Common use of Allocations of Net Income and Net Loss Clause in Contracts

Allocations of Net Income and Net Loss. Except as otherwise provided in this Agreement, for each taxable year or portion thereof, Net Income, Net Loss and, to the extent necessary, individual items of income, gain, loss or deduction, of the Partnership shall be allocated among the Partners as follows: (i) first, if the Partnership has Net Income for any taxable year or portion thereof, such Net Income shall be allocated to the Partners holding Series A Redeemable Preferred Units in proportion to their respective Percentage Interests to the extent of and until such Partners have received allocations of Net Income equal to the aggregate amount of distributions made to such Partners pursuant to Section 5.1(a)(i); and (ii) thereafter, to the Partners holding GP Units and Class A Units in accordance with each such Partner’s respective Percentage Interest; provided, that for the avoidance of doubt, Net Loss, and to the extent necessary, individual items of loss or deductions shall only be allocable to Partners holding GP Units and Class A Units.

Allocations of Net Income and Net Loss. Except as otherwise provided in this Agreement, for each taxable year or portion thereof, Net Income, Net Loss and, to the extent necessary, individual items of income, gain, loss or deduction, of the Partnership shall be allocated among the Partners as follows: (i) first, if the Partnership has Net Income for any taxable year or portion thereof, such Net Income shall be allocated to the Partners holding Series A Redeemable Preferred Units in proportion to their respective Percentage Interests accrued Preferred Returns, with respect to such taxable year or portion thereof, to the extent of and until such Partners have received allocations of Net Income equal to the aggregate amount of distributions made to such Partners pursuant to Section 5.1(a)(i); and (ii) thereafter, to the Partners holding GP Units and Class A Units pro rata and pari passu in accordance with proportion to each such Partner’s respective Percentage Interest; provided, that for the avoidance of doubt, Net Loss, and to the extent necessary, individual items of loss or deductions shall only be allocable to Partners holding GP Units and Class A Units.