Cumulative Priority Return definition
Cumulative Priority Return. For any period, (a) for any Class A Member, such Class A Member's Class A Basic Return and Class A Additional Return for such period, and (b) for any Class B Member, such Class B Member's Class B Basic Return for such period.
Cumulative Priority Return means, as of any date, the amount, if any, by which the aggregate amount of the Priority Return accrued from the inception of the Partnership through that date exceeds the amount of Profits allocated to SEP pursuant to Section 5.1(ii) during the same period, adjusted, if such date is other than the last day of a Fiscal Year, to reflect an interim allocation of current Profits as of that date based upon an interim closing of the books of the Partnership.