Common use of Special Loss Allocation Clause in Contracts

Special Loss Allocation. After giving effect to the special allocations set forth in Sections 3.04 and 3.05 and the allocations of Profits or Losses set forth in Sections 3.01 or 3.02, as the case maybe, in the event that in any Allocation Year the aggregate items of loss realized or deemed to be realized by the Partnership from the sale, disposition or adjustment to the Gross Asset Values of Permitted Assets is greater than the aggregate items of gain realized or deemed to be realized by the Partnership from the sale, disposition or adjustment to the Gross Asset Values of Permitted Assets, items of loss equal to such excess shall be specially allocated as follows: (a) First, to the Partners in proportion to and to the extent of the remainder, if any, of (i) the cumulative Profits allocated to each Partner pursuant to Section 3.01(f) for the current 30 and all prior Allocation Years, minus (ii) the sum of (A) the cumulative Losses allocated to such Partner pursuant to Section 3.02(a) for the current and all prior Allocation Years, and (B) the cumulative items of loss allocated to such Partner pursuant to this Section 3.03(a) for all prior Allocation Years; (b) Second, to the General Partner and the Class B Limited Partners in proportion to and to the extent of the remainder, if any, of (i) the cumulative Profits allocated to each such Partner pursuant to Section 3.01(e) for the current and all prior Allocation Years, minus (ii) the sum of (A) the cumulative Losses allocated to such Partner pursuant to Section 3.02(b) for the current and all prior Allocation Years, and (B) the cumulative items of loss allocated to such Partner pursuant to this Section 3.03(b) for all prior Allocation Years; (c) Third, 99% to the General Partner and the Class B Limited Partners in proportion to their Percentage Interests and 1% to the Class A Limited Partners in proportion to their Percentage Interests until the Capital Account of the General Partner and each Class B Limited Partner is equal to zero; (d) Fourth, 100% to the Class A Limited Partners in proportion to their Percentage Interests until each Class A Limited Partner's Capital Account is equal to zero; and (e) Fifth, the balance, if any, 100% to the General Partner.

Special Loss Allocation. After giving effect to the special allocations set forth in Sections 3.04 and 3.05 and the allocations of Profits or Losses set forth in Sections 3.01 or 3.02, as the case maybe, in the event that in any Allocation Year the aggregate items of loss realized or deemed to be realized by the Partnership from the sale, disposition or adjustment to the Gross Asset Values of Permitted Assets is greater than the aggregate items of gain realized or deemed to be realized by the Partnership from the sale, disposition or adjustment to the Gross Asset Values of Permitted Assets, items of loss equal to such excess shall be specially allocated as follows: (a) First, to the Partners in proportion to and to the extent of the remainder, if any, of (i) the cumulative Profits allocated to each Partner pursuant to Section 3.01(f) for the current 30 and all prior Allocation Years, minus (ii) the sum of (A) the cumulative Losses allocated to such Partner pursuant to Section 3.02(a) for the current and all prior Allocation Years, and (B) the cumulative items of loss allocated to such Partner pursuant to this Section 3.03(a) for all prior Allocation Years; (b) Second, to the General Partner and the Class B Limited Partners in proportion to and to the extent of the remainder, if any, of (i) the cumulative Profits allocated to each such Partner pursuant to Section 3.01(e) for the current and all prior Allocation Years, minus (ii) the sum of (A) the cumulative Losses allocated to such Partner pursuant to Section 3.02(b) for the current and all prior Allocation Years, and (B) the cumulative items of loss allocated to such Partner pursuant to this Section 3.03(b) for all prior Allocation Years; (c) Third, 99% to the General Partner and the Class B Limited Partners in proportion to their Percentage Interests and 1% to the Class A Limited Partners in proportion to their Percentage Interests until the Capital Account of the General Partner and each Class B Limited Partner is equal to zero; (d) Fourth, 100% to the Class A Limited Partners in proportion to their Percentage Interests until each Class A Limited Partner's Capital Account is equal to zero; and (e) Fifth, the balance, if any, 100% to the General Partner.