Allocation of Net Profits. The Net Profits for each fiscal period of the Company shall be allocated to the Members in accordance with the following order of priority:
(a) first, to those Members with negative Adjusted Capital Accounts, among them in proportion to the ratio of the negative balances in their Adjusted Capital Accounts, until no Member has a negative Adjusted Capital Account;
(b) second, to those Members whose Adjusted Capital Contributions are in excess of their Adjusted Capital Accounts, among them in accordance with the ratio of these excesses, until all of these excesses have been eliminated; and
(c) finally, to the Members in proportion to their Percentage Interests.
Allocation of Net Profits. Subject to the provisions of Sections 6.4 and 6.5, Net Profits for any Fiscal Year or other period shall be allocated to the Members according to their Percentage Interests.
Allocation of Net Profits and Net Losses and Distributions From Cash Available For Distribution.
3.07.1 Net Profits and Net Losses of the Partnership for each fiscal year of the Partnership shall be allocated 99% to the Limited Partners and 1% to the General Partner. Net Profits and Net Losses to be allocated to the Limited Partners will be allocated to Limited Partners based on the number of Units held by each Limited Partner and the period during the fiscal year that the Limited Partner owned the Units. Upon the transfer of a Partnership Unit, the transferor and the transferee shall be allocated a pro rata share of Net Profits and Net Losses based on the portion of the fiscal year that the transferred Unit was effectively held by the transferor and transferee, respectively.
3.07.2 Cash Available for Distribution, if any, shall be determined for each month and, within 30 days after the close of each month, shall be distributed 99% to the Limited Partners pro rata in accordance with their respective ownership of Units and 1% to the General Partner. Cash Available for Distribution shall be distributed to the persons who are Unit holders of record as of the last day of the month for which such distribution is made.
3.07.3 Net proceeds from refinancing and net proceeds from the sale of properties, to the extent available for distribution after the establishment of any reserves that the General Partners may deem reasonably necessary for any contingent or future liabilities of the Partnership or after the payment in the discretion of the General Partners of any debts and liabilities of the Partnership, and subject to the provisions of Section 2.04(b), shall be distributed among the Partners in the following amounts and order of priority:
(a) To the Limited Partners, an amount equal to the sum of:
(i) The Adjusted Invested Capital attributable to each Limited Partner; and
(ii) The excess, if any, of an amount equal to 9% per annum cumulative (but not compounded) return on Adjusted Invested Capital, calculated from each Limited Partner's respective date of admission to the Partnership, over total prior distributions of Cash Available For Distribution with respect to the Units.
(b) To the extent of any balance remaining, 85% to the Limited Partners to be shared on a pro rata basis in accordance with their respective ownership of Units and 15% to the General Partner. Provided, however, that notwithstanding the provisions of this Section 3.07 to the contrary, the General Partners shall recei...
Allocation of Net Profits. The Series B Preferred Interests shall be entitled to receive an allocation of Net Profits, for purposes of Section A.4.1(b) of the Appendix, equal to a preferred return (the "Preferred Return") on the Series B Preferred Interests in an amount equal to the lesser of (i) Allocated Net Profits, as hereinafter defined, or (ii) ten percent (10%) per annum determined on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days occurring in the period for which the Preferred Return is being determined, of the average daily balance the Unreturned Preferred Limited Partner Balance outstanding, if any, from time to time during the period to which the Preferred Return relates, commencing on the date on which the Series B Preferred Limited Partner Contribution is made by the contributing Preferred Limited Partner. The Preferred Return shall be calculated for each six month period as of June 30 and December 31. The Preferred Return shall be treated as a priority return to the holders of the Series B Preferred Interests and shall not constitute a guaranteed payment under Section 707(c) of the Code. "Allocated Net Profits" means Net Profits as allocated under Section A.4.1(a)(i) of the Appendix to the Series B Preferred Interests held by a Preferred Limited Partner.
