Profits Losses and Distributions. A. Each Member shall share all profits and losses, pro rata, in proportion to the Member's Interest in the Company. A Member's Interest shall be defined as a Member's pro rata share of ownership in the Company.
Profits Losses and Distributions. (a) All profits and losses arising from the normal course of business operations or otherwise and all cash available for distribution from whatever source, commencing with the date of this Agreement, shall be allocated or distributed to the Members according to their Membership Interests.
Profits Losses and Distributions. PROFITS/LOSSES. For financial accounting and tax purposes the Company's net profits or net losses will be determined annually. Profits and losses will be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Exhibit 2 as amended and in accordance with Treasury Regulation 1.704-1.
Profits Losses and Distributions. (a) All profits and losses arising from the normal course of business operations or otherwise and all cash available for distribution from whatever source, commencing with the date of this Agreement, shall be allocated or distributed to the Members according to their Membership Interests. (b) All profits and losses allocated to the Members shall be credited or charged, as the case may be, to their Capital Accounts. The terms “profits” and “losses” as used in this Agreement shall mean income and losses, and each item of income, gain, loss, deduction or credit entering into the computation thereof, as determined in accordance with the accounting methods followed by the Company and computed in a manner consistent with Treasury Regulation Section 1.704-1(b)(2)(iv). Profits and losses for Federal income tax purposes shall be allocated in the same manner as profits and losses for purposes of this Article VII, except as provided in Section 7.3(a). (c) The parties hereto intend that the Company be treated for federal, state and local income tax purposes as disregarded as an entity separate from KeySpan Corporation within the meaning of Treasury Regulation Section 301.7701-3(b) (1)(ii). Accordingly, KeySpan Corporation shall include all items of the Company’s income, gain, deduction and loss in computing its own income. 7.2.
Profits Losses and Distributions. A. Each Member shall share in the profits and losses from the first day of the calendar month during which said Member was admitted to the Company.
Profits Losses and Distributions. 5.1. Net profits and losses of the Venture shall be determined annually by the General Accountants in accordance with generally accepted accounting principles consistently applied. The General Accountants shall prepare the income tax returns for the Venture as soon as possible after the end of each of the Venture's fiscal years, and shall supply such tax returns to each of the Venturers for their review and reasonable approval prior to the filing thereof with the appropriate governmental agencies.