Common use of Deficit Capital Accounts Generally Clause in Contracts

Deficit Capital Accounts Generally. In the event that a Partner has a deficit Capital Account balance at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is then obligated to restore pursuant to this Agreement, and (ii) the amount such Partner is then deemed to be obligated to restore pursuant to the penultimate sentences of Regulation Sections 1.704-2(g)(1) and 1.704-2(i)(5), respectively, such Partner shall be specially allocated items of Partnership income and gain in an amount of such excess as quickly as possible, provided that any allocation under this Section 7.3(c) shall be made only if and to the extent that a Partner would have a deficit Capital Account balance in excess of such sum after all allocations provided for in this Article VII have been tentatively made as if this Section 7.3(c) were not in this Agreement.

Appears in 4 contracts

Samples: Limited Partnership Agreement (Bumble Bee Capital Corp.), Limited Partnership Agreement (Bumble Bee Capital Corp.), Limited Partnership Agreement (Bumble Bee Capital Corp.)

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Deficit Capital Accounts Generally. In the event that a Partner has a deficit Capital Account balance at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is then obligated to restore pursuant to this Agreement, and (ii) the amount such Partner is then deemed to be obligated to restore pursuant to the penultimate sentences of Regulation Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), respectively, such Partner shall be specially allocated items of Partnership income and gain in an amount of such excess as quickly as possible; provided, provided that any allocation under this Section 7.3(c1.3(c) of this Exhibit shall be made only if and to the extent that a Partner would have a deficit Capital Account balance in excess of such sum after all allocations provided for in this Article VII Exhibit have been tentatively made as if this Section 7.3(c1.3(c) of this Exhibit were not in this Agreement.

Appears in 2 contracts

Samples: Limited Partnership Agreement (CatchMark Timber Trust, Inc.), Limited Partnership Agreement (CatchMark Timber Trust, Inc.)

Deficit Capital Accounts Generally. In the event that a Partner Member has a deficit Capital Account balance at the end of any Fiscal Year fiscal year which is in excess of the sum of of: (i) the amount such Partner Member is then obligated to restore pursuant to this Agreement, ; and (ii) the amount such Partner Member is then deemed to be obligated to restore pursuant to the penultimate sentences of Regulation Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), respectively, such Partner Member shall be specially allocated items of Partnership Company income and gain in an amount of such excess as quickly as possible, provided that any allocation under this Section 7.3(c8.3(c) shall be made only if and to the extent that a Partner Member would have a deficit Capital Account balance in excess of such sum after all allocations provided for in this Article VII VIII have been tentatively made as if this Section 7.3(c8.3(c) were not in this Agreement.

Appears in 2 contracts

Samples: Subscription Agreement (Blockchain Industries, Inc.), Subscription Agreement (Blockchain Industries, Inc.)

Deficit Capital Accounts Generally. In the event that If a Partner has a deficit Capital Account balance at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is then obligated to restore pursuant to this Agreement, and (ii) the amount such Partner is then deemed to be obligated to restore pursuant to the penultimate sentences of Regulation Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), respectively, such Partner shall be specially allocated items of Partnership income and gain in an amount of such excess as quickly as possible, provided that any allocation under this Section 7.3(c6.3(c) shall be made only if and to the extent that a Partner would have a deficit Capital Account balance in excess of such sum after all allocations provided for in this Article VII 6 have been tentatively made as if this Section 7.3(c6.3(c) were not in this Agreement.

Appears in 1 contract

Samples: Limited Partnership Agreement (Homer City Generation, L.P.)

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Deficit Capital Accounts Generally. In the event that a Partner has a deficit Capital Account balance at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is then obligated to restore pursuant to this Agreement, and (ii) the amount such Partner is then deemed to be obligated to restore pursuant to the penultimate sentences of Regulation Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), respectively, such Partner shall be specially allocated items of Partnership income and gain in an amount of such excess as quickly as possible; provided, provided that any allocation under this Section 7.3(c1.3(c) of this Exhibit shall be made only if and to the extent that a Partner would have a deficit Capital Account balance in excess of such sum after all allocations provided for in this Article VII Exhibit have been tentatively made as if this Section 7.3(c1.3(c) were not in this Agreement.

Appears in 1 contract

Samples: Limited Partnership Agreement (CatchMark Timber Trust, Inc.)

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