Common use of Performance Incentive Clause in Contracts

Performance Incentive. (a) So long as the General Partner continues to serve in that capacity, and for each Limited Partner for which the Partnership Return earned by the Limited Partner for the applicable Incentive Period exceeds the greater of the Hurdle Rate for that Incentive Period or (2) the Loss Carryforward Amount, if any, the Performance Incentive will be debited against the Capital Account of that Limited Partner as of the last day of the Incentive Period, and the amount so debited will be credited simultaneously to the Capital Account of the General Partner, or, subject to compliance with the 1940 Act and the Advisers Act, to the Capital Accounts of the Partners as have been designated in any written notice delivered by the General Partner to the Partnership within 90 days after the close of the Incentive Period.

Performance Incentive. (a) So long as the General Partner continues to serve in that capacity, and for each Limited Partner for which the Partnership Return earned by the Limited Partner for the applicable Incentive Period exceeds the greater of (1) the Hurdle Rate for that Incentive Period or (2) the Loss Carryforward Amount, if any, the Performance Incentive will be debited against the Capital Account of that Limited Partner as of the last day of the that Incentive Period, and the amount so debited will be credited simultaneously to the Capital Account of the General Partner, or, subject to compliance with the 1940 Act and the Advisers Act, to the Capital Accounts of the Partners as have been designated in any written notice delivered by the General Partner to the Partnership within 90 days after the close of the Incentive Period.