Common use of Loss Limitations Clause in Contracts

Loss Limitations. No allocation of items of loss or deduction pursuant to Section 5.03(a) shall be made to a Member if such allocation would cause or increase a deficit in the balance of a Member’s Adjusted Capital Account. In the event some but not all of the Members would have a deficit in the balance of their Adjusted Capital Account as a consequence of an allocation of items of loss or deduction pursuant to Section 5.03(a), the limitation set forth in this Section 5.03(e) shall be applied on a Member by Member basis and items of loss or deduction not allocable to any Member as a result of such limitation shall be allocated to the other Members in the manner otherwise required pursuant to Section 5.03(a) to the extent such other Members have positive balances in their Capital Accounts so as to allocate the maximum permissible items of loss and deduction to each Member under Treasury Regulation Section 1.704-1(b)(2)(ii)(d).

Loss Limitations. No allocation Items of loss and deduction allocated pursuant to Section 4 shall not exceed the maximum amount of items of loss or deduction pursuant that can be allocated without causing any Member to Section 5.03(a) shall be made to a Member if such allocation would cause or increase a deficit in the balance of a Member’s have an Adjusted Capital AccountAccount Deficit at the end of any Allocation Year. In the event some but not all of the Members would have a deficit in the balance of their Adjusted Capital Account Deficits as a consequence of an allocation of items item of loss or deduction pursuant to Section 5.03(a)4, the limitation set forth in this Section 5.03(e) 4.4 shall be applied on a Member by Member basis and items of loss or deduction not allocable to any Member as a result of such limitation shall be allocated to the other Members in the manner otherwise required pursuant to Section 5.03(a) 4 to the extent such other Members have positive balances in their Capital Accounts so as to allocate the maximum permissible items of loss and deduction Losses to each Member under Treasury Regulation Section Regulations § 1.704-1(b)(2)(ii)(d).

Loss Limitations. No allocation of items of loss or deduction pursuant to Section 5.03(a5.02(a) shall be made to a Member if such allocation would cause or increase a deficit in the balance of a Member’s Adjusted Capital Account. In the event some but not all of the Members would have a deficit in the balance of their Adjusted Capital Account as a consequence of an allocation of items of loss or deduction pursuant to Section 5.03(a5.02(a), the limitation set forth in this Section 5.03(e5.02(e) shall be applied on a Member by Member basis and items of loss or deduction not allocable to any Member as a result of such limitation shall be allocated to the other Members in the manner otherwise required pursuant to Section 5.03(a5.02(a) to the extent such other Members have positive balances in their Capital Accounts so as to allocate the maximum permissible items of loss and deduction to each Member under Treasury Regulation Section 1.704-1(b)(2)(ii)(d).

Loss Limitations. No allocation of items of loss or deduction Loss pursuant to Section 5.03(a6.1(b) shall be made to a Member if such allocation would cause or increase a deficit in the balance of a Member’s Adjusted Capital Account. In the event some but not all of the Members would have a deficit in the balance of their Adjusted Capital Account as a consequence of an allocation of items of loss or deduction Loss pursuant to Section 5.03(a6.1(b), the limitation set forth in this Section 5.03(e6.2(j) shall be applied on a Member by Member basis and items of loss or deduction Loss not allocable to any Member as a result of such limitation shall be allocated to the other Members in the manner otherwise required pursuant to Section 5.03(a6.1(b) to the extent such other Members have positive balances in their Capital Accounts so as to allocate the maximum permissible items of loss and deduction Loss to each Member under Treasury Regulation Section 1.704-1(b)(2)(ii)(d).