Net Property Loss Sample Clauses

Net Property Loss. Except as otherwise provided herein, after the allocation of Net Operating Income or Net Operating Loss has been made pursuant to paragraphs 1(a) and (b) above, Net Property Loss of the Partnership for each fiscal year or other applicable period shall be allocated as follows: (i) First, to the Partners in accordance with their respective Percentage Interests until the Capital Account balances of the Limited Partners are reduced to zero (for purposes of this calculation, each Partner’s Capital Account balance shall be credited with the amount such Partner is obligated to restore pursuant to the provisions of Section 1.704-1(b)(2)(ii)(c) of the Regulations, or is deemed to be obligated to restore with respect to any deficit balance pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations); (ii) Second, to the General Partner until its Capital Account balance has been reduced to zero (for purposes of this calculation, such Partner’s share of Partnership Minimum Gain shall be added back to its Capital Account); (iii) Thereafter, to the Partners in accordance with their then Percentage Interests; (iv) Notwithstanding anything to the contrary hereunder, to the extent any Net Property Loss allocated to a Partner under subparagraph 1(d) would cause such Partner (hereinafter, a “Restricted Partner”) to have an Adjusted Capital Account Deficit as of the end of the fiscal year to which such Net Property Loss relates, such Net Property Loss shall not be allocated to such Restricted Partner and instead shall be allocated to the other Partner(s), pro rata, in accordance with their relative Percentage Interests.

Net Property Loss. Except as otherwise provided herein, Net Property ----------------- Loss of the Partnership for each fiscal year or other applicable period shall be allocated as follows: (1) To the Partners in accordance with their respective Percentage Interests. (2) Notwithstanding subparagraph 2(b)(1) hereof, to the extent any Net Property Loss allocated to a Partner under subparagraph 2(b)(1) hereof or this subparagraph 2(b)

Net Property Loss. Except as otherwise provided herein, Net Property Loss of the Partnership for each fiscal year or other applicable period shall be allocated as follows: (1) To the Partners in accordance with their respective Percentage Interests. (2) Notwithstanding Section 6.02(b)(1) hereof, to the extent any Net Property Loss otherwise allocable to a Partner under Section 6.02(b)(1) hereof would cause such Partner to have a deficit Modified Adjusted Capital Account balance as of the end of the Partnership Year (or other applicable period) to which such Net Property Loss relates, such Net Property Loss shall not be allocated to such Partner and instead shall be allocated to the other Partners as follows: (x) first, pro rata in accordance with their relative Percentage Interests until the balances of the Modified Adjusted Capital Accounts of all the Partners other than the General Partner shall be zero, (y) second, to the General Partner, until the cumulative amount of Net Property Loss allocated to the General Partner under this clause (y) and under clause (y) of Section 6.01(b)(2) (and not previously reversed with allocations of Net Property Gain under Section 6.02(a)(1) or Net Operating Income under Section 6.01(a)(1)) is equal to the excess, if any, of the Partnership Recourse Debt Amount over the Aggregate LP Recourse Amount, and (z) then, to the Recourse Partners pro rata in accordance with their relative LP Recourse Amounts.

Net Property Loss. Except as otherwise provided herein, Net Property Loss of the Partnership for each fiscal year or other applicable period shall be allocated as follows: To the Partners in accordance with their respective Percentage Interests. Notwithstanding subparagraph 2(b)(1) hereof, to the extent any Net Property Loss allocated to a Partner under subparagraph 2(b)(1) hereof or this subparagraph 2(b)(2) would cause such Partner (hereinafter, a "Restricted Partner") to have an Adjusted Capital Account Deficit as of the end of the fiscal year to which such Net Property Loss relates, such Net Property Loss shall not be allocated to such Restricted Partner and instead shall be allocated to the other Partner(s) (hereinafter, the "Permitted Partners") pro rata in accordance with their relative Percentage Interests. Notwithstanding Sections 2(a) and (b) above, on any date on which any Series A Preferred Stock, any Series B Preferred Stock, any Series C Preferred Stock, any Series D Preferred Stock, any Series E Preferred Stock or any Series B Preferred Unit, any Series C Preferred Unit, any Series D Preferred Unit or any Series E Preferred Unit (or other Preferred Stock or other Preferred Units) is outstanding, Net Property Gain and Net Property Loss shall be allocated as follows: Net Property Gain for any fiscal year or other applicable period shall be allocated in the following order and priority: First, to the Partners, until the cumulative Net Property Gain allocated pursuant to this subparagraph 2(c)(1)(i) for the current and all prior periods equals the cumulative Net Property Loss allocated pursuant to subparagraphs 2(c)(2)(iii) and (iv) hereof for all prior periods, among the Partners in the same ratio and reverse order that such Net Property Loss was allocated (and, in the event of a shift of a Partner's interest in the Partnership, to the Partners in a manner that most equitably reflects the successors in interest to such Partners); Second, to the General Partner, until the cumulative Net Property Gain allocated pursuant to this subparagraph 2(c)(1)(ii) for the current and all prior periods equals the cumulative Net Property Loss allocated pursuant to subparagraph 2(c)(2)(ii) hereof for all prior periods; Third, on a pari passu basis, to (A) the General Partner until the sum of (x) the total cumulative amount of Net Operating Income allocated to the General Partner under Section 1(c)(1)(iii) for the current and all prior periods plus (y) the total cumulative amount ...