Common use of ALLOCATION OF NET PROFITS AND LOSSES Clause in Contracts

ALLOCATION OF NET PROFITS AND LOSSES. For accounting and income tax purposes, all items of income, gain, loss, deduction and credit of the Company for any fiscal year shall be allocated between the Members in accordance with their respective Membership Interests as set forth on Exhibit A hereto, except as may be otherwise required by the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder, in which case, the Members agree to restructure their relationship in a manner that preserves their respective economic benefits intended under the Contribution Agreement and other Transaction Documents.

ALLOCATION OF NET PROFITS AND LOSSES. For accounting and income tax purposes, all items of income, gain, loss, deduction and credit of the Company for any fiscal year shall be allocated between the Members in accordance with their respective Membership Interests as set forth on Exhibit A hereto, except as may be otherwise required by the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder, in which case, the Members agree to restructure their relationship in a manner that preserves their respective economic benefits intended under the Contribution Facility Development Agreement and other Transaction Documents.