Allocation of Net Profit or Net Loss Sample Clauses

Allocation of Net Profit or Net Loss. Except as otherwise necessary in connection with a liquidation or dissolution of the Partnership or as required pursuant to the terms of any Preferred Interests: (a) Net Profit for any Fiscal Year or other period shall be allocated to the Partners as follows: (i) First, to each Partner whose Proportionate Capital Account is less than its Percentage Interest, an amount of Net Profit necessary to cause its Proportionate Capital Account to equal its Percentage Interest, provided that if there is not sufficient Net Profit to cause each Partner's Proportionate Capital Account to equal its Percentage Interest, Net Profits shall be allocated to each Partner so as to cause a pro rata percentage reduction in such difference for each such Partner; and (ii) Second, pro rata among the Partners in accordance with their Percentage Interests. (b) Net Loss for any Fiscal Year or other period shall be allocated to the Partners as follows: (i) First, to each Partner whose Proportionate Capital Account is greater than its Percentage Interest, an amount of Net Loss necessary to cause its Proportionate Capital Account to equal its Percentage Interest, provided that if there is not sufficient Net Loss to cause each Partner's Proportionate Capital Account to equal its Percentage Interest, Net Loss shall be allocated to each Partner so as to cause a pro rata percentage reduction in such difference for each such Partner; and; (ii) Second, pro rata among the Partners in accordance with their Percentage Interests.
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Allocation of Net Profit or Net Loss. (a) Net Profit, Net Loss, credits, and all items thereof for a Fiscal Year (or a Fiscal Period) shall be allocated among the Members in accordance with their respective Percentage Interests as of the last day of such Fiscal Year or Fiscal Period. (b) The Members intend that allocations pursuant to Section 6.1(a) reflect each Member's "interest in the Company" as described in Section 1.704-1(b)(3) of the Regulations, and the Board shall make such changes to Section 6.1(a) as they believe are necessary to meet the requirements of such Regulations. (c) For Federal income tax purposes, items of taxable income, gain, loss, deduction and credit shall be allocated to the members in a manner determined by the Board to correspond to the allocation of the Net Profit and Net Loss with respect to which such items relate; provided, that such allocations shall be consistent with the principles of Section 704(c) of the Code and the Regulations promulgated thereunder and Regulations Section 1.704-1(b)(4)(i); and, provided further, that upon complete withdrawal of any Member from the Company, the Board may, in its discretion, allocate items of taxable income or loss to such Member to account for any book/tax differences with respect to such Member's Capital Account.
Sample 1
Allocation of Net Profit or Net Loss. At all such times as the Company ------------------------------------ shall have two or more Members: (a) For the purposes of this Agreement, "Net Profit" and "Net Loss" ---------- -------- shall mean the Company's taxable net profit and taxable net loss, respectively, for the period or periods in question, determined in accordance with federal income tax accounting principles, which shall reflect any compensation paid by the Company to employees or independent contractors. Appropriate modifications to the computation of Net Profit and Net Loss shall be made if required to be consistent with the maintenance of the Members' Capital Accounts, all as determined by the Management Committee in its sole discretion. (b) Net Profit or Net Loss for any taxable period shall be allocated to the Members in proportion to their respective Company Interests. (c) The Management Committee may, in its reasonable discretion, modify the allocation provisions set forth in this Section 3.4 if necessary to satisfy the requirements of Sections 704(b) and (c) of the Code and the Treasury Regulations promulgated thereunder, including, without limitation, Section 1.704-1(b)(2)(iv). All decisions and elections affecting the determination and allocation of the Company's Net Profit or Net Loss (or any items thereof) and any related tax items pursuant to Sections 3.4, 3.5 and 9.2(c) shall be made by the Management Committee in its reasonable discretion and shall be binding on all Members if made in good faith. Further, the Management Committee may, in its reasonable discretion, divide the Company's fiscal year into one or more tax periods to coincide with any alteration in the Members' Company Interests.
Sample 1
Allocation of Net Profit or Net Loss. (i) For each fiscal year in which there is a net profit in the Partnership, such net profit shall be allocated as of the last day of each year in which there is a net profit to the Partners ratably in accordance with their respective Percentage Interests. For each fiscal year in which there is a net loss in the Partnership, such net loss shall be allocated as of the last day of each Partnership year in which there is a net loss to the Partners ratably in accordance with their respective Percentage Interests. (ii) Any allocation to a Partner of a share of the net profit earned or net loss incurred by the Partnership under this Paragraph shall be deemed to be an allocation to that Partner of the same pro rata share of each item of income, gain, loss, deduction or credit, that is earned, realized, or available by or to the Partnership for federal income tax purposes.
Sample 1
Allocation of Net Profit or Net Loss. After giving effect to any Regulatory Allocations, all items of income, gain, loss and deduction comprising the Net Profit or Net Loss of the Partnership for each fiscal year or other taxable period following the Effective Date of this Agreement will be allocated as follows: (1) All such items that are attributable to the Partnership’s Net Investment Revenues will be allocated among the Partners to reflect appropriately the manner in which Net Investment Revenues are to be distributed pursuant to Section 4.2(b). (2) All such items that are not covered by the above subparagraphs will be allocated among the Partners in such manner as the General Partner deems desirable.
Sample 1
Allocation of Net Profit or Net Loss. Except as provided in Section 7.6, all items of profit, loss, deduction and credit for each Fiscal Year (or portion thereof) shall be allocated among the Members (and credited or debited to their Capital Accounts as provided in Treas. Reg. ss. 1.704-1(b)(2)(iv)) in the proportion that the number of Membership Units held by a Member bears to the total number of Membership Units held by all of the Members.
Sample 1
Allocation of Net Profit or Net Loss 
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Related to Allocation of Net Profit or Net Loss

