Common use of Tax Allocations With Respect to Beneficial Owners Clause in Contracts

Tax Allocations With Respect to Beneficial Owners. To the extent any Beneficial Owner is treated as the direct owner of an Investing Pool Interest for U.S. federal income tax purposes, Sections 3.5, 3.6, 3.7 and 3.8 shall apply to such Beneficial Owner, as appropriate, as if it were a Member. In addition, in order properly to allocate income, gain, loss, expense, deductions and credits to Beneficial Owners pursuant to the Trust Agreement, the Investing Pool shall for purposes of those Sections treat references to a Member as including references to Beneficial Owners. Accordingly, the Investing Pool shall maintain capital accounts for each Beneficial Owner, and shall allocate income, gain, loss, expense, deductions and credits with respect to each Beneficial Owner, as if such Beneficial Owner held directly its indirect Investing Pool Interests, in an amount equal to its Percentage Interest. By acquiring a beneficial ownership interest in an Investing Pool Interest, a Beneficial Owner shall be deemed to consent to such treatment as a condition of receiving such beneficial ownership interest.

Tax Allocations With Respect to Beneficial Owners. To the extent any Beneficial Owner is treated as the direct owner of an Investing Pool Interest for U.S. federal income tax purposes, Sections 3.5, 3.6, 3.7 and 3.8 shall apply to such Beneficial Owner, as appropriate, Owner as if it were a Member. In addition, in order properly to allocate income, gain, loss, expense, deductions and credits to Beneficial Owners pursuant to the Trust Agreement, the Investing Pool shall for purposes of those Sections treat references to a Member as including references to Beneficial Owners. Accordingly, the Investing Pool shall maintain capital accounts Capital Accounts for each Beneficial Owner, and shall allocate income, gain, loss, expense, deductions and credits with respect to each Beneficial Owner, as if such Beneficial Owner held directly its indirect interest in the Investing Pool InterestsPool, in an amount equal to its Percentage Interest. By acquiring a beneficial ownership interest in an Investing Pool Interest, a Beneficial Owner shall be deemed to consent to such treatment as a condition of receiving such beneficial ownership interest.