Determination of Net Income or Loss. Subject to Section 4.4, the net income or loss of the Partnership for each fiscal year shall be determined by the General Partner in accordance with IFRS-IASB.
Determination of Net Income or Loss. For the purposes of this Agreement, the net income or loss of the for any accounting period shall be its gross income less the 's expenses during that period, determined on an accrual basis in accordance with generally accepted accounting principles. Gross income shall include, but shall not be limited to, amounts received upon or in respect of investments of the , gains realized upon the sale or disposition of any property, and any other income received by the . Expenses shall include, but shall not be limited to, the expenses of conducting the business, salaries, interest on any loans or borrowings by the including any loans or advances to the by any Shareholder, taxes and assessments assessed to the or levied upon its properties and payable by it, depreciation of and losses on the 's property (using any method of depreciation the Managing Shareholder deems appropriate), bad debts and contingencies for which reserves should properly be established, and any and all other expenses incidental to the conduct of the business of the .
Determination of Net Income or Loss. For Plan Years beginning prior to January 1, 2006 (or such earlier effective date as may be provided in a separate amendment implementing the final §401(k) Regulations and as permitted by such Regulations), Excess Contributions will be adjusted for any income or loss up to the end of the Plan Year and, at the discretion of the Administrator, may be adjusted for income or loss during the period, if any, between the end of the Plan Year and the actual date of distribution (the “gap period”). However, effective as of the first day of the first Plan Year beginning on or after January 1, 2006 (or such earlier effective date as may be provided in a separate amendment implementing the final §401(k) Regulations and as permitted by such Regulations), Excess Contributions will be adjusted for any income or loss up to the end of the Plan Year and during the gap period. Any adjustment for income or loss during the gap period will be allocated in a consistent manner to all Participants, and to all corrective distributions made for the Plan Year, and will be the amount determined by one of the methods set forth either in subparagraph (1), subparagraph (2), or subparagraph (3) below, as elected by the Administrator:
Determination of Net Income or Loss. For Plan Years beginning prior to January 1, 2006 (or such earlier effective date as may be provided in a separate amendment implementing the final §401(m) Regulations and as permitted by such Regulations), Excess Aggregate Contributions will be adjusted for any income or loss up to the end of the Plan Year and, at the discretion of the Administrator, may be adjusted for income or loss during the period, if any, between the end of the Plan Year and the actual date of distribution (the “gap period”). However, effective as of the first day of the first Plan Year beginning on or after January 1, 2006 (or such earlier effective date as may be provided in a separate amendment implementing the final §401(m) Regulations and as permitted by such Regulations), Excess Aggregate Contributions will be adjusted for any income or loss up to the end of the Plan Year and during the gap period. Any adjustment for income or loss during the gap period will be allocated in a consistent manner to all Participants, and to all corrective distributions made for the Plan Year, and will be the amount determined by one of the methods set forth either in subparagraph (1), subparagraph (2), or subparagraph (3) below, as elected by the Administrator:
Determination of Net Income or Loss. For the purposes of this Agreement, the net income or loss of the investment company for any accounting period shall be its gross income less the investment company's expenses during that period, determined on an accrual basis in accordance with generally accepted accounting principles. Gross income shall include, but shall not be limited to, amounts received upon or in respect of investments of the investment company, gains realized upon the sale or disposition of any property, and any other income received by the investment company. Expenses shall include, but shall not be limited to, the expenses of conducting the business, salaries, interest on any loans or borrowings by the investment company including any loans or advances to the investment company by any Shareholder, taxes and assessments assessed to the investment company or levied upon its properties and payable by it, depreciation of and losses on the investment company's property (using any method of depreciation the Managing Shareholder deems appropriate), bad debts and contingencies for which reserves should properly be established- and any and all other expenses incidental to the conduct of the business of the investment company.
Determination of Net Income or Loss. The net income or loss of the Partnership for each fiscal year shall be determined in accordance with IFRS. The General Partner shall use commercially reasonable efforts to compute quarterly the Partnership’s income, gains and losses, and adjust the Partners’ Capital Accounts, no less frequently than annually. Notwithstanding the foregoing, the General Partner acknowledges that the indirect owners of certain Partners may be subject to taxation in the United States on their allocations of Partnership income, gain, loss, deduction and credit. The Partnership will (i) prepare a pro forma schedule K-1 to IRS Form 1065 and deliver such schedule K-1 to such Partners on a timely basis (and in any case within 120 days after the end of each fiscal year), and (ii) calculate such Partners’ allocations in a manner that comports with the regulations promulgated under Section 704(b) of the Code.
Determination of Net Income or Loss. Within twenty-five (25) days after the end of each calendar month, the Partnership shall determine the Partnership’s net income or loss (revenue less expenses, including book depreciation) and before the last day of such calendar month the Partnership shall cause to be prepared and delivered to each Partner an unaudited profit and loss statement, a balance sheet and a statement of each Partner’s Capital Account as of the end of each calendar month.
Determination of Net Income or Loss. The net income or loss of the Partnership for each fiscal year shall be determined in accordance with GAAP and commencing January 1, 2011, IFRS.
Determination of Net Income or Loss. The net income or loss of the Partnership for each fiscal year shall be determined in accordance with GAAP. The General Partner shall generally compute the Partnership’s income, gains and losses, and adjust the Partners’ Capital Accounts, no less frequently than quarterly.
Determination of Net Income or Loss. For the purposes of this Agreement, the net income or loss of the for any accounting period shall be its gross income less the 's expenses during that period, determined on an accrual basis in accordance with generally accepted accounting principles. Gross income shall include, but shall not be limited to, amounts received upon or in respect of investments of the , gains realized upon the sale or disposition of any property, and any other income received by the .
