Common use of Allocation of Net Income Clause in Contracts

Allocation of Net Income. Subject to Sections 10.04 through 10.18, net income for any fiscal year or portion thereof shall be allocated among the Members as follows: (a) First, to the Members until the aggregate allocations of net income to such Members pursuant to this Section 10.01(a) are equal to the aggregate allocations of net loss to such Members pursuant to Section 10.02(c), in proportion to such unoffset net losses; (b) Thereafter, to the Members until the aggregate allocations of net income to such Members pursuant to this Section 10.01(b) are equal to the aggregate allocations of net loss to such Members pursuant to Section 10.02(b), in proportion to such unoffset losses; (c) Thereafter, to the holders of the Preferred Shares until the aggregate allocations of net income to such holders pursuant to this Section 10.01(c) are equal to the aggregate allocations of net loss to such holders pursuant to Section 10.02(a) (in proportion to such unoffset net losses) to the extent such allocations of net loss caused the Capital Accounts of such holders to be less than the sum of (i) the aggregate Series A Preference Amount in respect of all of the Series A Preferred Shares held by such holders, (ii) the aggregate Series B Preference Amount in respect of all of the Series B Preferred Shares held by such holders and (iii) the aggregate Series C Preference Amount in respect of all of the Series C Preferred Shares held by such holders; and (d) Thereafter, to the Members in proportion to the number of Shares held by such Members (with each Preferred Share treated as the number of Common Shares into which such Preferred Share is then convertible).

Allocation of Net Income. Subject to Sections 10.04 9.04 through 10.189.17, net income for any fiscal year or portion thereof shall be allocated among the Members as follows: (a) First, to the Members until the aggregate allocations of net income to such Members pursuant to this Section 10.01(a9.01(a) are equal to the aggregate allocations of net loss to such Members pursuant to Section 10.02(c9.02(c), in proportion to such unoffset net losses; (b) Thereafter, to the Members until the aggregate allocations of net income to such Members pursuant to this Section 10.01(b9.01(b) are equal to the aggregate allocations of net loss to such Members pursuant to Section 10.02(b9.02(b), in proportion to such unoffset losses; (c) Thereafter, to the holders of the Preferred Shares Shares, on a pari passu basis, until the aggregate allocations of net income to such holders pursuant to this Section 10.01(c9.01(c) are equal to the aggregate allocations of net loss to such holders pursuant to Section 10.02(a9.02(a) (in proportion to such unoffset net losses) to the extent such allocations of net loss caused the Capital Accounts of such holders to be less than the sum of aggregate Initial Preferred Liquidation Amount (ias defined below) the aggregate Series A Preference Amount in respect of all of the Series A Preferred Shares held by such holders, (ii) the aggregate Series B Preference Amount in respect of all of the Series B Preferred Shares held by such holders and (iii) the aggregate Series C Preference Amount in respect of all of the Series C Preferred Shares held by such holders; and (d) Thereafter, to the Members in proportion to the number of Shares held by such Members (with each Preferred Share treated as the number of Common Shares into which such Preferred Share is then convertible).