Limitation on Loss Allocations. Notwithstanding anything in this Operating Agreement to the contrary, no loss or item of deduction shall be allocated to a Member if such allocation would cause such Member to have an Adjusted Capital Account Deficit as of the last day of the Fiscal Year or other period to which such allocation relates. Anyamounts not allocated to a Member pursuant to the limitations set forth in this paragraph shall be allocated to the other Members to the extent possible without violating the limitations set forth in this paragraph, and any amounts remaining to be allocated shall be allocated among the Members in accordance with their Ownership Percentages. A Member’s Capital Account balance shall not be reduced below zero in connection with the allocation of the basis attributable to a charitable donation of all or any portion of the Property.
Appears in 7 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
