LIMITATIONS ON ALLOCATIONS. Notwithstanding the general allocation rules set forth in Section 7.1 hereof, the following special allocation rules and limitations shall apply with respect to maintaining the Company’s books and records and computing the Members’ Capital Accounts or share of Profits, Losses, other items or distributions pursuant to this Agreement, in each case as required for U.S. federal income tax purposes under Code Section 704(b) and the Regulations thereunder.
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Samples: Limited Liability Company Agreement (Phillips 66 Partners Lp), Limited Liability Company Agreement (Phillips 66 Partners Lp), Limited Liability Company Agreement (Phillips 66)
LIMITATIONS ON ALLOCATIONS. Notwithstanding the general allocation rules set forth in Section 7.1 hereof, the following special allocation rules and limitations shall apply with respect to maintaining the Company’s 's books and records and computing the Members’ ' Capital Accounts or share of Profits, Losses, other items or distributions pursuant to this Agreement, in each case as required for U.S. federal Federal income tax purposes under Code Section 704(b) and the Regulations thereunder.
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Samples: Limited Liability Company Agreement (Duke Energy Field Services LLC), Limited Liability Company Agreement (Phillips Petroleum Co)
LIMITATIONS ON ALLOCATIONS. Notwithstanding the general allocation rules set forth in Section 7.1 hereof, the following special allocation rules and limitations shall apply with respect to maintaining the Company’s books and records and computing the Members’ Capital Accounts or share of Profits, Losses, other items or distributions pursuant to this Agreement, in each case as required for U.S. federal income tax purposes under Code Section 704(b) and the Regulations thereunder. The special allocations in Sections 7.2(b), (c), (d), (e) and (f) shall be made in such order and priority as specified in the Regulations.
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Samples: Formation and Contribution Agreement (Phillips 66 Partners Lp)
LIMITATIONS ON ALLOCATIONS. Notwithstanding the general allocation rules set forth in Section 7.1 3.1 hereof, the following special allocation rules and limitations shall apply with respect to maintaining the Company’s 's books and records and computing the Members’ ' Capital Accounts or share of Profits, Losses, other items or distributions pursuant to this AgreementAnnex F, in each case as required for U.S. federal Federal income tax purposes under Code Section 704(b) and the Regulations thereunder.
Appears in 1 contract
