Common use of Excess Payment Clause in Contracts

Excess Payment. Concurrently with the distribution made in accordance with Section 6.3(a) of the Partnership Agreement of Available Cash first occurring after the Distribution Increase Day, with respect to the Quarter in which the conversion of the Class B Units is effected in accordance with the terms hereof, a distribution shall be paid to each holder of record of the Class B Units as of the effective date of such conversion, with the amount of such distribution for each Outstanding Class B Unit to be equal to the product of (a) 115% of the amount to be distributed in respect of such Quarter to each Common Unit times (b) a fraction, of which (i) the numerator is the number of days in such Quarter up to but excluding the date of such conversion, and (ii) the denominator is the total number of days in such Quarter (the foregoing amount being referred to as an “Excess Payment”). For the taxable year in which an Excess Payment is made, each holder of a Class B Unit shall be allocated items of gross income with respect to such taxable year in an amount equal to the Excess Payment distributed to it.