Common use of Determination of Profits and Losses Clause in Contracts

Determination of Profits and Losses. The net profits or net losses of the Company shall be determined in accordance with the accounting methods followed for federal income tax purposes and otherwise in accordance with sound accounting principles and procedures applied in a consistent manner. An accounting shall be made for each fiscal year by the Company as soon as possible after the close of each such fiscal year, to determine the Members’ respective shares of net profits or net losses of the Company, which shall be credited or debited, as the case maybe, to the Members’ respective Capital Accounts. For tax purposes, all items of income, gain, loss, deduction or credit shall be allocated to and among the Members in the same proportion in which they share profits and losses.

Determination of Profits and Losses. The net profits or net losses of the Company shall be determined in accordance with the accounting methods followed for federal income tax purposes and otherwise in accordance with sound accounting principles and procedures applied in a consistent manner. An accounting shall be made for each fiscal year by the Company as soon as possible after the close of each such fiscal year, to determine the Members’ ' respective shares of net profits or net losses of the Company, which shall be credited or debited, as the case maybemay be, to the Members’ ' respective Capital Accounts. For tax purposes, all items of income, gain, loss, deduction or credit shall be allocated to and among the Members in the same proportion in which they share profits and losses.

Determination of Profits and Losses. The net profits or and net losses of the Company shall be determined in accordance with the accounting methods followed for federal income tax purposes and otherwise in accordance with sound generally accepted accounting principles and procedures applied in a consistent mannerpromulgated by the Financial Accounting Standard Board. An accounting shall be made for each fiscal year by the Company as soon as possible after the close of each such fiscal year, to determine the Investing Members’ ' respective shares of net profits or net losses of the Company, Company which shall be credited or debited, as the case maybemay be, to the Investing Members’ ' respective Capital Accounts. For tax purposes, all items of income, gain, loss, deduction or credit shall be allocated to and among the Investing Members in the same proportion in which they share profits and losseslosses including any benefits such as the allocation to the Investing Members of any tax-exempt interest if received by the Company.