Mandatory provisions of the Act Sample Clauses

Mandatory provisions of the Act. Where the Act implies terms in this agreement or gives rise to rights or obligations on the part of the Lessor or DHA which cannot be excluded, modified or restricted (“mandatory provisions”):

Mandatory provisions of the Act. Those provisions of the Act which may not be waived by the Partners acting unanimously. Majority of the Limited Partners — Limited Partners, including any Limited Partner which may have a conflict of interest with respect to the issue upon which a vote of the Limited Partners is sought, having Units in excess of fifty percent (50%) of the total Outstanding Limited Partner Units. Majority of the Partners — Partners, including any Partner which may have a conflict of interest with respect to the issue upon which a vote of the Partners is sought, having Units in excess of fifty percent (50%) of the total Outstanding Units (without regard to Class). All Partners are entitled to vote on matters requiring approval of a Majority of the Partners. Money — Cash or other legal tender of the United States, or any obligation that is immediately reducible to legal tender without delay or discount. Money will be considered to have a fair market value equal to its face amount. Net Profits and Net Losses — Respectively, for each fiscal year or other period, an amount equal to the Partnership’s taxable income or loss for such year or period, determined in accordance with Code Section 703(a), except that for this purpose (A) all items of income, gain, deduction or loss required to be separately stated by Code Section 703(a)(1) will be included in taxable income or loss; (B) tax exempt income will be added to taxable income or loss; (C) any expenditures described in Code Section 705(a)(2)(B) (or treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulation 1.704-1(b)(2)(iv)(i)) and not otherwise taken into account in computing taxable income will be subtracted; (D) taxable income or loss will be adjusted to reflect any item of income or loss specifically allocated under this Agreement, and (E) for purposes of determining Net Profit and Net Losses, the allocation of depletable basis in, depletion allowances Appendix I with respect to, and taxable gain or loss from the sale, exchange or other disposition of, the Partnership’s Depletable Properties provided for in Section 613A(c)(7)(D) of the Internal Revenue Code and/or otherwise computed for federal income tax purposes (“Depletable Properties”) will be disregarded. Instead, Net Profit and Net Losses will be determined by taking into account Simulated Depletion and Simulated Gain or Loss, as determined and defined in the following sentence. For purposes of determining Simulated Depletion and Simulated Gain or Loss, (...