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 Profits and Net Losses. Except as otherwise required by law, all Company net profits and net losses available for allocation shall be allocated to the Sole Member.
Allocation of Net Profits and Net Losses. (a) Except as otherwise provided in Section 6.1(b), Net Profit or Net Loss shall be allocated to make the Partially Adjusted Capital Accounts of the Partners equal, as nearly as possible, to their respective Target Accounts.
(b) Items comprising Winding Up Profit and Loss shall be allocated in such a manner so as to cause the Partially Adjusted Capital Accounts of the Partners to equal, as nearly as possible, their respective Target Accounts. To the greatest extent possible, if a Partner has a positive adjustment under this clause (b), the items to be allocated shall consist of a pro rata portion of all items comprising positive adjustments to Capital Accounts to the extent necessary; and if a Partner has a negative adjustment, the items allocated shall consist of a pro rata portion of all items comprising negative adjustments to Capital Accounts, the Partners intent being that the first sentence of this clause (b) be achieved using a pro rata share of items to the maximum extent possible.
(c) All Net Profits and Net Losses shall be allocated to the Partners shown on the records of the Partnership to have been Partners as of the last day of the Partnership Fiscal Year for which such allocation is to be made, except that, if a Partner sells or exchanges its interest in the Partnership or otherwise is admitted as a substituted Partner, the Net Profits and Net Losses shall be allocated between the transferor and transferee by taking into account their varying interests during the Partnership Fiscal Year in accordance with Code Section 706(d), using the interim closing of the books method or such other method as shall be approved as a Major Decision by the Executive Committee.
(d) The parties intend that the foregoing tax allocation provisions of this Article VI shall produce final Capital Account balances of the Partners that will permit liquidating distributions that are made in accordance with final Capital Account balances under Section 13.5 to be made (after unpaid loans and interest thereon, including those owed to Partners have been paid) in a manner identical to the order of distribution priorities set forth in Section 6.2. To the extent that the tax allocation provisions of this Article VI would fail to produce such final Capital Account balances, (i) such provisions shall be amended by the Managing Partner if and to the extent necessary to produce such results and (ii) taxable income and taxable loss of the Partnership for prior open years (or items ...
Allocation of Net Profits and Net Losses. Net Profits and Net Losses of the Company shall be allocated among the Members’ Capital Accounts as follows:
Allocation of Net Profits and Net Losses. (a) Net Profits and Net Losses shall be determined and allocated with respect to each Allocation Year of the Company as of the end of such Allocation Year. Subject to the other provisions of this Agreement, an allocation to a Member of a share of Net Profits or Net Losses shall be treated as an allocation of the same share of each item of income, gain, loss, or deduction that is taken into account in computing Net Profits or Net Losses. Notwithstanding the foregoing, to the extent permitted by Law, the Preferred Members shall not be allocated items of Net Profits that would be treated as gain from the sale of a “United States real property interest” as defined in Section 897(c)(1) of the Code.
(b) After giving effect to the special allocations set forth in Section 5.3, Net Profits and Net Losses for any Allocation Year shall be allocated to all the Members in such manner that, as of the end of such Allocation Year, the sum of: (i) the Capital Account of each Member, (ii) such Member’s share of Membership Minimum Gain, and (iii) such Member’s Member Nonrecourse Debt Minimum Gain, immediately after giving effect to such allocations, is, as nearly as possible, equal to the net amounts, positive or negative, that would be distributed to such Member or for which such Member would be liable to the Company under this Agreement, determined as if: (i) the Company were dissolved and terminated at the end of such Allocation Year, (ii) its affairs were wound up and each asset on hand at the end of such Allocation Year was sold for cash equal to its Gross Asset Value, (iii) all liabilities of the Company were satisfied (limited with respect to each nonrecourse liability to the fair market value of the assets securing such liability) and (iv) the net assets of the Company were distributed to the Members in accordance with Section 6.2(b).
Allocation of Net Profits and Net Losses. Allocations of Net Profits and Net Losses and, to the extent necessary, individual items of income, gain, loss or deduction related to a Series shall be allocated among the Members of such Series in a manner such that the Capital
Allocation of Net Profits and Net Losses. Except as otherwise provided in this Article IV, Net Profits and Net Losses in each fiscal year of the LLC shall be allocated among the Members as follows:
Allocation of Net Profits and Net Losses. (a) As of the close of business each day, the Net Profits and Net Losses of each Portfolio shall be determined and allocated to and among the Holders of that Portfolio in proportion to their respective Interests in that Portfolio, determined as of the opening of business on that day.
(b) Except as otherwise provided in this Section, for each taxable year of a Portfolio, all items of income, gain, loss, deduction, and credit that are recognized by that Portfolio for tax purposes shall be allocated pursuant to Treasury Regulation ss. 1.704-1(b) in a manner that equitably reflects amounts credited or debited to the Book Capital Account of each Holder of that Portfolio for such year. Allocations of such items also shall be made, where appropriate, in accordance with Section 704(c) of the Code and the regulations thereunder, as may be provided in any Policies adopted by the Trustees pursuant to Article VIII, Section 8.1(c).
(c) Expenses of a Portfolio, if any, that are borne by any Holder of that Portfolio in its individual capacity shall be specially allocated to the Holder.
(d) Notwithstanding anything to the contrary in the preceding paragraphs (b) or (c), if any Holder of a Portfolio unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulation xx.xx. 1.704-1(b)(2)(ii)(D)(4), (5), OR (6), items of income (including gross income) and gain of that Portfolio shall be specially allocated to the Holder in an amount and manner sufficient to eliminate the deficit balance in the Holder's Book Capital Account (as determined in accordance with Treasury Regulation ss. 1.704-1(b)(2)(ii)(D)) created by such adjustments, allocations, or distributions as quickly as possible. Any special allocations of income and gain of a Portfolio pursuant to this paragraph shall be taken into account in computing subsequent allocations of income and gain of that Portfolio pursuant to this Article, so that the net amount of any items of that Portfolio so allocated and the income, gain, loss, deductions, and other items of that Portfolio allocated to each Holder pursuant to this Article shall, to the extent possible, equal the net amount that would have been allocated to each such Holder pursuant to this Article if such special allocations had not been made.
Allocation of Net Profits and Net Losses. (i) With respect to each Limited Partner, there shall be deducted from the Capital Account of such Limited Partner the Management Fee and the Continuing Compensation, applicable to their Capital Account for such month. The terms Management Fee and Continuing Compensation shall have the meanings ascribed to them in the Partnership’s Memorandum, as from time to time amended.
(ii) Any remaining net profits or net losses during any month shall be allocated as of the end of such month to the Capital Accounts of all the Partners in the proportion which each Partner’s Capital Account as of the beginning of such month bore to the sum of the Capital Accounts of all the Partners as of the beginning of such month.
(iii) With respect to each Limited Partner who has been allocated Trading Profits to its Capital Account for a month, there shall be deducted from the Capital Account of such Limited Partner the Incentive Fee payable to the Partnership’s advisor. The terms Trading Profits and Incentive Fee shall have the meanings ascribed to them in the Partnership’s Memorandum, as from time to time amended.
Allocation of Net Profits and Net Losses. (a) Subject to the provisions of this Section 3.4, Section 3.5, and Section 3.8, any Net Profit or Net Loss for any Fiscal Period shall be allocated as of the close of such Fiscal Period to the Capital Account of each Participant in proportion to its respective Percentage as of the beginning of such Fiscal Period.
(b) Notwithstanding Section 3.4(a), items of income, gains, losses, deduction, credit and expenses that relate to investments in New Issues shall be allocated pursuant to Section 3.5.
