Common use of No Retroactive Effect Clause in Contracts

No Retroactive Effect. No new Members shall be entitled to any retroactive allocation of losses, income or expense deductions incurred by BOX Holdings. The Board may, at the time an additional Member is admitted, close the company books of BOX Holdings (as though BOX Holdings’ Fiscal Year has ended) or make pro-rata allocations of loss, income and expense deductions to an additional Member for that portion of BOX Holdings’ Fiscal Year in which an additional Member was admitted in accordance with the provisions of Section 706(d) of the Code.

No Retroactive Effect. No new Members shall be entitled to any retroactive allocation of losses, income or expense deductions incurred by BOX Holdings. The Board may, at the time an additional Member is admitted, close the company books of BOX Holdings (as though BOX Holdings’ Fiscal Year has ended) or make pro-rata allocations of loss, income and expense deductions to an additional Member for that portion of BOX Holdings’ Fiscal Year in which an additional Member was admitted in accordance with the provisions of Section [§] 706(d) of the Code.