Common use of Stuffing Provision Clause in Contracts

Stuffing Provision. As of the close of each Fiscal Year, the capital gains and capital losses of the Partnership shall be allocated to the Partner’s Capital Account so as to minimize, to the extent possible, any disparity between the “book” Capital Account and the “tax” Capital Account, consistent with the principles set forth in section 704 of the Code. To the extent permitted by the Treasury Regulations (or successor regulations) in effect under Code Sections 704(b) and 704(c), allocations of capital gain that have been realized up to the time a Capital Account was completely withdrawn may be allocated first to each Capital Account that was completely withdrawn during the applicable Fiscal Year to the extent that the “book” Capital Account as of the Withdrawal Date exceeds the “tax” Capital Account at that time, and allocations of capital loss that have been realized up to the time a Capital Account is completely withdrawn may be allocated first to each Capital Account that was completely withdrawn during the applicable Fiscal Year to the extent that the “tax” Capital Account as of the Withdrawal Date exceeded the “book” Capital Account of such Capital Account at that time. Notwithstanding anything herein to the contrary, capital gain or capital loss recognized with respect to Investments contributed to the Partnership, if any, shall be specifically allocated to the contributing Partner in the amount and manner required by Code Section 704(c) and the regulations thereunder, and, to the extent so allocated, shall be excluded from the computation of the Partnership’s capital gain or capital loss, as applicable, for the relevant Fiscal Year.

Stuffing Provision. As of the close of each Fiscal Year, the capital gains and capital losses of the Partnership shall be allocated to the Partner’s Capital Account so as to minimize, to the extent possible, any disparity between the “book” Capital Account and the “tax” Capital Account, consistent with the principles set forth in section 704 of the Code. To the extent permitted by the Treasury Regulations (or successor regulations) in effect under Code Sections 704(b) and 704(c), allocations of capital gain that have been realized up to the time a Capital Account was completely withdrawn may be allocated first to each Capital Account that was completely withdrawn during the applicable Fiscal Year to the extent that the “book” Capital Account as of the Withdrawal Date exceeds the “tax” Capital Account at that time, and allocations of capital loss that have been realized up to the time a Capital Account is completely withdrawn may be allocated first to each Capital Account that was completely withdrawn during the applicable Fiscal Year to the extent that the “tax” Capital Account as of the Withdrawal Date exceeded the “book” Capital Account of such Capital Account at that time. Notwithstanding anything herein to the contrary, capital gain or capital loss recognized with respect to Investments investments contributed to the Partnership, if any, shall be specifically allocated to the contributing Partner in the amount and manner required by Code Section 704(c) and the regulations thereunder, and, to the extent so allocated, shall be excluded from the computation of the Partnership’s capital gain or capital loss, as applicable, for the relevant Fiscal Yearfiscal year.

Stuffing Provision. As of the close of each Fiscal Year, the capital gains and capital losses of the Partnership shall be allocated to the Partner’s Capital Account so as to minimize, to the extent possible, any disparity between the “book” Capital Account and the “tax” Capital Account, consistent with the principles set forth in section 704 of the Code. To the extent permitted by the Treasury Regulations (or successor regulations) in effect under Code Sections 704(b) and 704(c), allocations of capital gain that have been realized up to the time a Capital Account was completely withdrawn may be allocated first to each Capital Account that was completely withdrawn during the applicable Fiscal Year to the extent that the “book” Capital Account as of the Withdrawal Date exceeds the “tax” Capital Account at that time, and allocations of capital loss that have been realized up to the time a Capital Account is completely withdrawn may be allocated first to each Capital Account that was completely withdrawn during the applicable Fiscal Year to the extent that the “tax” Capital Account as of the Withdrawal Date exceeded the “book” Capital Account of such Capital Account at that time. Notwithstanding anything herein to the contrary, capital gain or capital loss recognized with respect to Investments Securities contributed to the Partnership, if any, shall be specifically allocated to the contributing Partner in the amount and manner required by Code Section 704(c) and the regulations thereunder, and, to the extent so allocated, shall be excluded from the computation of the Partnership’s capital gain or capital loss, as applicable, for the relevant Fiscal Year.