鉴于收益是合伙人是否选择通过LPA进行投资的重要因素，分配条款（Distribution）必然是有限合伙协议（LPA）中的重要条款。一般而言，LPA中的分配条款会对进行分配的条件、时间、流程、分配的形式以及无人认领的分配如何处置进行规定。以下为一些有限合伙协议中的分配条款双语示例（需注意的是，因有的分配条款为Distribution and Allocation同时出现，一般会将前者译为分派后者译为分配以示区分）：

 

示例一：

9Distributions

9分配

 

9.1Determination

9.1分配的决定

 

(a)Subject to the Law, the General Partner may, from time to time, determine to make distributions to the Limited Partners in accordance with this clause 9. Without limiting the above, the General Partner may make a distribution pursuant to this clause 9 if:

(a)在遵守法律的情况下，普通合伙人可不时决定按照本第9条向有限合伙人进行分配。不限制前述内容，普通合伙人可在满足下列条件时根据本第9条进行分配：

 

(i)there is cash available;

(ii)doing so would not render the Fund (including any Investment Entity) Insolvent;

(iii)there is sufficient cash to satisfy the working capital and capital expenditure requirements of the Fund (including the Investment Entities); and

(iv)to do so would not or might not leave the Fund (including any Investment Entity) with insufficient funds to meet any future contemplated obligations, liabilities or contingencies, including obligations to the General Partner, the Fund Manager and/or any of their respective Affiliates, as applicable.

(i)有可提取现金；

(ii)该等分配将不会使基金（含任何投资主体）无力偿债；

(iii)有足够资金满足基金（含投资主体）的营运资金和资本开支需求；和

(iv)该等分配将不会或不可能使基金（含任何投资主体）的资金不足以满足任何未来考虑的义务、责任或突发情况，包括对普通合伙人、基金管理人和/或其各自关联方负有的义务（如适用）。

 

(b)The Limited Partners are not entitled to receive a distribution from the Fund until such time as the General Partner decides to make a distribution.

(b)有限合伙人无权从基金中接收分配，直至普通合伙人决定作出分配之时。

 

9.2Distribution procedure

9.2分配过程

 

(a) On a distribution, the General Partner must allocate to each Limited Partner a portion of the Distributable Amount equal to the pro rata amount of each Limited Partner’s Capital Contributions made in respect of each Investment to which the Distributable Amount relates.

(a)分配时，普通合伙人应向各有限合伙人分配可分配金额的部分，该部分等于可分配金额相关每项投资中按各有限合伙人出资比例分配之金额。

 

(b) Each Limited Partner acknowledges and agrees that:

(b)各有限合伙人确认并同意：

 

(i)payment of the distributions shall be made out of the assets of the Fund; and

(ii)all distributions declared shall be payable only to the Limited Partners registered as holders of Interests on the record date specified by the General Partner at the time such distributions are declared.

(i)分配的款项应从基金资产中支出；和

(ii)所有宣派的分配仅可向普通合伙人宣派分配时指定的记录日当天为权益持有人的有限合伙人支付。

 

9.3Order of distributions

9.3分配次序

 

(a) The General Partner will distribute each Distributable Amount to each Limited Partner as follows:

(a)普通合伙人应按如下方式向各有限合伙人分配各项可分配金额：

 

(i)First, 100% to such Limited Partner until the amount distributed to such Limited Partner is equal to 100% of its aggregate unreturned Capital Contribution (including Capital Contributions made to pay the Management Fee, the Organisational Expenses, and other costs and expenses) to the extent not previously distributed pursuant to this Agreement;

(ii)Second, 100% to such Limited Partner until the cumulative amount distributed to such Limited Partner provides an internal rate of return on the amount distributed under paragraph (i) above (taking into account all prior distributions made to such Limited Partner in relation to Distributable Amount) equal to 10% per annum and compounded annually (the “Preferred Return”); and

(iii)Third, the remaining amount to be paid or distributed 80% to such Limited Partner and 20% to the Carried Interest Partner. The amount distributed to the Carried Interest Partner under paragraph 9.3(a)(iii) being referred to as "Carried Interest".

