Common use of Net Profit Clause in Contracts

Net Profit. Except as otherwise provided herein, Net Profit for any fiscal year or other applicable period shall be allocated in the following order and priority: (i) first, to the General Partner in respect of its Series A Preferred Partnership Units and its Series B Preferred Partnership Units to the extent that Net Loss previously allocated to such holder pursuant to Section 5.01(b)(iii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to the General Partner pursuant to this Section 5.01(a)(i) for all prior fiscal years or other applicable periods, (ii) second, to the General Partner and the Limited Partners holding Common Units in proportion to their respective Percentage Interests to the extent that Net Loss previously allocated to such holders pursuant to Section 5.01(b)(ii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to such Partners pursuant to this Section 5.01(a)(ii) for all prior fiscal years or other applicable periods, (iii) third, to the General Partner in respect of its Series A Preferred Partnership Units and its Series B Preferred Partnership Units until it has been allocated Net Profit equal to the excess of (x) the cumulative amount of distributions the General Partner has received for all fiscal years or other applicable period or to the date of redemption, to the extent such Series A Preferred Partnership Units and such Series B Preferred Partnership Units are redeemed during such period, over (y) the cumulative Net Profit allocated to the General Partner, pursuant to this Section 5.01(a)(iii) for all prior fiscal years or other applicable periods, and (iv) thereafter, to the Partners holding Common Units in accordance with their respective Percentage Interests.

Net Profit. Except as otherwise provided herein, Net Profit for any fiscal year or other applicable period shall be allocated in the following order and priority: (i) first, to the General Partner in respect of its Series A Preferred Partnership Units and its Series B Preferred Partnership Units to the extent that Net Loss previously allocated to such holder holders pursuant to Section 5.01(b)(iii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to the General Partner such Partners pursuant to this Section 5.01(a)(i) for all prior fiscal years or other applicable periods, (ii) second, to the General Partner and the Limited Partners holding Common Units in proportion to their respective Percentage Interests to the extent that Net Loss previously allocated to such holders pursuant to Section 5.01(b)(ii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to such Partners pursuant to this Section 5.01(a)(ii) for all prior fiscal years or other applicable periods, (iii) third, to the General Partner in respect of its Series A Preferred Partnership Units and its Series B Preferred Partnership Units until it has been allocated Net Profit equal to the excess of (x) the cumulative amount of distributions the General Partner has received for all fiscal years or other applicable period or to the date of redemption, to the extent such Series A Preferred Partnership Units and such Series B Preferred Partnership Units are redeemed during such period, over (y) the cumulative Net Profit allocated to the General Partner, pursuant to this Section 5.01(a)(iii) for all prior fiscal years or other applicable periods, and (iv) thereafter, to the Partners holding Common Units in accordance with their respective Percentage Interests.

Net Profit. Except as otherwise provided herein, Net Profit for any fiscal year or other applicable period shall be allocated in the following order and priority: (i) first, to the General Partner in respect holders of its 5% Series A Preferred Partnership Units and its Series B Preferred Partnership Units in accordance with their Percentage Interests, to the extent that Net Loss previously allocated to such holder Partners pursuant to Section 5.01(b)(iii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to the General Partner such Partners pursuant to this Section 5.01(a)(i) for all prior fiscal years or other applicable periods, (ii) second, to the General Partner and the Limited Partners holding holders of Common Units in proportion to accordance with their respective Percentage Interests Interests, to the extent that Net Loss previously allocated to such holders Partners pursuant to Section 5.01(b)(ii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to such Partners pursuant to this Section 5.01(a)(ii) for all prior fiscal years or other applicable periods, (iii) third, to the General Partner in respect of its Limited Partners holding 5% Series A Preferred Partnership Units and its in accordance with their Preferred Percentage Interests, until each such 5% Series B A Preferred Partnership Units until it Unit has been allocated Net Profit equal to the excess of (x) the cumulative amount of preferred distributions the General Partner has such Limited Partners have received for all fiscal years or other applicable period or to the date of redemption, to the extent such 5% Series A Preferred Partnership Units and such Series B Preferred Partnership Units are redeemed during such periodperiod (excluding any distributions in respect of the liquidation preference), over (y) the cumulative Net Profit allocated to the General Partner, such Limited Partners pursuant to this Section 5.01(a)(iii) for all prior fiscal years or other applicable periods, and, (iv) thereafterfourth, to the Partners holding Common Units in accordance with their respective Common Percentage Interests.