Allocation of Net Profits. 4.3.2.1. First, to the Members in an amount sufficient to reverse the cumulative amount of any Net Losses allocated to the Members in the current and all prior Fiscal Years and (in the inverse order of such allocation) which have not been previously offset, in proportion to the allocation of such Net Losses to such Members; and
4.3.2.2. The balance, to the Members pro-rata in accordance with their respective Interests.
Allocation of Net Profits and Net Loss of the Company. Except as otherwise provided in this Article IV, Net Profits and Net Loss of the Company in each Fiscal Year shall be allocated among the Members as follows:
Allocation of Net Profits. Subject to the provisions of Section 4.10, Net Profits with respect to each Fiscal Year will be allocated among the Partners, pro rata, in proportion to the distributions of Cash Available for Distribution to the Partners with respect to such Fiscal Year (including distributions of Cash Available for Distribution made in a subsequent Fiscal Year with respect to the immediately preceding Fiscal Year for which Net Profits are being allocated); provided, however, that if Net Profits with respect to a Fiscal Year exceed distributions of Cash Available for Distribution with respect to such Fiscal Year, Net Profits with respect to such Fiscal Year shall be allocated in accordance with the ratio in which Cash Available for Distribution would have been distributed had an amount of cash equal to such Net Profits been available for distribution.
Allocation of Net Profits. The Net Profits for each fiscal period of the Company shall be allocated to the Members in accordance with the following order of priority:
(a) first, to those Members with negative Adjusted Capital Accounts, among them in proportion to the ratio of the negative balances in their Adjusted Capital Accounts, until no Member has a negative Adjusted Capital Account;
(b) second, to those Members whose Adjusted Capital Contributions are in excess of their Adjusted Capital Accounts, among them in accordance with the ratio of these excesses, until all of these excesses have been eliminated;
(c) third, to those Members for whom the sum of their Adjusted Capital Contributions and their Unpaid Preferred Returns are in excess of their Adjusted Capital Accounts, among them in accordance with the ratio of these excesses, until all of these excesses have been eliminated; and
(d) finally, to the Members in proportion to their Percentage Interests.
Allocation of Net Profits. For each fiscal year, the Net Profits of the Company shall be allocated as follows:
(a) First, to the Members to the extent of, and in proportion to, the amount by which the aggregate Net Losses allocated to the Members pursuant to Section 7.2(b) exceeds the aggregate Net Profits previously allocated to the Members pursuant to this Section 7.1(a);
(b) Second, to the Members to the extent of, and in proportion to, the amount of their respective Effective Date Unreturned Capital until the aggregate amount of Net Profits allocated to each Member under this Section 7.1(b) for all fiscal years equals the Effective Date Unreturned Capital for such Member; and
(c) Thereafter, to the Members in proportion to their respective Percentage Interests.
Allocation of Net Profits. After application of Sections 4.03 and 4.04, Net Profits for each Fiscal Year shall be allocated among the Members in the following order and priority:
(a) first, to the Members, in proportion to and to the extent of the amounts necessary to cause the cumulative allocations of Net Profits to each Member under this Section 4.02
(a) for the current and all prior Fiscal Years to equal the cumulative allocations of Net Losses to such Member pursuant to Section 4.01(c) hereof;
(b) second, to the Members, pro rata in accordance with each Member’s Percentage Interest, until the balance of each Member’s Capital Account (as of the last day of such Fiscal Year, but adjusted to reflect any Net Profits for such Fiscal Year allocated to such Member pursuant to Section 4.01 and Section 4.03 and 4.04 hereof) equals such Member’s 12% IRR Amount (as of the last day of such Fiscal Year);
(c) fourth, subject to Section 4.04(b), 50% to Xxxxxx and 50% to the Members, pro rata, in proportion to their respective Percentage Interests. For purposes of determining the amount of Net Profits to be allocated pursuant to Section 4.02(b) for any Fiscal Year, the Capital Account of each Member shall be increased by such Member’s share of “partnership minimum gain” as of the last day of such Fiscal Year, determined pursuant to Section 1.704-2(g)(1) of the Regulations, and by such Member’s share of “partner nonrecourse debt minimum gain” as of the last day of such Fiscal Year, determined pursuant to Section 1.704-2(i)(5) of the Regulations.
