Capital Account Deficit definition

Capital Account Deficit has the meaning set forth in Section 13.02(c) hereof.

Capital Account Deficit means, with respect to any Member, the deficit balance, if any, in such Member’s Capital Account as of the end of the relevant fiscal year after giving effect to the following adjustments:

Capital Account Deficit means and refer to the negative Capital Account amount of each Unit Partner (as hereinafter defined) for Federal income tax purposes, as at the relevant date;

Examples of Capital Account Deficit in a sentence

• If a Partner unexpectedly receives any adjustments, allocations or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), (5) or (6) of the Regulations, and such Partner has an Adjusted Capital Account Deficit, items of Partnership income (including gross income) and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate the Adjusted Capital Account Deficit as quickly as possible as required by the Regulations.

• Approval of the extension of the mandate of financial auditor Deloitte Audit SRL and contract duration for a period of 2 years, namely from 01.01.2023 to 31.12.2024.

• To the extent permitted by such section of the Regulations and for purposes of this Section 7.3(a) only, each Holder's Adjusted Capital Account Deficit shall be determined prior to any other allocations with respect to such taxable year.

• In the event that any Holder has an Adjusted Capital Account Deficit at the end of any Partnership Year, each such Holder shall be specially allocated items of Partnership income and gain in the amount of such excess to eliminate such deficit as quickly as possible.

• No allocation of Net Loss (or items thereof) shall be made to any Holder to the extent that such allocation would create or increase an Adjusted Capital Account Deficit with respect to such Holder.

More Definitions of Capital Account Deficit

Capital Account Deficit means with respect to a Partner, the deficit balance, if any, in that Partner’s Capital Account.

Capital Account Deficit. With respect to any Partner, the deficit balance, if any, in that Partner's Adjusted Capital Account as of the end of the relevant Fiscal Year of the Partnership.

Capital Account Deficit. With respect to any Partner, the deficit balance, if any, in such Partner's Capital Account as of the end of a Partnership Fiscal Year, after giving effect to the following adjustments:

Capital Account Deficit. With respect to any Partner, the -------------------------------- deficit balance, if any, in such Partner's Capital Account as of the end of the relevant taxable period, after giving effect to the following adjustments: (i) credit to such Capital Account any amounts that such Partner is obligated to restore or is deemed to be obligated to restore pursuant to the next-to-last sentences of Treasury Regulations Section 1.704-2(g)(1) and Treasury Regulations Section 1.704-2(i)(5), and (ii) debit to such Capital Account the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

Capital Account Deficit is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

Capital Account Deficit. “Adjusted Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s Capital Account as of the end of the relevant fiscal year, after giving effect to the following adjustments: (i) credit to such Capital Account any amounts which such Member is obligated to restore to the Company (pursuant to the terms of any Promissory Note or other written evidence of indebtedness of such Member, if any, or as otherwise required by law), or is deemed to be obligated to restore pursuant to the Minimum Gain provisions of Regulations §§1.704-1(b)(2)(ii)(c), 1.704-2(g)(1) and 1.704-2(i)(5), relating to certain nonrecourse indebtedness of the Company in excess of the Company’s tax basis in the property securing such nonrecourse indebtedness; and (ii) debit to such Capital Account the items described in §1.704- 1(b)(2)(ii)(d)(4), (5) and (6) of the Regulations, related to depletion allowances, losses and planned distributions from the Company. The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of §1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith.

Capital Account Deficit means, for any Partner, the excess, if any, of (a) the negative balance a Partner has in its Capital Account after taking into account any adjustments, allocations or distributions described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) over (b) the maximum amount of any negative balance in its Capital Account such Partner may be obligated (or deemed obligated under the Treasury Regulations) to contribute to the Partnership upon liquidation.