Common use of Operating Income Clause in Contracts

Operating Income. Operating Income of the Partnership for each taxable ---------------- year of the Partnership shall be allocated among the Partners as follows: (i) First, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests until the cumulative amount of Operating Income and gain allocated pursuant to this Section 5.01(a)(i) and Section 5.01(c)(i)(A) for the current and all prior years equals the cumulative amount of Operating Losses and losses allocated pursuant to Section 5.01(b)(iii) and Section 5.01(c)(ii)(B) for the current and all prior years; (ii) Second, 85% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests and 15% to the Special Limited Partner until the cumulative amount of Operating Income and gain allocated pursuant to this Section 5.01(a)(ii) and Section 5.01(c)(i)(B) for the current and all prior years equals the cumulative amount of Operating Losses and losses allocated pursuant to Section 5.01(b)(ii) and Section 5.01(c)(ii)(A) for the current and all prior years; (iii) Third, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests until the cumulative amount of Operating Income allocated pursuant to this Section 5.01(a)(iii) for the current and all prior years equals the cumulative amount of Operating Losses allocated pursuant to Section 5.01(b)(i) for the current and all prior years; (iv) Fourth, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests until the cumulative amount of Operating Income and gain allocated to the General Partner and each of the Limited Partners under this Section 5.01(a)(iv) and Section 5.01(c)(i)(C)(4) for the current and all prior years and under Section 5.01(a)(vi) for all prior years equals the cumulative amount distributed to the General Partner and each of the Limited Partners pursuant to Section 5.02(a)(i) and Section 5.02(b)(i)(C) for the current and all prior years; (v) Fifth, 85% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests and 15% to the Special Limited Partner until the cumulative amount of Operating Income and gain allocated to the Special Limited Partner under this Section 5.01(a)(v) and Section 5.01(c)(i)(D) for the current and all prior years equals the cumulative amount distributed to the Special Limited Partner pursuant to Section 5.02(a)(ii) and Section 5.02(b)(ii) for the current and all prior years; and (vi) Thereafter, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (T Reit Inc)

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Operating Income. Operating Income of the Partnership for each taxable ---------------- year of the Partnership shall be allocated among the Partners as follows: (i) First, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests until the cumulative amount of Operating Income and gain allocated pursuant to this Section 5.01(a)(i) and Section 5.01(c)(i)(A) for the current and all prior years equals the cumulative amount of Operating Losses and losses allocated pursuant to Section 5.01(b)(iii) and Section 5.01(c)(ii)(B) for the current and all prior years; (ii) Second, 85% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests and 15% to the Special Limited Partner until the cumulative amount of Operating Income and gain allocated pursuant to this Section 5.01(a)(ii) and Section 5.01(c)(i)(B) for the current and all prior years equals the cumulative amount of Operating Losses and losses allocated pursuant to Section 5.01(b)(ii) and Section 5.01(c)(ii)(A) for the current and all prior years; (iii) Third, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests until the cumulative amount of Operating Income allocated pursuant to this Section 5.01(a)(iii) for the current and all prior years equals the cumulative amount of Operating Losses allocated pursuant to Section 5.01(b)(i) for the current and all prior years; (iv) Fourth, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests until the cumulative amount of Operating Income and gain allocated to the General Partner and each of the Limited Partners under this Section 5.01(a)(iv5.01(a)(iii) and Section 5.01(c)(i)(C)(4) for the current and all prior years and under Section 5.01(a)(vi5.01(a)(v) for all prior years (less the cumulative amount of Operating Losses allocated under Section 5.01(b)(i) for the current and all prior years) equals the cumulative amount distributed to the General Partner and each of the Limited Partners pursuant to Section 5.02(a)(i5.02(a) and Section 5.02(b)(i)(C) for the current and all prior years; (viv) FifthFourth, 85% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests and 15% to the Special Limited Partner until the cumulative amount of Operating Income and gain allocated to the Special Limited Partner under this Section 5.01(a)(v5.01(a)(iv) and Section 5.01(c)(i)(D) for the current and all prior years equals the cumulative amount distributed to the Special Limited Partner pursuant to Section 5.02(a)(ii) and Section 5.02(b)(ii) for the current and all prior years; and (viv) Thereafter, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (NNN Apartment REIT, Inc.)

