Common use of Section 704(b) Limitation Clause in Contracts

Section 704(b) Limitation. Notwithstanding any other provision of this Agreement to the contrary, no allocation of any item of income or loss shall be made to a Member if such allocation would not have “economic effect” pursuant to Treasury Regulation § 1.704-l(b)(2)(ii) or otherwise be in accordance with its interest in the Company within the meaning of Treasury Regulation §§ 1.704-l(b)(3) and 1.704-2. To the extent an allocation cannot be made to a Member due to the application of this Section 5.2(d), such allocation shall be made to the other Member(s) entitled to receive such allocation hereunder.

Section 704(b) Limitation. Notwithstanding any other provision of this Agreement to the contrary, no allocation of any item of income or loss shall be made to a Member if such allocation would not have “economic effect” pursuant to Treasury Regulation § Section 1.704-l(b)(2)(ii) or otherwise be in accordance with its interest in the Company within the meaning of Treasury Regulation §§ Sections 1.704-l(b)(31(b)(3) and 1.704-2. To the extent an allocation cannot be made to a Member due to the application of this Section 5.2(d3.4(d), such allocation shall be made to the other Member(s) entitled or required to receive such allocation hereunder.

Section 704(b) Limitation. Notwithstanding any other provision of this Agreement to the contrary, no allocation of any item of income or loss shall be made to a Member if such allocation would not have “economic effect” pursuant to Treasury Regulation § Section 1.704-l(b)(2)(ii1 (b)(2)(ii) or otherwise be in accordance with its interest in the Company within the meaning of Treasury Regulation §§ 1.704-l(b)(3Sections 1.704- 1(b)(3) and 1.704-2. To the extent an allocation cannot be made to a Member due to the application of this Section 5.2(d3.4(d), such allocation shall be made to the other Member(s) entitled or required to receive such allocation hereunder.

Section 704(b) Limitation. Notwithstanding any other provision of this Agreement to the contrary, no allocation of any item of income or loss shall be made to a Member if such allocation would not have “economic effect” pursuant to Treasury Regulation § Section 1.704-l(b)(2)(ii1(b)(2)(ii) or otherwise be in accordance with its interest in the Company within the meaning of Treasury Regulation §§ Sections 1.704-l(b)(31 (b)(3) and 1.704-2. To the extent an allocation cannot be made to a Member due to the application of this Section 5.2(d3.4(d), such allocation shall be made to the other Member(s) entitled or required to receive such allocation hereunder.

Section 704(b) Limitation. Notwithstanding any other provision of this Agreement to the contrary, no allocation of any item of income or loss shall be made to a Member if such allocation would not have “economic effect” pursuant to Treasury Regulation § 1.704-l(b)(2)(ii1(b)(2)(ii) or otherwise be in accordance with its interest in the Company within the meaning of Treasury Regulation §§ 1.704-l(b)(31(b)(3) and 1.704-2. To the extent an allocation cannot be made to a Member due to the application of this Section 5.2(d), such allocation shall be made to the other Member(s) entitled to receive such allocation hereunder.

Section 704(b) Limitation. Notwithstanding any other provision of this Agreement to the contrary, no allocation of any item of income or loss shall be made to a Member if such allocation would not have “economic effect” pursuant to Treasury Regulation § 1.704-l(b)(2)(iiSection 1.704 1(b)(2)(ii) or otherwise be in accordance with its interest in the Company Fund within the meaning of Treasury Regulation §§ 1.704-l(b)(3Sections 1.704 1(b)(3) and 1.704-1.704 2. To the extent an allocation cannot be made to a Member due to the application of this Section 5.2(dparagraph 5.03(d), such allocation shall be made to the other Member(s) entitled to receive such allocation hereunder.

Section 704(b) Limitation. Notwithstanding any other provision of this Agreement to the contrary, no allocation of any item of income or loss shall be made to a Member if such allocation would not have “economic effect” pursuant to Treasury Regulation § Section 1.704-l(b)(2)(ii1(b)(2)(ii) or otherwise be in accordance with its interest in the Company within the meaning of Treasury Regulation §§ Sections 1.704-l(b)(31(b)(3) and 1.704-2. To the extent an allocation cannot be made to a Member due to the application of this Section 5.2(d3.4(d), such allocation shall be made to the other Member(s) entitled or required to receive such allocation hereunder.