(i)首先，向该有限合伙人支付100%，直至向该有限合伙人分配的金额等于未返还出资总额的100% （包括用于支付管理费、组织性费用、其他成本与费用的出资），以此前未按本协议分配的为限；

(ii)第二，向该有限合伙人支付100%，直至向该有限合伙人分配的累计金额达到内部收益占上述第(i)款（计入向有限合伙人关于可分配金额此前作出的所有分配）超过10%的年复合增长率（“优先收益”）；和

(iii)第三，待支付或分配余额的80%向该有限合伙人支付，其余20%支付给附带权益合伙人。

第9.3(a)(iii)条项下向附带权益合伙人分配的金额被称为“附带权益”。

 

(b) The General Partner may from time to time, in its sole discretion, distribute to the General Partner an amount to assist its partners to satisfy their Tax liabilities arising from allocations of income, gain, loss, deduction and credit of the Fund attributable to the Carried Interest.

(b)普通合伙人可不时自行向普通合伙人分配，以协助其合伙人履行他们由附带权益产生的基金收入、收益、亏损、扣减和信贷产生的税款责任。

 

9.6 Form of distributions

9.6分配的形式

 

(a) The General Partner:

(a)普通合伙人：

 

(i)prior to termination of the Fund, will use reasonable endeavours to realise Investments for cash, with the objective of making distributions to Limited Partners in US dollars; and

(ii)upon termination of the Fund, may make distributions in cash, unlisted or restricted Securities and other assets of any kind of the Fund.

(i)基金终止前，将尽合理努力实现投资返现，旨在向有限合伙人以美元进行分配；和

(ii)基金终止时，可通过现金、非上市或受限证券以及基金任何种类的其他资产进行分配。

 

(b) Upon conversion of proceeds to US dollars under clause 9.6(a)(i), the General Partner will use reasonable endeavours to distribute such proceeds to the Limited Partners within 90 days of conversion (if any).

(b)按第9.6(a)(i)条将收益转换成美元时，普通合伙人将尽合理努力在转换的[90]日内向有限合伙人分配该等收益（如有）。

 

9.8No interest and unclaimed distributions

No distribution shall bear interest against the Fund. Any distribution unclaimed by a Limited Partner after a period of three years from the date of declaration shall be forfeited and shall be distributable to all the Limited Partners having an Interest at the date of the redistribution in accordance with the terms of this Agreement.

9.8无息分配与无人领取的分配

基金对分配不承担利息。宣派分配起3年内无有限合伙人认领的任何分配应予以没收，并向再分配时根据本协议条款拥有权益的所有有限合伙人分配。

 

 

示例二：

8.DISTRIBUTIONS

8.分派

 

8.1Preferred Return and IRR

8.1优先回报和内部收益率

 

For the purposes of determining distributions between the General Partner and the Limited Partners in relation to this clause 8 and allocations in relation to clause 9, the following terms shall have the following meanings:

为确定普通合伙人和有限合伙人之间与本8条有关的分派以及与第9条有关的分派，以下术语应具有以下含义：

 

(a)"Preferred Return" means, in respect of each Partner, that amount, if any, which is required to be distributed to such Partner as would on the date of that distribution give such Partner an IRR of seven per cent. (7%) in relation to the following cashflows or deemed cashflows:

(a)“优先回报”就每个合伙人而言，是指要求分派给该合伙人的金额（如有），该金额在分派之日将使该合伙人获得与下列现金流或视同现金流有关百分之七（7%）的内部收益率：

 

(i)the Capital Contributions made by such Limited Partner, excluding any Capital Contributions which having been returned are available to be re- contributed pursuant to clause 4.2(c); and

(i)该有限合伙人的出资额，不包括已返还的任何出资，可根据第4.2(c)条予以重新分派；

 

