Common use of Allocations of Profits and Losses Clause in Contracts

Allocations of Profits and Losses. No partner shall be given priority or preference with respect to other partners in obtaining a return of capital contributions, distributions or allocations of the income, gains, losses, deductions, credits or other items of the General Partnership. The profits and losses of the General Partnership, and all items of its income, gain, loss, deduction and credit shall be allocated to partners

Allocations of Profits and Losses. No partner shall be given priority or preference with respect to other partners in obtaining a return of capital contributions, distributions or allocations of the income, gains, losses, deductions, credits or other items of the General Partnership. The profits and losses of the General Partnership, and all items of its income, gain, loss, deduction and credit shall be allocated to partnerspartners according to each partner's percentage interest in this General Partnership.