Net Profits and Losses. Until otherwise unanimously agreed by the Partners, and subject to the provisions of this Agreement, the net profits, if any, of the Partnership as determined at the end of each such Fiscal Year shall be allocated among the Partners in proportion to the respective Capital Account of each of the Partners as calculated at the end of each such Fiscal Year. All expenses incurred in the course of the Business and all losses, if any, arising therefrom shall be borne out of the earnings of the Business, or in the case of a deficiency, the losses shall be allocated amongst the Partners pro rata to their respective individual Capital Accounts at the end of each such Fiscal Year.
Net Profits and Losses. “Net Profits” or “Net Losses” for any fiscal year or other period shall be an amount equal to the sum of (i) the Partnership’s taxable income or loss for such year or period as shown or reported on the Partnership’s U.S. Partnership return of income (but computed as provided in Section 7(h)), and (ii) any income of the Partnership for such year or period exempt from federal income taxation, reduced by (iii) any expenditures of the Partnership for such year or period not deductible in computing its taxable income and not properly capitalized for federal income tax purposes.
Net Profits and Losses. After giving effect to the special allocations set forth in Sections 11.2 and 11.3 of this Operating Agreement, Net Profits and Net Losses shall be allocated and credited to the Members’ and Interest Holders’ respective capital accounts in proportion to their respective Membership Interests.
Net Profits and Losses. For financial accounting and tax purposes, the Company’s net profits or net losses shall be determined on an annual basis in accordance with the manner determined by the Board. In each year, profits and losses shall be allocated entirely to the Member.
Net Profits and Losses. (a) Subject to the terms and conditions of each Operating Agreement, the net profits, if any, of the Partnership as determined at the end of each such Fiscal Year shall be allocated among the Partners in proportion to the respective “Capital Account(s)” of each of the Partners as calculated at the end of each such Fiscal Year.
Net Profits and Losses. The terms “
Net Profits and Losses. Subject to the provisions of Section 7.4 hereof the "Net Profits and Losses" of the Company for any Company taxable year shall be allocated and credited to the Members' Capital Accounts in proportion to the Invested Capital of each respective Member as defined in Section 3.4 hereof. The term "Net Profits and Losses" of the Company shall mean the net income or loss of the Company, as determined by auditors or accountants employed by the Company, in accordance with Section 703 of the Code, applied consistently with prior periods.
Net Profits and Losses. From the first day following the end of the Class A Initial Allocation Period until the day before the 20th anniversary of the Placed In Service Date, allocations of 46% of the Net Profits and Net Losses • From and after the 20th anniversary of the Placed In Service Date, allocations of 15% of the Net Profits and Net Losses
Net Profits and Losses. Subject to such adjustments as may be required pursuant to this Agreement, the net profits and losses of the Partnership shall be shared by the partners on an equal basis unless otherwise agreed in writing. The amount of annual "net profits" and "net losses" shall be determined by the accountant servicing the Partnership account and shall be computed according to regular recognized accounting practices.
Net Profits and Losses. The provisions of this Section 9.7 shall apply only with respect to North America provided that MG has elected to exercise its right to Co-Promote under Section 2.3 and only with respect to Compounds or Products for which MG has not exercised its MG Opt-out Right.
