Common use of Net Profit Clause in Contracts

Net Profit. After giving effect to the special allocations set forth in Sections 9.2 and , Net Profit for each Fiscal Year (or other relevant period) of the Company shall be allocated in the following manner and order of priority: (i) First, to the Members who hold Class A Units and to the Members who hold Class B Units, until cumulative Net Profits allocated pursuant to this Section ARTICLE 9(i) for such Fiscal Year (or other relevant period) and all prior Fiscal Years of the Company equal cumulative Net Losses allocated with respect to such Members pursuant to Section ARTICLE 9(iv) for all prior Fiscal Years of the Company, pro rata among them in proportion to the cumulative Net Losses so allocated with respect to the Class A Units and the Class B Units for all prior fiscal years of the Company; (ii) Second, to the Members who hold Class A Units, in an amount equal to the excess, if any, of (A) the sum of (1) the cumulative Class A Yield from the inception of the Company to the last day of the Fiscal Year, and (2) the cumulative Net Losses allocated with respect to the Class A Units of such Members pursuant to Section ARTICLE 9(iii) for all prior Fiscal Years of the Company over (B) the Net Profits allocated to the Class A Units pursuant to this Section ARTICLE 9(i) for all prior Fiscal Years of the Company; (iii) Third, to the Members who hold Class A Units, in an amount equal to the excess, if any, of (A) the sum of (1) the cumulative internal rate of return distributions each such Member has received pursuant to Section (c) hereof from the commencement of the Company to the last day of such Fiscal Year, and (2) the cumulative Net Losses allocated with respect to the Class A Units of such Members pursuant to Section ARTICLE 9(ii) for all prior Fiscal Years of the Company, over (B) the Net Profits allocated to the Class A Units pursuant to this Section ARTICLE 9(iii) for all prior Fiscal Years of the Company; and (iv) Thereafter, to the Members who hold Class A Units and to the Members who hold Class B Units, pro rata among them in proportion to the relative number of Units they hold.

Net Profit. After giving effect to the special allocations set forth in Sections 9.2 and , Net Profit for each Fiscal Year (or other relevant period) of the Company shall be allocated in the following manner and order of priority: (i) First, to the Members who hold Class A Units and to the Members who hold Class B Units, until cumulative Net Profits allocated pursuant to this Section ARTICLE 9(i9.1(a)(i) for such Fiscal Year (or other relevant period) and all prior Fiscal Years of the Company equal cumulative Net Losses allocated with respect to such Members pursuant to Section ARTICLE 9(iv9.1(b)(iv) for all prior Fiscal Years of the Company, pro rata among them in proportion to the cumulative Net Losses so allocated with respect to the Class A Units and the Class B Units for all prior fiscal years of the Company; (ii) Second, to the Members who hold Class A Units, in an amount equal to the excess, if any, of (A) the sum of (1) the cumulative Class A Yield from the inception of the Company to the last day of the Fiscal Year, and (2) the cumulative Net Losses allocated with respect to the Class A Units of such Members pursuant to Section ARTICLE 9(iii9.1(b)(iii) for all prior Fiscal Years of the Company over (B) the Net Profits allocated to the Class A Units pursuant to this Section ARTICLE 9(i9.1(a)(i) for all prior Fiscal Years of the Company; (iii) Third, to the Members who hold Class A Units, in an amount equal to the excess, if any, of (A) the sum of (1) the cumulative internal rate of return distributions each such Member has received pursuant to Section (c8.1(c) hereof from the commencement of the Company to the last day of such Fiscal Year, and (2) the cumulative Net Losses allocated with respect to the Class A Units of such Members pursuant to Section ARTICLE 9(ii9.1(a)(ii) for all prior Fiscal Years of the Company, over (B) the Net Profits allocated to the Class A Units pursuant to this Section ARTICLE 9(iii9.1(a)(iii) for all prior Fiscal Years of the Company; and (iv) Thereafter, to the Members who hold Class A Units and to the Members who hold Class B Units, pro rata among them in proportion to the relative number of Units they hold.

