Allocation of Excess Nonrecourse Liabilities. The Partnership shall allocate “nonrecourse liabilities” (within the meaning of Regulations Section 1.752-1(a)(2)) of the Partnership that are secured by multiple Properties under any reasonable method chosen by the General Partner in accordance with Regulations Section 1.752-3(a)(3)(b). The Partnership shall allocate “excess nonrecourse liabilities” of the Partnership under any method approved under Regulations Section 1.752-3(a)(3) as chosen by the General Partner. For purposes of determining a Holder’s proportional share of the “excess nonrecourse liabilities” of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s interest in Partnership profits shall be equal to such Holder’s share of Partnership Units.
Appears in 11 contracts
Sources: Agreement of Limited Partnership (Arbor Realty Trust Inc), Limited Partnership Agreement (Pacific Office Properties Trust, Inc.), Partnership Agreement (Arizona Land Income Corp)
Allocation of Excess Nonrecourse Liabilities. The Partnership shall allocate “"nonrecourse liabilities” " (within the meaning of Regulations Section 1.752-1(a)(2)) of the Partnership that are secured by multiple Properties under any reasonable method chosen by the General Partner in accordance with Regulations Section 1.752-3(a)(3)(b). The Partnership shall allocate “"excess nonrecourse liabilities” " of the Partnership under any method approved under Regulations Section 1.752-3(a)(3) as chosen by the General Partner. For purposes of determining a Holder’s 's proportional share of the “"excess nonrecourse liabilities” " of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s 's interest in Partnership profits shall be equal to such Holder’s 's share of Partnership Units.
Appears in 2 contracts
Sources: Limited Partnership Agreement (Arbor Realty Trust Inc), Agreement of Limited Partnership (Arbor Realty Trust Inc)
Allocation of Excess Nonrecourse Liabilities. The Partnership shall allocate “"nonrecourse liabilities” " (within the meaning of Regulations Section 1.752-1(a)(2)) of the Partnership that are secured by multiple Properties under any reasonable method chosen by the General Partner in accordance with Regulations Section 1.752-1.752- 3(a)(3)(b). The Partnership shall allocate “"excess nonrecourse liabilities” " of the Partnership under any method approved under Regulations Section 1.752-3(a)(3) as chosen by the General Partner. For purposes of determining a Holder’s 's proportional share of the “"excess nonrecourse liabilities” " of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s 's interest in Partnership profits shall be equal to such Holder’s 's share of Partnership Units.
Appears in 1 contract
Sources: Agreement of Limited Partnership (Affordable Residential Communities Inc)