Allocations of Net Income Sample Clauses
Allocations of Net Income. Except as otherwise provided herein, Net Income for any Partnership Year or other applicable period shall be allocated in the following order and priority:
(i) First, to the General Partner to the extent the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (b)(v) below exceeds the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (a)(i);
(ii) Second, to each Obligated Partner until the cumulative Net Income allocated to such Obligated Partner pursuant to this subparagraph (a)(ii) equals the cumulative Net Loss allocated to such Obligated Partner under subparagraph (b)(iv) below (and, among the Obligated Partners, pro rata in proportion to their respective percentages of the cumulative Net Loss allocated to all Obligated Partners pursuant to subparagraph (b)(iv) below);
(iii) Third, to the General Partner until the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (a)(iii) equals the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (b)(iii) below;
(iv) Fourth, to the holders of any Partnership Interests that are entitled to any preference upon liquidation until the cumulative Net Income allocated under this subparagraph (iv) equals the cumulative Net Loss allocated to such Partners under subparagraph (b)(ii);
(v) Fifth, to the holders of any Partnership Interest that is entitled to any preference in distribution in accordance with the rights of any other class of Partnership Interests until each such Partnership Interest has been allocated, on a cumulative basis pursuant to this subparagraph (a)(v), Net Income equal to the amount of distributions received which are attributable to such preference with respect to such class of Partnership Interest (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is made);
(vi) Thereafter, with respect to Partnership Interests (other than the Class B Interest) that are not entitled to any preference in distribution or with respect to which distributions are not limited to any preference in distribution, pro rata to each such class in accordance with their Percentage Interests (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being made).
Allocations of Net Income. Net Income allocated pursuant to Section 6.1(a) shall be allocated to a Class D Unit to the same extent as such Net Income would be so allocated if such Class D Unit were a Common Unit that was then Outstanding.
Allocations of Net Income. After all allocations have been made pursuant to Sections 4.4 through 4.8, Net Income for any period shall be allocated as follows:
(a) first, to the Managing Member to the extent of and in proportion to the cumulative Net Loss, if any, previously allocated to the Managing Member pursuant to Section 4.3(b)(ii), reduced by any prior allocations of Net Income to the Managing Member pursuant to this Section 4.2(a);
(b) second, to the Members to the extent of and in proportion to the cumulative Net Loss, if any, previously allocated to such Members pursuant to Section 4.3(b)(i), reduced by any prior allocations of Net Income to such Members pursuant to this Section 4.2(b);
(c) third, to the Members to the extent of and in proportion to the cumulative Net Loss, if any, previously allocated to such Members pursuant to Section 4.3(a)(iv), reduced by any prior allocations of Net Income pursuant to this Section 4.2(c);
(d) fourth, to the Nonmanaging Members in proportion to their relative Capital Contributions, until the cumulative amount of Net Income allocated to each Nonmanaging Member pursuant to this Section 4.2(d), reduced by the cumulative amount of Net Loss, if any, allocated to such Nonmanaging Member pursuant to Section 4.3(a)(ii), equals such Nonmanaging Member s Preferred Return; and
(e) thereafter, eighty percent (80%) to the Nonmanaging Members, pro rata in accordance with their relative Percentage Interests, and twenty percent (20%) to the Managing Member.
Allocations of Net Income. (Loss). Net Income of the Partnership shall be allocated among the Holders in a manner such that the Capital Accounts of each Holder, immediately after making such allocation, is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made to such Holder pursuant to Article 5 hereof if the Partnership was dissolved, its affairs wound up and its assets sold for cash equal to their Gross Asset Value, all Partnership liabilities (including liabilities allocated to the Partnership from an entity treated as a partnership for U.S. federal income tax purposes in which the Partnership was a Holder) were satisfied (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability) and the net assets of the Partnership were distributed in accordance with Article 5 hereof to the Holders immediately after making such allocation, minus (ii) any amount such Holder is obligated to contribute to the Partnership and such Holder’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. Notwithstanding the foregoing, the General Partner may make any such allocations as it deems reasonably necessary to give economic effect to the provisions of this Agreement, taking into account such facts and circumstances as the General Partner deems reasonably necessary for this purpose.
Allocations of Net Income. Net Loss, Net Capital Gain and Net Capital Loss. Solely for the purpose of enabling the Partners to compute their respective tax liabilities, any Net Income, Net Loss, Net Capital Gain or Net Capital Loss derived by the Fund in any Fiscal Period shall be allocated as follows:
(a) Net Income for such Fiscal Period shall be allocated among the Partners in the same manner as an equivalent amount of Book Profit was or would have been allocated among the Partners during such Fiscal Period pursuant to Section 5.3(a) hereof.
(b) Net Loss for such Fiscal Period shall be allocated among the Partners in the same manner as an equivalent amount of Book Loss was or would have been allocated among the Partners during such Fiscal Period pursuant to Section 5.3(b) hereof.