Net Profit. After giving effect to the special allocations set forth in Sections 9.2 and , Net Profit for each Fiscal Year (or other relevant period) of the Company for ----------- each taxable year shall be allocated in the following manner and order of priorityas follows: (ia) First, pro rata, (i) to the Members who hold Class A Units and to the Members who hold Class B Units, until cumulative Net Profits allocated pursuant to this Section ARTICLE 9(i) for such Fiscal Year (or other relevant period) and all prior Fiscal Years of the Company equal cumulative Net Losses allocated with respect to such Members pursuant to Section ARTICLE 9(iv) for all prior Fiscal Years of the Company, pro rata among them in proportion to the cumulative Net Losses so allocated with respect to the Class A Units and the Class B Units for all prior fiscal years of the Company; (ii) Second, to the Members who hold Class A Units, Point West in an amount equal to the excesssum of the Point West Primary Preferred Return plus any Point West Primary Carryforwards; provided that, if anythe Company does -------- not have sufficient Net Profits in a given year to make such allocation in full, of then any shortfall (Athe "Point West Primary Carryforwards") --------------------------------- shall be carried forward indefinitely to the next taxable year or years in which Net Profits are sufficient to make such allocation and (ii) to the Specified Members (according to their Membership Interests) in an aggregate amount equal to the sum of (1) the cumulative Class A Yield from the inception of Specified Member Return plus any Specified Member Carryforwards; provided that, if the Company does -------- not have sufficient Net Profits in a given year to make such allocation in full, then any shortfall (the "Specified Member Carryforwards") -------------------------------- shall be carried forward indefinitely to the last day of the Fiscal Year, and (2) the cumulative Net Losses allocated with respect to the Class A Units of such Members pursuant to Section ARTICLE 9(iii) for all prior Fiscal Years of the Company over (B) the next taxable year or years in which Net Profits allocated are sufficient to the Class A Units pursuant to this Section ARTICLE 9(i) for all prior Fiscal Years of the Companymake such allocation; (iiib) ThirdSecond, pro rata, (i) to the Members who hold Class A Units, Point West in an amount equal to the excesssum of the Point West Secondary Preferred Return plus any Point West Secondary Carryforwards; provided that, if anythe Company does -------- not have sufficient Net Profits in a given year to make such allocation in full, of then any shortfall (Athe "Point West Secondary Carryforwards") ----------------------------------- shall be carried forward indefinitely to the next taxable year or years in which Net Profits are sufficient to make such allocation, (ii) to the ▇▇▇▇▇ ▇▇▇ in an amount equal to the sum of the ▇▇▇▇▇ ▇▇▇ Primary Preferred Return plus any ▇▇▇▇▇ ▇▇▇ Carryforwards; provided that, if --------- the Company does not have sufficient Net Profits in a 4 given year to make such allocation in full, then any shortfall (1the "▇▇▇▇▇ ▇▇▇ Carryforwards") shall be carried forward indefinitely to the cumulative internal rate ----------------------- next taxable year or years in which Net Profits are sufficient to make such allocation, and (iii) to Isard in an amount equal to the sum of return distributions each the Isard Primary Preferred Return plus any Isard Carryforwards; provided that, if the Company does not have sufficient Net Profits in a -------- given year to make such Member has received allocation in full, then any shortfall (the "Isard Carryforwards") shall be carried forward indefinitely to the -------------------- next taxable year or years in which Net Profits are sufficient to make such allocation; (c) Third, pro rata, (i) to Point West in an amount equal to the Point West Tertiary Preferred Return; provided that, if --------- the Company does not have sufficient Net Profits in a given year to make such allocation, then any shortfall shall not be carried forward, (ii) to the ▇▇▇▇▇ ▇▇▇ in an amount equal to the ▇▇▇▇▇ ▇▇▇ Secondary Preferred Return; provided that, if the Company does not have -------- sufficient Net Profits in a given year to make such allocation, then any shortfall shall not be carried forward, and (iii) to Isard in an amount equal to the Isard Secondary Preferred Return; provided that, if -------- the Company does not have sufficient Net Profits in a given year to make such allocation, then any shortfall shall not be carried forward; (d) Fourth, to Point West to the extent of any Net Losses allocated to Point West pursuant to Section 6.1.1(b); (ce) hereof from the commencement of the Company Fifth, pro rata, (i) to the last day ▇▇▇▇▇ ▇▇▇ to the extent of such Fiscal Year, and (2) the cumulative any Net Losses allocated with respect to the Class A Units of such Members ▇▇▇▇▇ ▇▇▇ pursuant to Section ARTICLE 9(ii6.1.1(c) for all prior Fiscal Years and (ii) to Isard to the extent of the Company, over (B) the any Net Profits Losses allocated to the Class A Units Isard pursuant to this Section ARTICLE 9(iii) for all prior Fiscal Years of the Company6.1.1(c); and (iv) Thereafter, to the Members who hold Class A Units and to the Members who hold Class B Units, pro rata among them in proportion to the relative number of Units they hold.

