Allocation of Net Income. After giving effect to the special allocations set forth in Paragraph 1.4 below, Net Income of the Company for each Fiscal Year shall be allocated to the Members in the following order and priority: (a) First, to the extent Net Losses have been allocated to the Members pursuant to Paragraph 1.2 above in prior years, Net Income shall be allocated to the Members, to offset their respective shares of any Net Losses allocated pursuant to Paragraph 1.2(b); and
Appears in 3 contracts
Sources: Limited Liability Company Agreement (KPMG Consulting Inc), Limited Liability Company Agreement (KPMG Consulting Inc), Limited Liability Company Agreement (KPMG Consulting Inc)