Operating Income. Operating Income of the Partnership for each taxable ---------------- ----------------- year of the Partnership shall be allocated among the Partners as follows: (i) First, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests until the cumulative amount of Operating Income and gain allocated pursuant to this Section 5.01(a)(i) and Section 5.01(c)(i)(A) for the current and all prior years equals the cumulative amount of Operating Losses and losses allocated pursuant to Section 5.01(b)(iii) and Section 5.01(c)(ii)(B) for the current and all prior years; (ii) Second, 85% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests and 15% to the Special Limited Partner until the cumulative amount of Operating Income and gain allocated pursuant to this Section 5.01(a)(ii) and Section 5.01(c)(i)(B) for the current and all prior years equals the cumulative amount of Operating Losses and losses allocated pursuant to Section 5.01(b)(ii) and Section 5.01(c)(ii)(A) for the current and all prior years; (iii) Third, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests until the cumulative amount of Operating Income allocated pursuant to this Section 5.01(a)(iii) for the current and all prior years equals the cumulative amount of Operating Losses allocated pursuant to Section 5.01(b)(i) for the current and all prior years; (iv) Fourth, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests until the cumulative amount of Operating Income and gain allocated to the General Partner and each of the Limited Partners under this Section 5.01(a)(iv5.01(a)(iii) and Section 5.01(c)(i)(C)(4) for the current and all prior years and under Section 5.01(a)(vi5.01(a)(v) for all prior years (less the cumulative amount of Operating Losses allocated under Section 5.01(b)(i) for the current and all prior years) equals the cumulative amount distributed to the General Partner and each of the Limited Partners pursuant to Section 5.02(a)(i) and Section 5.02(b)(i)(C) for the current and all prior years; (viv) FifthFourth, 85% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests and 15% to the Special Limited Partner until the cumulative amount of Operating Income and gain allocated to the Special Limited Partner under this Section 5.01(a)(v5.01(a)(iv) and Section 5.01(c)(i)(D) for the current and all prior years equals the cumulative amount distributed to the Special Limited Partner pursuant to Section 5.02(a)(ii) and Section 5.02(b)(ii) for the current and all prior years; and (viv) Thereafter, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (G Reit Inc)

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Operating Income. Operating Income of the Partnership for each taxable ---------------- year of the Partnership shall be allocated among the Partners as follows: (i) First, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests until the cumulative amount of Operating Income and gain allocated pursuant to this Section 5.01(a)(i) and Section 5.01(c)(i)(A) for the current and all prior years equals the cumulative amount of Operating Losses and losses allocated pursuant to Section 5.01(b)(iii) and Section 5.01(c)(ii)(B) for the current and all prior years; (ii) Second, 8590% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests and 1510% to the Special Limited Partner until the cumulative amount of Operating Income and gain allocated pursuant to this Section 5.01(a)(ii) and Section 5.01(c)(i)(B) for the current and all prior years equals the cumulative amount of Operating Losses and losses allocated pursuant to Section 5.01(b)(ii) and Section 5.01(c)(ii)(A) for the current and all prior years; (iii) Third, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests until the cumulative amount of Operating Income allocated pursuant to this Section 5.01(a)(iii) for the current and all prior years equals the cumulative amount of Operating Losses allocated pursuant to Section 5.01(b)(i) for the current and all prior years; (iv) Fourth, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests until the cumulative amount of Operating Income and gain allocated to the General Partner and each of the Limited Partners under this Section 5.01(a)(iv5.01(a)(iii) and Section 5.01(c)(i)(C)(4) for the current and all prior years and under Section 5.01(a)(vi5.01(a)(v) for all prior years (less the cumulative amount of Operating Losses allocated under Section 5.01(b)(i) for the current and all prior years) equals the cumulative amount distributed to the General Partner and each of the Limited Partners pursuant to Section 5.02(a)(i5.02(a) and Section 5.02(b)(i)(C) for the current and all prior years; (viv) FifthFourth, 8590% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests and 1510% to the Special Limited Partner until the cumulative amount of Operating Income and gain allocated to the Special Limited Partner under this Section 5.01(a)(v5.01(a)(iv) and Section 5.01(c)(i)(D) for the current and all prior years equals the cumulative amount distributed to the Special Limited Partner pursuant to Section 5.02(a)(ii) and Section 5.02(b)(ii) for the current and all prior years; and (viv) Thereafter, 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (A Reit Inc)

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