Adjustments to Capital Accounts. At the end of each Fiscal Period, the Capital Accounts of the Partners shall be adjusted in the following manner:
(a) Subject to the provisions of subsections (c) and (d) and (f) of this Section 9, Net Profit of the Partnership for the Fiscal Year shall be credited as follows:
(i) Twenty percent (20%) of the Net Profit shall be reallocated to the General Partner for each Fiscal Year as a "Incentive Allocation".
(ii) The remaining Net Profit shall be allocated to the Partners in proportion to their Capital Accounts.
(b) Net Loss of the Partnership for the Fiscal Year shall be debited against the Capital Account of each Partner in proportion to and in accordance with the balance in the Capital Account of the Partner until the value of any Partners' Capital account becomes zero. Thereafter, any remaining Net Loss for the Fiscal Year shall be debited to Partners having positive balances in their Capital accounts in proportion to those balances, until the value of each Partner's Capital Account becomes zero. Thereafter, any remaining Net Loss for the Fiscal Year shall be debited to the General Partner in accordance with each General Partner's General Partner Percentage for the Fiscal Period.
(c) In the event that the Capital Account of one or more General Partner has a negative balance, one hundred percent (100%) of the Net Profit of the Partnership for the Fiscal Period shall be credited to those General Partners whose Capital Accounts have negative balances in accordance with their respective General Partner Percentages until no General Partner shall have a negative Capital Account balance.
(d) Anything in this Section 9 to the contrary notwithstanding, if any Net Losses are allocated to the account of any Limited Partner, each such Limited Partner shall be entitled to a "Recoupment Allocation" of subsequent Net Profits of the Partnership, in an amount in proportion to his Partnership Percentage, until such Net Loss shall have been eliminated. The amount of Net Profits allocated as a Recoupment Allocation shall not exceed, but shall reduce, the amount of Net Profits otherwise allocable to the General Partners as the Incentive Allocation pursuant to Section 9(a) (ii) hereof. If a Limited Partner who is entitled to a Recoupment Allocation shall withdraw any portion of his Capital Account, the amount of Recoupment Allocation to which he is entitled shall be reduced in proportion to the amount of capital withdrawn.
(e) The amount of any withdrawal made by the Par...
Adjustments to Capital Accounts. (A) Each Member’s Capital Account shall be increased by the amount of additional cash and the value (as determined under Section 3.12) of any CERFs or Short-Term Securities contributed to the Investing Pool by such Member, and by any income or gain (including income and gain exempt from tax) computed in accordance with Section 3.5(b) and allocated to such Member pursuant to Section 3.6.
(B) Each Member’s Capital Account shall be decreased by the amount of cash and the value (as determined under Section 3.12) of any CERFs or Short-Term Securities distributed to such Member pursuant to any provision of this Agreement, and by any expenses, deductions or losses computed in accordance with Section 3.5(b) and allocated to such Member pursuant to Section 3.6.
Adjustments to Capital Accounts. As of the last day of each Period, the balance in each Partner’s Capital Account shall be adjusted by (a) increasing such balance by (i) such Partner’s allocable share of each item of the Partnership’s income and gain for such Period (allocated in accordance with Section 6.8) and (ii) the Capital Contribution, if any, made by such Partner during such Period, (b) decreasing such balance by (i) the amount of cash or the Value of Securities or other property distributed to such Partner pursuant to this Agreement and (ii) such Partner’s allocable share of each item of the Partnership’s loss and deduction for such Period (allocated in accordance with Section 6.8). Each Partner’s Capital Account shall be further adjusted with respect to any special allocations or adjustments pursuant to this Agreement.
Adjustments to Capital Accounts. (A) Each Beneficial Owner’s Capital Account shall be increased by the amount of additional cash and the value (as determined under Section 7) of any CERFs or Short-Term Securities contributed to the Trust by such Beneficial Owner or its agent, and by any income or gain (including income and gain exempt from tax) computed in accordance with Section 1(b) and allocated to such Beneficial Owner pursuant to Section 2.
(B) Each Beneficial Owner’s Capital Account shall be decreased by the amount of cash and the value (as determined under Section 7) of any CERFs or Short-Term Securities distributed to such Beneficial Owner or its agent pursuant to any provision of this Agreement, and by any expenses, deductions or losses computed in accordance with Section 1(b) and allocated to such Beneficial Owner pursuant to Section 2.
