Net Profit. The current and accumulated operating earnings of the Employer after Federal and state income taxes, excluding nonrecurring or unusual items of income, and before contributions to this and any other Qualified Plan of the Employer, unless the Employer has elected a different definition in the Adoption Agreement. Unless elected otherwise in the Adoption Agreement, Employer contributions to the Plan are not conditioned on profits.
Net Profit. Net Profit shall be allocated to the Members in proportion to their Percentage Interests.
Net Profit. After giving effect to the special allocations set forth in Sections 6.4, 6.5 and 6.9, all Net Profit shall be allocated to the Members’ Capital Accounts in the following manner and order of priorities:
(a) After giving effect to the allocations contained in Section 6.1(b), the Company’s Net Profit shall be allocated one hundred percent to the Class B Members’ Capital Accounts.
(b) To the extent Net Loss was allocated to the Members’ Capital Accounts pursuant to Section 6.2(a), then prior to making the allocations under Section 6.1(a), Net Profit shall be allocated to the Members’ Capital Accounts in an amount equal to and in the reverse order that such Net Loss was allocated.
Net Profit. Except as otherwise provided herein, Net Profit for any fiscal year or other applicable period shall be allocated in the following order and priority:
(i) first, to the General Partner in respect of its Series A Preferred Partnership Units and its Series B Preferred Partnership Units to the extent that Net Loss previously allocated to such holder pursuant to Section 5.01(b)(iii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to the General Partner pursuant to this Section 5.01(a)(i) for all prior fiscal years or other applicable periods,
(ii) second, to the General Partner and the Limited Partners holding Common Units in proportion to their respective Percentage Interests to the extent that Net Loss previously allocated to such holders pursuant to Section 5.01(b)(ii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to such Partners pursuant to this Section 5.01(a)(ii) for all prior fiscal years or other applicable periods,
(iii) third, to the General Partner in respect of its Series A Preferred Partnership Units and its Series B Preferred Partnership Units until it has been allocated Net Profit equal to the excess of (x) the cumulative amount of distributions the General Partner has received for all fiscal years or other applicable period or to the date of redemption, to the extent such Series A Preferred Partnership Units and such Series B Preferred Partnership Units are redeemed during such period, over (y) the cumulative Net Profit allocated to the General Partner, pursuant to this Section 5.01(a)(iii) for all prior fiscal years or other applicable periods, and
(iv) thereafter, to the Partners holding Common Units in accordance with their respective Percentage Interests.
Net Profit. The current and accumulated operating earnings of the Employer before Federal and State income taxes, excluding nonrecurring or unusual items of income, and before contributions to this and any other qualified plan of the Employer. Unless otherwise specified in the Adoption Agreement, profits will not be required for Profit-Sharing contributions to the Plan.
Net Profit. The gross revenue of the Entity, less all operating and non-operating expenses of the Entity, all determined in accordance with generally accepted accounting principles and the provisions of N.J.S.A. 40A:20-3(c).
Net Profit. The Gross Revenue of the Entity less all operating and non-operating expenses of the Entity, all determined in accordance with generally accepted accounting principles and the provisions of N.J.S.A. 40A:20-3(c). Included in expenses shall be an amount sufficient to amortize the Total Project Cost over the life of the Project, which period the Parties agree is 30 years, pursuant to the Law.
Net Profit. Except as provided in Section 8.03, Net Profit of the Fund shall be allocated for Fund tax and accounting purposes, in the following order and priority:
(a) first, to those Investors with deficit Capital Account balances in proportion to such deficits until such deficits have been eliminated;
(b) second, to those Investors as necessary to offset Net Loss previously allocated to such Investors pursuant to Section 8.02(b) until each Investor has been allocated cumulative Net Profit pursuant to this Section 8.01(b) equal to the cumulative Net Loss previously allocated to such Investor pursuant to Section 8.02(b) not already offset pursuant to this Section 8.01(b) or Section 8.01(a); and (c) third,
(i) 80% to the Investors to be allocated pursuant to Section 8.04; and
(ii) 20% to the Investment Managers.
Net Profit. The Borrowers shall earn a minimum Consolidated Net Income, as determined in accordance with GAAP, of at least $1.00, measured quarterly as of the end of each fiscal quarter of each fiscal year on a cumulative basis as and for each such fiscal year.” and substituting the following text therefor:
Net Profit. The Borrower shall not reflect a net profit of less than $900,000, and shall not experience a net loss as of any fiscal year end as reflected in the Borrower’s certified fiscal year end statements.
