Common use of Determinations by the Members Clause in Contracts

Determinations by the Members. All matters concerning the allocation of Net Profits and Net Losses (and items of income, gain, loss and deduction) among the Members, tax elections (except as may otherwise be required by the income tax laws) and accounting procedures not expressly and specifically provided by the terms of this Agreement, shall be determined in good faith by the Manager, and on a basis which is in conformity with the requirements imposed under Code Section 704 and the Treasury Regulations thereunder as equitably applied among the Members.

Determinations by the Members. All matters concerning the allocation of Net Profits Income and Net Losses (and items of income, gain, loss and deduction) Loss among the Members, tax elections (except as may otherwise be required by the income tax laws) and accounting procedures not expressly and specifically provided by the terms of this Agreement, shall be determined in good faith by the ManagerMembers, and on a basis which is in conformity with the requirements imposed under Code Section 704 and the Treasury Regulations thereunder as equitably applied among the Members.