Common use of Net Income and Net Losses Clause in Contracts

Net Income and Net Losses. After giving effect to the special allocation provisions set forth in Section 4.2, which special allocations shall take precedence over any allocations made pursuant to this Section 4.1, (a) the Net Income for each Fiscal Period of the Partnership shall be allocated as follows: (i) First, to each Holder in an amount equal to the excess, if any, of (A) all Net Losses, if any, allocated to each such Holder from the date of issuance of the Preferred Partnership Security through and including the close of such Fiscal Period pursuant to Section 4.1(b)(ii) below over (B) the amount of Net Income, if any, allocated to each such Holder pursuant to this Section 4.1(a)(i) in all prior Fiscal Periods. (ii) Second, to the Holders in an amount equal to the excess of (A) the Preferred Return accumulated on the Preferred Partnership Securities from the date of their issuance through and including the last day of such Fiscal Year, over (B) the amount of Net Income allocated to the Holders pursuant to this Section 4.1(a)(ii) in all prior Fiscal Periods. Amounts allocated to the Holders shall be allocated among such Holders in proportion to the number of Preferred Partnership Securities held by such Holders. (iii) Any remaining Net Income shall be allocated to the General Partner. (b) The Net Loss for any Fiscal Period of the Partnership shall be allocated as follows: (i) First, to the General Partner until the balance of the General Partner's Capital Account is reduced to zero, provided, however, that the aggregate amount of Net Losses allocated to the General Partner pursuant to this Section 4.1(b)(i) shall not exceed the sum of 14% of the total capital contributions of all Partners plus the aggregate Net Income allocated to the General Partner pursuant to this Section 4.1. (ii) Second, to the Holders in proportion to their respective aggregate Capital Account balances, until the Capital Account balances of such Holders are reduced to zero. (iii) Any remaining Net Loss shall be allocated to the General Partner.

Net Income and Net Losses. After giving effect to the special allocation provisions set forth in Section 4.2, which special allocations shall take precedence over any allocations made pursuant to this Section 4.1, (a) the Partnership's Net Income for each Fiscal Period of the Partnership shall be allocated as follows: (i) First, to each Holder of a Preferred Partnership Security in an amount equal to the excess, if any, of (Ax) all Net Losses, if any, allocated to each such Holder from the date of issuance of the Preferred Partnership Security through and including the close of such Fiscal Period pursuant to Section 4.1(b)(ii) below over (By) the amount of Net Income, if any, allocated to each such Holder pursuant to this Section 4.1(a)(i) in all prior Fiscal Periods. (ii) Second, to the Holders in of the Preferred Partnership Securities, an amount of Net Income equal to the excess of (Ax) the Preferred Return accumulated on the Preferred Partnership Securities from the date of their issuance through and including the last day of such Fiscal Year, over (By) the amount of Net Income allocated to the Holders of the Preferred Partnership Securities pursuant to this Section 4.1(a)(ii) in all prior Fiscal Periods. Amounts allocated to the all Preferred Partnership Security Holders shall be allocated among such Holders in proportion to the number of Preferred Partnership Securities held by such Holders. (iii) Any remaining Net Income shall be allocated to the General Partner. (b) The Partnership's Net Loss for any Fiscal Period of the Partnership shall be allocated as follows: (i) First, to the General Partner until the balance of the General Partner's Capital Account is reduced to zero, provided, however, that the aggregate amount of Net Losses allocated to the General Partner pursuant to this Section 4.1(b)(i) shall not exceed the sum of 14% of the total capital contributions of all Partners plus the aggregate Net Income allocated to the General Partner pursuant to this Section 4.1. (ii) Second, to among the Holders of Preferred Partnership Securities in proportion to their respective aggregate Capital Account balances, until the Capital Account balances of such Holders are reduced to zero. (iii) Any remaining Net Loss shall be allocated to the General Partner.