Reserves; Adjustments for Certain Future Events. (a) Appropriate reserves may be created, accrued and charged against the Operating Profit or Operating Loss for contingent liabilities, if any, as of the date any such contingent liability becomes known to the General Partner or as of each other date as the General Partner deems appropriate, such reserves to be in the amounts which the General Partner deems necessary or appropriate (whether or not in accordance with generally accepted accounting principles). The General Partner may increase or reduce any such reserve from time to time by such amounts as the General Partner deems necessary or appropriate. The amount of any such reserve, or any increase or decrease therein, shall be proportionately charged or credited, as appropriate, to the Capital Accounts of those Persons who are Partners at the time when such reserve is created, increased or decreased, as the case may be, in proportion to their respective Points at such time; provided that the amount of such reserve, increase or decrease may instead be charged or credited to those Persons who were Partners at the time, as determined by the General Partner, of the act or omission giving rise to the contingent liability for which the reserve item was established in proportion to their respective Points at that time. The amount of any such reserve charged against the Capital Account of a Partner shall reduce the distributions such Partner would otherwise be entitled to under Section 4.1 or Section 8.1 hereof; and the amount of any such reserve credited to the Capital Account of a Partner shall increase the distributions such Partner would otherwise be entitled to under Section 4.1 or Section 8.1 hereof.
Reserves; Adjustments for Certain Future Events. 10 Section 3.7 Finality and Binding Effect of General Partner’s Determinations ...................11 ARTICLE 4 DISTRIBUTIONS ....................................................................................................11 Section 4.1 Distributions .....................................................................................................11 Section 4.2
Reserves; Adjustments for Certain Future Events. (a) Appropriate reserves may be created, accrued and charged against the Operating Profit or Operating Loss for contingent liabilities, if any, as of the date any such contingent liability becomes known to the General Partner or as of each other date as the General Partner deems appropriate, such reserves to be in the amounts which the General Partner deems necessary or appropriate. The General Partner may increase or reduce any such reserve from time to time by such amounts as the General Partner deems necessary or appropriate. The amount of any such reserve, or any increase or decrease therein, shall be proportionately charged or credited, as appropriate, to the Capital Accounts of those parties who are Partners at the time when such reserve is created, increased or decreased, as the case may be, in proportion to their respective Points at such time; provided that, if any individual reserve item, as adjusted by any increase therein, exceeds the lesser of $500,000 or one percent of the aggregate value of the Capital Accounts of all such Partners, the amount of such reserve, increase or decrease shall instead be charged or credited to those parties who were Partners at the time, as determined by the General Partner, of the act or omission giving rise to the contingent liability for which the reserve item was established in proportion to their respective Points at that time.
Reserves; Adjustments for Certain Future Events. (a) Appropriate reserves may be created, accrued and charged against the Net Assets and proportionately against the Capital Accounts of the Participants for contingent liabilities associated with the Joint Venture, including, without limitation, for accrued Performance Allocation amounts, such reserves to be in the amounts that Third Point deems necessary or appropriate in accordance with U.S. GAAP. Third Point may increase or reduce any such reserve from time to time by such amounts as Third Point deems necessary or appropriate in accordance with U.S. GAAP. At the reasonable discretion of Third Point, the amount of any such reserve, or any increase or decrease therein, may be charged or credited, as appropriate, to the Capital Accounts of those parties who are Participants at the time when such reserve is created, increased, or decreased, as the case may be, or alternatively may be charged or credited to those parties who were Participants at the time of the act or omission giving rise to the contingent liability for which the reserve was established.
Reserves; Adjustments for Certain Future Events. (a) Appropriate reserves may be created, accrued and charged against the Net Assets and proportionately against the Capital Accounts of the Participants for contingent liabilities associated with the venture, including, without limitation, for accrued Performance Allocation amounts, such reserves to be in the amounts that DME, in its reasonable discretion, deems necessary or appropriate. DME may increase or reduce any such reserve from time to time by such amounts as DME in its reasonable discretion deems necessary or appropriate. At the reasonable discretion of DME, the amount of any such reserve, or any increase or decrease therein, may be charged or credited, as appropriate, to the Capital Accounts of those parties who are Participants at the time when such reserve is created, increased, or decreased, as the case may be, or alternatively may be charged or credited to those parties who were Participants at the time of the act or omission giving rise to the contingent liability for which the reserve was established.
