{"component": "clause", "props": {"groups": [{"samples": [{"hash": "4vPNE2tqf5U", "uri": "/contracts/4vPNE2tqf5U#priority-allocations", "label": "Limited Partnership Agreement (CVR Refining, LP)", "score": 29.3175907135, "published": true}, {"hash": "kQWkaSUj8I7", "uri": "/contracts/kQWkaSUj8I7#priority-allocations", "label": "Limited Partnership Agreement (CVR Partners, Lp)", "score": 29.3148536682, "published": true}, {"hash": "evfGPHgug5S", "uri": "/contracts/evfGPHgug5S#priority-allocations", "label": "Limited Partnership Agreement (Viper Energy Partners LP)", "score": 25.4736480713, "published": true}], "size": 35, "snippet_links": [{"key": "net-agreed-value", "type": "definition", "offset": [33, 49]}, {"key": "section-124", "type": "clause", "offset": [127, 139]}, {"key": "with-respect-to", "type": "clause", "offset": [141, 156]}, {"key": "a-unit", "type": "clause", "offset": [157, 163]}, {"key": "value-of-property", "type": "definition", "offset": [209, 226]}, {"key": "property-distribution", "type": "definition", "offset": [316, 337]}, {"key": "gross-income", "type": "definition", "offset": [357, 369]}, {"key": "equal-to", "type": "definition", "offset": [383, 391]}, {"key": "the-product", "type": "clause", "offset": [392, 403]}, {"key": "the-distribution", "type": "clause", "offset": [432, 448]}, {"key": "the-unit", "type": "clause", "offset": [531, 539]}, {"key": "owned-by", "type": "definition", "offset": [605, 613]}], "snippet": "(A) If the amount of cash or the Net Agreed Value of any property distributed (except cash or property distributed pursuant to Section 12.4) with respect to a Unit exceeds the amount of cash or the Net Agreed Value of property distributed with respect to another Unit, each Unitholder receiving such greater cash or property distribution shall be allocated gross income in an amount equal to the product of (aa) the amount by which the distribution (on a per Unit basis) to such Unitholder exceeds the distribution with respect to the Unit receiving the smallest distribution and (bb) the number of Units owned by the Unitholder receiving the greater distribution.", "hash": "f1066a222b7ce3386086dd6bf52460e2", "id": 4}, {"samples": [{"hash": "eAB33jUgqwB", "uri": "/contracts/eAB33jUgqwB#priority-allocations", "label": "Limited Partnership Agreement (Penn Virginia Resource Partners L P)", "score": 21.0, "published": true}, {"hash": "bsJr7LyC6nd", "uri": "/contracts/bsJr7LyC6nd#priority-allocations", "label": "Limited Partnership Agreement (Markwest Energy Partners L P)", "score": 21.0, "published": true}, {"hash": "7g1C1OLYXG0", "uri": "/contracts/7g1C1OLYXG0#priority-allocations", "label": "Limited Partnership Agreement (Penn Virginia Resource Partners L P)", "score": 21.0, "published": true}], "size": 67, "snippet_links": [{"key": "net-agreed-value", "type": "definition", "offset": [33, 49]}, {"key": "section-124", "type": "clause", "offset": [127, 139]}, {"key": "with-respect-to", "type": "clause", "offset": [159, 174]}, {"key": "value-of-property", "type": "definition", "offset": [279, 296]}, {"key": "other-unitholders", "type": "definition", "offset": [316, 333]}, {"key": "property-distribution", "type": "definition", "offset": [441, 462]}, {"key": "gross-income", "type": "definition", "offset": [482, 494]}, {"key": "equal-to", "type": "definition", "offset": [508, 516]}, {"key": "the-product", "type": "clause", "offset": [517, 528]}, {"key": "the-distribution", "type": "clause", "offset": [557, 573]}, {"key": "the-unitholders", "type": "clause", "offset": [665, 680]}, {"key": "owned-by", "type": "definition", "offset": [746, 754]}, {"key": "the-general-partner", "type": "definition", "offset": [814, 833]}, {"key": "aggregate-amount", "type": "clause", "offset": [872, 888]}, {"key": "sum-of", "type": "clause", "offset": [912, 918]}, {"key": "in-clause", "type": "clause", "offset": [941, 950]}, {"key": "application-of-section", "type": "clause", "offset": [976, 998]}, {"key": "remaining-items", "type": "clause", "offset": [1041, 1056]}, {"key": "income-or-gain", "type": "clause", "offset": [1078, 1092]}, {"key": "taxable-period", "type": "clause", "offset": [1101, 1115]}, {"key": "holders-of", "type": "clause", "offset": [1156, 1166]}, {"key": "incentive-distribution-rights", "type": "definition", "offset": [1167, 