Common use of Allocations Generally Clause in Contracts

Allocations Generally. Except as otherwise provided in this Section 4.4, the income, gains, losses, deductions and credits of the Company will be allocated for federal, state and local income tax purposes among the Members in the same manner as such income, gains, losses, deductions and credits are allocated among the Members for purposes of computing their Capital Accounts.

Allocations Generally. Except as otherwise provided in this Section 4.44.4(b), the income, gains, losses, deductions and credits of the Company with respect to a Fiscal Year or Fiscal Period will be allocated for federal, state and local income tax purposes among the Members in accordance with the same manner as allocation of such income, gains, losses, deductions and credits are among the Members for computing their Capital Accounts; except that if any such allocation is not permitted by the Code or other applicable law, the Company’s subsequent income, gains, losses, deductions and credits will be allocated among the Members for purposes of so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.