NO IMPERMISSIBLE DEFICITS. Notwithstanding any other provision of this Agreement, taxable loss (or items of deduction) shall not be allocated to a Member to the extent that the Member 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 Member, but which cannot be allocated to such Member because of the application of the immediately preceding sentence, shall instead be allocated to the other Members.
Appears in 3 contracts
Samples: Operating Agreement (3100 Glendale Joint Venture), Operating Agreement (3100 Glendale Joint Venture), Operating Agreement (3100 Glendale Joint Venture)
NO IMPERMISSIBLE DEFICITS. Notwithstanding any other provision of this Agreement, taxable loss (or items of deduction) shall will not be allocated to a Member to the extent that the Member 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 Member, but which cannot be allocated to such Member because of the application of the immediately preceding sentence, shall will instead be allocated to the other Members.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Global Aircraft Solutions, Inc.), Limited Liability Company Agreement (Global Aircraft Solutions, Inc.)
NO IMPERMISSIBLE DEFICITS. Notwithstanding any other provision of this Agreement, taxable loss (or items of deduction) shall not be allocated to a Member to the extent that the Member has or would have, as a result of such allocations, an a negative Adjusted Capital Account DeficitAccount. Any taxable loss (or items of deduction) which otherwise would be allocated to a Member, but which cannot be allocated to such Member because of the application of the immediately preceding sentence, shall instead be allocated to the other Members.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Calpine Corp), Limited Liability Company Operating Agreement (Calpine Corp)
NO IMPERMISSIBLE DEFICITS. Notwithstanding any other provision of this Agreement, taxable loss (or items of deduction) shall not be allocated to a Member Venturer to the extent that the Member Venturer 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 MemberVenturer, but which cannot be allocated to such Member Venturer because of the application of the immediately preceding sentence, shall instead be allocated to the other MembersVenturers.
Appears in 1 contract
Samples: Joint Venture 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 Member to the extent that the Member has or would have, as a result of such allocations, an Adjusted Capital Account Deficit. Any taxable loss (or items of deduction) deduction which otherwise would be allocated to a Member, but which cannot be allocated to such Member member because of the application of the immediately preceding sentence, shall instead be allocated to the other Members.
Appears in 1 contract
