Common use of Offsetting Allocations Clause in Contracts

Offsetting Allocations. If, and to the extent that, any Member is deemed to recognize any item of income, gain, deduction or loss as a result of any transaction between such Member and the Company pursuant to Sections 1272-1274, 7872, 483, 482 or 83 of the Code or any similar provision now or hereafter in effect, and the Company Board determines that any corresponding Company items of Net Profits or Net Losses of the Member who recognizes such item should be allocated to such Member in order to reflect the Members’ Economic Interests in the Company, then the Company Board may so allocate such Net Profits or Net Losses.

Offsetting Allocations. If, and to the extent that, any Member is deemed to recognize any item of income, gain, deduction or loss as a result of any transaction between such Member and the Company pursuant to Sections 1272-1274, 7872, 483, 482 or 83 of the Code or any similar provision now or hereafter in effect, and the Company Board determines that any corresponding Company items of Net Profits or Net Losses of the Member who recognizes such item should be allocated to such Member in order to reflect the Members’ ' Economic Interests in the Company, then the Company Board may so allocate such Net Profits or Net Losses.