Net Profit. Except as otherwise provided herein, Net Profit for any fiscal year or other applicable period shall be allocated in the following order and priority: (i) first, to the General Partner in respect of its Series A B Preferred Partnership Units, its Series C Preferred Partnership Units and its Series B D Preferred Partnership Units Units, to the extent that Net Loss previously allocated to such holder pursuant to Section 5.01(b)(iii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to the General Partner pursuant to this Section 5.01(a)(i) for all prior fiscal years or other applicable periods, (ii) second, to the General Partner and the Limited Partners holding Common Units in proportion to their respective Percentage Interests to the extent that Net Loss previously allocated to such holders pursuant to Section 5.01(b)(ii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to such Partners pursuant to this Section 5.01(a)(ii) for all prior fiscal years or other applicable periods, (iii) third, to the General Partner in respect of its Series A B Preferred Partnership Units, its Series C Preferred Partnership Units and its Series B D Preferred Partnership Units Units, until it has been allocated Net Profit equal to the excess of (x) the cumulative amount of distributions the General Partner has received for all fiscal years or other applicable period or to the date of redemption, to the extent such Series A B Preferred Partnership Units, Series C Preferred Partnership Units and such Series B D Preferred Partnership Units are redeemed during such period, over (y) the cumulative Net Profit allocated to the General Partner, pursuant to this Section 5.01(a)(iii) for all prior fiscal years or other applicable periods, and (iv) thereafter, to the Partners holding Common Units in accordance with their respective Percentage Interests.

Net Profit. Except as otherwise provided herein, Net Profit for any fiscal year or other applicable period shall be allocated in the following order and priority: (i) first, to the General Partner in respect of its Limited Partners holding Series A Preferred Partnership Units, pro rata in proportion to the respective share of such Series A Preferred Units and its Series B Preferred Partnership Units each Limited Partner holds, to the extent that Net Loss previously allocated to such holder holders pursuant to Section 5.01(b)(iii5.01(b)(v) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to the General Partner such Partners pursuant to this Section 5.01(a)(i) for all prior fiscal years or other applicable periods, (ii) second, to the General Partner and the Limited Partners holding Common Partnership Units in proportion to their respective Percentage Interests to the extent that Net Loss previously allocated to such holders pursuant to Section 5.01(b)(ii5.01(b)(iii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to such Partners pursuant to this Section 5.01(a)(ii) for all prior fiscal years or other applicable periods, (iii) third, to the General Partner in respect of its Limited Partners holding Series A Preferred Partnership Units and its Series B Preferred Partnership Units until it each such Series A Preferred Unit has been allocated Net Profit equal to the excess of (x) the cumulative amount of preferred distributions the General Partner has such Limited Partners have received for all fiscal years or other applicable period or to the date of redemption, to the extent such Series A Preferred Partnership Units and such Series B Preferred Partnership Units are redeemed during such period, over (y) the cumulative Net Profit allocated to the General Partnersuch Limited Partners, pursuant to this Section 5.01(a)(iii) for all prior fiscal years or other applicable periodsperiods (and, within each such class, pro rata in proportion to the respective share of such Series A Preferred Units each Limited Partner holds as of the last day of the period for which such allocation is being made), (iv) fourth, to the General Partner until the aggregate amount of Net Profit allocated to the General Partner under this Section 5.01(a)(iv) for the current and all prior years equals the aggregate Preferred Return distributed to the General Partner under Section 5.02(a)(i) for the current and all prior years, taking into account the distributions to the General Partner that are deemed to have been distributed on December 31 of each year pursuant to Section 5.02(f) hereof, (v) fifth, to the Limited Partners holding Partnership Units in accordance with their respective Percentage Interests until the aggregate amount of Net Profit allocated to such Limited Partners under this Section 5.01(a)(v) for the current and all prior years equals the aggregate Preferred Return distributed to such Limited Partners for the current and all prior years, and (ivvi) thereafter, to the Partners holding Common Partnership Units in accordance with their respective Percentage Interests.

