Common use of Other Allocation Rules Clause in Contracts

Other Allocation Rules. (a) Profits, Losses and any other items of income, gain, loss, or deduction shall be allocated to the Partners pursuant to this Article V as of the last day of each Fiscal Year; provided that Profits, Losses and such other items shall also be allocated at such times as the Gross Asset Values of the Partnership’s assets are adjusted pursuant to subparagraph (ii) of the definition of “Gross Asset Value” in Section 1.1. (b) For purposes of determining the Profits, Losses or any other items allocable to any period, Profits, Losses and any such other items shall be determined on a daily proration basis by the General Partner under Code Section 706 and the Regulations thereunder.

Appears in 16 contracts

Sources: Limited Partnership Agreement (Howard Midstream Partners, LP), Limited Partnership Agreement (Howard Midstream Partners, LP), Limited Partnership Agreement (Noble Midstream Partners LP)

Other Allocation Rules. (a) Profits, Losses and any other items of income, gain, loss, or deduction shall be allocated to the Partners pursuant to this Article V as of the last day of each Fiscal Year; provided provided, however, that Profits, Losses and such other items shall also be allocated at such times as the Gross Asset Values of the Partnership’s assets are adjusted pursuant to subparagraph (ii) of the definition of “Gross Asset Value” in Section 1.1. (b) For purposes of determining the Profits, Losses or any other items allocable to any period, Profits, Losses and any such other items shall be determined on a daily proration basis by the General Partner under Code Section 706 and the Regulations thereunder.

Appears in 12 contracts

Sources: Limited Partnership Agreement (Hess Midstream Partners LP), Limited Partnership Agreement (Hess Midstream Partners LP), Limited Partnership Agreement (Hess Midstream Partners LP)

Other Allocation Rules. (a) Profits, Losses and any other items of income, gain, loss, loss or deduction shall be allocated to the Partners Members pursuant to this Article V as of the last day of each Fiscal Year; provided that Profits, Losses and such other items shall also be allocated at such times as the Gross Asset Values of the PartnershipCompany’s assets are adjusted pursuant to subparagraph (ii) of the definition of “Gross Asset Value” in Section 1.1. (b) For purposes of determining the Profits, Losses or any other items allocable to any period, Profits, Losses and any such other items shall be determined on a daily proration basis by the General Partner Managing Member under Code Section 706 and the Regulations thereunder.

Appears in 7 contracts

Sources: Limited Liability Company Agreement (BP Midstream Partners LP), Contribution, Assignment and Assumption Agreement (BP Midstream Partners LP), Limited Liability Company Agreement (Oasis Midstream Partners LP)

Other Allocation Rules. (a) Profits, Losses and any other items of income, gain, loss, loss or deduction shall be allocated to the Partners Members pursuant to this Article V as of the last day of each Fiscal Year; provided that Profits, Losses and such other items shall also be allocated at such times as the Gross Asset Values of the PartnershipCompany’s assets are adjusted pursuant to subparagraph (ii) of the definition of “Gross Asset Value” in Section 1.1. (b) For purposes of determining the Profits, Losses or any other items allocable to any period, Profits, Losses and any such other items shall be determined on a daily proration basis by the General Partner Tax Matters Member under Code Section 706 and the Regulations thereunder.

Appears in 6 contracts

Sources: Limited Liability Company Agreement (Oasis Midstream Partners LP), Limited Liability Company Agreement (Oasis Midstream Partners LP), Contribution and Simplification Agreement (Oasis Midstream Partners LP)

Other Allocation Rules. (a) Profits, Losses Losses, and any other items of income, gain, loss, or deduction shall be allocated to the Partners pursuant to this Article V 5 as of the last day of each Fiscal Year; provided that Profits, Losses Losses, and such other items shall also be allocated at such times as the Gross Asset Values of the Partnership’s assets are adjusted pursuant to subparagraph (iib) of the definition of “Gross Asset Value” in Section 1.11.01. (b) For purposes of determining the Profits, Losses Losses, or any other items allocable to any period, Profits, Losses Losses, and any such other items shall be determined on a daily proration basis by the General Partner using any reasonable method under Code Section 706 and the Regulations thereunder.

Appears in 2 contracts

Sources: Agreement of Limited Partnership (Midcoast Energy Partners, L.P.), Agreement of Limited Partnership (Midcoast Energy Partners, L.P.)

Other Allocation Rules. (a) Profits, Losses Losses, and any other items of income, gain, loss, or deduction shall be allocated to the Partners pursuant to this Article V 5 as of the last day of each Fiscal Year; provided that Profits, Losses Losses, and such other items shall also be allocated at such times as the Gross Asset Values of the Partnership’s assets are adjusted pursuant to subparagraph (ii) of the definition of “Gross Asset Value” in Section 1.11.01. (b) For purposes of determining the Profits, Losses Losses, or any other items allocable to any period, Profits, Losses Losses, and any such other items shall be determined on a daily proration basis by the General Partner under Code Section 706 and the Regulations thereunder.

Appears in 2 contracts

Sources: Agreement of Limited Partnership (MPLX Lp), Agreement of Limited Partnership (MPLX Lp)

Other Allocation Rules. (a) Allocations, Profits, Losses and any other items of income, gain, loss, loss or deduction shall be allocated to the Partners Members pursuant to this Article V IV as of the last day of each Fiscal Year; provided , provided, however, that Profits, Losses and such other items shall also be allocated at such times as the Gross Asset Values of the Partnership’s any Company assets are adjusted pursuant to subparagraph (iib) of the definition of “Gross Asset Value” in Section 1.1. (b) For purposes of determining the Profits, Losses or any other items allocable to any period, Profits, Losses and any such other items shall be determined on a daily proration basis daily, monthly or other basis, as determined by the General Partner Manager using any permissible method under Code Section 706 and the Treasury Regulations thereunder.

Appears in 1 contract

Sources: Limited Liability Company Agreement (CBL & Associates Limited Partnership)