Net Profit. After giving effect to the special allocations set forth in Sections 9.2 and , Net Profit for each Fiscal Year (or other relevant period) of the Company for each ---------- taxable year shall be allocated in the following manner and order of priorityas follows: (ia) First, pro rata, (i) to the Members who hold Class A Units and to the Members who hold Class B Units, until cumulative Net Profits allocated pursuant to this Section ARTICLE 9(i) for such Fiscal Year (or other relevant period) and all prior Fiscal Years of the Company equal cumulative Net Losses allocated with respect to such Members pursuant to Section ARTICLE 9(iv) for all prior Fiscal Years of the Company, pro rata among them in proportion to the cumulative Net Losses so allocated with respect to the Class A Units and the Class B Units for all prior fiscal years of the Company; (ii) Second, to the Members who hold Class A Units, Point West in an amount equal to the excesssum of the Point West Primary Preferred Return plus any Point West Primary Carryforwards; provided that, if anythe Company does -------- not have sufficient Net Profits in a given year to make such allocation in full, of then any shortfall (Athe "Point West Primary Carryforwards") -------------------------------------- shall be carried forward indefinitely to the next taxable year or years in which Net Profits are sufficient to make such allocation and (ii) to the Specified Members (according to their Membership Interests) in an aggregate amount equal to the sum of (1) the cumulative Class A Yield from the inception of Specified Member Return plus any Specified Member Carryforwards; provided that, if the Company does -------- not have sufficient Net Profits in a given year to make such allocation in full, then any shortfall (the "Specified Member Carryforwards") -------------------------------- shall be carried forward indefinitely to the last day of the Fiscal Year, and (2) the cumulative Net Losses allocated with respect to the Class A Units of such Members pursuant to Section ARTICLE 9(iii) for all prior Fiscal Years of the Company over (B) the next taxable year or years in which Net Profits allocated are sufficient to the Class A Units pursuant to this Section ARTICLE 9(i) for all prior Fiscal Years of the Companymake such allocation; (iiib) ThirdSecond, to the Members who hold Class A Units, Point West in an amount equal to the excesssum of the Point West Secondary Preferred Return plus any Point West Secondary Carryforwards; provided that, if anythe Company does not have -------- sufficient Net Profits in a given year to make such allocation in full, then any shortfall (the "Point West Secondary Carryforwards") shall be ----------------------------------- carried forward indefinitely to the next taxable year or years in which Net Profits are sufficient to make such allocation; (c) Third, to Point West in an amount equal to the Point West Tertiary Preferred Return; provided that, if the Company -------- does not have sufficient Net Profits in a given year to make such allocation, then any shortfall shall not be carried forward; (d) Fourth, to Point West to the extent of (A) the sum of (1) the cumulative internal rate of return distributions each such Member has received any Net Losses allocated to Point West pursuant to Section (c) hereof from the commencement of the Company to the last day of such Fiscal Year, and (2) the cumulative Net Losses allocated with respect to the Class A Units of such Members pursuant to Section ARTICLE 9(ii) for all prior Fiscal Years of the Company, over (B) the Net Profits allocated to the Class A Units pursuant to this Section ARTICLE 9(iii) for all prior Fiscal Years of the Company6.1.1(b); and (ive) ThereafterFifth, to the Members who hold Class A Units and to the Members who hold Class B Units, pro rata among them in proportion to the relative number of Units they holdaccordance with their respective Membership Interests.