(ii)the aggregate of all distributions previously and concurrently made to such Partner pursuant to clause 8.2(b)(i), 8.2(b)(ii) and 8.2(b)(iv) including amounts deemed to be included in such distributions pursuant to clause 8.4 but excluding any distribution taken into account pursuant to clause 5.2(c) in calculating the Reallocation Premium payable by an Additional Limited Partner,

(ii)根据第8.2(b)(i)条、第8.2(b)(ii)条和第8.2(b)(iv)条，先前和同时向该合伙人作出的所有分派的总和，包括根据第8.4条视为包括在该等分派中的金额，但不包括根据第5.2(c)条计算新增有限合伙人应支付的再分派额外费用时考虑的任何分派，

 

provided that where an Additional Limited Partner has been admitted at the Final Closing, that Additional Limited Partner shall be deemed to have contributed such amount of its Commitment and received such distributions as it would have if it and all other Limited Partners had been admitted to the Partnership at the Initial Closing; and

但是，如一位新增有限合伙人在最终交割时入伙，则该新增有限合伙人须被视为已缴付其承诺额款项，并已收取若其和所有其他有限合伙人在首次交割时加入该合伙企业时本会有的分派；及

 

(b)"IRR" means the annual internal rate of return (expressed as a percentage) which when applied as a discount rate to a particular set of cashflows gives the net present value of that set of cashflows as zero on the basis that:

(b)“内部收益率”是指（以百分比表示的）年度内部收益率，将其作为贴现率应用于一组特定的现金流时，该组现金流的净现值为零，其基础是：

 

(i)each of those cashflows is regarded as arising on the date the cashflow in question occurs or is deemed to occur; and

(i)该等现金流中的每一项都被视为在相关现金流发生或被视为发生之日产生；以及

 

(ii)rate of return is treated as compounding annually at the end of each calendar year.

(ii)在每个日历年结束时，回报率被视为年复利。

 

8.2Amount and Priority of Distributions

8.2分派金额和优先权

 

(a)After deducting or providing for Partnership Liabilities (as the General Partner may determine), Partnership Receipts will be available for distribution from time to time as determined by the General Partner in its sole discretion between Limited Partners pro-rata to each Partner's Share of those Partnership Receipts net of each Partner's Share of those Partnership Liabilities (as adjusted pursuant to clause 8.3).

(a)在扣除或提供合伙企业负债后（由普通合伙人决定），合伙企业收入将由普通合伙人自行决定在有限合伙人之间按每个合伙人在合伙企业收入中的份额比例进行分派，扣除每个合伙人在合伙企业负债中的份额（根据第8.3条调整）。

 

(b)Notwithstanding paragraph (a) above, distributions that would otherwise be made to a Limited Partner will be distributed in the following order of priority:

(b)尽管有上述(a)项的规定，向有限合伙人进行的分派将按以下优先顺序进行：

 

(i)first, one hundred per cent. (100%) to the Limited Partner on a pro rata basis until it has received cumulative distributions pursuant to this paragraph (i) in an amount equal to such Limited Partner's Capital Contributions;

(i)第一，按比例向有限合伙人分派百分之百（100%），直至其根据本(i)项收到与该有限合伙人的出资额相等的累计分派；

 

(ii)second, one hundred per cent. (100%) to the Limited Partner until it has received cumulative distributions pursuant to this paragraph (ii) in an amount equal to such Limited Partner's Preferred Return;

(ii)第二，向有限合伙人百分之百（100%）分派，直至其收到根据本(ii) 项累计分派的金额等于该有限合伙人的优先回报；

 

(iii)third, one hundred per cent. (100%) to the General Partner until the General Partner has received twenty per cent. (20%) of the aggregate amount of distributions made under paragraph (ii) and this paragraph (iii); and

(iii)第三，向普通合伙人百分之百（100%）分派，直至普通合伙人收到根据(ii)项和本(iii)项进行的分派金额的百分之二十（20%）；以及

 

(iv)thereafter, eighty per cent. (80%) to the Limited Partner on a pro rata basis and twenty per cent. (20%) to the General Partner.

