Allocation of Profits and Losses Generally. Except as provided in 4.3 ------------------------------------------ through 4.12, Profits or Losses, as the case may be, for each Fiscal Year will be allocated to the Members as follows: [a] Profits will be allocated: [i] first, as to Profits allocated subsequent to the Preferred Allocation Date (as defined in the Parent Operating Agreement), 99% to the Parent Member, 0.5% to the LMC Member, and 0.5% to the Fox Member until the allocation required under 4.2[a][i] of the Parent Operating Agreement has been completed; [ii] second, as to Profits allocated in any Fiscal Year, to the Members to the extent of, and in proportion to, Losses previously allocated to such Members pursuant to 4.2[b][iii]. To the extent that a prior allocation of Losses has been offset by a prior allocation of Profits pursuant to this 4.2[a][ii], Profits will not be further allocated under this 4.2[a][ii] to offset such Losses; and [iii] thereafter, as to Profits allocated in any Fiscal Year, to the Members in proportion to their Ownership Interests. [b] Losses will be allocated: [i] first, as to Losses allocated subsequent to the Preferred Allocation Date (as defined in the Parent Operating Agreement), 99% to the Parent Member, 0.5% to the LMC Member), and 0.5% to the Fox Member until the cumulative amount so allocated for all Fiscal Years equals the cumulative amount of Profits previously allocated under 4.2[a][i] above; [ii] second, as to Losses allocated in any Fiscal Year, to the Members to the extent of, and in proportion to, Profits previously allocated to such Members pursuant to 4.2[a][iii]. To the extent that a prior allocation of Profits has been offset by a prior allocation of Losses pursuant to this 4.2[b][ii], Losses will not be further allocated under this 4.2[b][ii] to offset such Profits; and [iii] thereafter, as to Losses allocated in any Fiscal Year, to the Members in proportion to their Ownership Interests.
Allocation of Profits and Losses Generally. Except as otherwise provided in this Agreement, the Profits or Losses of the Company, including items of income, gain, loss and deduction for each Fiscal Year, will be allocated to the Members in proportion to their Units, without distinction as to class or series; provided that [a] no portion of the Profits or Losses attributable to the realization of the value of the Company as of the date that a Profits Interest Unit is issued shall be allocated to that Profits Interest Unit and [b] no portion of any item of income, gain, loss or deduction recognized prior to the issuance of a Unit shall be allocated to that Unit. The intent of the foregoing is to provide that each Profits Interest Unit shall participate to the same extent as a Common Unit in Profits and Losses attributable to operations of the Company after the date that the Profits Interest Unit is issued, but that a Profits Interest Unit shall participate to the same extent as a Common Unit in gain from the disposition of all or substantially all assets of the Company only to the extent that such gain reflects an increase in the fair market value of the assets of the Company from the date of the issuance of the Profits Interest Unit.
Allocation of Profits and Losses Generally. Except as provided in 5.3 through 5.12, Profits or Losses (or, to the extent required, items thereof) for each Fiscal Year will be allocated in the following order of priority: [a] First, Profits or Losses (or, to the extent required, items of income, gain, loss or deduction) will be allocated to each Preferred Member to cause, as nearly as possible, the balance in such Preferred Member’s Capital Account for its Preferred Units to equal such Preferred Member’s Preferred Liquidation Value; [b] Thereafter, any remaining Profits or Losses (or items of income, gain, loss or deduction) will be allocated to the Common Members, pro rata in proportion to their Percentage Interests.
Allocation of Profits and Losses Generally. Except as provided in 4.3 through 4.13, Profits or Losses, as the case may be, for each Fiscal Year will be allocated as follows:
(a) Profits will be allocated:
(i) first, to the Members to the extent of, and in proportion to Losses previously allocated to the Members pursuant to 4.2(b)(i) (and not previously offset by an allocation pursuant to this 4.2(a)(i));
(ii) second, to the Members to the extent of, and in proportion to, Losses previously allocated to such Members pursuant to 4.2(b)(iii)(and not previously offset by an allocation pursuant to this 4.2(a)(ii)); and
(iii) thereafter, to the Members in proportion to their Ownership Interests.
(b) Losses will be allocated:
(i) first, an amount equal to 99% of the Losses to the LMC Members, in proportion to their respective Ownership Interests, and an amount equal to 1% of the Losses to the LSAT Member;
(ii) second, to the Members to the extent of, and in proportion to, Profits previously allocated to such Members pursuant to 4.2(a)(iii)(and not previously offset by an allocation pursuant to this 4.2(b)(ii)); and
(iii) thereafter, to the Members in proportion to their Ownership Interests.
Allocation of Profits and Losses Generally. After giving effect to the allocations set forth in Sections 5.2 and 5.3, but prior to giving effect to all distributions of cash or property. Profits and Losses for any Fiscal Year (or other period) will be allocated to the Members pro rata in accordance with their Percentage Interests.
Allocation of Profits and Losses Generally. 14 ----------------------------------------- 4.3 Nonrecourse Deductions....................... 15 ---------------------- 4.4 Minimum Gain Chargeback...................... 15 ---------------------- 4.5 Gain Chargeback.............................. 16 -------------- 4.6 Tax Allocations.............................. 16 -------------- 4.7 Qualified Income Offset...................... 16 ---------------------- 4.8 Limit on Loss Allocations.................... 16 ------------------------ 4.9 (S) 754 Adjustments.......................... 16 ------------------ 4.10
