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Common use of Profit Clause in Contracts

Profit. After giving effect to the special allocations, if any, required under this Article 6 for the applicable period, and subject to the other provisions of this Section 6.1 and to the allocations to be made with respect to any Preferred Units or additional class or series of Partnership Units established pursuant to Section 4.2, Profits in each taxable year or other allocation period shall be allocated to the Partners’ Capital Accounts in the following order of priority: (1) First to the General Partner until the cumulative Profits allocated to the General Partner under this Section 6.1A equal the cumulative Losses allocated to such Partner under Section 6.1B(2); and (2) Thereafter, to the holders of Common Units and LTIP Units in accordance with their respective Percentage Interests.

Appears in 6 contracts

Samples: Agreement of Limited Partnership (Hertz Group Realty Trust, Inc.), Limited Partnership Agreement (American Farmland Co), Limited Partnership Agreement (American Farmland Co)

Profit. After giving effect to the special allocations, if any, required under this Article 6 for the applicable period, and subject to the other provisions of this Section 6.1 and to the allocations to be made with respect to any Preferred Units or additional class or series of Partnership Units established pursuant to Section 4.2, Profits in each taxable year or other allocation period shall be allocated to the Partners’ Capital Accounts in the following order of priority: (1) First to the General Partner until the cumulative Profits allocated to the General Partner under this Section 6.1A equal the cumulative Losses allocated to such Partner under Section 6.1B(26.1B(1); and (2) Thereafter, to the holders of Common Units and LTIP Units in accordance with their respective Percentage Interests.

Appears in 5 contracts

Samples: Limited Partnership Agreement (Park View OZ REIT Inc), Limited Partnership Agreement (DiamondRock Hospitality Co), Limited Partnership Agreement

Profit. After giving effect to the special allocations, if any, required under this Article 6 for the applicable period, and subject to the other provisions of this Section 6.1 and to the 6.1. allocations to be made with respect to any Preferred Units or additional class or series of Partnership Units established pursuant to Section 4.2, and Exhibit B and any relevant Vesting Agreement, Profits in each taxable year or other allocation period shall be allocated to the Partners’ Capital Accounts in the following order of priority: (1i) First to the General Partner until the cumulative Profits allocated to the General Partner under this Section 6.1A 6.1(a)(i) equal the cumulative Losses allocated to such the General Partner under Section 6.1B(26.1(b)(ii); and (2ii) Thereafter, to the holders of Common Units and LTIP Units in accordance with their respective Percentage Interests.

Appears in 2 contracts

Samples: Limited Partnership Agreement (Curbline Properties Corp.), Limited Partnership Agreement (Curbline Properties Corp.)

Profit. After giving effect to the special allocations, if any, required under this Article 6 for the applicable period, and subject to the other provisions of this Section 6.1 and to the allocations to be made with respect to any Preferred Units or additional class or series of Partnership Units established pursuant to Section 4.2, Profits in each taxable year or other allocation period shall be allocated to the Partners’ Capital Accounts in the following order of priority: (1) First to the General Partner until the cumulative Profits allocated to the General Partner under this Section 6.1A 6.1A(1) equal the cumulative Losses allocated to such Partner under Section 6.1B(26.1(B)(2); and (2) Thereafter, to the holders of Common Units, LTIP Units and LTIP AOLTIP Units in accordance with their respective Percentage Interests.

Appears in 2 contracts

Samples: Limited Partnership Agreement (Paramount Group, Inc.), Limited Partnership Agreement (Paramount Group, Inc.)

Profit. After giving effect to the special allocations, if any, required under this Article 6 for the applicable period, and subject to the other provisions of this Section 6.1 and to the allocations to be made with respect to any Preferred Units or additional class or series of Partnership Units established pursuant to Section 4.2, Profits in each taxable year or other allocation period shall be allocated to the Partners’ Capital Accounts in the following order of priority: (1) First to the General Partner until the cumulative Profits allocated to the General Partner under this Section 6.1A 6.1A(1) equal the cumulative Losses allocated to such Partner under Section 6.1B(26.1(B)(2); and (2) Thereafter, to the holders of Common Units and LTIP Units in accordance with their respective Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (Gaming & Leisure Properties, Inc.)