Common use of General Application Clause in Contracts

General Application. Except as expressly provided herein, the items of income, gain, loss or deduction of the Fund comprising Net Income or Net Loss for a Fiscal Year shall be allocated by the General Partner among the Partners in a manner such that the Capital Account of each Partner, immediately after making such allocation, is, as nearly as possible, equal (proportionately) to: 14.9.1 the distributions that would be made to such Partner pursuant to Section 18.3.2.2 hereof if (x) the Fund were dissolved, its affairs wound up and its assets sold for cash equal to their Gross Asset Values, (y) all Fund Liabilities were satisfied (limited in the case of each Nonrecourse Liability to the Gross Asset Value of the assets securing such Liability) and (z) the net assets of the Fund were distributed in accordance with Section 18.3.2.2 to the Partners immediately after making such allocations, minus 14.9.2 such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of the assets.

General Application. Except as expressly provided herein, the items of ofThe net income, gain, or loss or deduction of the Fund comprising Net Income or Net Loss for a aeach Fiscal Year shall be allocated by the General Partner among the Partners in a manner such that the Capital Account of each Partner, immediately after making such allocation, is, as nearly as possible, equal (proportionately) to:determined in accordance with GAAP.139 14.9.1 the distributions that would be made to such Partner pursuant to Section 18.3.2.2 hereof if (x) the Fund were dissolved, its affairs wound up and its assets sold for cash equal to their Gross Asset Values, (y) all Fund Liabilities were satisfied (limited in the case of each Nonrecourse Liability to the Gross Asset Value of the assets securing such Liability) and (z) the net assets of the Fund were distributed in accordance with Section 18.3.2.2 to the Partners immediately after making such allocations, minus 14.9.2 such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of the assets.

General Application. Except as expressly provided herein, the items of income, gain, loss or deduction of the Fund comprising Net Income or Net Loss for a Fiscal Year shall be allocated by the General Partner among the Partners in a manner such that the Capital Account of each Partner, immediately after making such allocation, is, as nearly as possible, equal (proportionately) to:to:‌ 14.9.1 the distributions that would be made to such Partner pursuant to Section 18.3.2.2 hereof if (x) the Fund were dissolved, its affairs wound up and its assets sold for cash equal to their Gross Asset Values, (y) all Fund Liabilities were satisfied (limited in the case of each Nonrecourse Liability to the Gross Asset Value of the assets securing such Liability) and (z) the net assets of the Fund were distributed in accordance with Section 18.3.2.2 to the Partners immediately after making such allocations, minus 14.9.2 such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of the assets.