Section 2.3 Participation in Profits and Losses.
2.3.1 The net profits of the Partnership shall be divided and the net losses of the partnership shall be allocated to the Partners according to their respective Partnership Ownership Percentage Interests. No interest or additional share of profits shall inure to any Partner by reason of his capital account being proportionately in excess of the capital accounts of the others.
2.3.2 The "cash available for distribution" for any fiscal year of the Joint Venture shall be the cash receipts of the Joint Venture during such fiscal year, less (i) the cash disbursements during such period (including principal and interest payments on all Joint Venture obligations) and (ii) any amounts which the Managing Partner reasonably determines to be necessary to be reserved to meet the needs of the Joint Venture's business. The cash available for distribution shall be distributed to and allocated among the Partners at such time as the Managing Partner shall determine, but at least annually, in accordance with their Partnership Ownership Percentage Interests.