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.
Appears in 4 contracts
Samples: Joint Venture and Investment Management Agreement (Third Point Reinsurance Ltd.), Joint Venture and Investment Management Agreement (Third Point Reinsurance Ltd.), Joint Venture and Investment Management Agreement (Third Point Reinsurance Ltd.)
