No Excess Deficit. To the extent that any Partner has or would have, as a result of an allocation of Loss (or item thereof), an Adjusted Capital Account Deficit, such amount of Loss (or item thereof) shall be allocated to the other Partners in accordance with Section 6.1, but in a manner which will not produce an Adjusted Capital Account Deficit as to such Partner. To the extent such allocation would result in all Partners having Adjusted Capital Account Deficits, such Loss shall be allocated to the General Partner. Any allocations of Loss pursuant to this Section 6.2(c) shall be reversed with a corresponding amount of Profits in subsequent years.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Macklowe Properties Inc), Limited Partnership Agreement (Loeb Realty Corp)
No Excess Deficit. To the extent that any Partner has or would have, as a result of an allocation of Loss (or item thereof), an Adjusted Capital Account Deficit, such amount of Loss (or item thereof) shall be allocated to the other Partners in accordance with Section 6.15.1, but in a manner which will not produce an Adjusted Capital Account Deficit as to such Partner. To the extent such allocation would result in all Partners having Adjusted Capital Account Deficits, such Loss shall be allocated to the General Partner. Any allocations of Loss pursuant to this Section 6.2(c5.2(c) shall be reversed with a corresponding amount of Profits in subsequent years.
Appears in 2 contracts
Samples: Limited Partnership Agreement (American Real Estate Investment Corp), Limited Partnership Agreement (American Real Estate Investment Corp)