Reserves; Adjustments for Certain Future Events. (a) Appropriate reserves may be created, accrued and charged against Profit or Loss for contingent liabilities, if any, as of the date any such contingent liability becomes known to the General Partner or as of each other date as the General Partner deems appropriate, such reserves to be in the amounts which the General Partner deems necessary or appropriate. The General Partner may increase or reduce any such reserve from time to time by such amounts as the General Partner deems necessary or appropriate. The amount of any such reserve, or any increase or decrease therein, shall be proportionately charged or credited, as appropriate, to the Capital Accounts of those parties who are Partners at the time when such reserve is created, increased or decreased, as the case may be, in proportion to their respective Points at such time.
Reserves; Adjustments for Certain Future Events. 13 Section 3.7 Finality and Binding Effect of General Partner’s Determinations 14 Section 3.8 AEOI 14 Section 3.9 Alternative GP Vehicles 15 Article 4 DISTRIBUTIONS 15 Section 4.1 Distributions 15 Section 4.2 Withholding of Certain Amounts 17 Section 4.3 Limitation on Distributions 18 Section 4.4 Distributions in Excess of Basis 18 Article 5 MANAGEMENT 18 Section 5.1 Rights and Powers of the General Partner 18 Section 5.2 Delegation of Duties 19 Section 5.3 Transactions with Affiliates 20 Section 5.4 Expenses 20 Section 5.5 Rights of Limited Partners 21 Section 5.6 Other Activities of General Partner 21 Section 5.7 Duty of Care; Indemnification 21
Reserves; Adjustments for Certain Future Events. (a) Appropriate reserves for contingent liabilities may be created, accrued and charged against Net Assets and proportionately against the Capital Accounts in such amounts as the General Partner in its sole discretion deems necessary or appropriate. The General Partner may increase or reduce any such reserve from time to time by such amounts as the General Partner in its sole discretion deems necessary or appropriate. At the sole discretion of the General Partner, the amount of any such reserve, or any increase or decrease therein, may be charged or credited, as appropriate, to the Capital Accounts of those Persons who are Partners at the time when such reserve is created, increased, or decreased, as the case may be, or alternatively may be charged or credited to those Persons who were Partners at the time of the act or omission giving rise to the contingent liability for which the reserve was established.
Reserves; Adjustments for Certain Future Events. 17 Section 3.9 Finality and Binding Effect of General Partner’s Determinations 18 ARTICLE 4 DISTRIBUTIONS 18 Section 4.1 Distributions 18 Section 4.2 Withholding of Certain Amounts 20 Section 4.3 Limitation on Distributions 21 ARTICLE 5 MANAGEMENT 21 Section 5.1 Rights and Powers of the General Partner 21 Section 5.2 Delegation of Duties 22 Section 5.3 Transactions with Affiliates 22 Section 5.4 Expenses 23 Section 5.5 Rights of Limited Partners 23 Section 5.6 Other Activities of General Partner 23 Section 5.7 Duty of Care; Indemnification 24 ARTICLE 6 ADMISSIONS, TRANSFERS AND WITHDRAWALS 26 Section 6.1 Admission of Additional Limited Partners; Effect on Points 26 Section 6.2 Admission of Additional General Partner 26 Section 6.3 Transfer of Interests of Limited Partners 26 Section 6.4 Withdrawal of Partners 28 Section 6.5 Pledges 28
Reserves; Adjustments for Certain Future Events. (a) Appropriate reserves may be created, accrued and charged against the Assets and proportionately against the Capital Accounts of the Members for contingent liabilities, if any, as of the date any such contingent liability becomes known to the Manager, such reserves to be in the amounts which the Manager in its sole discretion deems necessary or appropriate. The Manager may increase or reduce any such reserve from time to time by such amounts as the Manager in its sole discretion deems necessary or appropriate. The amount of any such reserve, or any increase or decrease therein, shall be proportionately charged or credited, as appropriate, to the Capital Accounts of those parties who are Members at the time when such reserve is created, increased or decreased, as the case may be; provided that if any such reserve, or any increase or decrease therein, exceeds the lesser of $50,000 or one percent (1%) of the aggregate Capital Accounts of all such Members, the amount of such reserve, increase or decrease may instead be charged or credited to those parties who were Members at the time, as determined by the Manager in its sole discretion, of the act or omission giving rise to the contingent liability for which the reserve was established in proportion to their Capital Accounts at that time.
