NO IMPERMISSIBLE DEFICITS. Notwithstanding any other provision of this Agreement, taxable loss (or items of deduction) shall not be allocated to a Partner to the extent that the Partner has or would have, as a result of such allocations, an Adjusted Capital Account Deficit. Any taxable loss (or items of deduction) which otherwise would be allocated to a Partner, but which cannot be allocated to such Partner because of the application of the immediately preceding sentence, shall instead be allocated to the other Partners.
Appears in 5 contracts
Samples: Limited Partnership Agreement (3100 Glendale Joint Venture), Limited Partnership Agreement (3100 Glendale Joint Venture), Limited Partnership Agreement (Insignia Financial Group Inc)
NO IMPERMISSIBLE DEFICITS. Notwithstanding any other provision of this Agreement, taxable loss (or items of deductiondeduction (as computed for book purposes) shall not be allocated to a Partner to the extent that the Partner has or would have, as a result of such allocations, an Adjusted Capital Account Deficit. Any taxable loss (or items of deductiondeduction (as computed for book purposes) which otherwise would be allocated to a Partner, but which cannot be allocated to such Partner because of the application of the immediately preceding sentence, shall instead be allocated to the other Partners.
Appears in 2 contracts
Samples: Partnership Agreement (Mack Cali Realty L P), Limited Partnership Agreement (Mack Cali Realty L P)
NO IMPERMISSIBLE DEFICITS. Notwithstanding any other provision of this Agreement, taxable loss (or items of deduction) shall not be allocated to a Partner to the extent that the Partner has or would have, as a result of such allocations, an Adjusted Capital Account Deficit. Any taxable loss (or items of deduction) which otherwise would be allocated to a Partner, but which cannot be allocated to such Partner because of the application of the immediately preceding sentence, shall instead be allocated to the other Partners.
Appears in 1 contract
Samples: Limited Partnership Agreement (3100 Glendale Joint Venture)
NO IMPERMISSIBLE DEFICITS. Notwithstanding any other provision of this Agreement, taxable loss (or items of deduction) shall not be allocated to a Partner to the extent that the Partner has or would have, as a result of such allocations, an Adjusted Capital Account Deficit. Any taxable loss (or items of deduction) which otherwise [16] 21 would be allocated to a Partner, but which cannot be allocated to such Partner because of the application of the immediately preceding sentence, shall instead be allocated to the other Partners.
Appears in 1 contract
Samples: Limited Partnership Agreement (3100 Glendale Joint Venture)
