loss, credit, etc., shall be determined by taking into account each Member’s varying interests in the Company during the Company’s taxable year. For this purpose, unless the Executive Committee elects to provide for an interim closing of the Company’s books, each Member’s distributive share shall be estimated by taking the pro rata portion of the distributive share such Member would have included in his its taxable income had he it maintained his Company Percentage its Membership Interest throughout the Company year. Such proration shall be based upon the portion of the year during which such Member held the CompanyMembership Interest, except that extraordinary, nonrecurring non-recurring items shall be allocated to the persons Persons holding Company interests Membership Interests at the time such extraordinary items occur.

Prohibition Against Retroactive Allocations. Notwithstanding anything in this Agreement to the contrary, no Member shall be allocated any loss, credit or income attributable to a period prior to his its admission to the Company. In the event that a Member Transfers transfers all or a portion of his Company interestits Membership Interest, or if there is a reduction in a Member’s Company Percentage Interest due to the admission of new Members or otherwise, each Member’s distributive share of Company items of income, loss, credit, etc., shall be determined by taking into account each Member’s varying interests in the Company during the Company’s taxable year. For this purpose, unless BH elects to provide for an interim closing of the Company’s books, each Member’s distributive share shall be estimated by taking the pro rata portion of the distributive share such Member would have included in his its taxable income had he it maintained his Company Percentage its Membership Interest throughout the Company year. Such proration shall be based upon the portion of the year during which such Member held the CompanyMembership Interest, except that extraordinary, nonrecurring non-recurring items shall be allocated to the persons Persons holding Company interests Membership Interests at the time such extraordinary items occur.