Allocation of Profit, Losses and Tax Credits Sample Clauses

Allocation of Profit, Losses and Tax Credits. Subject to Section 5 of Exhibit B, Profit, Loss and Tax Credits for each Fiscal Year shall be allocated to the Members as follows: (a) From the Effective Date through the day before the first (1st) anniversary of the Opening Date: CNL 0.01% CBM 99.99% (b) From the first (1st) anniversary of the Opening Date through the day before the second(2nd) anniversary of the Opening Date: CNL 9% CBM 91% (c) From the second (2nd) anniversary of the Opening Date through the day before the third (3rd) anniversary of the Opening Date: CNL 17% CBM 83% (d) From the third (3rd) anniversary of the Opening Date through the day before the fourth (4th) anniversary of the Opening Date: CNL 25% CBM 75% (e) From the fourth (4th) anniversary of the Opening Date through the day before the fifth (5th) anniversary of the Opening Date: CNL 33% CBM 67% (f) From and after the fifth (5th) anniversary of the Opening Date: CNL 89% CBM 11% (g) When, pursuant to the preceding subsections of this Section 7.1, the percentages for allocating Profit, Loss and Tax Credits change at any time other than the end of a Fiscal Year, the income or loss of the Fiscal Year shall be allocated between the pre-change period and post-change period in the same ratio as the number of days in such Fiscal Year before and after such change in percentages. For this purpose, the day of change in percentages shall be treated as a day within the post-change period. The preceding sentences of this Section 7.1(g) shall not apply to any Profit or Loss attributable to a sale or other disposition of all or substantially all of the Company's assets, or to other extraordinary non-recurring items. Such Profit and Loss shall be allocated to the pre-change period or post-change period which includes the date of closing of the sale or other disposition, or, with respect to other extraordinary non-recurring items, the date the Profit is realized or the Loss is incurred, as the case may be.
Sample 1
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Related to Allocation of Profit, Losses and Tax Credits

  • Allocation of Profit or Loss All Profit or Loss shall be allocated to the Member.

  • Allocation of Profits and Losses Distributions Profits/Losses. For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • Allocation of Profits Profits for any Year shall be allocated in the following order and priority: (i) First, to any Partner who was allocated Losses after the Capital Account of any other Partner was reduced to zero (0), to the extent of such Losses; provided, however, that in the event that the foregoing applies to more than one Partner, to those Partners pro rata according to the amount of such Losses allocated to each; and (ii) Second, to the Partners in accordance with their relative Percentage Interests.

  • Allocation of Profit and Loss Section 5.01 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.01 is inserted in its place:

  • Allocation of Profits and Losses The Company’s profits and losses shall be allocated to the Member.

  • Profits Losses and Distributions A. Each Member shall share all profits and losses, pro rata, in proportion to the Member's Interest in the Company. A Member's Interest shall be defined as a Member's pro rata share of ownership in the Company. B. Any distribution of cash or any other property of the company shall be distributed in the following order: (1) payment of taxes; (2) payment of any indebtedness including debts owing to any Member and any other expenses; and (3) to the Members in accordance with each Member's Interest in the Company.

  • Net Loss A Net Loss for a particular fund or, in the case of a multi-class fund, a class results when aggregate Losses exceed aggregate Benefits (i.e., net redemptions on a day the fund’s or class’s NAV is overstated or net subscriptions on a day the fund’s or class’s NAV is understated) during the Error Period.

  • PROFITS/LOSSES For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • Net Losses After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated as follows: (i) First, 2% to the General Partner, and 98% to the Unitholders, Pro Rata, until the aggregate Net Losses allocated pursuant to this Section 6.1(b)(i) for the current taxable year and all previous taxable years is equal to the aggregate Net Income allocated to such Partners pursuant to Section 6.1(a)(iii) for all previous taxable years, provided that the Net Losses shall not be allocated pursuant to this Section 6.1(b)(i) to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); (ii) Second, 2% to the General Partner, and 98% to the Unitholders, Pro Rata; provided, that Net Losses shall not be allocated pursuant to this Section 6.1(b)(ii) to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); (iii) Third, the balance, if any, 100% to the General Partner.

  • Allocation of Net Income and Net Loss Net Income or Net Loss of the Partnership shall be determined as of the end of each calendar year and as of the end of any interim period extending through the day immediately preceding any (i) disproportionate Capital Contribution, (ii) disproportionate distribution, (iii) Transfer of a Partnership Interest in accordance with the terms of this Agreement, or (iv) Withdrawal Event. If a calendar year includes an interim period, the determination of Net Income or Net Loss for the period extending through the last day of the calendar year shall include only that period of less than twelve (12) months occurring from the day immediately following the last day of the latest interim period during the calendar year and extending through the last day of the calendar year. For all purposes, including income tax purposes, Net Income, if any, of the Partnership for each calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period. In the event of a Net Loss for a particular calendar year or interim period, then, for such calendar year or interim period, the Net Loss for such calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period.

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