Allocation of Net Profits and Losses and Distributions in Respect of a Transferred Interest. If any Economic 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, Net Profit or Net Loss 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 incurred) and the amount of each such item so assigned to any such day shall be allocated to the Member or Assignee based upon its respective Economic 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, an Economic Interest which occurs 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 Economic Interests as of the date such sale or other disposition occurs.
Appears in 5 contracts
Samples: Operating Agreement (Bloomin' Brands, Inc.), Operating Agreement (Osi Restaurant Partners, LLC), Operating Agreement (Osi Restaurant Partners, LLC)
Allocation of Net Profits and Losses and Distributions in Respect of a Transferred Interest. If any Economic Membership Interest is transferred, or is increased or decreased by reason of the admission of a new Member member or otherwise, during any Fiscal Year of the Company, Net Profit each item of income, gain, loss, deduction, or Net Loss credit of the Company for such Fiscal Year shall will be assigned pro rata to each day in the particular period of such Fiscal Year fiscal year to which such item is attributable (i.e., the day on or during which it is accrued or otherwise incurred) and the amount of each such item so assigned to any such day shall will be allocated to the Member or Assignee based upon its respective Economic Membership Interest at the close of such day. However, for the purpose of accounting convenience and simplicity, the Company shall will treat a transfer of, or an increase or decrease in, an Economic a Membership Interest which occurs at any time during a semi-monthly period (commencing with the semi-monthly period including the date hereofof this Agreement) 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 fifteenth (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 will be allocated solely to the parties owning Economic Membership Interests as of the date such sale or other disposition occurs.
Appears in 2 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Provision Holding, Inc.)
Allocation of Net Profits and Losses and Distributions in Respect of a Transferred Interest. If any Economic 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, Net Profit or Net Loss 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 incurred) and the amount of each such item so assigned to any such day shall be allocated to the Member or Assignee based upon its respective Economic 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, an Economic Interest which occurs 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 Economic Interests as of the date such sale or other disposition occurs.
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Allocation of Net Profits and Losses and Distributions in Respect of a Transferred Interest. If any Economic 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, Net Profit each item of income, gain, loss, deduction, or Net Loss credit of the Company for such Fiscal Year shall be assigned pro rata to each day in the particular period of such Fiscal Year fiscal year to which such item is attributable (i.e., the day on or during which it is accrued or otherwise incurred) and the amount of each such item so assigned to any such day shall be allocated to the Member or Assignee based upon its such Member’s respective Economic 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, an Economic a Membership Interest which occurs at any time during a semi-monthly semimonthly period (commencing with the semi-monthly semimonthly period including the date hereof) as having been consummated on the last day of such semi-monthly semimonthly period, regardless of when during such semi-monthly semimonthly 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 (other than in the ordinary course of business) of the Company shall be allocated solely to the parties owning Economic Membership Interests as of the date such sale or other disposition occurs.
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Allocation of Net Profits and Losses and Distributions in Respect of a Transferred Interest. If any Economic 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, Net Profit each item of income, gain, loss, deduction, or Net Loss credit of the Company for such Fiscal Year shall be assigned pro rata to each day in the particular period of such Fiscal Year fiscal year to which such item is attributable (i.e., the day on or during which it is accrued or otherwise incurred) and the amount of each such item so assigned to any such day shall be allocated to the Member or Assignee based upon its his or her respective Economic 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, an Economic a Membership Interest which occurs 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 Economic Membership Interests as of the date such sale or other disposition occurs.
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Samples: Index Operating Agreement