Common use of Special Allocations Regarding LTIP Units Clause in Contracts

Special Allocations Regarding LTIP Units. (1) Notwithstanding the provisions of Section 6.2 above, but subject to the prior allocation of income, gain, deduction and loss any class of Partnership Interests ranking senior to the LTIP Units with respect to return of capital or any preferential or priority return, any Post-Grant Gains occurring at a Book-up Event shall first be allocated to the Holders of LTIP Units until the Economic Capital Account Balance of each such LTIP Unitholder, to the extent attributable to his or her ownership of LTIP Units (determined without reduction for Tax Distributions made to such LTIP Unitholder), is equal to (i) the then Partnership Unit Economic Balance, multiplied by (ii) the number of his or her LTIP Units (the date on which sufficient Post-Grant Gains and other Net Income and other items of income have been so allocated to an LTIP Unitholder to achieve such equality is referred to as the “LTIP Equalization Date” with respect to such LTIP Unitholder’s LTIP Units). To the extent that the Partnership has gross income for any period (as computed for book purposes) prior to the occurrence of the LTIP Equalization Date with respect to an LTIP Unitholder’s LTIP Units, other than gross income attributable to Post-Grant Gains and Depreciation recapture, such income (including items of gross income if necessary) shall first be allocated to such LTIP Unitholder to the extent of its distributions from the Partnership (other than distributions attributable to Post-Grant Gains and Tax Distributions), if any, with respect to such period (without any double counting of income allocations).

Special Allocations Regarding LTIP Units. (1) Notwithstanding the provisions of Section 6.2 above6.1.A, but subject to the prior allocation of income, gain, deduction and loss any class of Partnership Interests ranking senior to the LTIP Units with respect to return of capital or any preferential or priority return, any Post-Grant Liquidating Gains occurring at a Book-up Event shall first be allocated to the Holders of LTIP Units Unitholders until the their Economic Capital Account Balance of each such LTIP UnitholderBalances, to the extent attributable to his or her their ownership of LTIP Units (determined without reduction for Tax Distributions made to such LTIP Unitholder)Units, is are equal to (i) the then Partnership Class A Unit Economic Balance, multiplied by (ii) the number of his or her their LTIP Units (Units, plus the date on which sufficient Post-Grant Gains and other aggregate net amount of Net Income and other items of income have been so Net Loss allocated to an such LTIP Unitholder Units prior to achieve such equality is referred to as the “LTIP Equalization Date” Distribution Participation Date with respect to such LTIP Unitholder’s Units less the amount of any Special LTIP Units). To the extent that the Partnership has gross income for any period (as computed for book purposes) prior to the occurrence of the LTIP Equalization Date with respect to an LTIP Unitholder’s LTIP Units, other than gross income attributable to Post-Grant Gains and Depreciation recapture, such income (including items of gross income if necessary) shall first be allocated to such LTIP Unitholder to the extent of its distributions from the Partnership (other than distributions attributable to Post-Grant Gains and Tax Distributions), if any, Unit Distributions with respect to such period (without LTIP Units, provided, however, that no such Liquidating Gains will be allocated with respect to any double counting particular LTIP Unit unless and to the extent that such Liquidating Gains, when aggregated with other Liquidating Gains realized since the issuance of income allocations).such LTIP Unit, exceed Liquidating Losses realized since the issuance of such LTIP Unit. After giving effect to the special allocations set forth in Section 1 of Exhibit C hereto, and notwithstanding the provisions of Sections 6.1.A and 6.1.B above, in the event that, due to distributions with respect to Class A Units in which the LTIP Units do not participate or otherwise, the Economic Capital Account Balances of any present or former holder of LTIP Units, to the extent attributable to the holder’s ownership of LTIP Units, exceed the target balance specified above, then Liquidating Losses shall be