Common use of Debits Clause in Contracts

Debits. To each Partner’s Capital Account there shall be debited the amount of cash and the Gross Asset Value of any property of the Partnership distributed to such Partner pursuant to any provision of this Agreement, such Partner’s allocated share of Net Losses, any items in the nature of expenses or losses which are specially allocated pursuant to this Agreement and which would not otherwise be included in the computation of Net Profits and Net Losses, and the amount of any liabilities of such Partner assumed by the Partnership or which are secured by any property contributed by such Partner to the Partnership (but only to the extent such liabilities are to be debited pursuant to the Treasury Regulations).

Debits. To each Partner’s Capital Account there shall be debited the amount of cash and the Gross Asset Value of any property of the Partnership Fund distributed to such Partner pursuant to any provision of this Agreement, such Partner’s allocated share of Net Losses, any items in the nature of expenses or losses which are specially allocated pursuant to this Agreement and which would not otherwise be included in the computation of Net Profits and Net Losses, and the amount of any liabilities of such Partner assumed by the Partnership Fund or which are secured by any property contributed by such Partner to the Partnership Fund (but only to the extent such liabilities are to be debited pursuant to the Treasury Regulations).