Allocation of Net Profit Sample Clauses

Allocation of Net Profit. After giving effect to the special allocations set forth in Sections 8.2 and 8.3, the Net Profit for any fiscal year of the Company shall be allocated among the Members as follows: (i) First, among the Members in proportion to their Percentage Interests until the cumulative amount of Net Profits allocated to the Members pursuant to this Section 8.1(a)(i) from the Effective Date of this Agreement is equal to the cumulative amount of Net Losses allocated to the Members pursuant to Section 8.1(b)(iii) (other than as the result of any revaluation of Company assets pursuant to Section 8.5(b)(ii)) from the Effective Date of this Agreement; (ii) Second, among the Members to the extent of the excess, if any, of the cumulative amount of Net Losses allocated to the Members pursuant to Section 8.1(b)(ii) from the Effective Date of this Agreement over the cumulative amount of Net Profits previously allocated to the Members pursuant to this Section 8.1(a)(ii) from the Effective Date of this Agreement with such allocation being made proportionately among all Members based on the relative excess for each Member; and (iii) Third, among the Members entitled to participate in such allocation in proportion to their relative Percentage Interests.

Allocation of Net Profit. After applying the provisions of Section 5.4 and except as otherwise provided in Section 9.9, Net Profit for any Adjustment Period will be allocated in the following order and priority: (a) first, if the aggregate amount of Net Loss previously allocated to any Partner exceeds the aggregate amount of Net Profit previously allocated to such Partner (for the current and all previous Adjustment Periods), then to such Partner, or among such Partners, so as to reverse the effect of the prior allocation of Net Loss in the following order and priority: (i) first, to the extent Net Loss was allocated to the General Partner pursuant to Subsection 5.2(d) for any prior Adjustment Period, Net Profit shall be allocated to the General Partner to the extent of such previously allocated Net Loss; (ii) second, to the extent Net Loss was allocated to any Partner(s) pursuant to Subsection 5.2(c) for any prior Adjustment Period, Net Profit shall be allocated to Partner(s) to the extent of such previously allocated Net Loss (among the Partner(s) in proportion to their respective shares of Net Loss being offset); (iii) third, to the extent Net Loss was allocated to the General Partner pursuant to Subsection 5.2(b) for any prior Adjustment Period, Net Profit shall be allocated to the General Partner to the extent of such previously allocated Net Loss; (b) second, to the Partners in accordance with their Sharing Ratios.

Allocation of Net Profit. Except as otherwise provided in the further provisions of this Article IV, Net Profit of the Company for any fiscal year shall be allocated as follows and in the following order of priority: (a) First, to LVSI to the extent of any deficit balance in its Capital Account; (b) Next, to Interface Holding until it has received aggregate allocations of Net Profit pursuant to this Section 4.2(b) for the current and all prior years equal to the cumulative Net Loss allocated to such Member pursuant to Section 4.3(b) for all prior periods; (c) Next, if a Conversion has occurred, to Interface Holding until it has received aggregate allocations of Net Profit pursuant to this Section 4.2(c) for the current and all prior years equal to the cumulative accrued Preferred Return; (d) Next, to LVSI until it has received aggregate allocations of Net Profit pursuant to this Section 4.2(d) for the current and all prior years equal to the cumulative Net Loss allocated to such Member pursuant to Section 4.3(a) for all prior periods; (e) Thereafter, to LVSI.

Allocation of Net Profit a. The annual Net Profit from the operation of the Amphitheatre will be divided between MEMI and the City such that the City shall receive the first One Hundred Fifty Thousand Dollars ($150,000) from the operation of the Amphitheatre and the remaining Net Profit shall be divided between MEMI and the City such that the City receives an amount equal to sixty percent (60%) of the Net Profit and MEMI receives an amount equal to forty percent (40%) of the Net Profit. “Net Profit” shall be defined as all Revenue less all Expenses directly related to or arising from the operation of the Amphitheatre.

Allocation of Net Profit. Net Profit of the Partnership for ------------------------ each fiscal year shall, after giving effect to all Capital Account adjustments attributable to contributions and distributions made during such year, be allocated among the Partners as follows: (a) First, to the Partners, in an amount not exceeding their aggregate negative Capital Account balances (i) first, so as to cause their respective negative Capital Account balances to be i the same proportions as are their respective Percentage Interests, and (ii) thereafter, in accordance with their respective Percentage Interests; (b) Second, to the Partners, in proportion to their respective untaxed Preference Amounts (determined as of the end of such year), until the Net Profit so allocated, less the amount of Excess Depletion allocable to the Partners (pursuant to Section 7.2.2 hereof) with respect to the Gross Income underlying such Net Profit, equals their aggregate Untaxed Preference Amounts (as so determined); and (c) Third, to the Partners in accordance with their respective Percentage Interests.

