Allocations of Profits, Losses, Deductions and Credits Sample Clauses

Allocations of Profits, Losses, Deductions and Credits. Subject to the provisions of Section 11.2 hereof, when the net profits or losses of the Company are determined, they shall be credited and charged to each Partner’s capital account, subject to the next sentence, as follows: (a) net profits shall be allocated, (i) first, to the Partners, until the cumulative net profit allocated pursuant to this Clause (a)(i) for the current fiscal period and all prior periods equals the cumulative net loss allocated pursuant to Clauses (b)(n) and (b)(iii) hereof for all prior periods, such net profit to be allocated under this Clause (a)(i) in the reverse order net loss was allocated under said Clauses and which allocations have not previously been eliminated under this Clause (a)(i), and, (ii) thereafter, the balance of net profit, if any, shall be allocated to the Partners in accordance with their respective Profit Ratios; and (b) net loss shall be allocated, (i) first, to the Partners, until the cumulative net loss allocated pursuant to this Clause (b)(i) for the current fiscal period and all prior periods equals the cumulative net profit allocated pursuant to Clause (a)(ii) hereof for all prior periods, allocated among the Partners in the proportion that such cumulative net profit was allocated thereunder, and, (ii) next, to the Partners in accordance with their respective Loss Ratios, provided, no allocation shall be made to a Partner with an Adjusted Capital Account equal to or less than zero (“Adjusted Capital Account Deficit”); and (iii) thereafter, to the Partners without an Adjusted Capital Account Deficit, pro rata among such Partners in accordance with such Partners’ relative Loss Ratios; provided, however, all allocations under this Clause (b)(iii) to be made, at all times, subject to the proviso contained in Clause (b)(ii). The following special allocations shall be made prior to application of the foregoing provision: (i) deductions arising from taxes and other items incurred by the Partnership which items are attributable to certain Partners (rather than the Partnership or the Partners generally), shall, in the reasonable discretion of the General Partner, be specially allocated to such Partners and (ii) deductions relating to charitable contributions shall be specially allocated to the General Partner.
Sample 1
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Allocations of Profits, Losses, Deductions and Credits. Profits or Losses (each as defined below) of the Company shall be determined for each fiscal period and shall be credited and charged to the Members' Capital Accounts as follows:
Sample 1
Allocations of Profits, Losses, Deductions and Credits 
Sample 1

Related to Allocations of Profits, Losses, Deductions and Credits

  • Allocations of Profits and Losses Except as otherwise provided in this Agreement, Profits and Losses (and, to the extent necessary, individual items of income, gain or loss or deduction of the Partnership) shall be allocated in a manner such that the Capital Account of each Partner after giving effect to the Special Allocations set forth in Section 5.05 is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made pursuant to Article IV if the Partnership were dissolved, its affairs wound up and its assets sold for cash equal to their Carrying Value, all Partnership liabilities were satisfied (limited with respect to each non-recourse liability to the Carrying Value of the assets securing such liability) and the net assets of the Partnership were distributed to the Partners pursuant to this Agreement, minus (ii) such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. For purposes of this Article V, each Unvested Unit shall be treated as a Vested Unit. Notwithstanding the foregoing, the General Partner shall make such adjustments to Capital Accounts as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a partner’s interest in the Partnership.

  • 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.

  • Allocations of Net Profits and Net Losses Except as otherwise set forth herein, Net Profits and Net Losses shall be allocated for each Fiscal Year to the Members in proportion to their respective Capital Accounts.

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

  • 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.

  • 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.

  • Allocations of Net Income and Net Loss Except as otherwise provided in this Agreement, after giving effect to the special allocations in subparagraph 1(c) and paragraph 2, Net Income, Net Loss and, to the extent necessary, individual items of income, gain, loss or deduction, of the Partnership for each fiscal year or other applicable period of the Partnership shall be allocated among the General Partner and Limited Partners in accordance with their respective Percentage Interests.

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

  • Profits and Losses Distributions Until the admission of additional Members, the Original Member shall be entitled to all allocations of LLC profits and losses and to allocations of distributions.

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