Adjustments to Capital Accounts. (A) Each Beneficial Owner's Capital Account shall be increased by the amount of additional cash and the value (as determined under Section 7 of this Annex I) of any Index Futures or Short-Term Securities contributed to the Trust by such Beneficial Owner or its agent, and by any income or gain (including income and gain exempt from tax) computed in accordance with Section 1(b) and allocated to such Beneficial Owner pursuant to Section 2.
(B) Each Beneficial Owner's Capital Account shall be decreased by the amount of cash and the value (as determined under Section 7 of this Annex I) of any Index Futures or Short-Term Securities distributed to such Beneficial Owner or its agent pursuant to any provision of this Agreement, and by any expenses, deductions or losses computed in accordance with Section 1(b) and allocated to such Beneficial Owner pursuant to Section 2.
Adjustments to Capital Accounts. (A) Each Beneficial Owner’s Capital Account shall be increased by the amount of additional cash contributed to the Trust by such Beneficial Owner or its agent, and by any income or gain (including income and gain exempt from tax) computed in accordance with Section 1(b) and allocated to such Beneficial Owner pursuant to Section 2.
(B) Each Beneficial Owner’s Capital Account shall be decreased by the amount of cash distributed to such Beneficial Owner or its agent pursuant to any provision of this Trust Agreement, and by any expenses, deductions or losses computed in accordance with Section 1(b) and allocated to such Beneficial Owner pursuant to Section 2.
Adjustments to Capital Accounts. As of the last day of each Period, the balance in each Partner's Capital Account shall be adjusted by (A) increasing such balance by (I) such Partner's allocable share of each item of the Partnership's income and gain for such Period (allocated in accordance with Section 6.9) and (II) the Capital Contributions, if any, made by such Partner during such Period and (B) decreasing such balance by (I) the amount of cash or the Value of Securities or other property distributed or deemed distributed to such Partner pursuant to Section 6 or Section 8 and (II) such Partner's allocable share of each item of the Partnership's deduction or loss for such Period (allocated in accordance with Section 6.10). Each Partner's Capital Account shall be further adjusted with respect to any special allocations or adjustments pursuant to this Agreement.
Adjustments to Capital Accounts. 5 3.4 Allocations.............................................................5 3.5
Adjustments to Capital Accounts. (i) The Capital Account with respect to the relevant Membership Units shall be increased by:
(A) the amount of any money contributed by the Member to the Company;
(B) the fair market value of any property contributed by the Member to the Company;
(C) the amount of Net Profit allocated to the Member; and
(D) the amount of any Company liabilities assumed by such Member (or taken subject to) if property is distributed to the Member by the Company.
(ii) The Capital Account with respect to the relevant Membership Units shall be decreased by:
(A) the amount of any money distributed to the Member by the Company;
(B) the fair market value of any property distributed to the Member by the Company;
(C) the amount of Net Loss allocated to the Member; and
(D) the amount of any Member liabilities assumed by the Company (or taken subject to) if property is contributed to the Company by the Member.
Adjustments to Capital Accounts. As of the last day of each Period, the balance in each Member’s Capital Account shall be adjusted by (a) increasing such balance by (i) such Member’s allocable share of each item of the Company’s income and gain for such Period (allocated in accordance with Section 4.3), (ii) the Capital Contributions, if any, made by such Member during such Period and (iii) the amount of any Company liabilities that are assumed by such Member or that are secured by any Company property distributed to such Member during such Period and (b) decreasing such balance by (i) the amount of cash or the fair market value of any property distributed to such Member pursuant to this Agreement during such Period, (ii) such Member’s allocable share of each item of the Company’s loss and deduction for this Period (allocated in accordance with Section 4.3) and (iii) the amount of any liabilities of such Member that are assumed by the Company or that are secured by any property contributed by such Member to the Company during such Period. Each Member’s Capital Account shall be further adjusted with respect to any special allocations or adjustments pursuant to this Agreement. The manner in which Capital Accounts are to be maintained pursuant to this Section 4.2 is intended to comply with the requirements of Section 704(b) of the Code and the Regulations promulgated thereunder. If in the opinion of the Company’s legal or tax counsel the manner in which Capital Accounts are to be maintained pursuant to the preceding provisions of this Section 4.2 should be modified in order to comply with Section 704(b) of the Code and the Regulations thereunder, then notwithstanding anything to the contrary contained in the preceding provisions of this Section 4.2, the method in which Capital Accounts are maintained shall be so modified; provided, however, that any change in the manner of maintaining Capital Accounts shall not materially alter the economic agreement and relative economic benefits between or among the Members. Except as otherwise required in the Act, no Member shall have any liability to restore all or any portion of a deficit balance in such Member’s Capital Account.
