Common use of Allocation of Income and Loss and Distributions Clause in Contracts

Allocation of Income and Loss and Distributions. in Respect of Interest Transferred. Distributions of Company assets may be made only to holders of Interests shown on the Company's books and records. Neither the Company, the Board, nor any member (who is not a recipient of such distribution) shall incur any liability for making distributions in accordance with the provisions of the foregoing, whether or not the Company, the Board, or the member has knowledge or notice of any transfer or purported transfer of ownership of a Company Interest which has not been effected in accordance with this Agreement. Notwithstanding any provision above to the contrary, the Company's gain or loss realized in connection with the sale or other disposition of any of the Company's assets shall be allocated solely to the holders of Company Interests as of the date the sale or other disposition occurs.