Common use of Allocation of Profits Clause in Contracts

Allocation of Profits. (a) After giving effect to the allocations set forth in Sections 8.6 and 8.7, Profits for any fiscal year other than Capital Transactions Gains shall be allocated as follows: (i) first, Profits and, if necessary, items of gross profit and income, shall be allocated to the holder of the Participation Interest, until the cumulative amount of Profits and items of gross profit and income allocated to such holder pursuant to this Section 8.4(a) with respect to its Participation Interest equals the cumulative amount of distributions made to such holder pursuant to Section 9.1 hereof with respect to its Participation Interest; and (ii) thereafter, Profits shall be allocated among the Partners in proportion to the number of Partnership Units held by each such Partner. (b) After giving effect to the allocations set forth in Sections 8.6 and 8.7, Capital Transaction Gains shall be computed separately with respect to each property and each such Capital Transaction Gain shall be allocated among the Partners as follows: (i) Each Partner that is not an Unaffiliated Limited Partner shall be allocated Capital Transaction Gain in an amount equal to the Percentage Interest attributable to such Partner’s Partnership Units, multiplied by the total amount of such Capital Transaction Gain. (ii) The remaining amount of such Capital Transaction Gain shall be allocated among the holders of the Participation Interests and the Unaffiliated Limited Partners (A) first, in proportion to, and until each such Partner has been allocated Capital Transaction Gains pursuant to this clause (A) in an amount equal to, the minimum amounts necessary to cause the Capital Account balances of such Partners to be in proportion to the Percentage Interests of such Partners and (B) thereafter, among such Partners in proportion to their respective Percentage Interests. (c) In the event that the Partnership issues or redeems Partnership Interests pursuant to Article III hereof, the Managing General Partner shall make such revisions to the method of allocating Profits in this Section 8.4 as it determines are necessary to reflect the terms of the issuance or redemption of Partnership Interests, including such revisions as are needed to ensure that such allocations (i) will comply with the terms of Regulation Sections 1.704-1 and -2, (ii) will properly reflect the varying interests of the Partners in the Partnership, and (iii) will cause the Capital Accounts of the Partners in respect of Partnership Interests held by them to be in the ratios in which the Partners are entitled to receive distributions with respect to their Partnership Interests pursuant to Article IX hereof.

Allocation of Profits. (a) After giving effect to the allocations set forth in Sections 8.6 and 8.7, Profits for any fiscal year other than Capital Transactions Gains shall be allocated as follows: (i) first, Profits and, if necessary, items of gross profit and income, shall be allocated to the holder of the Participation Interest, until the cumulative amount of Profits and items of gross profit and income allocated to such holder pursuant to this Section 8.4(a) with respect to its Participation Interest equals the cumulative amount of distributions made to such holder pursuant to Section 9.1 hereof with respect to its Participation Interest; and (ii) thereafter, Profits shall be allocated among the Partners in proportion to the number of Partnership OP Units held by each such Partner. (b) After giving effect to the allocations set forth in Sections 8.6 and 8.7, Capital Transaction Gains shall be computed separately with respect to each property and each such Capital Transaction Gain shall be allocated among the Partners as follows: (i) Each Partner that is not an Unaffiliated Limited Partner shall be allocated Capital Transaction Gain in an amount equal to the Percentage Interest attributable to such Partner’s Partnership OP Units, multiplied by the total amount of such Capital Transaction Gain. (ii) The remaining amount of such Capital Transaction Gain shall be allocated among the holders of the Participation Interests and the Unaffiliated Limited Partners (A) first, in proportion to, and until each such Partner has been allocated Capital Transaction Gains pursuant to this clause (A) in an amount equal to, the minimum amounts necessary to cause the Capital Account balances of such Partners to be in proportion to the Percentage Interests of such Partners and (B) thereafter, among such Partners in proportion to their respective Percentage Interests. (c) In hi the event that the Partnership issues or redeems Partnership Interests pursuant to Article III hereof, the Managing General Partner shall make such revisions to the method of allocating Profits in this Section 8.4 as it determines are necessary to reflect the terms of the issuance or redemption of Partnership Interests, including such revisions as are needed to ensure that such allocations (i) will comply with the terms of Regulation Sections 1.704-1 and -2, (ii) will properly reflect the varying interests of the Partners in the Partnership, and (iii) will cause the Capital Accounts of the Partners in respect of Partnership Interests held by them to be in the ratios in which the Partners are entitled to receive distributions with respect to their Partnership Interests pursuant to Article IX hereof.