1196]}, {"key": "pro-rata", "type": "clause", "offset": [1198, 1206]}, {"key": "allocated-to", "type": "definition", "offset": [1249, 1261]}, {"key": "current-taxable-year", "type": "definition", "offset": [1357, 1377]}, {"key": "cumulative-amount", "type": "definition", "offset": [1425, 1442]}, {"key": "incentive-distributions", "type": "clause", "offset": [1450, 1473]}, {"key": "the-closing-date", "type": "clause", "offset": [1532, 1548]}, {"key": "days-after", "type": "definition", "offset": [1562, 1572]}], "snippet": "(A) If the amount of cash or the Net Agreed Value of any property distributed (except cash or property distributed pursuant to Section 12.4) to any Unitholder with respect to its Units for a taxable year is greater (on a per Unit basis) than the amount of cash or the Net Agreed Value of property distributed to the other Unitholders with respect to their Units (on a per Unit basis), then (1) each Unitholder receiving such greater cash or property distribution shall be allocated gross income in an amount equal to the product of (aa) the amount by which the distribution (on a per Unit basis) to such Unitholder exceeds the distribution (on a per Unit basis) to the Unitholders receiving the smallest distribution and (bb) the number of Units owned by the Unitholder receiving the greater distribution; and (2) the General Partner shall be allocated gross income in an aggregate amount equal to 1/98th of the sum of the amounts allocated in clause (1) above.\n(B) After the application of Section 6.1(d)(iii)(A), all or any portion of the remaining items of Partnership gross income or gain for the taxable period, if any, shall be allocated 100% to the holders of Incentive Distribution Rights, Pro Rata, until the aggregate amount of such items allocated to the holders of Incentive Distribution Rights pursuant to this paragraph 6.1(d)(iii)(B) for the current taxable year and all previous taxable years is equal to the cumulative amount of all Incentive Distributions made to the holders of Incentive Distribution Rights from the Closing Date to a date 45 days after the end of the current taxable year.", "hash": "132423f2502e44878fd5ce6f319490a6", "id": 2}, {"samples": [{"hash": "4OrMRB9oWCc", "uri": "/contracts/4OrMRB9oWCc#priority-allocations", "label": "Limited Partnership Agreement (EQM Midstream Partners, LP)", "score": 29.7857627869, "published": true}, {"hash": "b4liIRB3V89", "uri": "/contracts/b4liIRB3V89#priority-allocations", "label": "Limited Partnership Agreement (Tesoro Logistics Lp)", "score": 28.5811080933, "published": true}, {"hash": "3PGtXq1UDzW", "uri": 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"allocated-to", "type": "definition", "offset": [1650, 1662]}, {"key": "cumulative-amount", "type": "definition", "offset": [1828, 1845]}, {"key": "incentive-distributions", "type": "clause", "offset": [1853, 1876]}, {"key": "the-closing-date", "type": "clause", "offset": [1935, 1951]}, {"key": "days-after", "type": "definition", "offset": [1965, 1975]}, {"key": "sum-of", "type": "clause", "offset": [2197, 2203]}], "snippet": "(A) If the amount of cash or the Net Agreed Value of any property distributed (except cash or property distributed pursuant to Section 12.4) with respect to a Unit exceeds the amount of cash or the Net Agreed Value of property distributed with respect to another Unit (the amount of the excess, an \u201cExcess Distribution\u201d and the Unit with respect to which the greater distribution is paid, an \u201cExcess Distribution Unit\u201d), then (1) there shall be allocated gross income and gain to each Unitholder receiving an Excess Distribution with respect to the Excess Distribution Unit until the aggregate amount of such items allocated with respect to such Excess Distribution Unit pursuant to this Section 6.1(d)(iii)(A) for the current taxable period and all previous taxable periods is equal to the amount of the Excess Distribution; and (2) the General Partner shall be allocated gross income and gain with respect to each such Excess Distribution in an amount equal to the product obtained by multiplying (aa) the quotient determined by dividing (x) the General Partner\u2019s Percentage Interest at the time when the Excess Distribution occurs by (y) a percentage equal to 100% less the General Partner\u2019s Percentage Interest at the time when the Excess Distribution occurs, times (bb) the total amount allocated in clause (1) above with respect to such Excess Distribution.