Allocation of Profit. The income statement, which summarises all the income and expenses for the year, shows, after depreciation, amortisation and provisions, the profit or loss for the financial year (hereinafter the "Profit"). Out of the Profit for the year, less previous accumulated losses if any, a certain amount must, by law, be set aside in priority and to the extent necessary to form the legal reserve. Distributable profit is composed of the Profit for the year less any accumulated losses and transfers to reserves required by law or by the Articles of Association, plus any unappropriated retained earnings. A sum equal to 1% of consolidated net profit for the year after minority interests is then deducted from distributable profit and allocated to the General Partners in their capacity as General Partners, whether they are Managing Partners or not. The General Partners allocate the amount of this remuneration among themselves in the proportions they decide. The balance is allocated to the shareholders in proportion to the number of shares held by each. However, the General Meeting may, upon recommendation of the Managing Partners, decide to set aside from the balance available for distribution among the shareholders such amounts as it deems fit to be carried forward, or to be allocated to one or more general, extraordinary or special reserves. Dividends are distributed, by priority, out of the Profit for the year. The General Meeting may, in addition, decide to distribute any part of the reserves available to it by expressly indicating those reserves from which such distributions are to be made. To the extent such reserves have been established by deduction from distributable profit allocated to the shareholders, the dividends paid out therefrom accrue to the benefit of owners of shares alone, in proportion to the number of shares held by each. The General Meeting called to approve the financial statements for the year may, in respect of all or part of said dividend, offer each shareholder the option to receive payment in cash or in shares. Similarly, the General Meeting approving the distribution of an interim dividend under the terms of article L 232-12 of the French Commercial Code, may, in respect of all or part of said interim dividend, offer each shareholder the option to receive payment thereof in cash or in shares. The offer for payment in shares, the price and conditions under which the shares are issued, the request for payment in shares and the conditions of th...
Allocation of Profit. If the Company has Profits during the Allocation Year, after excluding the amount of any Net Long Term Capital Gain allocated to the Allocation Member pursuant to Section 4.2(a), such Profits (as so reduced) shall be allocated:
(i) First to the Allocation Member to the extent of the any amounts payable to the Allocation Member with respect to the Allocation Year pursuant to Section 5.2, but without duplicating any allocations of Net Long Term Capital Gain to the Allocation Member for such Allocation Year pursuant to Section 4.2(a), and
(ii) The balance to the Members in accordance with their Percentage Interests.
Allocation of Profit and Loss (a) Allocations of Profit. Profit for any Fiscal Year shall be allocated among the Partners in proportion to their respective Points as of the close of such Fiscal Year (determined immediately prior to any forfeiture pursuant to Section 7.1(c)). (b)
Allocation of Profit. Profit (as defined in Section 6.5, below) for each taxable year shall be allocated as follows:
(a) First, in the event that Loss has been previously allocated to the Members pursuant to Section 6.2(b) for any prior period, then Profit shall be allocated to the Members to offset such Loss; and
(b) Second, the balance of any Profit then remaining shall be allocated to the Members in proportion to their respective Percentage Interests.
Allocation of Profit. Profit for each taxable year shall be allocated as follows:
(a) First, to each Partner with a deficient Adjusted Balance in proportion to all such deficits until no Partner has a deficit Adjusted Balance;
(b) Second, to the Partners in proportion to the amounts by which their respective Adjusted Balances are less than their respective Unreturned Additional Capital until each Partner’s Adjusted Balance is equal to such sum;
(c) Third, to the Partners in proportion to the amounts by which their respective Adjusted Balances are less than the sum of their respective Unreturned Additional Capital plus Unpaid Initial Return until each Partner’s Adjusted Balance is equal to such sum;
(d) Thereafter, to the Partners in such amounts and proportions as shall cause the respective Adjusted Balances of the Partners to be in proportion to their respective Percentage Interests.
Allocation of Profit. After giving effect to special allocations set forth in Sections 5.1(b), (c), (d) and (g), Profit shall be allocated as follows:
(1) First, to the General Partner to the extent of Loss previously allocated to the General Partner pursuant to Section 5.1(a)(ii)(3) until Profit allocated to the General Partner pursuant to this Section 5.1(a)(i)(1) for such fiscal year and all previous fiscal years is equal to the aggregate Loss allocated to the General Partner pursuant to Section 5.1(a)(ii)(3);
(2) Second, to the General Partner until the General Partner has been allocated an amount equal to a 6% cumulative but not compounded annual return on its Net Capital Contributions; and
(3) Thereafter, 85% to the General Partner and 15% to the Limited Partner.
Allocation of Profit. Sale of LLC Assets. Profits resulting from the sale of all or substantially all the LLC assets (as distinguished from profits from operations) shall be allocated as follows:
(a) To the extent that there have been losses previously allocated to the Members under Section 6.1.2 above, which have not theretofore been recouped under Section 6.1.2(a) above, then profits shall be allocated so as to recoup such losses.
(b) Any remaining profits in proportion to, and in an amount equal to the Members' Percentage Interest.
Allocation of Profit. If the Company has Profits during the Allocation Year, after excluding the amount of any Net Long Term Capital Gain allocated to the Allocation Member pursuant to Section 4.2(a), such Profits (as so reduced) shall be allocated:
(i) First to the Allocation Member to the extent of the any amounts payable to the Allocation Member with respect to the Allocation Year pursuant to Section 5.2, but without duplicating any allocations of Net Long Term Capital Gain to the Allocation Member for such Allocation Year pursuant to Section 4.2(a), and
(ii) Subject to any applicable Trust Interest Designation, the balance to the Members in accordance with their Percentage Interests.
Allocation of Profit. If the Company has Profits during the Taxable Year, such Profits shall be allocated to the Members in accordance with their Percentage Interests.
Allocation of Profit or Loss from a Capital Transaction and Distribution of Capital Proceeds. -------------------------------------
(a) Taxable Income. Profit from a Capital Transaction shall be allocated as follows:
(i) If one or more Members has a Negative Capital Account, Profit from a Capital Transaction shall be allocated first to those Members, in proportion to their Negative Capital Accounts, until all Negative Capital Accounts have been increased to zero; then
(ii) Any remaining Profit not allocated pursuant to Section 4.03(a)(i) shall be allocated to the extent necessary so that the Capital Account balances of the Members are equal to the amounts distributable to them pursuant to Section 4.03(c) (assuming that all of the Capital Proceeds after the payment of liabilities are to be distributed to the Members).
