Common use of Limitation on Losses Clause in Contracts

Limitation on Losses. The Losses allocated pursuant to Section 6.1 hereof shall not exceed the maximum amount of Losses that can be so allocated without causing any Member to have a Deficit Capital Account at the end of any Fiscal Year. In the event some but not all of the Members would have Deficit Capital Accounts as a consequence of an allocation of Losses pursuant to Section 6.1 hereof, the limitation set forth in this Section 6.2 shall be applied on a Member by Member basis so as to allocate the maximum permissible Losses to each Member under Treasury Regulation §1.704-1(b)(2)(ii)(d).

Limitation on Losses. The Losses allocated pursuant to Section 6.1 8.2 hereof shall not exceed the maximum amount of Losses that can be so allocated without causing any Member to have a Deficit Capital Account at the end of any Fiscal Year. In the event some but not all of the Members would have Deficit Capital Accounts as a consequence of an allocation of Losses pursuant to Section 6.1 8.2 hereof, the limitation set forth in this Section 6.2 8.2 shall be applied on a Member by Member basis so as to allocate the maximum permissible Losses to each Member under Treasury Regulation §ss. 1.704-1(b)(2)(ii)(d1 (b )(2)(ii)( d).

Limitation on Losses. The Losses allocated pursuant to Section 6.1 4.2 hereof shall not exceed the maximum amount of Losses that can be so allocated without causing any Member to have a Deficit an Adjusted Capital Account Deficit at the end of any Fiscal Year. In the event some but not all of the Members would have Deficit Adjusted Capital Accounts Account Deficits as a consequence of an allocation of Losses pursuant to Section 6.1 4.2 hereof, the limitation set forth in this Section 6.2 4.4 shall be applied on a Member by Member basis so as to allocate the maximum permissible Losses Loss to each any Member under Treasury Regulation §1.704-1(b)(2)(ii)(d)) of the Regulations.