Incentive Allocation. (a) For purposes of determining the amount of the Incentive Allocation for any Allocation Period, if a Member has made more than one capital contribution to the Fund, the Allocation Change and the Preferred Return for such Allocation Period and the balance in the Loss Recovery Account with respect to such Member shall be determined as if each such capital contribution were a separate Capital Account of such Member.
(b) So long as the Special Member holds its interest in the Special Member Account, the Incentive Allocation shall be debited against the Capital Account of each Member as of the last day of each Allocation Period with respect to such Member and the amount so debited shall simultaneously be credited to the Special Member Account.
(c) If only a portion of the Interest of a Member is repurchased by the Fund as of a date that would not, but for such repurchase, be the end of an Allocation Period, the Incentive Allocation shall be made as of such date only as to that portion of any Positive Allocation Change for the Allocation Period that is allocable to the portion of the Interest repurchased. For this purpose, pro rata portions of the Positive Allocation Change and the Preferred Return for the Allocation Period, and any balance in the Loss Recovery Account, shall be deemed associated with the portion of the Interest repurchased, and there shall be a corresponding reduction made in the Positive Allocation Change, Preferred Return and Loss Recovery Account balance (if any) associated with the remaining Interest. As of the end of the next Allocation Period with respect to a Member following the repurchase of a portion of the Member's Interest, the Incentive Allocation with respect to such Interest (if any) shall be determined based on the Positive Allocation Change and Preferred Return for the period from the beginning of the Allocation Period in which such repurchase was made through the end of the current Allocation Period and the balance of the Loss Recovery Account (if any) as of the end of the current Allocation Period.
(d) If a portion of a Member's interest is repurchased by the Fund, the repurchase shall be deemed to be made from the earliest capital contribution made by such Member. If the amount of the repurchase exceeds the Capital Account balance attributable to such capital contribution, the amount of any excess shall be deemed to be made from the next oldest capital contribution. This attribution process shall continue until the full am...
Incentive Allocation. (a) The Incentive Allocation shall be debited against the Capital Account of each Member as of the last day of each Allocation Period with respect to such Member and the amount so debited shall simultaneously be credited to the Special Advisory Account or, subject to compliance with the 1940 Act and the Advisers Act, to the Capital Accounts of such Members who are directors, officers or employees of the Adviser or its Affiliates, or with respect to which such directors, officers or employees are the sole beneficial owners, as have been designated in any written notice delivered by the Adviser to the Board of Managers within 90 days after the close of such Allocation Period.
(b) By the last business day of the month following the date on which an Incentive Allocation is made, the Special Advisory Member must withdraw 100% of the Incentive Allocation (computed on the basis of unaudited data) that was credited to the Special Advisory Account. Within 30 days after the completion of the audit of the books of the Company for the year in which allocations to the Special Advisory Account are made, the Company shall pay to the Special Advisory Member any additional amount of Incentive Allocation determined to be owed to the Special Advisory Member based on the audit, and the Special Advisory Member shall pay to the Company any excess amount of Incentive Allocation determined to be owed to the Company.
Incentive Allocation. For any Period ending on an Incentive Allocation Time and for each Limited Partner to which it applies, the amount determined in accordance with Section 4.5, resulting in negative adjustments to such Limited Partner’s Capital Account pursuant to Section 4.4.3.
Incentive Allocation. The Incentive Allocation as to each Unit pursuant to Section 4.5 will be specially allocated to and assessed against that Unit.
Incentive Allocation. For any Period ending on an Incentive Allocation Time, the amount determined in accordance with Section 4.5, resulting in negative adjustments to each Unit’s Capital Account pursuant to Section 4.4.3.
Incentive Allocation. (i) Subject to Sections 5.03(b) and 5.03(c)(iv), at the end of each Fiscal Year, the Partnership shall reallocate from each Capital Account of each Limited Partner to the Capital Account of the General Partner an amount (the "Incentive Allocation") equal to the result of the Incentive Allocation Rate multiplied by the amount of the Net Capital Appreciation allocated to such Capital Account of such Limited Partner for such Fiscal Year after reduction by an amount equal to the amount of the Management Fee debited to such Capital Account pursuant to Section 4.08 for such Fiscal Year; provided, however, that the Net Capital Appreciation upon which the calculation of the Incentive Allocation is based shall be reduced to the extent of any balance in such Capital Account's Loss Recovery Account. The amount of the balance in the Loss Recovery Account at the time of calculating the Incentive Allocation shall be the amount existing immediately prior to its reduction pursuant to the second clause of the second sentence of Section 5.03(c)(ii). In the sole discretion of the General Partner, the Incentive Allocation may be waived, reduced or calculated differently with respect to any Limited Partner. The Incentive Allocation, if any, will be calculated at (A) the end of each Fiscal Year,
Incentive Allocation. OFI has designated Tremont to serve as the Special Advisory Member of the Fund under the terms of the LLC Agreement and to receive in such capacity the incentive allocation in accordance with the terms of the LLC Agreement (the Incentive Allocation"). The Incentive Allocation, if any, will be computed and credited to the capital account of Tremont as provided by the LLC Agreement.
Incentive Allocation. (a) As of the end of each Incentive Period with respect to each Unit (other than a Management Unit), an amount (the “Incentive Allocation”) equal to twenty percent (20%) of the excess of (i) the Net Asset Value Per Unit of such Unit (determined before deduction of the Incentive Allocation, but after deduction or accrual of all other expenses or liabilities of the Company as of such date) as of the end of such Incentive Period over (ii) the Prior High NAV of such Class, shall be deducted from the Net Asset Value of such Unit and credited to the Capital Account of the Manager.
(b) If a Member purchases Units of any Class when the Net Asset Value Per Unit of such Class is less that the Prior High NAV of such Class (each, a “Deficit Unit”), then an additional Incentive Allocation will be due from such Member as of the end of each Incentive Period thereafter in an amount equal to twenty percent (20%) of the excess of (i) the net increase in the Net Asset Value Per Unit of such Deficit Unit as of the end of such Incentive Period (but not to exceed the Prior High NAV of such Class) over (ii) the highest Net Asset Value Per Unit of such Deficit Unit as of the end of any prior Incentive Period or, if higher, the Net Asset Value Per Unit of such Deficit Unit as of the date of issuance of such Deficit Unit. Any additional Incentive Allocation due from a Member pursuant to this Section 3.6(b) shall be effected by way of a cancellation of such number of the Member’s Deficit Units having an aggregate Net Asset Value equal to the Incentive Allocation, and crediting such amount to the Capital Account of the Manager.
Incentive Allocation. As of the end of each Incentive Period with respect to each Class 0 Unit and Class 2 Unit of the Core Macro Portfolio, an amount (the “Incentive Allocation”) equal to twenty percent (20%) of the New High Net Trading Profits with respect to such Class as of the end of such Incentive Period shall be deducted from the Net Asset Value of such Class and credited to the Capital Account of Xxxxxx LLC.
Incentive Allocation. BACAP shall have the right as provided by the LLC Agreement to serve as the Special Advisory Member of the Fund and to receive in such capacity a performance-based allocation in accordance with the terms of the LLC Agreement (the "Incentive Allocation"). The Incentive Allocation, if any, will be computed and credited to the capital account of the Special Advisory Member as provided by the LLC Agreement.
