Common use of Net Losses Clause in Contracts

Net Losses. All items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated in the same manner as such Net Losses are allocated hereunder, which Net Losses shall be allocated as follows: (i) First, 98% to the Limited Partners holding Common Units, Pro Rata, and 2% to the General Partner; provided, that Net Losses shall not be allocated pursuant to this Section 5.1(b)(i) to the extent that such allocation would cause any Partner to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); and (ii) Second, the balance, if any, 100% to the General Partner.

Appears in 9 contracts

Samples: Agreement of Limited Partnership (Enbridge Energy Partners Lp), Limited Partnership Agreement, Limited Partnership Agreement

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Net Losses. All After giving effect to the special allocations set forth in Section 5.1(d), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated in the same manner as such Net Losses are allocated hereunder, which Net Losses shall be allocated as follows: (i) First, 98% to the Limited Partners holding Common Units, Pro Rata, and 2100% to the General PartnerPartner and the Limited Partner in accordance with their respective Percentage Interests; provided, that Net Losses shall not be allocated pursuant to this Section 5.1(b)(i) to the extent that such allocation would cause any Limited Partner to have a deficit balance in its Adjusted Capital Capital. Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); and (ii) Second, the balance, if any, 100% to the General Partner.

Appears in 5 contracts

Samples: Limited Partnership Agreement (Ferrellgas Partners Finance Corp), Limited Partnership Agreement (Ferrellgas Finance Corp), Limited Partnership Agreement (Ferrellgas Partners L P)

Net Losses. All After giving effect to the special allocations set forth in Section 5.1(d), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated in the same manner as such Net Losses are allocated hereunder, which Net Losses shall be allocated as follows: (i) First, 98% to the Limited Partners holding Common Units, Pro Rata, and 2100% to the General Partner; Partner and the Limited Partner in accordance with their respective Percentage Interests, provided, that Net Losses shall not be allocated pursuant to this Section 5.1(b)(i5.1(b) (ii) to the extent that such allocation would cause any Limited Partner to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); and (ii) Second, the balance, if any, 100% to the General Partner.

Appears in 5 contracts

Samples: Agreement of Limited Partnership (Teppco Partners Lp), Limited Partnership Agreement (Teppco Partners Lp), Limited Partnership Agreement (Teppco Partners Lp)

Net Losses. All After giving effect to the special allocations set forth in Section 5.1(d), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated in the same manner as such Net Losses are allocated hereunder, which Net Losses shall be allocated as follows: (i) First, 98% to the Limited Partners holding Common Units, Pro Rata, and 2100% to the General PartnerPartner and the Limited Partner in accordance with their respective Percentage Interests; provided, that Net Losses shall not be allocated pursuant to this Section 5.1(b)(i) to the extent that such allocation would cause any Partner to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); and (ii) Second, the balance, if any, 100% to the General Partner.

Appears in 3 contracts

Samples: Limited Partnership Agreement (Eott Energy Canada Lp), Limited Partnership Agreement (Eott Energy Partners Lp), Limited Partnership Agreement (Eott Energy Canada Lp)

Net Losses. All items After giving effect to the special allocations set forth in Section 6.1(c), Net Losses for each taxable period (including a pro rata portion of income, gain, loss and deduction taken into account in computing Net Losses Losses) for such taxable period shall be allocated in the same manner as such Net Losses are allocated hereunder, which Net Losses shall be allocated as follows: (i) First, 98% to the Limited Partners holding Common UnitsUnitholders, Pro Rata, and 2% to ; provided that the General Partner; provided, that Net Losses shall not be allocated pursuant to this Section 5.1(b)(i6.1(b)(i) to the extent that such allocation would cause any Partner Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); and (ii) Second, the balance, if any, 100% to the General Partner.

Appears in 3 contracts

Samples: Limited Partnership Agreement (Spectra Energy Partners, LP), Equity Restructuring Agreement (Spectra Energy Partners, LP), Limited Partnership Agreement

Net Losses. All After giving effect to the special allocations set forth in Section 5.1(d), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated in the same manner as such Net Losses are allocated hereunder, which Net Losses shall be allocated as follows: (i) First, 98% to the Limited Partners holding Common Units, Pro Rata, and 2100% to the General PartnerPartner and the Limited Partner in accordance with their respective Percentage Interests; provided, that Net Losses shall not be allocated pursuant to this Section 5.1(b)(i) to the extent that such allocation would cause any Limited Partner to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); and (ii) Second, the balance, if any, 100% to the General Partner.