\n(B) After the application of Section 6.1(d)(iii)(A), all or any portion of the remaining items of Partnership gross income or gain for the taxable period, if any, shall be allocated (1) to the holders of Incentive Distribution Rights, Pro Rata, until the aggregate amount of such items allocated to the holders of Incentive Distribution Rights pursuant to this Section 6.1(d)(iii)(B) for the current taxable period and all previous taxable periods is equal to the cumulative amount of all Incentive Distributions made to the holders of Incentive Distribution Rights from the Closing Date to a date 45 days after the end of the current taxable period; and (2) to the General Partner an amount equal to the product of (aa) an amount equal to the quotient determined by dividing (x) the General Partner\u2019s Percentage Interest by (y) the sum of 100 less the General Partner\u2019s Percentage Interest times (bb) the sum of the amounts allocated in clause (1) above.", "hash": "0f57f232d72f720b5f29c3c1e0c4d0af", "id": 1}, {"samples": [{"hash": "ilMqCsha2DK", "uri": "/contracts/ilMqCsha2DK#priority-allocations", "label": "Limited Partnership Agreement (Phillips 66 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"offset": [364, 372]}, {"key": "excess-distribution-unit", "type": "definition", "offset": [433, 457]}, {"key": "income-and-gain", "type": "clause", "offset": [497, 512]}, {"key": "aggregate-amount", "type": "clause", "offset": [620, 636]}, {"key": "the-current", "type": "clause", "offset": [748, 759]}, {"key": "taxable-periods", "type": "definition", "offset": [792, 807]}, {"key": "equal-to", "type": "definition", "offset": [811, 819]}], "snippet": "If the amount of cash or the Net Agreed Value of any property distributed (except cash or property distributed pursuant to Section 12.4 or with respect to Series A Preferred Units) with respect to a Unit exceeds the amount of cash or the Net Agreed Value of property distributed with respect to another Unit (the amount of the excess, an \u201cExcess Distribution\u201d and the Unit with respect to which the greater distribution is paid, an \u201cExcess Distribution Unit\u201d), then there shall be allocated gross income and gain to each Unitholder receiving an Excess Distribution with respect to the Excess Distribution Unit until the aggregate amount of such items allocated with respect to such Excess Distribution Unit pursuant to this Section 6.1(d)(iii) for the current taxable period and all previous taxable periods is equal to the amount of the Excess Distribution.", "hash": "49efa8d2557eeecc5862e08527319403", "id": 3}, {"samples": [{"hash": "4TCekZBwkEb", "uri": "/contracts/4TCekZBwkEb#priority-allocations", "label": "Limited Partnership Agreement (Columbia Pipeline Partners LP)", "score": 26.5852165222, "published": true}, {"hash": "jRPAqhTKNt9", "uri": "/contracts/jRPAqhTKNt9#priority-allocations", "label": "Limited Partnership Agreement (Columbia Pipeline Partners LP)", "score": 26.1115665436, "published": true}], "size": 13, "snippet_links": [{"key": "net-agreed-value", "type": "definition", "offset": [33, 49]}, {"key": "section-124", "type": "clause", "offset": [127, 139]}, {"key": "with-respect-to-an", "type": "clause", "offset": [141, 159]}, {"key": "outstanding-unit", "type": "definition", "offset": [160, 176]}, {"key": "value-of-property", "type": "definition", "offset": [243, 260]}, {"key": "the-excess", "type": "clause", "offset": [357, 367]}, {"key": "the-unit", "type": "clause", "offset": [398, 406]}, {"key": "excess-distribution-unit", "type": "definition", "offset": [467, 491]}, {"key": "income-and-gain", "type": "clause", "offset": [531, 546]}, {"key": "aggregate-amount", "type": "clause", "offset": [654, 670]}, {"key": "the-current", "type": "clause", "offset": [785, 796]}, {"key": "taxable-periods", "type": "definition", "offset": [829, 844]}, {"key": "equal-to", "type": "definition", "offset": [848, 856]}, {"key": "application-of-section", "type": "clause", "offset": [910, 932]}, {"key": "remaining-items", "type": "clause", "offset": [953, 