  • Allocation of Net Profits and Net Losses As of the last day of each Fiscal Period, any Net Profits or Net Losses for the Fiscal Period shall be allocated among and credited to or debited against the Capital Accounts of the Members in accordance with their respective Investment Percentages for such Fiscal Period.

  • Allocation of Net Income and Net Loss Net Income or Net Loss of the Partnership shall be determined as of the end of each calendar year and as of the end of any interim period extending through the day immediately preceding any (i) disproportionate Capital Contribution, (ii) disproportionate distribution, (iii) Transfer of a Partnership Interest in accordance with the terms of this Agreement, or (iv) Withdrawal Event. If a calendar year includes an interim period, the determination of Net Income or Net Loss for the period extending through the last day of the calendar year shall include only that period of less than twelve (12) months occurring from the day immediately following the last day of the latest interim period during the calendar year and extending through the last day of the calendar year. For all purposes, including income tax purposes, Net Income, if any, of the Partnership for each calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period. In the event of a Net Loss for a particular calendar year or interim period, then, for such calendar year or interim period, the Net Loss for such calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period.

  • Allocation of Profit or Loss All Profit or Loss shall be allocated to the Member.

  • Allocation of Profits and Losses The Company’s profits and losses shall be allocated to the Member.

  • Allocations of Net Profits and Net Losses Except as otherwise set forth herein, Net Profits and Net Losses shall be allocated for each Fiscal Year to the Members in proportion to their respective Capital Accounts.

  • Allocations of Net Income and Net Loss Except as otherwise provided in this Agreement, after giving effect to the special allocations in subparagraph 1(c) and paragraph 2, Net Income, Net Loss and, to the extent necessary, individual items of income, gain, loss or deduction, of the Partnership for each fiscal year or other applicable period of the Partnership shall be allocated among the General Partner and Limited Partners in accordance with their respective Percentage Interests.

  • Allocation of Profits and Losses Distributions Profits/Losses. For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • Net Losses After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated as follows: (i) First, 2% to the General Partner, and 98% to the Unitholders, Pro Rata, until the aggregate Net Losses allocated pursuant to this Section 6.1(b)(i) for the current taxable year and all previous taxable years is equal to the aggregate Net Income allocated to such Partners pursuant to Section 6.1(a)(iii) for all previous taxable years, provided that the Net Losses shall not be allocated pursuant to this Section 6.1(b)(i) to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); (ii) Second, 2% to the General Partner, and 98% to the Unitholders, Pro Rata; provided, that Net Losses shall not be allocated pursuant to this Section 6.1(b)(ii) to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); (iii) Third, the balance, if any, 100% to the General Partner.

  • Allocation of Profit and Loss Section 5.01 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.01 is inserted in its place:

  • Net Loss A Net Loss for a particular fund or, in the case of a multi-class fund, a class results when aggregate Losses exceed aggregate Benefits (i.e., net redemptions on a day the fund’s or class’s NAV is overstated or net subscriptions on a day the fund’s or class’s NAV is understated) during the Error Period.

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