Negative Capital Account and Qualified Income Offset. A Member shall not be liable to fund any deficit in that Member's Capital Account at any time. Notwithstanding any other provision of this Agreement, if a Member receives an adjustment, allocation, or distribution as described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704- 1(b)(2)(ii)(d)(6), and such adjustment, allocation, or distribution results in a deficit balance in that Member's Capital Account, the Member will be allocated items of income and gain in an amount and manner sufficient to eliminate the deficit balance or the increase in the deficit balance as quickly as possible. It is intended that this subdivision will meet the requirements of a "qualified income offset" as defined in Treasury Regulations Section 1.704-1 (b)(2)(ii)(d), and this subdivision is to be interpreted and applied consistent with that intention.
Negative Capital Account and Qualified Income Offset. A Member is not liable to fund any deficit in the Member's Capital Account at any time. Notwithstanding any other provision in this Agreement, if a Member unexpectedly receives an adjustment, allocation, or distribution described in Section 1.704-1(b)(2)(ii), (d)(4), (5), or (6) of the Treasury Regulations, and the unexpected adjustment, allocation or distribution results in a deficit balance in the Capital Account for the Member, the Member will be allocated items of income and gain in an amount and manner sufficient to eliminate the deficit balance or the increase in the deficit balance as quickly as possible. It is intended that this subdivision will meet the requirements of a "qualified income offset" as defined in Section 1.704-1(b)(2)(ii), (d) of the Treasury Regulations, and this subdivision is to be interpreted and applied consistent with that intention.
Negative Capital Account and Qualified Income Offset. A Member is not liable to fund any deficit in the Member's Capital Account at any time. Notwithstanding any other provision in this Agreement, if a Member unexpectedly receives an adjustment, allocation, or distribution described in Treasury Regulations ss.sx. 0.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6), and the unexpected adjustment, allocation, or distribution results in a deficit balance in the Capital Account for the Member, the Member will be allocated items of income and gain in an amount and manner sufficient to eliminate the deficit balance or the increase in the deficit balance as quickly as possible. It is intended that this subdivision will meet the requirements of a "qualified income offset" as defined in Treasury Regulations ss. 1.704-1(b)(2)(ii)(d), and this subdivision is to be interpreted and applied consistent with that intention.
