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The ~erms "net profits" and "net losses" shall mean the net
profits and losses of the partnership as determinsd for federal
in~come tax purposeso
The "cash flow of t~e partnership" shall be the net profits
; and losses of the partnergh~.p as defined above, plus d~A~p_
~ ciation and o~her non-cash charges deducted in determining such
net profits and loss~s, {ii) the net proce~ds from any
refinancing o~ partnersha.p mortgages, and tiii) the net proceeds ~
[ ~xom the sale of any of the partnership's assets, minus (a)
principal paymen,ts on all mortgages, (b) any other cash expen-
di.~ures which have not been deducted in determining ~he net _
proffts and Io~ses of the partnershi~, and (c) any amount reason-
ably required to mai.ntain su~ficient worki.ng capital and a
~easonable resexve for replacements. The cash flow of the
. partnership shall be determined separately for eaeh year and not
cumulatively and, as so determined, shall be distributed in the
sarne proportion as profits and losses are shared above, subject
to decision by the Managing Par~ner that any part or all af such
cash flow should not be distributed.
A separate income account shall be maintained for each
partner. Paxtnership protits and losses shall be charged or
credited to the separate income accoun~ o~ each partner. If a
partner has no creclit balance in his income account, losses ~hall
be charged to his capital account.
- uw~~a 5. Managing Partner: All of the affiaxs of the partn~r~-
aroooo~ iaa~
~va ship shall be handled and determined by the Managing Partner,
` Rglph Davis. If Ralph Davis is phy~ically or m~ntall.y unable;to
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