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2.11 Family Assets. "Family Assets"means all property owned by the Family,individually <br /> or in combination with others,which has been contributed or acquired by the Partnership,including, <br /> but not limited to, the Property and Associated Property. <br /> 2.12 Fiscal Year. "Fiscal Year" means the fiscal period of the Partnership and shall be a <br /> calendar year. <br /> 2.13 Partner. "Partner" means each Person who is either designated as a Partner in this <br /> Agreement or who is admitted as a Partner or Substitute Partner pursuant to the terms of this <br /> Agreement and shall include both the General Partners and all Limited partners,where no distinction <br /> is required by the context in which the term is used herein. "Partners" means more than one Partner. <br /> 2.14 Partnership Interest. As to any Partner or Substituted Partner, his/her rights in the <br /> Partnership in accordance with the terms of this Agreement, as follows: <br /> (a) As to any General Partner, his/her Capital Account, Sharing Ratio, rights to <br /> distributions and Profits and Losses, rights to participate in the management of the <br /> Partnership, and any other rights which such General Partner has in the Partnership. <br /> (b) As to any Limited Partner, his/her Capital Account, Sharing Ratio, rights to <br /> distributions and Profits and Losses,and any other rights which such Limited Partner has in <br /> the Partnership. <br /> (c) As to any Transferee, his/her Capital Account, Sharing Ratio, rights to <br /> distributions and Profits and Losses, and any other rights which such Transferee has in the <br /> Partnership, but not including any rights accorded only to persons who are Partners. <br /> 2.15 Person. "Person" means any individual, partnership, limited liability company, <br /> corporation, trust or other entity. <br /> 2.16 Profits and Losses. The"Profits and Losses"of the Partnership,for each Fiscal Year <br /> or other period, shall be an amount equal to the Partnership's taxable income or loss for such year <br /> or period, determined in accordance with section 703(a) of the Code (for this purpose, all items of <br /> income, gain, loss,or deduction required to be stated separately pursuant to section 703(a)(1) shall <br /> be included in taxable income or loss), with the following adjustments: <br /> (a) Any income of the Partnership that is exempt from federal income tax and not <br /> otherwise taken into account in computing Profits or Losses pursuant to this Section shall <br /> be added to such taxable income or loss; <br /> (b) Any expenditures of the Partnership described in section 705(a)(2)(B)of the <br /> Code or treated as such an expenditure pursuant to Treasury Regulation § 1.704-1(b)(2)(iv), <br /> 462364.9 1/2/02 6 <br />