Common use of Compliance with Treasury Regulations Clause in Contracts

Compliance with Treasury Regulations. It is the intent of the Partners that the allocations provided in Section 7.1 result in distributions required pursuant to Section 12.2(d) being in accordance with positive Capital Accounts as provided for in the Treasury Regulations under Code Section 704(b). However, if after giving hypothetical effect to the allocations required by Section 7.1, the Capital Accounts of the Partners are in such ratios or balances that distributions pursuant to Section 12.2(d) would not be in accordance with the positive Capital Accounts of the Partners as required by the Treasury Regulations under Code Section 704(b), such failure shall not affect or alter the distributions required by Section 12.2(d). Rather, the liquidator will have the authority to make other allocations of Profits and Losses (or items thereof) among the Partners which, to the extent possible, will result in the Capital Accounts of each Partners having a balance prior to distribution equal to the amount of distributions to be received by such Partners pursuant to Section 12.2(d).

Compliance with Treasury Regulations. It is the intent of the Partners Members that the allocations provided in Section 7.1 result in distributions required pursuant to Section 12.2(d) being in accordance with positive Capital Accounts as provided for in the Treasury Regulations under Code Section 704(b). However, if after giving hypothetical effect to the allocations required by Section 7.1, the Capital Accounts of the Partners Members are in such ratios or balances that distributions pursuant to Section 12.2(d) would not be in accordance with the positive Capital Accounts of the Partners Members as required by the Treasury Regulations under Code Section 704(b), such failure shall not affect or alter the distributions required by Section 12.2(d). Rather, the liquidator will have the authority to make other allocations of Profits and Losses (or items thereof) among the Partners Members which, to the extent possible, will result in the Capital Accounts of each Partners Members having a balance prior to distribution equal to the amount of distributions to be received by such Partners Members pursuant to Section 12.2(d).

Compliance with Treasury Regulations. It is the intent of the Partners that the allocations provided in Section 7.1 3.1 result in the distributions required pursuant to Section 12.2(d6.3(a) being in accordance with positive Capital Accounts capital accounts as provided for in the Treasury Regulations under Code Section 704(b). However, if after giving hypothetical effect to the allocations required by Section 7.13.1, the Capital Accounts capital accounts of the Partners are in such ratios or balances that distributions pursuant to Section 12.2(d6.3(a) would not be in accordance with the positive Capital Accounts capital accounts of the Partners as required by the Treasury Regulations under Code Section 704(b), such failure shall not affect or alter the distributions required by Section 12.2(d6.3(a). Rather, the liquidator Liquidator will have the authority to make other allocations of Profits profit and Losses (loss, or items thereof) of income, gain, loss or deduction among the Partners whichthat, to the extent possible, will result in the Capital Accounts capital accounts of each Partners Partner having a balance prior to distribution equal to the amount of distributions to be received by such Partners Partner pursuant to Section 12.2(d6.3(a).

Compliance with Treasury Regulations. It is the intent of the Partners that the allocations provided in Section 7.1 3.1 result in the distributions required pursuant to Section 12.2(d6.3(a) being in accordance with positive Capital Accounts capital accounts as provided for in the Treasury Regulations under Code Section 704(b). However, if after giving hypothetical effect to the allocations required by Section 7.13.1, the Capital Accounts capital accounts of the Partners are in such ratios or balances that distributions pursuant to Section 12.2(d6.3(a) would not be in accordance with the positive Capital Accounts capital accounts of the Partners as required by the Treasury Regulations under Code Section 704(b), such failure shall not affect or alter the distributions required by Section 12.2(d6.3(a). Rather, the liquidator Liquidator will have the authority to make other allocations of Profits profit and Losses (loss, or items thereof) of income, gain, loss or deduction among the Partners which, to the extent possible, will result in the Capital Accounts capital accounts of each Partners Partner having a balance prior to distribution equal to the amount of distributions to be received by such Partners Partner pursuant to Section 12.2(d6.3(a).