Common use of Allocation of Items of Profit and Loss Clause in Contracts

Allocation of Items of Profit and Loss. Subject to the provisions of ARTICLE IV hereof, the Partnership's Gross Income, items of loss or deduction and Adjusted Net Income or Loss and Book Gain or Loss for each Fiscal Year shall be allocated to the Partners as follows and in the following order of priority (after giving effect to all Capital Account adjustments attributable to contributions and distributions of money and property, but prior to distributions of money and property made pursuant to Section 10.4 of the Agreement):

Allocation of Items of Profit and Loss. Subject to the provisions of ARTICLE IV hereof, the Partnership's Gross Income, items of loss or deduction and Adjusted Net Income or Loss and Book Gain or Loss for each Fiscal Year shall be allocated to the Partners as follows and in the following order of priority (after giving effect to all Capital Account adjustments attributable to contributions and distributions of money and property, but prior to distributions of money and property made pursuant to Section SECTION 10.4 of the Agreement):