Limitation on Losses. Notwithstanding anything else contained in this Agreement, Losses allocated to any Member pursuant to Section 9.1 of this Agreement shall not exceed the maximum amount of Losses that may be allocated without causing such Member to have an Adjusted Capital Account Deficit at the end of the Fiscal Year for which the allocation is made.
Limitation on Losses. Not to incur on a consolidated basis a net loss before taxes and extraordinary items in any two consecutive quarterly accounting periods.
Limitation on Losses. Any deduction otherwise allocable to a Limited Partner that would create or add to a deficit in its Adjusted Capital Account shall instead be allocated to the General Partner. Thereafter, any income that would otherwise be allocable to such Limited Partner shall be allocated to the General Partner until the aggregate amount so allocated under this sentence equals the aggregate deductions previously allocated to the General Partner under the preceding sentence.
Limitation on Losses. The Losses allocated pursuant to Section 6.1 hereof shall not exceed the maximum amount of Losses that can be so allocated without causing any Member to have a Deficit Capital Account at the end of any Fiscal Year. In the event some but not all of the Members would have Deficit Capital Accounts as a consequence of an allocation of Losses pursuant to Section 6.1 hereof, the limitation set forth in this Section 6.2 shall be applied on a Member by Member basis so as to allocate the maximum permissible Losses to each Member under Treasury Regulation §1.704-1(b)(2)(ii)(d).
Limitation on Losses. Notwithstanding Section 3.1(a), to the extent Losses allocated to a Partner under Section 3.1(a) would cause such Partner (hereinafter, a “Restricted Partner”) to have an Adjusted Capital Account Deficit as of the end of the Fiscal Period to which such Losses relate, such Losses shall not be allocated to such Restricted Partner and instead shall be allocated to the other Partner(s) (referred to herein as the “Permitted Partners”) in proportion to, and to the maximum extent that, the amounts in which such Losses may be allocated to the Permitted Partners without causing any of the Permitted Partners to have an Adjusted Capital Account Deficit.
Limitation on Losses. If any allocation of Loss (or any items thereof) would result in a Member’s Capital Account having a deficit balance that (in absolute value) exceeds the maximum deficit balance that would be permitted under the 704(b) Regulations, such Loss (or items thereof) will be reallocated to any other Members that have Capital Accounts that would not have such excess deficit balances.
Limitation on Losses. Notwithstanding the general allocation of Taxable Income and Tax Losses described in Section 10.1, no Partner shall be allocated Tax Losses in excess of the aggregate of such Partner's positive Capital Account balance, Partnership Minimum Gain (within the meaning of Treas. Reg. Section 1.704-2(b)(2)), and Partner Nonrecourse Minimum Gain (within the meaning of Treas. Reg. Section 1.704-2(i)(3)), until such time as no Partner has a positive Capital Account balance, whereupon subsequent allocations of Tax Losses shall again be allocated among the Partners in accordance with their Participating Percentages. Furthermore, no Partner shall be allocated Tax Losses where it is reasonably anticipated that such Partner's Capital Account shall be negative at the end of the fiscal year in which the Tax Losses arise or at the end of the subsequent fiscal year, as a result of distributions of Net Cash Flow during such periods, until such time as no Partner would have a positive Capital Account balance after such reasonably anticipated distributions of Net Cash Flow, whereupon subsequent allocations of Tax Losses shall again be allocated among the Partners in accordance with their Participating Percentages. Tax Losses not allocated to a Partner under this Section 10.2 shall be reallocated among those Partners with positive Capital Account balances in accordance with their Participating Percentages.
Limitation on Losses. Notwithstanding Section 6.1, loss allocations to a Member shall be made only to the extent that such loss allocations will not create a deficit Capital Account balance for that Member in excess of an amount, if any, equal to such Member’s share of Company Minimum Gain that would be realized on a foreclosure of the Company’s property. Any loss not allocated to a Member because of the foregoing provision shall be allocated to the other Members (to the extent the other Members are not limited in respect of the allocation of losses under this Section 6.2(f)).
Limitation on Losses. Notwithstanding Section 3.2(a), to the extent Losses allocated to a Limited Partner under Section 3.2(a) would cause such Limited Partner to have an Adjusted Capital Account deficit as of the end of the Fiscal Period to which such Losses relate, such Losses shall not be allocated to such Partner and instead shall be allocated to the General Partner.
Limitation on Losses. Losses allocated to any Member pursuant to Section 4.1 with respect to any fiscal year shall not exceed the maximum amount of Losses that may be so allocated without causing such Member to have an Adjusted Capital Account Deficit at the end of such fiscal year. All Losses in excess of the limitation set forth in this Section 4.2 shall be allocated: first, to the Members that will not be subject to this limitation, ratably based on the aggregate of their Economic Interests, to the extent possible until such Members become subject to this limitation; and any remaining amount, to the Members, ratably based on their Economic Interests, unless otherwise required by the Code or Treasury Regulations. To the extent that any Member receives an allocation of Losses pursuant to this Section 4.2, such Member shall receive a priority allocation of Profits (prior to an allocation of Profit made pursuant to Section 4.1) in the reverse order of such Loss allocations in order to reverse the effect of this Section 4.2.