(c) Net Capital Gain for each Fiscal Period shall be allocated:
(i) first, to Partners who shall have balances in their Capital Accounts (determined after all allocations of Book Profit and Book Loss for such Fiscal Period) that shall exceed the balances in their Tax Accounts (determined after any allocations of Net Income or Net Loss pursuant to Sections 5.5(a) and (b) hereof and any allocations of Capital Gain or Capital Loss pursuant to Section 5.6 hereof for such Fiscal Period) in proportion to the respective amounts of such excesses for each of such Partners, until all such excesses shall have been eliminated; and
(ii) thereafter, among the Partners (other than Partners who shall have had all of their Units redeemed during such Fiscal Period) in the same manner as an equivalent amount of Book Profit would have been allocated pursuant to Section 5.3(a) hereof.
(d) Net Capital Loss for each Fiscal Period shall be allocated:
(i) first, to Partners who shall have balances in their Tax Accounts (determined after any allocations of Net Income or Net Loss pursuant to Sections 5.5(a) and (b) hereof and any allocations of Capital Gain or Capital Loss pursuant to Section 5.6 hereof for such Fiscal Period) that shall exceed the balance in their Capital Accounts (determined after all allocations of Book Profit and Book Loss for such Fiscal Period) in proportion to the respective amounts of such excesses for each of such Partners, until all such excesses shall have been eliminated; and
(ii) next, among the Partners (other than Partners who shall have had all of their Units redeemed during such Fiscal Period) in the same manner as an equivalent amount of Book Loss would have been allocated pursuant to Section 5.3...
Allocations of Net Income. Subject to Sections 5.1(c) and 5.1(d) hereof, Net Income for each Company Year or other accounting period shall be allocated among the Members as follows:
(i) First, to the Members in the ratio and to the extent, and in the reverse order, of the allocations of the Net Loss theretofore made to each Member pursuant to Section 5.1(b) hereof, but only to the extent such allocations were not previously reversed by allocations of Net Income pursuant to this Section 5.1(a)(i).
(ii) Thereafter, to the Class B Members in accordance with their Percentage Interests.
Allocations of Net Income. After giving effect to the special allocations set forth in Sections 6.4 and 6.5, Net Income (excluding the sale of all or substantially all of the Company’s assets or the liquidation of the Company) for any Fiscal Year, including the full 2013 Fiscal Year, shall be allocated for Tax purposes and accounting purposes, as follows:
(i) first, to the Members in accordance with the prior allocation of Net Loss to them and to the extent thereof; and
(ii) thereafter, any additional Net Income shall be allocated to the Members on a pro rata, pari passu basis based on their Percentage Interests.
Allocations of Net Income. Subject only to the special allocations set forth in SECTIONS 9.5(c)-(g) and 9.6(c) below, net income with respect to the period commencing on the Effective Date shall be allocated in each year in the following manner:
(1) First, to the Members, in the reverse order and then in the same ratio as losses were allocated pursuant to SECTIONS 9.5(b)(2) THROUGH 9.5(b)(5) for all fiscal years until the excess of the aggregate amount of net loss allocated pursuant to SECTIONS 9.5(b)(2) THROUGH 9.5(b)(5) for all fiscal years over the aggregate amount of net income allocated pursuant to this SECTION 9.5(a)
(1) for all fiscal years is equal to zero;
(2) Second, to the Members, in proportion to their Percentage Interests.
Allocations of Net Income. Items of Company gross income (but not gain) and Net Income for each Company Year shall be allocated as follows:
(a) First, items of Company gross income (but not gain) shall be allocated to each Member to the extent that the aggregate amount of Member Compensation paid or accrued to such Member for such Company Year and all prior Company Years exceeds the items of Company gross income previously allocated to such Member pursuant to this Section 3.6(a).
(b) Second, any Net Income (after giving effect to the allocations under Section 3.6(a) above) shall be allocated to the Members in the ratio of their respective Percentage Interests.
Allocations of Net Income. During each of the Partnership’s Fiscal Years and upon the dissolution of the Partnership pursuant to the provisions of Article 18, the Net Income (Loss) of the Partnership for each Fiscal Year shall be allocated to the Partners as to 99.999% amongst the Limited Partners and General Partners on a pro rata basis in accordance with distributions received by the Partners in respect of such Fiscal Year as provided in Section 13.1 and 0.001% shall be allocated to the Managing General Partner. In so allocating the Net Income (Loss), the Managing General Partner shall act reasonably and fairly, taking into account the amount and timing of actual and anticipated distributions to each of the Partners, with a view to ensuring that, over the Term of the Partnership, each Partner is allocated a portion of the Partnership’s Net Income that substantially corresponds to the Net Income that is distributed to that Partner.