Income and Loss Sample Clauses

Income and Loss. (a) For purposes of maintaining the Capital Accounts and in determining the rights of the Partners and Assignees among themselves and except as provided in Section 5.1(b) with respect to items of income, gain loss and deduction attributable to Terminating Capital Transactions and the provisions of Sections 5.1(c) through (i), 1% of each item of income, gain, loss and deduction (computed in accordance with Section 4.7(b) but subject to adjustment for any allocations required by Sections 5.1(c) through (i)) shall be allocated to the General Partner with the remaining items of income, gain, loss and deduction allocated among the Limited Partners and Assignees as follows: (i) Each remaining item of income or gain shall be allocated among the Limited Partners and Assignees as follows and in the following order of priority: (A) First, to the Class C Units pro rata in accordance with their Percentage Interests until the aggregate amount of income and gain allocated pursuant to this Section 5.1(a)(i)(A) is equal to the aggregate amount of loss or deduction allocated pursuant to Section 5.1(a)(ii)(B); (B) Second, to the Class C Units pro rata in accordance with their Percentage Interests until the aggregate amount of income and gain allocated during the current year and all prior years pursuant to this Section 5.1(a)(i)(B) (including any gross income allocations under Section 5.1(h)) is equal to the aggregate amount required to be distributed with respect to the Class C Units during the current year and all prior years pursuant to Section 20.3(a) (whether or not actually distributed); and (C) Thereafter, to the Class A Units and Class B Subordinated Units pro rata in accordance with their Percentage Interests. (ii) Each remaining item of loss or deduction shall be allocated among the Limited Partners and Assignees as follows and in the following order of priority: (A) First, to the Class A Units and Class B Subordinated Units pro rata in accordance with their Percentage Interests to the least extent necessary so as to reduce the positive Adjusted Capital Account balance of each such unit to zero; (B) Second, to the Class C Units pro rata in accordance with their Percentage Interests to the least extent necessary so as to reduce the positive Adjusted Capital Account balance of each such unit to zero; and (C) Thereafter, to the Class A Units and Class B Subordinated Units pro rata in accordance with their Percentage Interests. (b) Notwithstanding anything in the fore...
Sample 1Sample 2
AutoNDA by SimpleDocs
Income and Loss. “Income” and ‘Loss” shall mean, for each fiscal year or other period, any item of Partnership income, gain, loss or deduction calculated in accordance with U.S. federal income tax accounting principles, with the following adjustments:
Sample 1Sample 2
Income and Loss. After giving effect and subject to the special allocations set forth in Section 6.3, items of Income and Loss will be allocated as follows: (a) Income or Loss (other than items of Income or Loss described in Section 6.2(b)) shall be allocated 90% in the aggregate to the Class A Members in proportion to their respective Percentage Interests, 9% in the aggregate to the Class B Members, and 1% in aggregate to the Class C Members in proportion to their respective Percentage Interests. (b) After giving effect to the allocations of Income or Loss set forth in Section 6.2(a), Income or Loss that consists of items of gain or loss described in clauses (iii) or (iv) of the definition of “Income” or “Loss” shall be allocated (i) to the Class A Members in proportion to their Percentage Interests as necessary to cause the ratio of the aggregate Capital Accounts of the Class A Members to the aggregate Capital Accounts of all Members to equal 40%, (ii) to the Class B Members in proportion to their Percentage Interests as necessary to cause the ratio of the aggregate Capital Accounts of the Class B Members to the aggregate Capital Accounts of all Members to equal 10.1%, and (iii) to the Class C Members in proportion to their Percentage Interests as necessary to cause the ratio of the aggregate Capital Accounts of the Class C Members to the aggregate Capital Accounts of all Members to equal 49.9%.
Sample 1
Income and Loss. All distributions of income and responsibilities for losses shall be based on each Partner's equity interest in the JV.
Sample 1
Income and Loss. For purposes of maintaining the Capital Accounts and determining the rights of the Members among themselves, after giving effect to the special allocations set forth in Section 7.1(c), any remaining Net Income or Net Loss for any taxable year (or portion thereof) shall be allocated among the Members as follows:
Sample 1
Income and Loss. See Section 6.1.
Sample 1
Income and Loss. Except as provided in Sections 5.3 or 5.4, all net income, gains, losses and deductions (or items thereof) for each Taxable Period shall be allocated to the Venturers in accordance with their respective Sharing Ratios.
Sample 1
AutoNDA by SimpleDocs

Related to Income and Loss

  • Net Income and Net Loss All net income or net loss of the Company shall be for the account of the Member.

  • Profits and Losses For financial accounting and tax purposes, the Company’s net profits or net losses shall be determined on an annual basis in accordance with the manner determined by the Board. In each year, profits and losses shall be allocated entirely to the Member.

  • Net Loss A Net Loss for a particular fund or, in the case of a multi-class fund, a class results when aggregate Losses exceed aggregate Benefits (i.e., net redemptions on a day the fund’s or class’s NAV is overstated or net subscriptions on a day the fund’s or class’s NAV is understated) during the Error Period.

  • Allocation of Profit and Loss Section 5.01 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.01 is inserted in its place:

  • Profit and Loss Subject to Section 5.1(d) hereof, Profit and Loss occurring on any day during the Fiscal Year shall be allocated to the Holders' Book Capital Accounts at the end of such day in proportion to the Holders' respective Book Capital Account balances at the commencement of such day.

  • Allocations of Income and Loss For each taxable year, each holder of Preferred Units will be allocated a portion of the Net Income and Net Loss of the Partnership equal to the portion of the Net Income and Net Loss of the Partnership that would be allocated to such holder pursuant to Article 6 of the Agreement if such holder held a number of Partnership Common Units equal to (i) the number of Preferred Units held by such holder, multiplied by (ii) 0.625. Upon liquidation, dissolution or winding up of the Partnership, the Partnership shall endeavor to allocate income and gain to the holders of the Preferred Units such that the Capital Accounts related to the Preferred Units are equal to their Liquidation Preference.

  • Allocation of Profits and Losses The Company’s profits and losses 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.

  • Allocation of Net Income and Net Loss Net Income or Net Loss of the Partnership shall be determined as of the end of each calendar year and as of the end of any interim period extending through the day immediately preceding any (i) disproportionate Capital Contribution, (ii) disproportionate distribution, (iii) Transfer of a Partnership Interest in accordance with the terms of this Agreement, or (iv) Withdrawal Event. If a calendar year includes an interim period, the determination of Net Income or Net Loss for the period extending through the last day of the calendar year shall include only that period of less than twelve (12) months occurring from the day immediately following the last day of the latest interim period during the calendar year and extending through the last day of the calendar year. For all purposes, including income tax purposes, Net Income, if any, of the Partnership for each calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period. In the event of a Net Loss for a particular calendar year or interim period, then, for such calendar year or interim period, the Net Loss for such calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period.

  • Participation in Profits and Losses All profits and losses of the Company will be allocated to the Member.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!