Net Income. Net Income for each taxable period (including a pro rata part of each item of income, gain, loss and deduction taken into account in computing Net Income for such taxable period) shall be allocated as follows: (i) First, to the General Partner until the aggregate amount of Net Income allocated to the General Partner pursuant to this Section 6.1(a)(i) for the current and all previous taxable periods is equal to the aggregate amount of Net Loss allocated to the General Partner pursuant to Section 6.1(b)(ii) for all previous taxable periods; and (ii) Second, the balance, if any, 100% to the Unitholders, Pro Rata.
Appears in 16 contracts
Samples: Limited Partnership Agreement (Oasis Midstream Partners LP), Contribution and Simplification Agreement (Oasis Petroleum Inc.), Contribution and Simplification Agreement (Oasis Midstream Partners LP)
Net Income. Net Income for each taxable period (including a pro rata part of each item all items of income, gain, loss and deduction taken into account in computing Net Income for such taxable period) shall be allocated as follows:
(i) First, to the General Partner until the aggregate amount of Net Income allocated to the General Partner pursuant to this Section 6.1(a)(i) for the current and all previous taxable periods is equal to the aggregate amount of Net Loss allocated to the General Partner pursuant to Section 6.1(b)(ii6.1(b)(iii) for all previous taxable periods; and
(ii) Second, the balance, if any, 100% to the Unitholders, Pro RataUnitholders in accordance with their respective Percentage Interests.
Appears in 4 contracts
Samples: Limited Partnership Agreement (Western Midstream Partners, LP), Limited Partnership Agreement (Western Midstream Operating, LP), Contribution Agreement and Agreement and Plan of Merger (Western Gas Partners LP)
Net Income. Net Income for each taxable period (including a pro rata part of each item of income, gain, loss and deduction taken into account in computing Net Income for such taxable period) shall be allocated as follows:
(i) First, to the General Partner until the aggregate amount of Net Income allocated to the General Partner pursuant to this Section 6.1(a)(i) for the current and all previous taxable periods is equal to the aggregate amount of Net Loss allocated to the General Partner pursuant to Section 6.1(b)(ii6.1(b)(iv) for all previous taxable periods; and
(ii) Second, the balance, if any, 100% to the Unitholders (other than the Series A Preferred Unitholders), Pro Rata.
Appears in 4 contracts
Samples: Limited Partnership Agreement (Dominion Energy Midstream Partners, LP), Limited Partnership Agreement (Dominion Midstream Partners, LP), Limited Partnership Agreement (Dominion Midstream Partners, LP)
Net Income. Net Income for each taxable period (including a pro rata part of each item of income, gain, loss and deduction taken into account in computing Net Income for such taxable period) shall be allocated as follows:
(i) First, to the General Partner until the aggregate amount of Net Income allocated to the General Partner pursuant to this Section 6.1(a)(i) for the current and all previous taxable periods is equal to the aggregate amount of Net Loss allocated to the General Partner pursuant to Section 6.1(b)(ii) for all previous taxable periods; and
(ii) Second, the The balance, if any, 100% to the Unitholders, Pro Rata.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Western Refining Logistics, LP), Limited Partnership Agreement (Arc Logistics Partners LP), Limited Partnership Agreement (Western Refining Logistics, LP)
Net Income. Net Income for each taxable period (including a pro rata part of each item of income, gain, loss and deduction taken into account in computing Net Income for such taxable period) shall be allocated as follows:
(i) First, to the General Partner until the aggregate amount of the Net Income allocated to the General Partner pursuant to this Section 6.1(a)(i) for the current and all previous taxable periods is equal to the aggregate amount of the Net Loss allocated to the General Partner pursuant to Section 6.1(b)(ii) for all previous taxable periods; and
(ii) Second, the The balance, if any, 100% to the General Partner and to the Unitholders, Pro Rata.
Appears in 2 contracts
Samples: Partnership Interests Exchange Agreement (Western Midstream Partners, LP), Limited Partnership Agreement (Western Midstream Partners, LP)
Net Income. Net Income for each taxable period (including a pro rata part of each item of income, gain, loss and deduction taken into account in computing Net Income for such taxable period) shall be allocated as follows:
(iA) First, to the General Partner until the aggregate amount of the Net Income allocated to the General Partner pursuant to this Section 6.1(a)(i6.1(a)(i)(A) for the current and all previous taxable periods is equal to the aggregate amount of the Net Loss allocated to the General Partner pursuant to Section 6.1(b)(ii6.1(a)(ii)(B) for all previous taxable periods; and
(iiB) Second, the The balance, if any, 100% to the Unitholders, Pro Rata.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Alon USA Partners, LP), Limited Partnership Agreement (Alon USA Partners, LP)
Net Income. Net Income for each taxable period (including a pro rata part of each item of income, gain, loss and deduction taken into account in computing Net Income for such taxable period) shall be allocated as follows:
(i) First, to the General Partner until the aggregate amount of the Net Income allocated to the General Partner pursuant to this Section 6.1(a)(i) for the current and all previous taxable periods is equal to the aggregate amount of the Net Loss allocated to the General Partner pursuant to Section 6.1(b)(ii) for all previous taxable periods; and
(ii) Second, the The balance, if any, 100% to the Unitholders, Pro Rata.
Appears in 2 contracts
Samples: Limited Partnership Agreement, Limited Partnership Agreement (Western Gas Equity Partners, LP)
Net Income. After giving effect to the special allocations in Section 6.1(d), Net Income for each taxable period (including a pro rata part of each item all items of income, gain, loss and deduction taken into account in computing Net Income for such taxable period) shall be allocated as follows:
(i) First, to the General Partner until the aggregate amount of Net Income allocated to the General Partner pursuant to this Section 6.1(a)(i) for the current and all previous taxable periods is equal to the aggregate amount of Net Loss allocated to the General Partner pursuant to Section 6.1(b)(ii) for all previous taxable periods; and
(ii) Second, the The balance, if any, 100% to the Unitholders, Pro Rata.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Noble Midstream Partners LP), Limited Partnership Agreement (Noble Midstream Partners LP)
Net Income. Net Income for each taxable period year (including a pro rata part of each item of income, gain, loss loss, and deduction taken into account in computing Net Income for such taxable periodyear) shall be allocated as follows:
(i) First, to the General Partner until the aggregate amount of Net Income allocated to the General Partner pursuant to this Section 6.1(a)(i) for the current and all previous taxable periods years is equal to the aggregate amount of Net Loss allocated to the General Partner pursuant to Section 6.1(b)(ii) for all previous taxable periodsyears; and
(ii) Second, the balance, if any, 100% to the Unitholders, Pro Rata.
Appears in 1 contract
Samples: Agreement of Limited Partnership (Alliance Resource Partners Lp)
Net Income. Net Income for each taxable period (including a pro rata part of each item of income, gain, loss and deduction taken into account in computing Net Income for such taxable period) shall be allocated as follows:
(i) First, to the General Partner until the aggregate amount of Net Income allocated to the General Partner pursuant to this Section 6.1(a)(i) for the current and all previous taxable periods is equal to the aggregate amount of Net Loss allocated to the General Partner pursuant to Section 6.1(b)(ii) for all previous taxable periods; and
(ii) Second, the balance, if any, 100% to the Unitholders, Pro Rata.. ENVIVA PARTNERS, LP FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP
Appears in 1 contract
Samples: Limited Partnership Agreement (Enviva Partners, LP)
