Nonrecourse Liabilities. The allocation provisions set forth in this Agreement are based on the premise that the Partnership has not incurred and will not incur any nonrecourse liabilities as that term is defined in Section 1.752-1(a)(2) of the Treasury regulations. If the Partnership should incur such liabilities, the Agreement will be amended to assure compliance with Section 704(b) of the Code and the Treasury regulations thereunder.
Appears in 11 contracts
Samples: Partnership Agreement (American Banknote Corp), Partnership Agreement (Miller Lloyd I Iii), Partnership Agreement (Miller Lloyd I Iii)
Nonrecourse Liabilities. The allocation provisions set ------------------------ forth in this Agreement are based on the premise that the Partnership has not incurred and will not incur any nonrecourse liabilities as that term is defined in Section 1.752-1(a)(2) of the Treasury regulations. If the Partnership should incur such liabilities, the Agreement will be amended to assure compliance with Section 704(b) of the Code and the Treasury regulations thereunder.
Appears in 2 contracts
Samples: Partnership Agreement (Aldila Inc), Partnership Agreement (Aldila Inc)
