Common use of Priority Allocation With Respect to Preferred Units Clause in Contracts

Priority Allocation With Respect to Preferred Units. After giving effect to the special allocations set forth in Section 6.3(c) but before giving effect to the allocations set forth in Section 6.2(a), Net Operating Income shall be allocated to the Company until the aggregate amount of Net Operating Income allocated to the Company under this Section 6.2(c) for the current and all prior years equals the aggregate amount of the Series SN Annual Distribution Rate paid to the Company for the current and all prior years. For purposes of this Section 6.2(c), “Net Operating Income” means the excess, if any, of the Partnership’s gross income over its expenses (but not taking into account depreciation, amortization, or any other noncash expenses of the Partnership), calculated in accordance with the principles set forth in the definition of “Net Income” or “Net Loss.”