968]}, {"key": "income-or-gain", "type": "clause", "offset": [990, 1004]}, {"key": "allocated-to", "type": "definition", "offset": [1046, 1058]}, {"key": "holders-of", "type": "clause", "offset": [1063, 1073]}, {"key": "incentive-distribution-rights", "type": "definition", "offset": [1074, 1103]}, {"key": "pro-rata", "type": "clause", "offset": [1105, 1113]}, {"key": "cumulative-amount", "type": "definition", "offset": [1334, 1351]}, {"key": "incentive-distributions", "type": "clause", "offset": [1359, 1382]}, {"key": "the-closing-date", "type": "clause", "offset": [1441, 1457]}, {"key": "days-after", "type": "definition", "offset": [1471, 1481]}], "snippet": "(A) If the amount of cash or the Net Agreed Value of any property distributed (except cash or property distributed pursuant to Section 12.4) with respect to an Outstanding Unit for a taxable period exceeds the amount of cash or the Net Agreed Value of property distributed with respect to another Outstanding Unit for the same taxable period (the amount of the excess, an \u201cExcess Distribution\u201d and the Unit with respect to which the greater distribution is paid, an \u201cExcess Distribution Unit\u201d), then there shall be allocated gross income and gain to each Unitholder receiving an Excess Distribution with respect to the Excess Distribution Unit until the aggregate amount of such items allocated with respect to such Excess Distribution Unit pursuant to this Section 6.1(d)(iii)(A) for the current taxable period and all previous taxable periods is equal to the amount of the Excess Distribution.\n(B) After the application of Section 6.1(d)(iii)(A), the remaining items of Partnership gross income or gain for the taxable period, if any, shall be allocated to the holders of Incentive Distribution Rights, Pro Rata, until the aggregate amount of such items allocated to the holders of Incentive Distribution Rights pursuant to this Section 6.1(d)(iii)(B) for the current taxable period and all previous taxable periods is equal to the cumulative amount of all Incentive Distributions made to the holders of Incentive Distribution Rights from the Closing Date to a date 45 days after the end of the current taxable period.", "hash": "6fb4b6634bdd9dd921a0ef5d10c9f51f", "id": 5}, {"samples": [{"hash": "i93F6PIirYS", "uri": "/contracts/i93F6PIirYS#priority-allocations", "label": "Sponsor Equity Restructuring Agreement (Andeavor Logistics Lp)", "score": 28.6167011261, "published": true}, {"hash": "hWhopmjxPQX", "uri": "/contracts/hWhopmjxPQX#priority-allocations", "label": "Merger Agreement (Western Refining Logistics, LP)", "score": 28.6167011261, "published": true}, {"hash": "f4ddGhjboKY", "uri": "/contracts/f4ddGhjboKY#priority-allocations", "label": "Merger Agreement (Andeavor)", "score": 28.6167011261, "published": true}], "size": 10, "snippet_links": [{"key": "net-agreed-value", "type": "definition", "offset": [29, 45]}, {"key": "section-124", "type": "clause", "offset": [123, 135]}, {"key": "with-respect-to", "type": "clause", "offset": [137, 152]}, {"key": "a-unit", "type": "clause", "offset": [153, 159]}, {"key": "value-of-property", "type": "definition", "offset": [205, 222]}, {"key": "the-excess", "type": "clause", "offset": [279, 289]}, {"key": "the-unit", "type": "clause", "offset": [320, 328]}, {"key": "excess-distribution-unit", "type": "definition", "offset": [389, 413]}, {"key": "income-and-gain", "type": "clause", "offset": [453, 468]}, {"key": "aggregate-amount", "type": "clause", "offset": [576, 592]}, {"key": "the-current", "type": "clause", "offset": [704, 715]}, {"key": "taxable-periods", "type": "definition", "offset": [748, 763]}, {"key": "equal-to", "type": "definition", "offset": [767, 775]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [815, 841]}, {"key": "a-distribution", "type": "clause", "offset": [922, 936]}, {"key": "texnew-mex-unit", "type": "definition", "offset": [983, 998]}, {"key": "common-unit", "type": "definition", "offset": [1026, 1037]}, {"key": "the-conditions", "type": "clause", "offset": [1049, 1063]}, {"key": "section-64", "type": "clause", "offset": [1075, 1086]}], "snippet": "If the amount of cash or the Net Agreed Value of any property distributed (except cash or property