Appears in 2 contracts

Samples: Agreement of Limited Partnership (Star Gas Finance Co), Agreement of Limited Partnership (Star Gas Partners Lp)

Net Losses. All items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated in the same manner as such Net Losses are allocated hereunder, which Net Losses shall be allocated as follows: (i) FirstFIRST, 98% to the Limited Partners holding Common Units, Pro Rata, and 2% to the General Partner; providedPROVIDED, that Net Losses shall not be allocated pursuant to this Section 5.1(b)(i) to the extent that such allocation would cause any Partner to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); and (ii) SecondSECOND, the balance, if any, 100% to the General Partner.

Appears in 2 contracts

Samples: Agreement of Limited Partnership (Enbridge Energy Management L L C), Limited Partnership Agreement (Enbridge Energy Partners Lp)

Net Losses. All After giving effect to the special allocations set forth in Section 6.1(c), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated in the same manner as such Net Losses are allocated hereunder, which Net Losses shall be allocated as follows: (i) First, 98100% to the Limited Partners holding Common Units, Pro Rata, and 2% to the General Partnerin accordance with their respective Percentage Interests; provided, that Net Losses shall not be allocated pursuant to this Section 5.1(b)(i6.1(b)(i) to the extent that such allocation would cause any Limited Partner to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); and (ii) Second, the balance, if any, 100% to the General Partner.

Appears in 1 contract

Samples: Limited Partnership Agreement (Genesis Energy Lp)

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Net Losses. All After giving effect to the special allocations set forth in Section 6.1(c), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated in the same manner as such Net Losses are allocated hereunder, which Net Losses shall be allocated as follows: (i) First, 98% to the Limited Partners holding Common UnitsGeneral Partner and the Unitholders, Pro Rata, and 2% to provided that the General Partner; provided, that Net Losses shall not be allocated pursuant to this Section 5.1(b)(i6.1(b)(i) to the extent that such allocation would cause any Partner Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); and; (ii) Second, the balance, if any, 100% to the General Partner.

Appears in 1 contract

Samples: Limited Partnership Agreement (Natural Resource Partners Lp)

Net Losses. All After giving effect to the special allocations set forth in Section 5.1(d), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated in the same manner as such Net Losses are allocated hereunder, which Net Losses shall be allocated as follows: : (i) First, 98% to the Limited Partners holding Common Units, Pro Rata, and 2100% to the General PartnerPartner and the Limited Partner in accordance with their respective Percentage Interests; provided, that Net Losses shall not be allocated pursuant to this Section 5.1(b)(i) to the extent that such allocation would cause any Limited Partner to have a deficit balance in its Adjusted Capital Capital. Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); and and (ii) Second, the balance, if any, 100% to the General Partner.

Appears in 1 contract

Samples: Third Amended and Restated Agreement of Limited Partnership

Net Losses. All After giving effect to the special allocations set forth in Section 5.1(d), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated in the same manner as such Net Losses are allocated hereunder, which Net Losses shall be allocated as follows: (i) First, 98% to the Limited Partners holding Common Units, Pro Rata, and 2100% to the General PartnerPartner and the Limited Partner in accordance with their respective Percentage Interests; provided, that Net Losses shall not be allocated pursuant to this Section 5.1(b)(i) to the extent that such allocation would cause any the Limited Partner to have a deficit balance in its Adjusted Capital Capital. Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); and (ii) Second, the balance, if any, 100% to the General Partner.

Appears in 1 contract

Samples: Limited Partnership Agreement (Ferrellgas L P)

Net Losses. All After giving effect to the special allocations set forth in Section 6.1(c), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated in the same manner as such Net Losses are allocated hereunder, which Net Losses shall be allocated as follows: (i) First, 98% to the Limited Partners holding Common UnitsGeneral Partner and the Unitholders, Pro Rata, and 2% to provided that the General Partner; provided, that Net Losses shall not be allocated pursuant to this Section 5.1(b)(i6.1(b)(i) to the extent that such allocation would cause any Partner Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year period (or increase any existing deficit balance in its Adjusted Capital Account); and; (ii) Second, the balance, if any, 100% to the General Partner.

Appears in 1 contract

Samples: Limited Partnership Agreement (Armstrong Resource Partners, L.P.)

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