Allocations of Net Profits. AND NET LOSSES AND DISTRIBUTIONS
Allocations of Net Profits. After giving effect to the special allocations set forth in Sections 6.3 and 6.5 herein, Net Profits for any Allocation Period shall be allocated to the Members as follows:
Allocations of Net Profits. After giving effect to the special allocations set forth in Sections 6.3 and 6.4 hereof, Net Profits with respect to each Fiscal Year beginning on or after the Tax Effective Date shall be allocated to the Members in the following order of priority:
Allocations of Net Profits. After giving effect to the allocations described in Sections 10.4, 10.5, and 10.6 hereof, the Net Profits of the Company for each Fiscal Year shall be allocated for both book and tax purposes as follows:
Allocations of Net Profits. Subject to Section 7.4, the Net Profit of the Company shall be allocated among the Members ratably in accordance with their Percentage Interests.
Allocations of Net Profits. AND NET LOSSES FROM OPERATIONS - Except as may be required by section 704(c) of the Code net profits, net losses, and other items of income, gain, loss, deduction and credit shall be apportioned among the Members in proportion to their Sharing Ratios.
Allocations of Net Profits and Net Losses.
Allocations of Net Profits. Net Profits for any Fiscal Year, -------------------------- and upon liquidation of the Company's assets pursuant to Section 15, shall be allocated, subject to Section 7.3(e), as follows:
Allocations of Net Profits. Except as may be required by § 704(c) of the Code, and Section 5.3 of this Article 5, Net Profits and other items of income and gain shall be allocated among the Members as follows:
Allocations of Net Profits. AND LOSSES Subject to the provisions of this Article, the Net Profits and losses of the Venture (including any net “book” gains of the Venture resulting from a Capital Event) shall be allocated to the Venturers in the following priority: A. NET PROFITS (1) First, to those Venturers with negative Capital Accounts, between them in proportion to the ratio of their negative Capital Account balances, until no Venturer has a negative Capital Account. (2) Thereafter, to the Venturers, pro-rata, based on their respective Venture interests as set forth in Section 5.2 hereof. B. NET LOSSES (1) Subject to the provisions of this Article VI, Net Losses of the Venture (including any net “book” loss of the Venture resulting from a Capital Event) shall be allocated to the Venturers, pro rata, based upon their respective Venture interests as set forth herein. (2) For purposes of this, Capital Accounts shall be adjusted hypothetically as provided for in Sections 1.704-1(b)(2)(ii)(d) and 1.704- 1(b)(4)(iv)(f) of the Treasury Regulations. These adjustments shall include the qualified income offset as set forth in this Agreement. C. DISTRIBUTIONS Distributable Cash of the Venture shall be distributed to the Venturers, pro rata, based on their respective Venture interests as set forth herein. ARTICLE VI POLICY COMMITTEE 6.1 The management of the Joint Venture shall be conducted pursuant to policy established by the Parties acting through a “Policy Committee” which is hereby established. 6.2 Except as provided in sections 6.0 and 9.0, each Party shall have a voice in the Policy Committee equal to its Percentage of Participation. For such purpose each Party is assigned the following number of votes and hereby designates the following representatives to exercise such votes: PARTY VOTES REPRESENTATIVES 6.2 Each Venturer may, at any time, substitute an alternative in place of any of its above-named representatives by serving written notice to all the other Parties. Each Venturer’s representative or alternative representative on the Policy Committee is hereby granted and shall hereafter possess authority to act for such Venturer on all matters of interest to it with respect to its participation in the joint venture. 6.3 The Policy Committee shall determine the policy for the management of the joint venturer by majority vote and, as used in this Agreement, a “majority vote” is defined to be any figure greater than one-half of the authorized votes. 6.4 The Policy Committee shall have t...
