Loss Allocation Limitation. Notwithstanding the other provisions of this Agreement, unless otherwise agreed to by the Manager, no Member shall be allocated Loss in any taxable year which would cause or increase an Adjusted Capital Account Deficit as of the end of such taxable year.
Appears in 1 contract
Loss Allocation Limitation. Notwithstanding the other provisions of this Article 9 of the Agreement, unless otherwise agreed to by all of the ManagerMembers, no Member shall will be allocated Loss in any taxable year which would cause or increase an Adjusted Capital Account Deficit as of the end of such taxable year.
Appears in 1 contract
Samples: Operating Agreement (Aspen Mortgage Income Fund II, LLC)
Loss Allocation Limitation. Notwithstanding the other provisions of this Article 4 of the Agreement, unless otherwise agreed to by all of the ManagerMembers, no Member shall will be allocated Loss in any taxable year which would cause or increase an Adjusted Capital Account Deficit as of the end of such taxable year.
Appears in 1 contract
Loss Allocation Limitation. Notwithstanding the other provisions of this ARTICLE 4 of the Agreement, unless otherwise agreed to by all of the ManagerMembers, no Member shall will be allocated Loss in any taxable year which would cause or increase an Adjusted Capital Account Deficit as of the end of such taxable year.
Appears in 1 contract
Samples: Limited Liability Company Agreement (IMH Financial Corp)
