Net Losses. After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain and Simulated Loss taken into account in computing Net Losses for such taxable period shall be allocated to the Unitholders in accordance with their respective Percentage Interests; provided that Net Losses shall not be allocated pursuant to this Section 6.1(b) to the extent that such allocation would cause any 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).
Appears in 8 contracts
Samples: Operating Agreement, Operating Agreement (Atlas Energy Resources, LLC), Operating Agreement (Constellation Energy Partners LLC)
Net Losses. After giving effect to the special allocations set forth in Section 6.1(d)) and any allocations to other Company Securities, Net Losses for each taxable period and all items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain loss and Simulated Loss deduction taken into account in computing Net Losses for such taxable period shall be allocated to the Unitholders in accordance with their respective Percentage Interests; provided that Net Losses shall not be allocated pursuant to this Section 6.1(b) to the extent that such allocation would cause any 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).
Appears in 6 contracts
Samples: Limited Liability Company Agreement (Copano Energy, L.L.C.), Limited Liability Company Agreement (Copano Energy, L.L.C.), Limited Liability Company Agreement (Copano Energy, L.L.C.)
Net Losses. After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain loss and Simulated Loss deduction taken into account in computing Net Losses for such taxable period shall be allocated as follows:
(i) First, 100% to the Unitholders General Partner and the Limited Partner, in accordance with their respective Percentage Interests; provided provided, that Net Losses shall not be allocated pursuant to this Section 6.1(b6.1(b)(i) to the extent that such allocation would cause any Unitholder the 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);
(ii) Second, the balance, if any, 100% to the General Partner.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Enterprise Products Partners L P), Agreement of Limited Partnership (Enterprise Products Partners L P), Agreement of Limited Partnership (Enterprise Products Partners L P)
Net Losses. After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain loss and Simulated Loss deduction taken into account in computing Net Losses for such taxable period shall be allocated as follows:
(i) First, 100% to the Unitholders General Partner and the Unitholders, in accordance with their respective Percentage Interests; provided that Net Losses shall not be allocated pursuant to this Section 6.1(b6.1(b)(i) to the extent that such allocation would cause any 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) Thereafter, the balance, if any, 100% to the General Partner.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Westmoreland Resource Partners, LP), Contribution Agreement (WESTMORELAND COAL Co), Limited Partnership Agreement
Net Losses. After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain loss and Simulated Loss deduction taken into account in computing Net Losses for such taxable period shall be allocated as follows:
(i) First, 100% to the Unitholders General Partner and the Unitholders, in accordance with their respective Percentage Interests; provided provided, that Net Losses shall not be allocated pursuant to this Section 6.1(b6.1(b)(i) to the extent that such allocation would cause any 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 (Oxford Resource Partners LP)
Net Losses. After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain and Simulated Loss taken into account in computing Net Losses for such taxable period shall be allocated to the Unitholders in accordance with their respective Percentage InterestsUnitholders, Pro Rata; provided that Net Losses shall not be allocated pursuant to this Section 6.1(b) to the extent that such allocation would cause any 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).
Appears in 1 contract
Samples: Limited Liability Company Agreement (Linn Energy, LLC)
Net Losses. After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain and Simulated Loss taken into account in computing Net Losses for such taxable period shall be allocated to the Unitholders Partners in accordance with their respective Percentage Interests; provided that Net Losses shall not be allocated pursuant to this Section 6.1(b) to the extent that such allocation would cause any Unitholder 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), instead any such Net Losses shall be allocated to the General Partner.
Appears in 1 contract
Samples: Limited Partnership Agreement (Abraxas Petroleum Corp)
Net Losses. After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain and Simulated Loss taken into account in computing Net Losses for such taxable period shall be allocated to the Unitholders Members in accordance with their respective Percentage Interests; provided that Net Losses shall not be allocated to any Member pursuant to this Section 6.1(b) to the extent that such allocation would cause any Unitholder Member 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).
Appears in 1 contract
Samples: Limited Liability Company Agreement (Legacy Reserves L P)
Net Losses. After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain loss and Simulated Loss deduction taken into account in computing Net Losses for such taxable period shall be allocated to the Unitholders in accordance with their respective Percentage Interests; provided that Net Losses shall not be allocated pursuant to this Section 6.1(b) to the extent that such allocation would cause any 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).
Appears in 1 contract
Samples: Limited Liability Company Agreement (Valero Gp Holdings LLC)