Net Profit. Except as otherwise provided herein, Net Profit for any fiscal year or other applicable period shall be allocated in the following order and priority: (i) first, to the General Partner in respect of its Series A B Preferred Partnership Units and its Series B C Preferred Partnership Units Units, to the extent that Net Loss previously allocated to such holder pursuant to Section 5.01(b)(iii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to the General Partner pursuant to this Section 5.01(a)(i) for all prior fiscal years or other applicable periods, (ii) second, to the General Partner and the Limited Partners holding Common Units and LTIP Units in proportion to their respective Percentage Interests to the extent that Net Loss previously allocated to such holders pursuant to Section 5.01(b)(ii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to such Partners pursuant to this Section 5.01(a)(ii) for all prior fiscal years or other applicable periods, (iii) third, to the General Partner in respect of its Series A B Preferred Partnership Units and its Series B C Preferred Partnership Units Units, until it has been allocated Net Profit equal to the excess of (x) the cumulative amount of distributions the General Partner has received for all fiscal years or other applicable period or to the date of redemption, to the extent such Series A B Preferred Partnership Units and such Series B C Preferred Partnership Units are redeemed during such period, over (y) the cumulative Net Profit allocated to the General Partner, pursuant to this Section 5.01(a)(iii) for all prior fiscal years or other applicable periods, and (iv) thereafter, to the Partners holding Common Units and LTIP Units in accordance with their respective Percentage Interests.

Net Profit. Except as otherwise provided herein, Net Profit for any fiscal year or other applicable period shall be allocated in the following order and priority: (i) first, to the General Partner in respect of its Series A C Preferred Partnership Units, its Series D Preferred Partnership Units and its Series B E Preferred Partnership Units Units, to the extent that Net Loss previously allocated to such holder pursuant to Section 5.01(b)(iii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to the General Partner pursuant to this Section 5.01(a)(i) for all prior fiscal years or other applicable periods, (ii) second, to the General Partner and the Limited Partners holding Common Units in proportion to their respective Percentage Interests to the extent that Net Loss previously allocated to such holders pursuant to Section 5.01(b)(ii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to such Partners pursuant to this Section 5.01(a)(ii) for all prior fiscal years or other applicable periods, (iii) third, to the General Partner in respect of its Series A C Preferred Partnership Units, its Series D Preferred Partnership Units and its Series B E Preferred Partnership Units Units, until it has been allocated Net Profit equal to the excess of (x) the cumulative amount of distributions the General Partner has received for all fiscal years or other applicable period or to the date of redemption, to the extent such Series A C Preferred Partnership Units, Series D Preferred Partnership Units and such Series B E Preferred Partnership Units are redeemed during such period, over (y) the cumulative Net Profit allocated to the General Partner, pursuant to this Section 5.01(a)(iii) for all prior fiscal years or other applicable periods, and (iv) thereafter, to the Partners holding Common Units in accordance with their respective Percentage Interests.

Net Profit. Except as otherwise provided herein, Net Profit for any fiscal year or other applicable period shall be allocated in the following order and priority: (i) first, to the General Partner in respect of its Series A Preferred Partnership Units and Units, its Series B Preferred Partnership Units and its Series C Preferred Partnership Units, to the extent that Net Loss previously allocated to such holder pursuant to Section 5.01(b)(iii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to the General Partner pursuant to this Section 5.01(a)(i) for all prior fiscal years or other applicable periods, (ii) second, to the General Partner and the Limited Partners holding Common Units in proportion to their respective Percentage Interests to the extent that Net Loss previously allocated to such holders pursuant to Section 5.01(b)(ii) below for all prior fiscal years or other applicable periods exceeds Net Profit previously allocated to such Partners pursuant to this Section 5.01(a)(ii) for all prior fiscal years or other applicable periods, (iii) third, to the General Partner in respect of its Series A Preferred Partnership Units and Units, its Series B Preferred Partnership Units and its Series C Preferred Partnership Units, until it has been allocated Net Profit equal to the excess of (x) the cumulative amount of distributions the General Partner has received for all fiscal years or other applicable period or to the date of redemption, to the extent such Series A Preferred Partnership Units, Series B Preferred Partnership Units and such Series B C Preferred Partnership Units are redeemed during such period, over (y) the cumulative Net Profit allocated to the General Partner, pursuant to this Section 5.01(a)(iii) for all prior fiscal years or other applicable periods, and (iv) thereafter, to the Partners holding Common Units in accordance with their respective Percentage Interests.