Loss Recovery Account definition

Loss Recovery Account means a memorandum account to be recorded in the books and records of the Fund with respect to each Member, which shall have an initial balance of zero and which shall be adjusted as follows:

Loss Recovery Account means a Memorandum Account that tracks the losses that must be recouped before an Incentive Allocation can be made to the Capital Account of the General Partner with respect to a Capital Account of a Limited Partner.

Loss Recovery Account shall have the meaning as set forth in Section 4.1.3.3.

Examples of Loss Recovery Account in a sentence

• The amount of the balance in the Loss Recovery Account at the time of calculating the Incentive Allocation shall be the amount existing immediately prior to its reduction pursuant to the second clause of the second sentence of Section 5.03(c)(ii).

• For purposes of determining allocations, including calculating the Incentive Allocation and the balance in a Capital Account's Loss Recovery Account, any Investor-Related Taxes related to a Limited Partner shall be deemed distributed from the Capital Account(s) of such Limited Partner to such Limited Partner and shall not be deemed to be expenses that reduce Net Capital Appreciation, increase Net Capital Depreciation or increase the balance of the Loss Recovery Account.

• The Fund will also pay to the Adviser an incentive fee (the “Incentive Fee”) calculated and payable quarterly in arrears equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined below).

• Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares.

• As of March 31, 2020, the Loss Recovery Account for Third Point Re BDA’s investment in TP Fund was $38.9 million (December 31, 2019 - $nil) and for Third Point Re USA’s investment in TP Fund was $1.8 million (December 31, 2019 - $0.5 million).

More Definitions of Loss Recovery Account

Loss Recovery Account means an account to be recorded by Third Point in the books and records of the Joint Venture with respect to each Participant that has an initial balance of zero and, thereafter, is adjusted as follows:

Loss Recovery Account shall have the meaning set forth in Annex A.

Loss Recovery Account means the General Partner, the Investment Manager, each of their respective Affiliates, and the members, partners, officers, employees and legal representatives (e.g., executors, guardians and trustees) of any of them, including Persons formerly serving in such capacities. means a partnership interest issued by the Partnership in accordance with this Agreement. means the U.S. Internal Revenue Code of 1986, as amended. means the Investment Management Agreement between the Partnership and the Investment Manager, as the same may be amended from time to time. means Valcour Advisors LLC, a Delaware limited liability company, or other Persons selected by the General Partner to provide certain management and administrative services to the Partnership. means any tax withheld from the Partnership or paid over by the Partnership, in each case, directly or indirectly, with respect to or on behalf of a Partner, and interest, penalties and/or any additional amounts with respect thereto, including without limitation, (i) a tax that is determined based on the status, action or inaction (including the failure of a Partner to provide information to eliminate or reduce withholding or other taxes) of a Partner, or (ii) an "imputed underpayment" within the meaning of Section 6225 of the Internal Revenue Code and any other similar tax, attributable to a Partner, as determined by the General Partner in its discretion. means found by a court of competent jurisdiction upon entry of a final judgment rendered and unappealable or not timely appealed. means each Person admitted as a limited partner of the Partnership in accordance with this Agreement, including any Persons hereafter admitted as Limited Partners in accordance with this Agreement and excluding Former Partners. means deductions, ordinary losses and capital losses (including long-term capital losses) for U.S. federal income tax purposes. means a Memorandum Account that tracks the losses that must be recouped before an Incentive Allocation can be made to the Capital Account of the General Partner with respect to a Capital Account of a Limited Partner.

Loss Recovery Account means, with respect to each Limited Partner, the account established and maintained therefor on the Partnership’s books in accordance with Section 5.2(d)(iv).

Loss Recovery Account has the meaning set forth in Section 5.4(c) of this Agreement.

Loss Recovery Account means a memorandum account to be recorded in the books and records of the Company with respect to each Member, which shall have an initial balance of zero and which shall be adjusted only if the Company shall have commenced investment operations prior to the Subchapter M Transition. No transferee of any Shares shall succeed to any Loss Recovery Account balance or portion thereof attributable to the transferor unless the Transfer by which such transferee received such Shares did not involve a change of beneficial ownership.

Loss Recovery Account means a memorandum account to be maintained by the Fund with respect to each Member (other than Partners Group with respect to its interest in the Incentive Allocation Account), which shall have an initial balance of zero and which shall be adjusted as follows: (i) the account shall be increased after the close of each Allocation Period by the amount of the Member’s allocable share of the Net Losses of the Fund for such Allocation Period; and (ii) the account shall be decreased (but not below zero) after the close of each Allocation Period by the amount of the Member’s allocable share of the Net Profits of the Fund for such Allocation Period. Any positive balance of the Loss Recovery Account shall be reduced as the result of a repurchase or Transfer with respect to the Member’s Interest or portion thereof in the Fund in proportion to the reduction of the Member’s Capital Account attributable to the repurchase or Transfer. A transferee of an Interest shall not succeed to all or any portion of the transferor’s Loss Recovery Account, provided that in the case of a Transfer in which the transferee shall have the same beneficial owner or beneficial owners as the transferor, the transferee shall succeed to the Loss Recovery Account (or portion thereof) attributable to the Interest or portion thereof transferred.