Common use of Timing and Amount of Allocations of Net Income and Net Loss Clause in Contracts

Timing and Amount of Allocations of Net Income and Net Loss. Net Income and Net Loss of the Company shall be determined and allocated with respect to each fiscal year of the Company as of the end of each such year or as circumstances otherwise require or allow. The Board shall allocate the Net Income and Net Loss among the Unitholders in a manner that as closely as possible gives economic effect to the provisions of this Agreement. Subject to the other provisions of this Section 4.3, an allocation to a Unitholder of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss. For the avoidance of doubt, except as otherwise provided in this Agreement, Net Income and Net Loss (and, to the extent necessary, individual items of income, gain, loss, deduction or credit) of the Company shall be allocated among the Unitholders in a manner such that, after giving effect to the regulatory allocations set forth in Section 4.3(b), the Capital Account balance of each Unitholder, immediately after making such allocation, is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made to such Unitholder if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Gross Asset Value, all Company liabilities were satisfied (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability), and the net assets of the Company were distributed, in accordance with Section 4.4(b) to the Unitholders immediately after making such allocation, minus (ii) such Unitholder’s share of “partnership minimum gain” (determined in accordance with the principles of Regulations Section 1.704-2(d)) and “partner nonrecourse debt minimum gain” (determined in accordance with the principles of Regulations Section 1.704-2(i)), computed immediately before the hypothetical sale of assets (for a Unitholder, the difference between the amount in clause (i) and the amount in clause (ii), the Unitholder’s “Target Balance”).

Timing and Amount of Allocations of Net Income and Net Loss. Net Income and Net Loss of the Company shall be determined and allocated with respect to each fiscal year of the Company as of the end of each such year or as circumstances otherwise require or allow. The Board shall allocate the Net Income and Net Loss among the Unitholders Members in a manner that as closely as possible gives economic effect to the provisions of this Agreement. Subject to the other provisions of this Section 4.35.3, an allocation to a Unitholder Member of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss. For the avoidance of doubt, except Except as otherwise provided in this Agreement, economic effect will be given to the provisions of this Agreement by allocating Net Income and Net Loss (and, to the extent necessarydetermined to be appropriate by the Board, individual items of income, gain, loss, deduction or credit) of the Company shall be allocated among the Unitholders Members in a manner such that, after giving effect to the regulatory allocations set forth in Section 4.3(b5.3(b), the Capital Account balance of each UnitholderMember, immediately after making such allocation, is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made to such Unitholder Member if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Gross Asset Value, all Company liabilities were satisfied (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability), and the net assets of the Company were distributed, in accordance with Section 4.4(b5.4(b) (taking into account Sections 5.4(c) and 5.4(e) to the Unitholders extent required under Section 5.4(b)) to the Members immediately after making such allocation, minus (ii) such UnitholderMember’s share of “partnership minimum gain” (determined in accordance with the principles of Regulations Section 1.704-2(d)) and “partner nonrecourse debt minimum gain” (determined in accordance with the principles of Regulations Section 1.704-2(i)), computed immediately before the hypothetical sale of assets (for a Unitholderassets; provided, however, that in the event that the Board determines in good faith that any allocation resulting from the foregoing portion of this sentence does not give economic effect to the provisions of this Agreement, the difference between Board may revise such allocation in good faith to give economic effect to the amount in clause (i) and the amount in clause (ii), the Unitholder’s “Target Balance”)provisions of this Agreement.

Timing and Amount of Allocations of Net Income and Net Loss. Net Income and Net Loss of the Company shall be determined and allocated with respect to each fiscal year of the Company as of the end of each such year or as circumstances otherwise require or allow. The Board shall allocate the Net Income and Net Loss among the Unitholders Members in a manner that as closely as possible gives economic effect to the provisions of this Agreement. Subject to the other provisions of this Section 4.35.3, an allocation to a Unitholder Member of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss. For the avoidance of doubt, except Except as otherwise provided in this Agreement, economic effect will be given to the provisions of this Agreement by allocating Net Income and Net Loss (and, to the extent necessarydetermined to be appropriate by the Board, individual items of income, gain, loss, deduction or credit) of the Company shall be allocated among the Unitholders Members in a manner such that, after giving effect to the regulatory allocations set forth in Section 4.3(b5.3(b), the Capital Account balance of each UnitholderMember, immediately after making such allocation, is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made to such Unitholder Member if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Gross Asset Value, all Company liabilities were satisfied (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability), and the net assets of the Company were distributed, in accordance with Section 4.4(b5.4(b) (taking into account Sections 5.4(c) and 5.4(e) to the Unitholders extent required under Section 5.4(b)) to the Members immediately after making such allocation, minus (ii) such UnitholderMember’s share of “partnership minimum gain” (determined in accordance with the principles of Regulations Section 1.704-2(d)) and “partner nonrecourse debt minimum gain” (determined in accordance with the principles of Regulations Section 1.704-2(i)), computed immediately before the hypothetical sale of assets (for a Unitholderassets; provided, however, that in the event that the Board determines in good faith that any allocation resulting from the foregoing portion of this sentence does not give economic effect to the provisions of this Agreement, the difference between Board may revise such allocation in good faith to give economic effect to the amount in clause (i) and the amount in clause (ii), the Unitholder’s “Target Balance”)provisions of this Agreement.