Common use of Book Allocations Clause in Contracts

Book Allocations. Unless otherwise provided in this Agreement, an allocation to a Member of a share of Profits or Losses shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Profits or Losses. After giving effect to the special allocations set forth in Section 5.2 and Section 5.3 and subject to Section 5.4 and Section 5.5, Profits and Losses for any Allocation Year shall be allocated as follows: (a) All items of Loss shall be allocated as follows: (1) First, to the Members in the same manner and proportions as Profits were previously allocated under Section 5.1(b)(2) to the extent of the aggregate Profits allocated pursuant to Section 5.1(b)(2) for all periods over the aggregate Losses allocated pursuant to this Section 5.1(a)(1) for all prior periods; and Execution Copy Northern Pass LLC Operating Agreement (2) Second, to the Members in proportion to their Percentage Interests. (b) All items of Profit shall be allocated as follows: (1) First, to the Members in the same manner and proportions as Losses were previously allocated under Section 5.1(a)(2) to the extent of the aggregate Losses allocated pursuant to Section 5.1(a)(2) for all periods over the aggregate Profits allocated pursuant to this Section 5.1(b)(1) for all prior periods; and (2) Second, to the Members in proportion to their Percentage Interests.

Book Allocations. Unless otherwise provided in this Agreement, an allocation to a Member of a share of Profits or Losses shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Profits or Losses. After giving effect to the special allocations set forth in Section 5.2 and Section 5.3 and subject to Section 5.4 and Section 5.5, Profits and Losses for any Allocation Year shall be allocated as follows: (a) All items of Loss shall be allocated as follows: (1) First, to the Members in the same manner and proportions as Profits were previously allocated under Section 5.1(b)(2) to the extent of the aggregate Profits allocated pursuant to Section 5.1(b)(2) for all periods over the aggregate Losses allocated pursuant to this Section 5.1(a)(1) for all prior periods; and Execution Copy Northern Pass LLC Operating Agreementand (2) Second, to the Members in proportion to their Percentage Interests. (b) All items of Profit shall be allocated as follows: (1) First, to the Members in the same manner and proportions as Losses were previously allocated under Section 5.1(a)(2) to the extent of the aggregate Losses allocated pursuant to Section 5.1(a)(2) for all periods over the aggregate Profits allocated pursuant to this Section 5.1(b)(1) for all prior periods; and (2) Second, to the Members in proportion to their Percentage Interests.