Net Income and Loss Sample Clauses

Net Income and Loss. Borrower shall on a consolidated basis (i) maintain a positive Net Income on a fiscal year basis for all fiscal years after the year ending September 30, 2002, (ii) commencing with the two fiscal quarters ending March 31, 2003, not have two consecutive fiscal quarters in which it has net losses that total in excess of $500,000 and (iii) commencing with the four fiscal quarters ending September 30, 2003, not have four consecutive fiscal quarters in which it has net losses that total in excess of $800,000. In addition, the maximum quarterly loss, before taxes, without giving effect to any tax benefits and excluding the Q.S.R. Consulting Expense, shall not exceed $1,200,000, and the maximum loss, before taxes, without giving effect to any tax benefit and excluding the Q.S.R. Consulting Expense, shall not exceed $2,100,000 at any time during year ending September 30, 2002.
Sample 1
Net Income and Loss. (a) Except as otherwise provided in this Article 5, Net Income, if any, for any allocation period shall be allocated in the following priority: (i) First, to the Partners in proportion to, to the extent of, and in reverse order of the cumulative amount of Net Losses allocated to each such Partner under Section 5.3(b)(iii), and not previously offset pursuant to this Section 5.3(a)(i); (ii) Second, 100% to the Partners to the extent of and in proportion to each such Partner's Unallocated Preferred Return; and (iii) Thereafter, 60% to BIT Partner and 40% to Sponsor Partner. (b) For each allocation period, except as otherwise provided in this Article 5, Net Losses shall be allocated to the Partners as follows: (i) First, to the Partners in proportion to, to the extent of, and in reverse order of the cumulative amount of Net Income allocated to each such Partner pursuant to Section 5.3(a)(iii), and not previously offset pursuant to this Section 5.3(b)(i); (ii) Second, 100% to the Partners in proportion to, to the extent of, and in reverse order of the cumulative amount of Net Income allocated to each such Partner pursuant to Section 5.3(a)(ii) and not previously offset by this Section 5.3(b)(ii); and (iii) Thereafter, 60% to BIT Partner and 40% to Sponsor Partner.
Sample 1
Net Income and Loss. The net income of this Cooperative in excess of dividends on equity capital and additions to reserves shall be distributed to members and nonmember patrons annually or more often on the basis of patronage. The records of this Cooperative may show the interest of members and equity holders in the reserves. Net income may be accounted for and distributed on the basis of allocation units that may be functional, divisional, departmental, geographic, or otherwise. Net income may be distributed in cash, allocated patronage equities (including without limitation patrons equities), revolving fund certificates, securities of this Cooperative, other securities, or any combination thereof. Any such allocated equity shall be redeemable only at the option of the Board. The net loss of an allocation unit or allocation units may be offset against the net income of other allocation units to the extent permitted by applicable law. The foregoing provisions of this Article V shall be implemented as more particularly provided in the Bylaws.
Sample 1

Related to Net 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.

  • Net Income Except as otherwise provided herein, Net Income for any Partnership Year or other applicable period shall be allocated in the following order and priority: (A) First, to the General Partner to the extent the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (ii)(F) below exceeds the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (i)(A); (B) Second, to each DRO Partner until the cumulative Net Income allocated to such DRO Partner pursuant to this subparagraph (i)(B) equals the cumulative Net Loss allocated to such DRO Partner under subparagraph (ii)(E) below (and, among the DRO Partners, pro rata in proportion to their respective percentages of the cumulative Net Loss allocated to all DRO Partners pursuant to subparagraph (ii)(E) below); (C) Third, to the General Partner until the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (i)(C) equals the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (ii)(D) below; (D) Fourth, to the holders of any Partnership Interests that are entitled to any preference in distribution upon liquidation until the cumulative Net Income allocated under this subparagraph (i)(D) equals the cumulative Net Loss allocated to such Partners under subparagraph (ii)(C); (E) Fifth, to the holders of any Partnership Units that are entitled to any preference in distribution in accordance with the rights of any other class of Partnership Units until each such Partnership Unit has been allocated, on a cumulative basis pursuant to this subparagraph (i)(E), Net Income equal to the amount of distributions received which are attributable to the preference of such class of Partnership Unit (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is made); and (F) Thereafter, with respect to Partnership Units that are not entitled to any preference in distribution or with respect to which distributions are not limited to any preference in distribution, pro rata to each such class in accordance with the terms of such class (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being made).

  • 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.

  • 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.

  • 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.

  • 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.

  • Net Losses After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated as follows: (i) First, 2% to the General Partner, and 98% to the Unitholders, Pro Rata, until the aggregate Net Losses allocated pursuant to this Section 6.1(b)(i) for the current taxable year and all previous taxable years is equal to the aggregate Net Income allocated to such Partners pursuant to Section 6.1(a)(iii) for all previous taxable years, provided that the Net Losses shall not be allocated pursuant to this Section 6.1(b)(i) to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); (ii) Second, 2% to the General Partner, and 98% to the Unitholders, Pro Rata; provided, that Net Losses shall not be allocated pursuant to this Section 6.1(b)(ii) to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); (iii) Third, the balance, if any, 100% to the General Partner.

  • Allocation of Profits and Losses The Company’s profits and losses shall be allocated to the Member.

  • Consolidated Net Income The consolidated net income of the Borrowers after deduction of all expenses, taxes, and other proper charges, determined in accordance with GAAP.

  • 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.

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