Common use of Net Profit Clause in Contracts

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. Except as provided in Section Sections 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) and Offering Expenses charged to their Capital Account 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) and its share of Offering Expenses not already offset pursuant to this Section 8.01(b) or Section 8.01(a); and and (c) third, (i) 80% to the Investors to be allocated pursuant to Section 8.04; and (ii) 20% to the Investment Managers.