Limitations on Allocation of Losses. Notwithstanding the ----------------------------------- provisions of Section 4.2(a)(ii), there shall be no allocation of Losses to any Limited Partner which would create or increase a deficit balance in such Limited Partner's Capital Account unless such allocation would be treated as valid under Section 704(b) of the Code. Any Losses that cannot be allocated to a Limited Partner pursuant to the preceding sentence shall be reallocated to the General Partner.
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Samples: Partnership Agreement (Switzerland County Development Corp), Partnership Agreement (Hollywood Park Fall Operating Co), Agreement of Limited Partnership (Hollywood Park Inc/New/)
Limitations on Allocation of Losses. Notwithstanding the ----------------------------------- provisions of Section 4.2(a)(ii)) , there shall be no allocation of Losses to any Limited Partner which would create or increase a deficit balance in such Limited Partner's ’s Capital Account unless such allocation would be treated as valid under Section 704(b) of the Code. Any Losses that cannot be allocated to a Limited Partner pursuant to the preceding sentence shall be reallocated to the General Partner.
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