Common use of Operating Income Clause in Contracts

Operating Income. For each Taxable Year, Operating Income shall be allocated in the following order of priority: (a) first, to each Partner until the aggregate amount allocated to each such Partner (and any predecessor in interest) under this Section 7.01(a) and under Section 7.04(a) for all prior and current periods is equal to the aggregate amount theretofore distributed for all prior and current periods to such Partner (and any predecessor in interest) pursuant to Sections 6.01(a), 6.01(b) and 6.03(a) hereof (as to each Partner the amount of such distributions in excess of such allocations being referred to herein as each such Partner's "Allocation Shortfall Amount") (and if there is insufficient Operating Income to make a full allocation under this Section 7.01(a), then pro rata to the Partners in proportion to their respective Allocation Shortfall Amounts); and (b) thereafter, to the Partners in accordance with their respective Sharing Ratios.