Common use of Allocations of Net Income Clause in Contracts

Allocations of Net Income. Except as otherwise provided herein, Net Income for any Partnership Year or other applicable period shall be allocated in the following order and priority: (i) First, to the General Partner to the extent the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (b)(v) below exceeds the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (a)(i); (ii) Second, to each Obligated Partner until the cumulative Net Income allocated to such Obligated Partner pursuant to this subparagraph (a)(ii) equals the cumulative Net Loss allocated to such Obligated Partner under subparagraph (b)(iv) below (and, among the Obligated Partners, pro rata in proportion to their respective percentages of the cumulative Net Loss allocated to all Obligated Partners pursuant to subparagraph (b)(iv) below); (iii) Third, to the General Partner until the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (a)(iii) equals the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (b)(iii) below; (iv) Fourth, to the holders of any Partnership Interests that are entitled to any preference upon liquidation until the cumulative Net Income allocated under this subparagraph (iv) equals the cumulative Net Loss allocated to such Partners under subparagraph (b)(ii); (v) Fifth, to the holders of any Partnership Interest that is entitled to any preference in distribution in accordance with the rights of any other class of Partnership Interests until each such Partnership Interest has been allocated, on a cumulative basis pursuant to this subparagraph (a)(v), Net Income equal to the amount of distributions received which are attributable to such preference with respect to such class of Partnership Interest (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is made); (vi) Thereafter, with respect to Partnership Interests (other than the Class B Interest) that are not entitled to any preference in distribution or with respect to which distributions are not limited to any preference in distribution, pro rata to each such class in accordance with their Percentage Interests (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being made).

Allocations of Net Income. Except as otherwise provided herein, Net Income for any Partnership Year or other applicable period shall be allocated in the following order and priority: (i) First, to the General Partner to the extent the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (b)(vB)(v) below exceeds the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (a)(iA)(i); (ii) Second, to each Obligated Partner until the cumulative Net Income allocated to such Obligated Partner pursuant to this subparagraph (a)(iiA)(ii) equals the cumulative Net Loss allocated to such Obligated Partner under subparagraph (b)(ivB)(iv) below (and, among the Obligated Partners, pro rata in proportion to their respective percentages of the cumulative Net Loss allocated to all Obligated Partners pursuant to subparagraph (b)(ivB)(iv) below); (iii) Third, to the General Partner until the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (a)(iiiA)(iii) equals the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (b)(iiiB)(iii) below; (iv) Fourth, to the holders of any Partnership Interests that are entitled to any preference upon liquidation until the cumulative Net Income allocated under this subparagraph (iv) equals the cumulative Net Loss allocated to such Partners under subparagraph (b)(iiB)(ii); (v) Fifth, to the holders of any Partnership Interest that is entitled to any preference in distribution in accordance with the rights of any other class of Partnership Interests until each such Partnership Interest has been allocated, on a cumulative basis pursuant to this subparagraph (a)(vA)(v), Net Income equal to the amount of distributions received which are attributable to such preference with respect to such class of Partnership Interest (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is made); (vi) Thereafter, with respect to Partnership Interests (other than the Class B Interest) that are not entitled to any preference in distribution or with respect to which distributions are not limited to any preference in distribution, pro rata to each such class in accordance with their Percentage Interests (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being made).

Allocations of Net Income. Except as otherwise provided herein, Net Income for any Partnership Year or other applicable period shall be allocated in the following order and priority: (i) First, to the General Partner to the extent the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (b)(v) below exceeds the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (a)(i); (ii) Second, to each Obligated Partner until the cumulative Net Income allocated to such Obligated Partner pursuant to this subparagraph (a)(ii) equals the cumulative Net Loss allocated to such Obligated Partner under subparagraph (b)(iv) below (and, among the Obligated Partners, pro rata in proportion to their respective percentages of the cumulative Net Loss allocated to all Obligated Partners pursuant to subparagraph (b)(iv) below); (iii) Third, to the General Partner until the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (a)(iii) equals the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (b)(iii) below; (iv) Fourth, to the holders of any Partnership Interests that are entitled to any preference upon liquidation until the cumulative Net Income allocated under this subparagraph (iv) equals the cumulative Net Loss allocated to such Partners under subparagraph (b)(ii); (v) Fifth, to the holders of any Partnership Interest that is entitled to any preference in distribution in accordance with the rights of any other class of Partnership Interests until each such Partnership Interest has been allocated, on a cumulative basis pursuant to this subparagraph (a)(v), Net Income equal to the amount of distributions received which are attributable to such preference with respect to such class of Partnership Interest (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is made); (vi) Sixth, until the Economic Capital Account Balances of the Class A Interest and the Class C Interest are in accordance with their respective Percentage Interests in the Partnership, (1) to the Class C Partner until such Partner has been allocated, on a cumulative basis pursuant to this subparagraph (vi), Net Income in an amount equal to the amount of distributions received by such Partner and then (2) to the Class A Unitholders until each such Unitholder has been allocated an amount equal to the amount of distributions received by such Partner for such Partnership Year; and (vii) Thereafter, with respect to Partnership Interests (other than the Class B Interest) that are not entitled to any preference in distribution or with respect to which distributions are not limited to any preference in distribution, pro rata to each such class in accordance with their Percentage Interests (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being made). Allocation of Net Income (or items thereof) pursuant to Section 6.01.A(vi) and (vii) above shall be adjusted as determined by the General Partner in its sole discretion to reflect any change in economic terms of the Partnership Interests resulting from the conversion of the Class B Interest into a special Limited Partnership Interest pursuant to Section 8.07.