NO DEFICIT CAPITAL ACCOUNT OBLIGATION. Notwithstanding anything else to the contrary in this Agreement, upon a liquidation within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations, if any Partner has a deficit Capital Account (after giving effect to all contributions, distributions, allocations and other Capital Account adjustments for all taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any Capital Contribution, and the negative balance of such Partner's Capital Account shall not be considered a debt owed by such Partner to the Partnership or to any other Person for any purpose whatsoever.
Appears in 7 contracts
Samples: Limited Partnership Agreement (Behringer Harvard Short Term Opportunity Fund I Lp), Limited Partnership Agreement (Behringer Harvard Short Term Opportunity Fund I Lp), Limited Partnership Agreement (Behringer Harvard Short Term Opportunity Fund I Lp)
NO DEFICIT CAPITAL ACCOUNT OBLIGATION. Notwithstanding anything else to the contrary in this Agreement, upon a liquidation within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations, if any Partner has a deficit Capital Account (after giving effect to all contributions, distributions, allocations and other Capital Account adjustments for all taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any Capital Contribution, and the negative balance of such Partner's ’s Capital Account shall not be considered a debt owed by such Partner to the Partnership or to any other Person for any purpose whatsoever.
Appears in 1 contract
Samples: Limited Partnership Agreement (Behringer Harvard Opportunity REIT I, Inc.)
