Retroactive Allocations. No additional Members or assignees of Membership Interests shall be entitled to any retroactive allocation of the Company’s income, gains, losses, deductions, credits or other items; provided that, subject to the restrictions of § 706(d) of the Code, additional Members and assignees of Membership Interests shall be entitled to their respective shares of the Company’s income, gains, losses, deductions, credits and other items arising under contracts entered into before the effective date of the issuance or transfer of Membership Interests to the extent that such income, gains, losses, deductions, credits and other items arise after such effective date. To the extent consistent with § 706(d) of the Code and Treasury Regulations promulgated thereunder, the Company’s books may be closed at the time Membership Interests are issued or transferred (as though the Company’s taxable year had ended) or the Managers for a Series may credit to additional Members and assignees of Membership Interests pro rata allocations of the Company’s income, gains, losses, deductions, credits and items related to such Series for that portion of the Company’s Fiscal Year after the effective date of the issuance or transfer of the Membership Interests.
Retroactive Allocations. 17 9.7 Redemption of Class B Units....................................................................18
Retroactive Allocations. No new Member of the Company shall be entitled to any retroactive allocation of losses, income or expense deductions incurred by the Company. The Managers may, at their option, at the time a new member is admitted, close the Company books (as though the Company's tax year had ended) or 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 such new Member was admitted in accordance with the provisions of 706(d) of the Code and the Treasury Regulations promulgated thereunder. No person or entity shall be admitted as a transferee until all of the requirements set forth in Section 9.5(i) through (iv) are satisfied.
