Common use of Priority Allocation Clause in Contracts

Priority Allocation. (i) Items of Company gross income and gain shall be allocated to the Class A Members in accordance with their Class A Percentage Interests, until the aggregate amounts of such items allocated to the Class A Members for such Fiscal Year equals the amount distributed to the Class A Members pursuant to Section 8.1(b)(i)(A) for all Fiscal Years that have not been previously reflected by an allocation pursuant to this Section 9.2(f). (ii) After giving effect to all preceding allocations in Section 9.2(f)(i), all or a portion of the remaining items of Company income or gain for the Fiscal Year, if any, shall be allocated to MWE Liberty in an amount equal to the cumulative cash distributed to MWE Liberty pursuant to Sections 8.2(a), 8.2(b) or 8.2(c) (to the extent of such distributions in excess of MWE Liberty's Percentage Interest), less the cumulative amount of income and gain previously allocated to MWE Liberty pursuant to this Section 9.2(f)(ii).

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Markwest Energy Partners L P), Limited Liability Company Agreement (Markwest Energy Partners L P)

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Priority Allocation. (i) Items of Company gross income and gain shall be allocated to the Class A Members in accordance with their Class A Percentage Interests, until the aggregate amounts of such items allocated to the Class A Members for such Fiscal Year equals the amount distributed to the Class A Members pursuant to Section 8.1(b)(i)(A) for all Fiscal Years that have not been previously reflected by an allocation pursuant to this Section 9.2(f). (ii) After giving effect to all preceding allocations in Section 9.2(f)(i), all or a portion of the remaining items of Company income or gain for the Fiscal Year, if any, shall be allocated to MWE Liberty in an amount equal to the cumulative cash distributed to MWE Liberty pursuant to Sections 8.2(a), 8.2(b) or 8.2(c) (to the extent of such distributions in excess of MWE Liberty's ’s Percentage Interest), less the cumulative amount of income and gain previously allocated to MWE Liberty pursuant to this Section 9.2(f)(ii).

Appears in 2 contracts

Samples: Contribution Agreement (Markwest Energy Partners L P), Limited Liability Company Agreement (Markwest Energy Partners L P)

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