Allocation Shortfall definition

Allocation Shortfall has the meaning set forth in Section 2.4(b).

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Allocation Shortfall shall exist with respect to any Fiscal Year if: (i) the Profits of the Partnership for such Fiscal Year are not sufficient to (A) make the full amount of the allocations specified in Sections 4.1(b) through 4.1(e) with respect to such Fiscal Year, and (B) cure any Allocation Shortfall with respect to any prior Fiscal Year; or (ii) the Partnership fails to deliver to the Limited Partner the financial statements for such Fiscal Year and Accountant's opinion with respect thereto provided for in Section 6.5(a)(i) and 6.5(a)(ii) within four (4) months after the end of such Fiscal Year or, if an Allocation Shortfall shall have occurred with respect to either of the two (2) Fiscal Years immediately preceding such Fiscal Year or the Partnership shall have failed to make timely delivery to the Limited Partner in accordance with Section 3.7 the Compliance Certificate (as defined in Section 3.7) for each Fiscal Quarter in such Fiscal Year, the Partnership fails to deliver to the Limited Partner unaudited financial statements, prepared in accordance with GAAP, for such Fiscal Year of the type described in Section 6.5(a)(i) and Section 6.5(a)(ii) within twenty-one (21) days after the end of such Fiscal Year and the audited financial statements for such Fiscal Year provided for in Section 6.5(a)(i) and 6.5(a)(ii) within two (2) months after the end of such Fiscal Year; or (iii) any event that is deemed to be an Allocation Shortfall pursuant to Section 3.6(b) occurs. The existence of an Allocation Shortfall is subject to Section 3.6(b) below.

Allocation Shortfall has the meaning set forth in Section 2.4(b). Section 1.4 “Agreement” has the meaning set forth in the preamble.

Examples of Allocation Shortfall in a sentence

For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall increase, and the Class C Available Subordinated Amount of Class D shall decrease (each determined after giving effect to step (18) of this Subordination Waterfall), by an amount equal to the portion of the Class D Principal Allocation applied to the Class C Tranche Interest Allocation Shortfall for such Tranche pursuant to step (40) of the Cash Flows.
For each Tranche of Class B Notes, the Class B Usage of Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes shall decrease (each determined after giving effect to step (15) of this Subordination Waterfall), by an amount equal to the portion of the Class D Principal Allocation applied to the Class B Tranche Interest Allocation Shortfall for such Tranche pursuant to step (38) of the Cash Flows.
For each Tranche of Class B Notes, the Class B Usage of Class C Notes shall increase, and the Class B Available Subordinated Amount of Class C Notes shall decrease (each determined after giving effect to step (16) of this Subordination Waterfall), by an amount equal to the portion of the Class C Principal Allocation applied to the Class B Tranche Interest Allocation Shortfall for such Tranche pursuant to step (39) of the Cash Flows.
On each Interest Payment Date (or as otherwise specified in the applicable Terms Document) with respect to each Tranche of Dollar Notes, an amount equal to the interest due on the applicable Tranche of Notes on such Interest Payment Date (including any amount due with respect to an Interest Allocation Shortfall) will be withdrawn from the Interest Funding Subaccount for such Tranche and remitted to the applicable Paying Agent(s) or as otherwise provided in the applicable Terms Document.
The Calculation Agent shall make the following adjustments after giving effect to step (35) of the Cash Flows (Class A Interest Allocation Shortfall from Class D Principal): Class A Usage of Class D Notes.
The Calculation Agent shall make the following adjustments after giving effect to step (37) of the Cash Flows (Class A Interest Allocation Shortfall from Class B Principal): Class A Usage of Class B Notes.
The Calculation Agent shall make the following adjustments after giving effect to step (36) of the Cash Flows (Class A Interest Allocation Shortfall from Class C Principal): Class A Usage of Class C Notes.
In the event that the aggregate Allocation Shortfalls of all Members exceeds the Company’s gross income and gain for the fiscal year, there shall be allocated to each Member an amount of gross income and gain equal to the product of (i) the amount of the Company’s gross income and gain and (ii) a fraction, the numerator of which is the amount of such Member’s Allocation Shortfall and the denominator of which is the aggregate amount of Allocation Shortfalls for all Members.
In the event that the Company’s gross income and gain for the fiscal year exceeds the aggregate Allocation Shortfall of all holders of Company Units, prior to any allocation of capital gain, there shall first be allocated items of ordinary gross income.
The Calculation Agent shall make the following adjustments after giving effect to step (40) of the Cash Flows (Class C Interest Allocation Shortfall from Class D Principal): Class A Usage of Class D Notes.

More Definitions of Allocation Shortfall

Allocation Shortfall shall have the meaning set forth in Section 3.6.