Allocation of Net Profit. Net Profit shall be allocated to the Members in proportion to their Percentage Interests.

Allocation of Net Profit. The Net Profit for any fiscal period shall be allocated as follows: (i) First, 100% of such Net Profit shall be allocated to those Partners, if any, whose Class A, Class B, Class C, or Class D Capital Account has a negative balance, to the extent of (and in proportion to) the amounts required to eliminate such negative Capital Account balances; (ii) Second, the remaining Net Profit, if any, shall be allocated to the Class A Partner, to the extent of the amount required to increase its Class A Capital Account balance to an amount equal to its Class A Unrecovered Capital; (iii) Third, the remaining Net Profit, if any, shall be allocated to the Class B Partner, to the extent of the amount required to increase its Class B Capital Account balance to an amount equal to its Class B Unrecovered Capital; (iv) Fourth, the remaining Net Profit, if any, shall be allocated to the Class C Partner, to the extent of the amount required to increase its Class C Capital Account balance to an amount equal to its Class C Unrecovered Capital; (v) Fifth, the remaining Net Profit, if any, shall be allocated to the Class A Partner and the Class C Partner, to the extent of (and in proportion to) the amount required (i) to increase the Class A Capital Account balance to an amount equal to the Liquidation Preference with respect to the Class A Interest as of such date and (ii) to increase the Class C Capital Account balance to an amount equal to the Liquidation Preference with respect to the Class C Interest as of such date; (vi) Sixth, the remaining Net Profit, if any, shall be allocated to the Class B Partner, to the extent of the amount required to increase its Class B Capital Account balance to an amount equal to the Liquidation Preference with respect to the Class B Interest as of such date; and (vii) Seventh, the remaining Net Profit, if any, shall be allocated 50% to the Class C Partner and 50% to the Class D Partner.

Allocation of Net Profit or Net Loss from Operations. (a) Except as otherwise provided in Exhibit E attached hereto, the Net Profit or Net Loss (as such terms are hereinafter defined) of the Company, and each item of income, gain, loss, deduction, or credit attributable thereto, (other than gain or loss arising from a Taxable Disposition) shall be allocated among the Members in proportion to their respective Membership Interests. For purposes hereof, (i) Net Profit or Net Loss shall mean the net profit or net loss, as the case may be, of the Company for federal income tax purposes, as determined by the Company's accountants, and (ii) except as set forth in Section 7.1(b), Net Profit or Net Loss shall be considered to have been earned ratably over the fiscal year of the Company.

Allocation of Net Profit a. The annual Net Profit from the operation of the Facility will be divided between MEMI and the City such that the City shall receive the first One Hundred Fifty Thousand Dollars ($150,000) from the operation of the Facility and the remaining Net Profit shall be divided between MEMI and the City such that the City receives an amount equal to sixty percent (60%) of the Net Profit and MEMI receives an amount equal to forty percent (40%) of the Net Profit. “Net Profit” shall be defined as all Revenue less all Expenses directly related to or arising from the operation of the Facility.

Allocation of Net Profit and Net Losses and Distributions in Respect -------------------------------------------------------------------- of Transferred Interest. If any Membership interest is transferred, or is ----------------------- increased or decreased by reason of the admission of a new Member or otherwise, during any Fiscal Year of the Company, each item of income, gain, loss, deduction, or credit of the Company for such Fiscal Year shall be assigned pro rata to each day in the particular period of such Fiscal Year to which such item is attributable (i.e., the day on or during which it is accrued or otherwise included) and the amount of each such item so assigned to any such day shall be allocated to the Member based upon his respective Membership Interest at the close of such day. However, for the purpose of accounting convenience and simplicity, the Company shall treat a transfer of, or an increase or decrease in, a Membership Interest which occur at any time during a semi-monthly period (commencing with the semi-monthly period including the date hereof) as having been consummated on the last day of such semi-monthly period, regardless of when during such semi- monthly period such transfer, increase, of decrease actually occurs (i.e., sales and dispositions made during the first fifteen (15) days of any month will be deemed to have been made on the 15th day of the month). Notwithstanding any provision above to the contrary, gain or loss of the Company realized in connection with a sale or other disposition of any of the assets of the Company shall be allocated solely to the parties owning Membership Interests as of the date such sale or other disposition occurs.