Partnership Agreement Form - Free Download | Page 4
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(2) All amounts of money and the fair market value of property paid or distributed
to such Partner pursuant to the terms hereof (other than payments made with
respect to loans made by such Partner to Partnership.
6.02 CALCULATION OF CAPITAL ACCOUNT. Except as may otherwise be
provided herein, whenever it is necessary to determine the capital account of any
partner, the capital account of such Partner shall be determined after giving effect
to the allocation of the gains, income, loss, deductions, contributions and
distributions as of the last day of the preceding calendar quarter.
6.03 WITHDRAWAL OF CAPITAL. A Partner shall not be entitled to withdraw
any part of his capital account or to receive any distribution from the Partnership
except as herein.
6.04 INTEREST ON CAPITAL ACCOUNTS. No interest shall be paid on any
Capital Contribution to the Partnership.
INTEREST OF PARTNERS IN INCOME AND LOSS
7.01 DETERMINATION OF INCOME AND LOSS. At the end of each Partnership
fiscal year, and at such other time as the General Partner shall deem necessary
or appropriate, each item of Partnership income, expense, gain, loss and
deduction shall be determined for the period then ending and shall be allocated
among the Partners in accordance with the applicable Sharing Percentages as
set forth in Article IV.
7.02 RECAPTURE. In the event that the Partnership recognizes income, gain or
additions to tax by virtue of the recapture of any previously deducted or credited
item, such recaptured income or gain or addition to tax shall be allocated to such
Partner as were allocated such item at the time of its deduction.
INTEREST OF PARTNERS IN CASH CONTRIBUTIONS
8.01 GROSS INCOME AND NET INCOME. "Net Income" shall mean the total
gross income of the Partnership, less cash operating expenses, debt service,
interest, and principle on loans made to the Partnership and all other cash
expenditures of the Partnership. For purposes of determining Net Cash Flow,
"Gross Income" shall mean proceeds from any source whatsoever, but excluding
any Capital Contributions of the Partners.
8.02 DISTRIBUTION OF CASH. Subject to the terms of this Agreement, the
General Partner shall make distributions of cash out of Partnership income, to
the extent deemed available, in the following manner:
(a) CASH FLOW FROM OPERATIONS. Except as provided in Article 6a.
(b) AS PER ARTICLE IV. Cash distributions shall be distributed in accordance with the
appropriate Sharing Percentages as set forth in Article IV hereof.