Allocation of Profit and Loss. Article V, Section 5.01 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.01 is inserted in its place:
Allocation of Profit and Loss. (a) After giving effect to the special allocations set forth in Sections 5.1(b), (c) and (d), Profit for each fiscal year of the Partnership shall be allocated as follows: (i) first to the Partners, pro rata, in amounts equal to the amount of cash distributed to the Partners pursuant to Section 5.2(a) with respect to such fiscal year; (ii) second, to the extent the amount of Profit for such fiscal year exceeds the amount of cash distributed to the Partners pursuant to Section 5.2(a), such excess shall be allocated to the General Partner and the Limited Partners in amounts and in proportion to the cumulative Loss allocated to the General Partner pursuant to clause (y) of this Section 5.1(a) and the cumulative Loss allocated to the Limited Partners pursuant to clause (x) of this Section 5.1(a), respectively; and (iii) finally, the balance, if any, of Profit shall be allocated to the Partners in accordance with and in proportion to their respective Percentage Interests. Notwithstanding the foregoing, however, it is the intent of the Partners that allocations of Profit to the Limited Partners be such that the amount of Profit allocated to each Limited Partner be equal to the amount of income that would have been allocated to such Limited Partner with respect to the applicable fiscal period if such Limited Partner had owned REIT Shares equal in number to the number of Partnership Units owned by such Limited Partner during such fiscal period, and if, for any reason, the foregoing allocations of Profit result in any material variation from this concept, Profit shall be allocated to each Limited Partner in an amount equal to the aggregate amount of income that would have been allocated to such Limited Partner with respect to the applicable fiscal period if such Limited Partner had owned REIT Shares equal in number to the number of Partnership Units owned by such Limited Partner during such fiscal period. After giving effect to the special allocations set forth in Sections 5.1(b), (c) and (d), Loss for a fiscal year of the Partnership shall be allocated as follows: (w) first, to the Partners, pro rata, in accordance with and in proportion to their respective Partnership Interests, until the cumulative Loss allocated to each Partner under this clause (w) equals the cumulative Profit allocated to each Partner under clause (ii) of this Section 5.1(a); (x) second, to the Limited Partners in an amount equal to each such Limited Partner’s Capital Account balance prior to...
Allocation of Profit and Loss. Profit and Loss of the Partnership shall be determined and allocated with respect to each Partnership Year as of the end of each such year, provided that the General Partner may in its discretion allocate Profit and Loss for a shorter period as of the end of such period (and, for purposes of this Article 5, references to the term “Partnership Year” may include such shorter periods).
Allocation of Profit and Loss. All profit or loss of the Company for each period shall be allocated to the Member.
Allocation of Profit and Loss. The income, deductions, gains, losses and credits of the Company for each fiscal year or other period shall be allocated 100% to the Member.
Allocation of Profit and Loss. After giving effect to special allocations, if any, the Company's Profit or Loss for a Taxable Year, including the Taxable Year in which the Company is dissolved, will be allocated among the Members in proportion to their Capital Account Balances during the applicable tax reporting period.
Allocation of Profit and Loss. Consistent with its classification as an entity disregarded as an entity separate from its owner for federal income tax purposes, all profit or loss of the Company for all taxable periods shall be treated for federal income tax purposes and, to the extent permitted by applicable law, for state and local income and other tax purposes, as realized or incurred directly by the Member.
Allocation of Profit and Loss. The profit and loss of the Company for each Fiscal Year shall be attributed to the sole Member. For purposes of determining profit, loss or any other items allocable to any period, profit, loss and any such other items shall be determined on a daily, monthly or other basis, as determined by the Manager using any permissible method under the Code and the Treasury Regulations promulgated thereunder.
Allocation of Profit and Loss. Allocations of the Partnership’s items of income, gain, loss and deduction shall be allocated among holders of 5.000% Series B Participating Preferred Units in accordance with Article VI of the Partnership Agreement.
Allocation of Profit and Loss. Except as hereinafter provided in this Article 5, Profit or Loss for each Accounting Period shall be allocated to the Capital Accounts of all Members in a manner such that as of the end of each Accounting Period the balance in each Member’s Capital Account is equal to the amount each such Member would be entitled to receive pursuant to paragraph 7.5(a) if the Company were liquidated at the end of such Accounting Period pursuant to the terms of Article 10 (assuming that all assets of the Company were disposed of at their Adjusted Asset Values).
