GAAP Profit definition
GAAP Profit and "GAAP Loss" for each Fiscal Period (or other period for which GAAP Profit or GAAP Loss must be computed) means the net income or net loss from the operations of the Partnership for the period as determined by Canadian GAAP.
GAAP Profit or "GAAP Loss" means, for each period taken into account under Article IV, an amount equal to the Company's income or loss for such period, as determined and adjusted in accordance with GAAP by the Company's Accountants.
GAAP Profit shall have the meaning given to such term in the Annex.
Examples of GAAP Profit in a sentence
Each Partner's Proportionate Share of GAAP Profit or GAAP Loss, unaffected by this Annex, for each Fiscal Period shall be credited or charged, as the case may be, to such Partner's Capital Account, as provided in 3.6.1 and 3.6.2 of the Partnership Agreement.
Account shall be credited with the fair market value (as determined by the Board) of the Interest Holder's Capital Contributions, the amount of any Partnership liabilities assumed by the Interest Holder (other than liabilities secured by Partnership property distributed to the Interest Holder), and the Interest Holder's allocable share, as determined by the Partnership in accordance with this Agreement, of GAAP Profit.