Net Profits. Net Profits (which is the excess of Profits over Losses) for each Fiscal Year of the Company shall be allocated as follows:
a. First to reverse any Net Losses allocated to a Member solely as a result of the application of the limitation of Section 2.1.2(b) to another Member; thereafter
b. To the Members, in proportion to the Distributions received by the Members under Section 3 for the Fiscal Year.
Net Profits. The term "Net Profits" means, for each Fiscal Year, the net income and gains of the Company determined in accordance with accounting principles and methods of accounting consistently applied from year to year as determined by the Directors. The Directors may determine to utilize one method of accounting for tax purposes of the Company and another for financial and/or other purposes. The determination of Net Profits shall not include any Regulatory Allocations.
Net Profits. The income and gains of the Company determined in accordance with accounting principles consistently applied from year to year employed under the method of accounting adopted by the Company and as reported separately or in the aggregate, as appropriate, on the tax return of the Company filed for federal income tax purposes.
Net Profits. The Employer: (Choose (f) or (g))
Net Profits. The current and accumulated profits of the Employer from the trade or business of the Employer with respect to which the Plan is established, as determined by the Employer before deductions for federal, state and local taxes on income and before contributions under the Plan or any other Qualified Plan.
Net Profits. Except as otherwise provided herein, Net Profits shall be allocated among the Members in accordance with each Member’s Percentage Interest.
Net Profits. Net profits for any taxable year of the Company shall be allocated to the members in proportion to their respective Interests.
Net Profits. Net Profits of the Partnership for any fiscal year or other period shall be allocated to the Partners as follows:
(i) First, to those Partners having negative Capital Account balances, in proportion to such negative balances, until such negative balances are eliminated;
(ii) Second, to those Partners for whom the Initial Capital Contribution reduced by distributions of Extraordinary Cash Flow under Section 9(c)(i) (the “Unrepaid Capital Contribution”) exceeds its Capital Account balance, in proportion to such excesses, until any such excesses are eliminated; and
(iii) Any remaining net losses shall be allocated to the Partners in proportion to their respective Profits Interests in the Partnership.
Net Profits. After application of Sections 4.02 and 4.03, Net Profits for each Fiscal Year shall be allocated among the Members in the following order and priority:
(i) first, to the Members, in proportion to and to the extent of the amounts necessary to cause the cumulative allocations of Net Profits to each Member under this Section 4.01(a)(i) for the current and all prior Fiscal Years to equal the cumulative allocations of Net Losses to such Member pursuant to Section 4.01(b)(iv) hereof;
(ii) second, to Paladin, until the balance of Paladin’s Capital Account (as of the last day of such Fiscal Year, but adjusted to reflect any Net Profits for such Fiscal Year allocated to Paladin pursuant to Section 4.01(a)(i) and Section 4.02 and 4.03 hereof) equals Paladin’s 12% IRR Amount (as of the last day of such Fiscal Year);
(iii) third, to the Xxxxxxx Members, in proportion to and to the extent of the amounts that would cause the balances of each of the Xxxxxxx Members’ Capital Accounts (as of the last day of such Fiscal Year, but adjusted to reflect any Net Profits for such Fiscal Year allocated to such Xxxxxxx Member pursuant to Section 4.01(a)(i) and Section 4.02 and 4.03 hereof) to equal such Xxxxxxx Member’s 12% IRR Amount (as of the last day of such Fiscal Year);
(iv) fourth, subject to Section 4.03(b), 50% to Paladin, and 50% to the Lippert Members, pro rata, in proportion to their respective Percentage Interests. For purposes of determining the amount of Net Profits to be allocated pursuant to Section 4.01(a)(ii) and (iii) for any Fiscal Year, the Capital Account of each Member shall be increased by such Member’s share of “partnership minimum gain” as of the last day of such Fiscal Year, determined pursuant to Section 1.704-2(g)(1) of the Regulations, and by such Member’s share of “partner nonrecourse debt minimum gain” as of the last day of such Fiscal Year, determined pursuant to Section 1.704-2(i)(5) of the Regulations.