distributed pursuant to Section 12.4) with respect to a Unit exceeds the amount of cash or the Net Agreed Value of property distributed with respect to another Unit (the amount of the excess, an \u201cExcess Distribution\u201d and the Unit with respect to which the greater distribution is paid, an \u201cExcess Distribution Unit\u201d), then there shall be allocated gross income and gain to each Unitholder receiving an Excess Distribution with respect to the Excess Distribution Unit until the aggregate amount of such items allocated with respect to such Excess Distribution Unit pursuant to this Section 6.1(d)(iii) for the current taxable period and all previous taxable periods is equal to the amount of the Excess Distribution. For the avoidance of doubt, this Section 6.1(d)(iii) shall not apply with respect to any disparity between a distribution to a Unit compared to (A) a distribution to a TexNew Mex Unit or (B) a distribution to a Common Unit subject to the conditions imposed by Section 6.4.", "hash": "e3ff4dfdfae34024db06a80622f8a82e", "id": 6}, {"samples": [{"hash": "hjLwDFZQfBE", "uri": "/contracts/hjLwDFZQfBE#priority-allocations", "label": "Limited Partnership Agreement (Lakehead Pipe Line Partners L P)", "score": 18.0, "published": true}, {"hash": "gZUhAGghDOa", "uri": "/contracts/gZUhAGghDOa#priority-allocations", "label": "Limited Partnership Agreement (Northern Border Partners Lp)", "score": 18.0, "published": true}, {"hash": "3kBtcBMaS2s", "uri": "/contracts/3kBtcBMaS2s#priority-allocations", "label": "Limited Partnership Agreement (El Paso Corp/De)", "score": 18.0, "published": true}], "size": 10, "snippet_links": [{"key": "net-agreed-value", "type": "definition", "offset": [33, 49]}, {"key": "section-143", "type": "clause", "offset": [127, 139]}], "snippet": "(A) If the amount of cash or the Net Agreed Value of any property distributed (except cash or property distributed pursuant to Section 14.3 or 14.", "hash": "788ec09dc5f5ff7604d066694b0510c5", "id": 7}, {"samples": [{"hash": "71FBwN9n5oZ", "uri": "/contracts/71FBwN9n5oZ#priority-allocations", "label": "Trust Agreement (SandRidge Mississippian Trust II)", "score": 23.3107452393, "published": true}, {"hash": "knmVh8EJ5O3", "uri": "/contracts/knmVh8EJ5O3#priority-allocations", "label": "Trust Agreement (SandRidge Mississippian Trust II)", "score": 23.25872612, "published": true}, {"hash": "ZZtylWnKO5", "uri": "/contracts/ZZtylWnKO5#priority-allocations", "label": "Trust Agreement (SandRidge Mississippian Trust II)", "score": 23.2012329102, "published": true}], "size": 9, "snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [58, 73]}, {"key": "trust-units", "type": "clause", "offset": [78, 89]}, {"key": "allocation-year", "type": "definition", "offset": [98, 113]}, {"key": "other-trust", "type": "definition", "offset": [196, 207]}, {"key": "income-and-gain", "type": "clause", "offset": [316, 331]}, {"key": "property-distribution", "type": "definition", "offset": [388, 409]}, {"key": "aggregate-amount", "type": "clause", "offset": [420, 436]}, {"key": "pursuant-to", "type": "clause", "offset": [461, 472]}, {"key": "current-allocation", "type": "definition", "offset": [504, 522]}, {"key": "equal-to", "type": "definition", "offset": [556, 564]}, {"key": "the-product", "type": "clause", "offset": [565, 576]}, {"key": "the-distribution", "type": "clause", "offset": [605, 621]}, {"key": "trust-unitholders", "type": "definition", "offset": [735, 752]}, {"key": "number-of-trust", "type": "clause", "offset": [802, 817]}, {"key": "in-the-event", "type": "clause", "offset": [903, 915]}, {"key": "to-the-extent", "type": "clause", "offset": [920, 933]}, {"key": "required-by", "type": "definition", "offset": [955, 966]}, {"key": "income-or-gain", "type": "clause", "offset": [1033, 1047]}], "snippet": "If the amount of cash distributed to any Trust Unitholder with respect to its Trust Units for any Allocation Year is greater (on a per Trust Unit basis) than the amount of cash distributed to any other Trust Unitholder with respect to its Trust Units (on a per Trust Unit basis), then there shall be allocated gross income and gain to each Trust Unitholder receiving such greater cash or property distribution until the aggregate amount of such items allocated pursuant