Common use of Offsetting Allocations Clause in Contracts

Offsetting Allocations. If, and to the extent that, any Partner is deemed to recognize any item of income, gain, deduction or loss as a result of any transaction between such Partner and the Partnership pursuant to Sections 83, 482 or 7872 of the Code or any similar provision now or hereafter in effect, the General Partner shall use its commercially reasonable efforts to allocate any corresponding Profit or Loss to the Partner who recognizes such item in order to reflect the Partners’ economic interest in the Partnership.

Offsetting Allocations. If, and to the extent that, any Partner is deemed to recognize any item of income, gain, deduction or loss as a result of any transaction between such Partner and the Partnership pursuant to Sections 83, 482 482, or 7872 of the Code or any similar provision now or hereafter in effect, the General Partner shall use its commercially reasonable efforts to allocate any corresponding Profit or Loss to the Partner who recognizes such item in order to reflect the Partners’ economic interest in other Partners of the Partnership.