Common use of Allocation of Net Profit Clause in Contracts

Allocation of Net Profit. After applying the provisions of Section 5.4 and except as otherwise provided in Section 9.9, Net Profit for any Adjustment Period will be allocated in the following order and priority: (a) first, if the aggregate amount of Net Loss previously allocated to any Partner exceeds the aggregate amount of Net Profit previously allocated to such Partner (for the current and all previous Adjustment Periods), then to such Partner, or among such Partners, so as to reverse the effect of the prior allocation of Net Loss in the following order and priority: (i) first, to the extent Net Loss was allocated to the General Partner pursuant to Subsection 5.2(d) for any prior Adjustment Period, Net Profit shall be allocated to the General Partner to the extent of such previously allocated Net Loss; (ii) second, to the extent Net Loss was allocated to any Partner(s) pursuant to Subsection 5.2(c) for any prior Adjustment Period, Net Profit shall be allocated to Partner(s) to the extent of such previously allocated Net Loss (among the Partner(s) in proportion to their respective shares of Net Loss being offset); (iii) third, to the extent Net Loss was allocated to the General Partner pursuant to Subsection 5.2(b) for any prior Adjustment Period, Net Profit shall be allocated to the General Partner to the extent of such previously allocated Net Loss; (b) second, to the Partners in accordance with their Sharing Ratios.