High Water Mark Sample Clauses

High Water Mark. The High Water Mark is the highest Net Asset Value (§ 6.9) obtained at the end of a previous Fiscal Year (§ 1.7), which becomes the beginning balance of the following year, after any Additions and Subscriptions (§ 6.13) and Withdrawals and Redemptions (§ 6.14). Specifically, the High Water Mark is the highest beginning balance among previous fiscal years. The High Water Mark is used to determine Performance (§ 6.12) and ensures that the Investment Manager (§ 3.6) only charges fees on actual profits. Any losses experienced in one or more prior years must be recouped before any additional Management Fees (§ 3.11) and Performance Allocation (§ 3.12) (aka. 2/20 fee structure) are charged.
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High Water Mark. The High Water Mark is the highest Net Asset Value obtained at the end of a previous Fiscal Year, which becomes the beginning balance of the following year, after any Additions and Subscriptions and Withdrawals and Redemptions. Specifically, the High Water Mark is the highest beginning balance among previous fiscal years. The High Water Mark is used to determine Performance and ensures that the Investment Manager only charges fees on actual profits.
Sample 1
High Water Mark. Notwithstanding Section 3.5(a) above, if at the end of a fiscal year there exists a Net Capital Depreciation for a particular Limited Partner for such fiscal year, this Section 3.5(b) shall apply. In such event, there shall be established a memorandum account for each such Limited Partner entitled the "Deficit Account," if a Deficit Account does not already exist for such Limited Partner. If a Deficit Account for the Limited Partner did not exist prior to such fiscal year, the initial account Deficit Account balance shall be the amount of the Net Capital Depreciation of such Limited Partner for the fiscal year. If the Deficit Account existed prior to such fiscal year, the Net Capital Depreciation of such Limited Partner for such fiscal year shall be added to the Deficit Account balance. In each succeeding fiscal year, if there is Net Capital Appreciation for such Limited Partner for such fiscal year, the amount thereof shall be subtracted from the balance of the Deficit Account until the Deficit Account balance equals zero. Once the Deficit Account for a particular Limited Partner equals zero, such Deficit Account shall no longer exist and, in the fiscal year the balance reaches zero, the amount of any Net Capital Appreciation for such Limited Partner in excess of the amount contained in such Deficit Account at the beginning of the fiscal year shall be subject to Section 3.5(a). While a Limited Partner has a Deficit Account, Section 3.5(a) shall not apply to such Partner. If a Limited Partner withdraws funds from the Fund while the Limited Partner has a Deficit Account, the Deficit Account balance shall be reduced in the ratio of the withdrawn amount to the Limited Partner's Capital Account prior to the withdrawal. With respect to any Performance Allocation to be made as of a date other than the end of a fiscal year (for example, upon a Limited Partner's withdrawal of capital), the preceding portions of this paragraph shall be applied as of the end of the Performance Allocation measurement period involved rather than as of the end of the fiscal year.
Sample 1
High Water Mark. First, 100% to such Limited Partner until such time as the balance, if any, in such Limited Partner’s Cumulative Loss Account has been eliminated (but in no event more than the balance existing in such account); and
Sample 1

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