to this Section 3(b)(iii) for the current Allocation Year to such Trust Unitholder is equal to the product of (aa) the amount by which the distribution (on a per Trust Unit basis) to such Trust Unitholder exceeds the distribution (on a per Trust Unit basis) to the Trust Unitholders receiving the smallest distribution and (bb) the number of Trust Units with respect to which such Trust Unitholder receives the greater distribution. In the event and to the extent that the allocations required by this Section 3(b)(iii), cannot be made due to an insufficiency of income or gain available for allocation hereunder, such unfulfilled allocations shall be treated as being required pursuant to this Section 3(b)(iii) in the next succeeding Allocation Year (and thereafter until made).", "hash": "62cb4920f85d1bede84aaecc144f33c9", "id": 8}, {"samples": [{"hash": "3z536a8XlQs", "uri": "/contracts/3z536a8XlQs#priority-allocations", "label": "Limited Partnership Agreement (Crestwood Midstream Partners LP)", "score": 26.7467479706, "published": true}, {"hash": "1oaFVLkXXSb", "uri": "/contracts/1oaFVLkXXSb#priority-allocations", "label": "Merger Agreement (Crestwood Midstream Partners LP)", "score": 26.3415470123, "published": true}, {"hash": "82W9spLObT5", "uri": "/contracts/82W9spLObT5#priority-allocations", "label": "Merger Agreement", "score": 26.1704311371, "published": true}], "size": 9, "snippet_links": [{"key": "income-or-gain", "type": "clause", "offset": [27, 41]}, {"key": "taxable-period", "type": "clause", "offset": [50, 64]}, {"key": "allocated-to", "type": "definition", "offset": [74, 86]}, {"key": "the-partners", "type": "definition", "offset": [87, 99]}, {"key": "cumulative-amount", "type": "definition", "offset": [110, 127]}, {"key": "the-current", "type": "clause", "offset": [209, 220]}, {"key": "amount-of-distributions", "type": "clause", "offset": [274, 297]}, {"key": "pursuant-to-section", "type": "clause", "offset": [319, 338]}], "snippet": "Items of Partnership gross income or gain for the taxable period shall be allocated to the Partners until the cumulative amount of such items allocated to each Partner pursuant to this Section 4.2(b)(iii) for the current and all previous taxable years equals the cumulative amount of distributions made to such Partner pursuant to Section 5.02(a) for the current and all previous taxable years.", "hash": "64a45094b4bb4b4e9672e6dcd779ba9e", "id": 9}, {"samples": [{"hash": "niZfJdAKMM", "uri": "/contracts/niZfJdAKMM#priority-allocations", "label": "Limited Liability Company Agreement (Linn Energy, LLC)", "score": 21.0, "published": true}, {"hash": "gk1liO0qQI3", "uri": "/contracts/gk1liO0qQI3#priority-allocations", "label": "Limited Liability Company Agreement (Linn Energy, LLC)", "score": 21.0, "published": true}, {"hash": "c0JER4GQCA3", "uri": "/contracts/c0JER4GQCA3#priority-allocations", "label": "Limited Liability Company Agreement (Linn Energy, LLC)", "score": 21.0, "published": true}], "size": 7, "snippet_links": [{"key": "net-agreed-value", "type": "definition", "offset": [29, 45]}, {"key": "pursuant-to-section", "type": "clause", "offset": [133, 152]}, {"key": "this-agreement", "type": "clause", "offset": [163, 177]}, {"key": "with-respect-to", "type": "clause", "offset": [178, 193]}, {"key": "class-b-units", "type": "clause", "offset": [194, 207]}, {"key": "privately-placed-units", "type": "definition", "offset": [211, 233]}, {"key": "section-103", "type": "clause", "offset": [238, 250]}, {"key": "to-any-holder", "type": "definition", "offset": [270, 283]}, {"key": "taxable-year", "type": "definition", "offset": [341, 353]}, {"key": "per-class", "type": "definition", "offset": [371, 380]}, {"key": "value-of-property", "type": "definition", "offset": [437, 454]}, {"key": "the-unitholders", "type": "clause", "offset": [470, 485]}, {"key": "property-distribution", "type": "definition", "offset": [602, 623]}, {"key": "gross-income", "type": "definition", "offset": [643, 655]}, {"key": "equal-to", "type": "definition", "offset": [669, 677]}, {"key": "the-product", "type": "clause", "offset": [678, 689]}, {"key": "the-distribution", "type": "clause", "offset": [717, 733]}, {"key": "number-of", "type": "clause", "offset": [874, 883]}, {"key": "by-the-holder", "type": "clause", "offset": [904, 