(iv)最后，按比例向有限合伙人分派百分之八十（80%），普通合伙人百分之二十（20%）。

 

The entitlement of the General Partner under paragraphs (iii) and (iv) above is referred to herein as the "Carried Interest". On each occasion on which Carried Interest is to be distributed to the General Partner, the amount of Carried Interest shall be confirmed by the Auditors and the Limited Partners shall receive notice thereof.

普通合伙人在上述(iii)项和(iv)项下的权利在本协议称为“附带权益”。每次将附带权益分派给普通合伙人时，应由审计师确认附带权益的金额，有限合伙人应有权收到相关通知。

 

8.3Distribution Adjustments

8.3分派调整

 

If Partnership Receipts are applied in settlement of a Partner's Share of Partnership Liabilities in an amount exceeding that Partner's Share of those Partnership Receipts, there shall be deducted from current or future allocations of Partnership Receipts to that Partner an amount corresponding to that excess, which amount shall be allocated to those other Partners pro-rata to their respective Partner's Share of those Partnership Receipts applied in the settlement of the Partner's Share of those Partnership Liabilities.

如果合伙企业收入用于结算合伙人在合伙企业负债中所占份额超过该合伙人在合伙企业收入中所占份额的金额，则应从当前或未来分派给该合伙人的合伙企业收入中扣除与该超过部分相对应的金额，该金额应按比例分派给其他合伙人，比例为其他合伙人在用于结算合伙人在合伙企业负债中所占份额的合伙企业收入中各自所占份额。

 

示例三：

4.01 Distributions. Distributions shall be made at the times provided below:

4.01 分派。分派应在以下时间进行：

 

(a) Subject to paragraph 4.01(b), (i) Proceeds that are in the form of cash shall be distributed as soon as practicable following their receipt by the Partnership, (ii) Proceeds that are in the form of Marketable Securities shall be distributed within a reasonable period of time following the expiration or termination of all applicable lock-up agreements or periods, and (iii) all other proceeds shall be distributed at such time as determined by the General Partner in its sole discretion. Any in-kind Distribution shall be valued in accordance with paragraph 6.03.

（a）在遵守第4.01(b)款的规定的前提下，（i）现金形式的收益应在合伙企业收到后尽快分派，（ii）适销证券形式的收益应在所有相关锁定协议或期间届满或终止后的一段合理时间内分派，（iii）所有其他收益应在普通合伙人自行确定的该等时间进行分派。任何实物分派应按照第6.03款的规定进行估值。

 

(b)Notwithstanding anything to the contrary in this Agreement, the General Partner may withhold or setoff against any amounts otherwise distributable to the Partners (including any Distributions made pursuant to paragraph 9.02(c)(iii)) in order to make such provisions or payments pursuant to this paragraph 4.01(b) as the General Partner deems necessary or advisable for any and all liabilities and obligations, contingent, future, or otherwise, of the Pailnership (including any taxes, Partnership Expenses, Transaction Expenses, Organizational Expenses, and/or Management Fee). Any amounts so retained or paid will be deemed to have been distributed to, and subsequently recontributed by, the Partners as of the date received by the Partnership or as of such later date as the General Partner reasonably determines appropriate.

（b）尽管本协议中有任何相反规定，普通合伙人仍可扣留或抵销本应分派给合伙人的任何金额（包括根据第9.02(c)(iii)款作出的任何分派），以根据本第4.01(b)款的规定作出普通合伙人认为对合伙企业的任何及所有或有的、未来的或其他的债务和义务（包括任何税费、合伙企业费用、交易费用、组织费用和/或管理费）而言必要或可取的准备金预留或支付。如此保留或支付的金额将被视为已自合伙企业收到之日或普通合伙人合理确定的该等较晚日期向合伙人分派并由随后由合伙人重新分派。