Net Profits and Net Losses. Except as otherwise provided in this Agreement, the [*] ([*]%) in the Net Profits and Net Losses, as applicable, with respect to the Collaboration Products, as set forth in this Section. Within thirty (30) days after the end of each calendar quarter in which Net Profits or Net Losses are recognized with respect to a Collaboration Product, each Party shall provide the other Party with a statement detailing its Net Profits or Net Losses for such Collaboration Product for such calendar quarter on a country-by-country basis, which statement shall set forth in reasonable detail any Net Sales by such Party or its Affiliates, any Commercialization Expenses and any Other Operating (Income)/Expense, including a detailed breakdown of the components of the foregoing, with respect to such Collaboration Product, provided that such Commercialization Expenses (including the components thereof) [*] set forth in the applicable Project Budget with respect to the commercialization activities set forth in the applicable Project Plan by more than [*] percent ([*]%) without the approval of the Steering Committee ("Authorized Commercialization Expenses"). Within forty-five (45) days after the end of each calendar quarter, the Parties shall [*] to [*] so that [*] ([*]%) in the Net Profits or Net Losses, as applicable, for such calendar quarter for each Collaboration Product.
Net Profits and Net Losses. As used herein, the terms "Net Profits" and Net Losses" mean for each fiscal year or other period an amount equal to the Company's taxable income or loss for such fiscal year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments:
Net Profits and Net Losses. “Net Profits” and “Net Losses” means, with respect to any period, the income and loss of the Company for such period as determined in accordance with the accounting method followed by the Company for book purposes, including income exempt from tax and described in Code Section 705(a)(1)(B) and treating as deductions items described in Code Section 705(a)(2)(B).
Net Profits and Net Losses. (a) Except as otherwise provided in this Agreement, Net Profits and Net Losses (and, to the extent necessary, individual items of income, gain, loss, deduction or credit) of the Company shall be allocated to the Members pro rata in proportion to their respective Company Percentages.
Net Profits and Net Losses. “Net Profits” and ‘‘Net Losses” shall mean the net profits or net losses of the Fund for any specified period, taking into account each item of income, gain, loss, and deduction for such period, including the following deductions or reserves:
Net Profits and Net Losses. The profits and losses of the Limited Partnership for Federal income tax purposes for each fiscal year (including, without limitation, each item of Partnership income, gain, loss, deduction or credit) determined in accordance with the accounting method followed by the Partnership for such purposes, with the following adjustments:
Net Profits and Net Losses. The terms “net profits” and “net losses” of the Company shall mean the net profits or net losses of the Company as determined in accordance with Treasury Regulations section 1.704-1(b)(2)(iv). After giving effect to the special allocations set forth in Section 10.2 hereof, net profits and net losses of the Company for any fiscal year shall be allocated among the Members in a manner such that the Capital Account of each Member is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made pursuant to Section 11 if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their carrying value, all Company liabilities were satisfied (limited with respect to each non-recourse liability to the carrying value of the assets securing such liability) and the net assets of the Company were distributed to the Members pursuant to this Agreement, minus (ii) such Member’s share of the chargeback of minimum gain and other special allocations, computed immediately prior to the hypothetical sale of assets. Notwithstanding the foregoing, the Board shall make such adjustments to Capital Accounts as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a Member’s interest in the Company.