Allocation of Profits. (a) After giving effect to the allocations set forth in Sections 8.6 and 8.7, Profits for any fiscal year other than Capital Transactions Gains shall be allocated as follows: (i) first, Profits and, if necessary, items of gross profit and income, shall be allocated to the holder of the Participation Interest, until the cumulative amount of Profits and items of gross profit and income allocated to such holder pursuant to this Section 8.4(a) with respect to its Participation Interest equals the cumulative amount of distributions made to such holder pursuant to Section 9.1 hereof with respect to its Participation Interest; and (ii) thereafter, Profits shall be allocated among the Partners in proportion to the number of Partnership Units held by each such Partner. (b) After giving effect to the allocations set forth in Sections 8.6 and 8.7, Capital Transaction Gains shall be computed separately with respect to each property and each such Capital Transaction Gain shall be allocated among the Partners as follows: (i) Each Partner that is not an Unaffiliated Limited Partner shall be allocated Capital Transaction Gain first, among the Partners in an amount equal proportion to, and to the Percentage Interest attributable to extent of, any deficit balance in each such Partner’s Partnership Units, multiplied by the total amount of such 's Capital Transaction Gain.Account; (ii) The remaining amount of such Capital Transaction Gain shall be allocated second, among the holders of the Participation Interests and the Unaffiliated Limited Partners (A) first, in proportion to, and until each such Partner has been allocated Capital Transaction Gains Profits pursuant to this clause (Aii) in an amount equal to, the minimum amounts necessary to cause the Capital Account balances of such the Partners to be in proportion to the Percentage Interests of such Partners and the Partners; and (Biii) thereafter, among such the Partners in proportion to their respective Percentage Interests. (c) In the event that the Partnership issues or redeems Partnership Interests pursuant to Article III hereof, the Managing General Partner shall make such revisions to the method of allocating Profits in this Section 8.4 as it determines are necessary to reflect the terms of the issuance or redemption of Partnership Interests, including such revisions as are needed to ensure that such allocations (i) will comply with the terms of Regulation Sections 1.704-1 and -2, (ii) will properly reflect the varying interests of the Partners in the Partnership, and (iii) will cause the Capital Accounts of the Partners in respect of Partnership Interests held by them to be in the ratios in which the Partners are entitled to receive distributions with respect to their Partnership Interests pursuant to Article IX hereof.

Allocation of Profits. (a) After giving effect to the allocations set forth in Sections 8.6 and 8.7, Profits for any fiscal year other than Capital Transactions Gains shall be allocated as follows: (ia) first, Profits and, if necessary, items of gross profit and income, shall be allocated to the holder of the Participation Interest, until the cumulative amount of Profits and items of gross profit and income allocated to such holder pursuant to this Section 8.4(a) with respect to its Participation Interest equals the cumulative amount of distributions made to such holder pursuant to Section 9.1 hereof with respect to its Participation Interest; and (iib) thereafter, Profits shall be allocated among the Partners in proportion to the number of Partnership Units held by each such Partner. (b) After giving effect to the allocations set forth in Sections 8.6 and 8.7, Capital Transaction Gains shall be computed separately with respect to each property and each such Capital Transaction Gain shall be allocated among the Partners as follows: (ia) Each Partner that is not an Unaffiliated Limited Partner shall be allocated Capital Transaction Gain in an amount equal to the Percentage Interest attributable to such Partner’s Partnership Units, multiplied by the total amount of such Capital Transaction Gain. (iib) The remaining amount of such Capital Transaction Gain shall be allocated among the holders of the Participation Interests and the Unaffiliated Limited Partners (A) first, in proportion to, and until each such Partner has been allocated Capital Transaction Gains pursuant to this clause (A) in an amount equal to, the minimum amounts necessary to cause the Capital Account balances of such Partners to be in proportion to the Percentage Interests of such Partners and (B) thereafter, among such Partners in proportion to their respective Percentage Interests. (c) In the event that the Partnership issues or redeems Partnership Interests pursuant to Article III hereof, the Managing General Partner shall make such revisions to the method of allocating Profits in this Section 8.4 as it determines are necessary to reflect the terms of the issuance or redemption of Partnership Interests, including such revisions as are needed to ensure that such allocations (i) will comply with the terms of Regulation Sections 1.704-1 and -2, (ii) will properly reflect the varying interests of the Partners in the Partnership, and (iii) will cause the Capital Accounts of the Partners in respect of Partnership Interests held by them to be in the ratios in which the Partners are entitled to receive distributions with respect to their Partnership Interests pursuant to Article IX hereof.

Allocation of Profits. (a) After giving effect to the allocations set forth in Sections 8.6 and 8.7, Profits for any fiscal year other than Capital Transactions Gains shall be allocated as follows: : (i) first, Profits and, if necessary, items of gross profit and income, shall be allocated to the holder of the Participation Interest, until the cumulative amount of Profits and items of gross profit and income allocated to such holder pursuant to this Section 8.4(a) with respect to its Participation Interest equals the cumulative amount of distributions made to such holder pursuant to Section 9.1 hereof with respect to its Participation Interest; and (ii) thereafter, Profits shall be allocated among the Partners in proportion to the number of Partnership Units held by each such Partner.holder (b) After giving effect to the allocations set forth in Sections 8.6 and 8.7, Capital Transaction Gains shall be computed separately with respect to each property and each such Capital Transaction Gain shall be allocated among the Partners as follows: : (i) Each Partner that is not an Unaffiliated Limited Partner shall be allocated Capital Transaction Gain in an amount equal to the Percentage Interest attributable to such Partner’s Partnership Units, multiplied by the total amount of such Capital Transaction Gain. . (ii) The remaining amount of such Capital Transaction Gain shall be allocated among the holders of the Participation Interests and the Unaffiliated Limited Partners (A) first, in proportion to, and until each such Partner has been allocated Capital Transaction Gains pursuant to this clause (A) in an amount equal to, the minimum amounts necessary to cause the Capital Account balances of such Partners to be in proportion to the Percentage Interests of such Partners and (B) thereafter, among such Partners in proportion to their respective Percentage Interests. . (c) In the event that the Partnership issues or redeems Partnership Interests pursuant to Article III hereof, the Managing General Partner shall make such revisions to the method of allocating Profits in this Section 8.4 as it determines are necessary to reflect the terms of the issuance or redemption of Partnership Interests, including such revisions as are needed to ensure that such allocations (i) will comply with the terms of Regulation Sections 1.704-1 and -2, (ii) will properly reflect the varying interests of the Partners in the Partnership, and (iii) will cause the Capital Accounts of the Partners in respect of Partnership Interests held by them to be in the ratios in which the Partners are entitled to receive distributions with respect to their Partnership Interests pursuant to Article IX hereof.