917]}, {"key": "article-vi", "type": "clause", "offset": [940, 950]}, {"key": "limited-liability-company-agreement", "type": "definition", "offset": [958, 993]}, {"key": "a-new-section", "type": "definition", "offset": [1019, 1032]}], "snippet": "If the amount of cash or the Net Agreed Value of any property distributed (except cash or property distributed or deemed distributed pursuant to Section 5.4(a) of this Agreement with respect to Class B Units or Privately Placed Units, or Section 10.3 of this Agreement) to any holder of Class B Units with respect to its Class B Units for a taxable year is greater (on a per Class B Unit basis) than the amount of cash or the Net Agreed Value of property distributed to the Unitholders with respect to their Units (on a per Unit basis), then each holder of Class B Units receiving such greater cash or property distribution shall be allocated gross income in an amount equal to the product of (a) the amount by which the distribution (on a per Class B Unit basis) to such holder of Class B Units exceeds the distribution (on a per Unit basis) to the Unitholders and (b) the number of Class B Units owned by the holder of Class B Units.\n10. Article VI of the Limited Liability Company Agreement is hereby amended to add a new Section 6.1(d)(xii) as follows:", "hash": "cd49d247d59c5221a6173aca2ff37369", "id": 10}], "next_curs": "Cl0SV2oVc35sYXdpbnNpZGVyY29udHJhY3RzcjkLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ih1wcmlvcml0eS1hbGxvY2F0aW9ucyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"size": 604, "children": [["nonrecourse-deductions", "Nonrecourse Deductions"], ["ameliorative-allocations", "Ameliorative Allocations"], ["special-basis-adjustments", "Special Basis Adjustments"], ["minimum-gain-chargeback-qualified-income-offset-and-stop-loss-provisions", "Minimum Gain Chargeback, Qualified Income Offset, and Stop Loss Provisions"], ["member-nonrecourse-deductions", "Member Nonrecourse Deductions"]], "parents": [["special-allocations", "Special Allocations"], ["allocations-for-capital-account-purposes", "Allocations for Capital Account Purposes"], ["allocations-and-distributions", "Allocations and Distributions"], ["issuance-of-common-units-in-connection-with-reset-of-incentive-distribution-rights", "Issuance of Common Units in Connection with Reset of Incentive Distribution Rights"], ["miscellaneous", "Miscellaneous"]], "title": "Priority Allocations", "id": "priority-allocations", "related": [["other-allocations", "Other Allocations", "Other Allocations"], ["distributions-and-allocations", "Distributions and Allocations", "Distributions and Allocations"], ["section-704c-allocations", "Section 704(c) Allocations", "Section 704(c) Allocations"], ["regulatory-allocations", "Regulatory Allocations", "Regulatory Allocations"], ["special-allocations", "Special Allocations", "Special Allocations"]], "related_snippets": [], "updated": "2026-03-01T04:26:14+00:00", "also_ask": ["What negotiation leverage does a party gain or lose with specific priority allocation language?", "Which drafting elements are essential to prevent ambiguity or unintended subordination?", "What are the most common legal pitfalls or fatal flaws in priority allocation clauses?", "How do priority allocation standards differ across jurisdictions or under various governing laws?", "What factors do courts consider when determining the enforceability of priority allocation provisions?"], "drafting_tip": "Specify allocation order to prevent disputes, define triggering events to ensure clarity, and detail exceptions to avoid unintended precedence.", "explanation": "The Priority Allocations clause establishes the order in which resources, payments, or benefits are distributed among parties when there is a limited supply or insufficient funds. In practice, this clause might specify that certain creditors, shareholders, or project participants receive their share before others, often detailing a hierarchy or sequence for distribution. Its core function is to ensure fairness and transparency by clearly defining who gets paid or allocated resources first, thereby reducing disputes and managing expectations in situations where not everyone can be fully satisfied."}, "json": true, "cursor": ""}}